(Corrects syntax in headline and currency to C$ from $ in Overview, Outlook and Result Drivers)

Overview

* MEG Energy Q3 2025 production hits record 108,166 bbls/d, driven by strong facility performance

* Adjusted funds flow for Q3 2025 rises to C$368 mln, reflecting reduced diluent expense and royalties

* Company announces 10% increase in quarterly dividend, paid on October 15, 2025

Outlook

* MEG Energy ( MEGEF ) maintains 2025 capital expenditures guidance at C$635 mln

* Company projects 2025 bitumen production at 95,000 to 105,000 bbls/d

* MEG Energy ( MEGEF ) expects non-energy operating costs of C$5.30 to C$5.80 per bbl in 2025

Result Drivers

* RECORD PRODUCTION - Achieved record Q3 production of 108,166 bbls/d due to strong facility performance and efficient ramp-up of new well pad

* FACILITY EXPANSION - Facility Expansion Project on track for completion in 2027, with additional steam capacity in 2026

* ADJUSTED FUNDS FLOW - Increased to C$368 mln due to reduced diluent expense and royalties

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Net C$159

Income mln

Q3 Free C$239

Cash mln

Flow

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the oil & gas exploration and production peer group is "buy."

* Wall Street's median 12-month price target for MEG Energy Corp ( MEGEF ) is C$30.00, about 0.4% below its November 7 closing price of C$30.11

* The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 16 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)