MEG’s 3Q17 CFPS missed our estimate by $0.05 due to sales volumes lagging production. This impact should reverse itself in 4Q17e. 2017e capex guidance was reduced by $80 mm. 2017e+ CFPS estimates have increased modestly on lower opex assumptions and sales volume recoveries in the fourth quarter. No change to our $6.00/share target price and HOLD rating.
