MEG Energy earnings dip year over year to $167 million in third quarter

CALGARY — MEG Energy says it earned $167 million in its third quarter, down from $249 million during the same quarter last year.

The company says revenues for the quarter were $1.27 billion, down from $1.44 billion during the third quarter of 2023.MEG Energy says it successfully completed its debt reduction strategy, reducing its net debt to US$478 million by the end of September, down from US$634 million during the prior quarter.

President and CEO Darlene Gates said moving forward all the company's free cash flow will be returned to shareholders through expanded share buybacks and a quarterly base dividend. The company says its capital expenditures for the quarter increased to $141 million from $83 million a year earlier, mainly due to higher planned field development activity, as well as moderate capacity growth projects.The Canadian Press

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