06:49 AM EST, 11/26/2024 (MT Newswires) -- MEG Energy ( MEGEF ) , which lost 2.3% yesterday, late on Monday unveiled its 2025 capital investment plan and operational guidance and said it has obtained approval for its Christina Lake facility expansion project.

Capital expenditures are forecast at $635 million, including $70 million for turnaround and $130 million for the facility expansion project. The company expects annual production of 95,000 to 105,000 barrels per day (b/d), reflecting a scheduled second-quarter 2025 turnaround that will affect annual output by up to 8,000 b/d.

In addition, 100% of free cash flow will be distributed to shareholders in 2025 through a sustainable dividend and share buybacks.

MEG's board of directors have approved the final investment decision to proceed with a multi-year facility expansion project to add 25,000 b/d of new productive capacity to the Christina Lake facility, with an estimated cost of $440 million over the next three years.