MEG Energy sees earnings rise in second quarter, announces dividend

By The Canadian Press on July 25, 2024.

CALGARY – MEG Energy announced a quarterly dividend of 10 cents per share as it reported higher earnings, saying a successful start-up of the Trans Mountain expansion has helped generate better prices for their oil.

The Calgary-basedoilsands company says it earned $234 million in its second quarter, up from $217 million a year earlier.

Revenues totalled $2.7 billion, down from $2.8 billion during the same quarter last year.

Earnings per diluted share were 86 cents, up from 74 cents last year.

President and CEO Darlene Gates said the company continued to see strong production volumes and expects volume growth throughout the remainder of the year.

MEG said the Trans Mountain expansion had a successful start-up in May 2024, and the company began shipping product in the new pipeline to Canada’s West Coast.

This report by The Canadian Press was first published July 25, 2024.

Companies in this story: (TSX:MEG)

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