18:02:33 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



MEG Energy Corp
Symbol MEG
Shares Issued 223,793,837
Close 2014-10-29 C$ 28.15
Market Cap C$ 6,299,796,512
Recent Sedar Documents

FP/wire say MEG posts narrower Q3 profit and revenue

2014-10-30 09:36 ET - In the News

The Financial Post reports in its Thursday, Oct. 30, edition that oil sands producer MEG Energy ($28.15) posted weaker-than-expected quarterly revenue and operating profit due to lower realized prices for bitumen, and higher operating costs. A Reuters dispatch to the Post reports that realized prices for bitumen fell to $65.12 per barrel in the third quarter from $74.33 a year earlier, while net operating costs rose to $10.31 per barrel from $9.40. MEG cited higher natural gas costs and a fall in average prices for electricity sold into the Alberta power grid for the rise in net operating costs. Revenue rose nearly 76 per cent to $706.4-million, but missed the consensus analyst average estimate of $727.1-million, according to Thomson Reuters. MEG said its cash flow, an indicator of its ability to finance new projects, rose to $238.7-million or $1.06 per share, from $144.5-million or 64 cents a share. Operating profit, excluding most one-time items, rose to $87.5-million or 39 cents per share, from $56.2-million or 25 cents per share.

© 2024 Canjex Publishing Ltd. All rights reserved.