MEG Energy sees third-quarter earnings, bitumen production rise

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.

Revenues were $1.4 billion, down from $1.6 billion a year earlier.

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.

Bitumen production rose to 103,726 barrels to day, up from 101,983 a year earlier.

This report by The Canadian Press was first published Nov. 6, 2023.

Companies in this story: (TSX:MEG)

The Canadian Press