MEG Energy's push to be leaner and greener
MEG Energy CEO Bill McCaffrey says the days of slash-and-burn are long over, but his company remains focused on becoming "a greener barrel than a lot of other choices around the world."
Since 2014, MEG has reduced its headcount by 40% to just 600 employees, while managing to grow production, improve efficiency and lower costs at its oil sands SAGD (steam-assisted gravity drainage) operation at Christina Lake. The CEO thinks Canadian companies are best positioned to drive positive change in the industry, since international players are less focused on Canada.
McCaffrey says MEG can be profitable in a US$45 WTI world and hopes to reach 113,000 bbl/day by 2020, up from the current 80,000 bbl/day. The company releases second quarter results on July 27, 2017.