History

From humble beginnings and an entrepreneurial spirit, MEG has developed into a world-class oil producer and technological leader. Follow the timeline to learn about the pivotal points in our history.

OriginalMEGLogo

1999

MEG starts with the purchase of nine sections in the relatively unknown Christina Lake region. The sections are purchased with personal savings by founders Bill McCaffrey, Steve Turner and Dave Wizinsky.
OriginalMEGLogo

2003

The Company secures its first substantial institutional investor and initiates significant resource characterization work at Christina Lake, with core hole drilling and seismic data.

2005

Regulatory approval for Phase 1 is received, and construction gets underway at Christina Lake. MEG enters into a joint venture to construct and operate the Access Pipeline. Regulatory approvals are secured by the end of the year.

2007

After receiving regulatory approvals, MEG commences construction on Christina Lake Phase 2. Access Pipeline begins operations.

2008

Production commences at Christina Lake Phase 1.

2009

Steaming of the initial well pairs commences at Christina Lake Phase 2. Combined total design capacity of 25,000 barrels per day is reached for Phase 1 and 2 within just 10 months. By year-end, MEG also starts its cogeneration facility.

2010

MEG completes its Initial Public Offering (IPO).

2012

Annual average production of 28,800 barrels per day is achieved.

2013

MEG achieves annual production of 35,317 barrels per day, while continuing to lower per barrel net operating costs and per barrel non-energy operating costs for the full year.

2016

In November MEG’s eMVAPEX pilot begins; a continuation of eMSAGP that involves the injection of condensable gas to maintain reservoir pressure and reducing steam injection to near-zero.

2017

MEG commences expansion of its proven eMSAGP technology on Phase 2B wells. Ongoing technological developments enable the Company to meaningfully reduce its steam-oil ratio, reducing capital requirements for steam and water handling and decreasing operating costs. Meanwhile MEG completes a comprehensive refinancing, strengthening its financial position and providing funding for its 20,000 barrel per day growth plans at Christina Lake.

2018

Production capacity increased to support annual average production of 100,000 barrels per day. Green House Gas metrics are incorporated into MEG’s Corporate Performance Scorecard. In the second quarter, Founding CEO, Bill McCaffrey, announces his retirement and Derek Evans is appointed Chief Executive Officer on August 10th.

2019

MEG reaches 93,092 barrels per day of production with an industry-leading steam-to-oil Ratio (SOR) of 2.22. Our first ESG report is released, setting the foundation for MEG to continue to evolve and improve from an environmental, social and governance perspective. MEG’s brand is also refreshed to reflect our commitment to sustainable resource development, innovative technologies, and responsible strategic growth.

2020

MEG responds proactively to the safety and operational challenges associated with the COVID-19 pandemic while continuing to reduce debt. The company makes a commitment to support the Paris Agreement and sets a long-term goal to reach net zero GHG emissions by 2050.

2021

In 2021, MEG Energy commissions a facility expansion consisting of a mechanical vapor compressor and two drum boilers. This expansion allows MEG to reach annual production of approximately 93,700 barrels per day. Also, MEG along with five other oil sands operators who collectively represent 95% of Canada’s oil sands production, form the Oil Sands Pathway to Net Zero Alliance to work collectively with the federal and Alberta governments to achieve net zero GHG emissions from oil sands operations by 2050.

2022

Pathways Alliance (originally Pathways to Net Zero Alliance) begins first phase to reduce 22 megatonnes (Mt) of annual oil sands production emissions by 2030. In the second quarter, MEG initiates share buyback program.