Single-product focus, which heightens vulnerability to volatility in crude oil price differentials Competitive cash operating cost profile compared with that of other oil sands producers Large in-situ oil sands resource base, which provides significant organic reserves and production growth prospects Weakened cash flow protection metrics, due to weak commodity prices and modest cash flow from operations Capital expenditure that are limited to maintenance levels, leading to breakeven free-cash flow in 2015 "Strong" liquidity, which cash balances on hand from recent debt and equity issuances underpin The stable outlook reflects Standard&Poor's Ratings Services' view that MEG Energy Corp.'s overall credit profile will remain consistent with our expectations for the 'BB-' rating throughout our 2015-2016 outlook period. Although the company's
