MEG Energy Corp is an energy company focused on sustainable in situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. MEG transports and sells thermal oil (known as Access Western Blend or AWB) to customers throughout North America and internationally.
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.
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