MEG Energy: Beauty in the Eye of the Shareholder

November 30, 2021

MEG Energy (“MEG”) is a Canadian oil sands company we’re invested in that we think should more than double if oil prices continue its ascent (yes despite the dip in the past few days). We review its 2022 Capital Allocation Plan below and share our thoughts (note we made an earlier Excel error, which dipped free cash flow, but it’s since been fixed (updated figures below). For simplicity, all figures below are in CAD unless we’re referring to oil prices (using a 1.27 USD to CAD exchange ratio).