MEG Energy reports Q4 profit of $26M, compared with $199M loss a year ago
Calgary company will continue to direct all available free cash flow to debt repayment
MEG Energy Corp. reported a profit of $26 million in its latest quarter compared with a loss of $199 million in the same quarter a year earlier.
The company says the profit amounted to nine cents per diluted share for the quarter ended Dec. 31 compared with a loss of 67 cents per diluted share in the last three months of 2018.
Revenue totalled $992 million, up from $520 million in the fourth quarter of 2018.
Bitumen production in the quarter averaged 94,566 barrels per day, up from 87,582 in the same quarter a year earlier.
MEG Energy chief executive Derek Evans says the company remains committed to driving efficiencies in its business from a financial, operational and cost perspective and will continue to direct all available free cash flow to debt repayment.
MEG is focused on in situ thermal oil production in the southern Athabasca area of Alberta