Competitive cash operating cost profile compared with that of other oil sands producers, leading to strong profitability measures Large in-situ oil sands resource base, which provides significant organic reserves and production growth prospects Single-product focus, which heightens vulnerability to volatility in crude oil price differentials Forecast weak cash flow protection metrics, due to low prevailing commodity prices Capital expenditure limited to maintenance levels, leading to break-even free-cash flow in 2016 Strong liquidity, which cash balances on hand and full availability under US$2.5 billion revolver underpin The stable outlook reflects S&P Global Ratings' view that MEG Energy Corp.'s overall credit profile will remain consistent with our expectations for the 'BB-' rating throughout our 2016-2017 outlook period. Although we forecast the company's
