)

MEG Energy (MEG) investor relations material
MEG Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed the largest planned turnaround in company history on time and on budget, with strong safety performance despite regional wildfires.
Advanced the Facility Expansion Project, completing over 150 tie-ins and achieving key milestones for a 25,000 bpd increase by mid-2027.
Production restored to pre-turnaround levels within two weeks; July 2025 averaged approximately 109,000 bpd.
Board approved a 10% dividend increase to $0.11 per share, payable October 15, 2025, reflecting confidence in strategy.
Returned $35 million to shareholders in Q2 2025 and $220 million in H1 2025 through buybacks and dividends.
Financial highlights
Q2 2025 adjusted funds flow was $125 million ($0.49/share), down from $354 million ($1.30/share) in Q2 2024, mainly due to lower WTI prices and reduced sales volumes.
Q2 2025 net earnings were $67 million, compared to $136 million in Q2 2024; YTD net earnings were $278 million, up from $234 million in 2024.
Revenues for Q2 2025 were $757 million, down from $1,373 million in Q2 2024.
Q2 capital expenditures totaled $200 million, up from $123 million in Q2 2024, driven by turnaround and expansion investments.
Free cash flow for Q2 2025 was negative $75 million, but H1 2025 free cash flow was $148 million; on track for over $500 million in 2025.
Outlook and guidance
Full year 2025 operating and capital guidance remains unchanged, with capital expenditures of $635 million and annual average bitumen production of 95,000–105,000 bbls/d.
Facility Expansion Project is 15% complete and on track for 2027 in-service.
Expecting over $375 million in free cash flow in H2 2025 at current strip pricing.
Non-energy operating costs guidance: $5.30–$5.80/bbl for 2025.
Commitment to return 100% of free cash flow to shareholders, subject to board approval.
Next MEG Energy earnings date

Next MEG Energy earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage