Extreme thunderstorm warning issued for both the North and South Peace

first_imgThey say severe thunderstorm conditions are possible for the morning and into the late afternoon Friday, favourable for the development of dangerous thunderstorms that may be capable of producing strong wind gusts, large hail and torential rain. It’s being reported that an area of thunderstorms currently over the Rocky Mountains is expected to drift eastwards over the Peace later this morning and this afternoon.They’re reminding residents that fast moving water across a road can sweep a vehicle away, and are asking you to be prepared for severe weather.- Advertisement -Environment Canada meteorologists will update alerts as required. You can email reports of severe weather to [email protected] or tweet with the hashtag #BCStorm.last_img read more

MEG Energy stock rises on plan to lower spending, pay debt, maintain output

first_imgCALGARY — Shares in oilsands producer MEG Energy Corp. rose by as much as 3.9 per cent Friday after it announced lower capital spending and a continued focus on debt retirement in 2020.Analysts applauded the Calgary-based company’s plan to spend $250 million next year — about $20 million less than some expected — with production that is still forecast to meet expectations at between 94,000 and 97,000 barrels of bitumen per day.MEG says about $210 million of the budget is considered sustaining and maintenance capital.- Advertisement -It plans to spend $20 million to complete a processing facility expansion to provide more steam generation, water handling and oil treating capacity at its northeastern Alberta works which use steam to produce bitumen from wells.The remaining $20 million is mainly for needed field infrastructure and regulatory and corporate capital costs.MEG says after reducing its debt by $500 million this year, it will continue to allocate all excess free cash flow to further reductions. Net debt is expected to fall to just under $3 billion by the end of 2019.Advertisement MEG shares rose as high as $5.85, up 22 cents, on the Toronto Stock Exchange. A year ago, they were trading at $8.55.This report by The Canadian Press was first published on Nov. 22, 2019.Companies in this story: (TSX:MEG)The Canadian PressAdvertisementlast_img read more