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MEG Energy sees third-quarter earnings, bitumen production rise

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MEG Energy Corp. says it earned $249 million in the third quarter, up from $156 million a year earlier. The Calgary-based energy company says earnings per diluted share were 86 cents, up from 51 cents during the same quarter last year.

MEG Energy Corp. says it earned $249 million in the third quarter, up from $156 million a year earlier.

The Calgary-based energy company says earnings per diluted share were 86 cents, up from 51 cents during the same quarter last year.CEO Derek Evans says increased bitumen production and strong bitumen realizations resulted in over $400 million in free cash flow, allowing the company to advance its debt reduction.

The company says it paid down US$68 million in debt, or approximately $92 million in Canadian dollars, during the third quarter.This report by The Canadian Press was first published Nov. 6, 2023.

 

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