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

Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

SooToday /  🏆 8. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Canadian oil stocks set for 'unapologetically bullish' Q3 earnings: AnalystsSuncor Energy, MEG Energy, and Cenovus Energy are among the top stock picks.
Läs mer »