CALGARY – MEG Energy Corp. cut its capital spending guidance for a second time due to the COVID-19 pandemic as it reported a first-quarter loss of $284 million.
The company now expects its capital spending to total $150 million, down from an estimate of $200 million in March and $250 million in its original guidance released late last year.
The company is also reducing non-energy operating cost and general and administrative expenses by $20 million and $10 million respectively.
The reduced spending plan came as MEG reported a first-quarter loss of 95 cents per share compared with a loss of $48 million or 16 cents per share in the same quarter last year.
Revenue totalled $665 million, down from $919 million in the first quarter of 2019.
MEG says it expects production in the first half of 2020 to average approximately 76,000 barrels per day.