MEG Energy reports record fourth production and cuts capital expenditures to $170 million
MEG Energy posted a bigger than expected Q4 loss and cut 2016 capital spending by 50%. The company report a net loss of C$297.3M. Revenue declined 32% to C$1.93B. MEG produced a record 83,514 bbl/day, up 4% from the previous year/quarter. Operating costs declined to $8.52/bbl thanks to higher throughput and lower energy costs.