October 11th, 2024

MEG Energy earns $81M; down 77 per cent from first quarter 2022 as oil prices fall

By The Canadian Press on May 1, 2023.

The MEG Energy Corp. logo is seen in this undated handout photo. MEG Energy Corp. says it earned $81 million in the first quarter of 2023, down from $362 million in the same quarter the previous year. THE CANADIAN PRESS/HO, MEG Energy *MANDATORY CREDIT*

CALGARY – MEG Energy Corp. says it earned $81 million in the first quarter of 2023, a 77 per cent decrease from the $362 million it earned in the same quarter the previous year.

The Calgary-based company says its profit worked out to 28 cents per share, compared to $1.15 cents per share in the prior year’s quarter.

MEG reported revenues of $1.48 billion, down from $1.53 billion in the first quarter of 2022, due to lower oil prices.

Bitumen production rose approximately six per cent year-over-year to 106,840 barrels per day.

MEG says its capital expenditures rose from $25 million to $113 million compared with the same period in 2022, reflecting higher drilling activity.

MEG says it paid down $117 million in debt during the quarter to see its net debt decline to $1.4 billion.

This report by The Canadian Press was first published May 1, 2023.

Companies in this story: (TSX:MEG)

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