MEG Energy Corp (TSE:MEG) has released an update.
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MEG Energy Corp reported a strong first quarter in 2024, with an average bitumen production of 104,000 barrels per day and a robust free cash flow of $217 million, which enabled the repurchase of 4.7 million shares and the redemption of $142 million in debt. The company expects the upcoming TMX pipeline to enhance heavy oil prices, reduce volatility, and improve netbacks on production. It also maintained its 2024 operating and capital guidance unchanged.
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