MEG Energy Maintained at Buy at TPH Following 2025 Guidance and Expansion Plan; Price Target at C$38.00

MT Newswires Live11-26

Tudor, Pickering, Holt on Tuesday maintained its buy rating on the shares of MEG Energy (MEG.TO) with a C$38.00 price target after the oil-sands producer released 2025 guidance and a plan to expand production from its northern Alberta operations by 25,000 barrels per day.

"We see MEG's 2025 budget release and overall business update as a net positive for shares, with the newly announced expansion project crystallizing the production outlook for less multi-year capex than expected. For 2025, the company expects production to average 95-105mbpd - with the Street/TPH at the upper-end of the range at 104.3mbpd - on capital expenditure guidance of C$635mm (TPHe/Street C$640mm). C$70mm will be allocated for turnarounds and C$130mm dedicated for the Christina Lake expansion with multi-year guidance keeping capex below the C$650mm mark (sustaining capex C$450mm in out years). The approval of the multi-year project will increase production capacity by 25mbpd to 135mbpd in 2027 (5% production CAGR)," analyst Jeoffrey Lambujon wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 25.02, Change: -1.00, Percent Change: -3.84

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