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MEG Energy Corp. cut its capital spending guidance for a second time owing 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 a share compared with a loss of $48-million or 16 cents a 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 a day.

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