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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
MEG Energy
MEG Energy (MEG) investor relations material
MEG Energy has been acquired by Cenovus Energy Inc
MEG Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Achieved record Q3 2025 production of 108,166 bbls/d at a 2.27 SOR, driven by strong facility performance and ramp-up of a new well pad.
Facility Expansion Project remains on track, with additional steam capacity expected in 2026 and full completion in 2027.
Board approved a 10% increase in quarterly dividend to $0.11 per share, paid in October 2025.
Share repurchases were paused following unsolicited takeover offers and a subsequent arrangement with Cenovus Energy.
Financial highlights
Q3 2025 adjusted funds flow (AFF) was $368 million ($1.44/share), up from $362 million ($1.34/share) in Q3 2024.
Free cash flow (FCF) for Q3 2025 was $239 million, up from $221 million in Q3 2024.
Net earnings for Q3 2025 were $159 million ($0.62/share), compared to $167 million ($0.62/share) in Q3 2024.
Revenues for Q3 2025 were $1,181 million, down from $1,265 million in Q3 2024.
Year-to-date AFF was $873 million, down from $1,045 million in 2024, mainly due to lower blend sales volumes and prices.
Outlook and guidance
2025 operating and capital guidance remains unchanged: capital expenditures of $635 million, annual average bitumen production of 95,000–105,000 bbls/d, and non-energy operating costs of $5.30–$5.80/bbl.
Facility Expansion Project expected to add steam capacity in 2026 and complete in 2027.
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MEG Energy
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Frequently asked questions
MEG Energy Corp. is an energy company, which focuses on sustainable in situ thermal oil production. The Company has interests in the Athabasca oil sands region located in northeastern Alberta, Canada. It principally holds fee titles over producing properties at Foster Creek, Christina Lake and Narrows Lake projects. Its portfolio of assets consist of interests in the producing and non-producing assets that were acquired by Cheung Kong (Holdings) Limited (CKHL). MEG Energy Corp is based in Calgary, Canada.