MEG Energy Corp.

MEG

CA5527041084

Oil & Gas Exploration and Production

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-06-28 pm EDT			5-day change	1st Jan Change
29.27 ^CAD	+0.79%		+4.57%	+23.66%

Jun. 20	Canada oil sands group removes online content over federal anti-greenwashing rules	RE
Jun. 06	MEG Energy Brief: Raised To Buy From Hold at TD Cowen, according to BNN TV; Shares Up 2.5%	MT

MEG Energy sees third-quarter earnings, bitumen production rise

November 06, 2023 at 05:33 pm EST

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.

Companies in this story: (TSX:MEG)

Latest news about MEG Energy Corp.

Canada oil sands group removes online content over federal anti-greenwashing rules	Jun. 20	RE
MEG Energy Brief: Raised To Buy From Hold at TD Cowen, according to BNN TV; Shares Up 2.5%	Jun. 06	MT
MEG Energy Corp. Approves Election of Robert R. Rooney as Director	May. 07	CI
Transcript : MEG Energy Corp. - Shareholder/Analyst Call	May. 07
MEG Energy's Sector Perform Rating, $37 Price Target Maintained by National Bank of Canada	May. 07	MT
MEG Energy Maintained at Buy at TPH Following First-Quarter Results; Price Target at C$40.00	May. 07	MT
Transcript : MEG Energy Corp., Q1 2024 Earnings Call, May 07, 2024	May. 07
MEG Energy Brief: Co expects additional Canada pipeline capacity from the imminent start up of TMX will Narrow heavy oil differentials, reduce differential volatility and improve netbacks on all of MEG's production	May. 06	MT
MEG Energy Brief: Says Bitumen production averaged Near 104,000 barrels per day In Q1, and $217 million of free cash flow supported Repurchase of 4.7 million shares and $142 million of debt redemption	May. 06	MT
MEG Energy Brief: Q1 Funds flow from operating activities and adjusted funds flow of $329 million, or $1.19 per share	May. 06	MT
MEG Energy Brief: 2024 operating and capital guidance remains unchanged	May. 06	MT
MEG Energy Brief: Q1 Per share, diluted $0.36	May. 06	MT
Tranche Update on MEG Energy Corp.'s Equity Buyback Plan announced on March 6, 2024.	May. 06	CI
Tranche Update on MEG Energy Corp.'s Equity Buyback Plan announced on March 8, 2023.	May. 06	CI
MEG Energy Corp. Reports Earnings Results for the First Quarter Ended March 31, 2024	May. 06	CI
Meg Energy Corp. Announces Consolidated Operating Results for the First Quarter Ended March 31, 2024	May. 06	CI
North American Morning Briefing : Stock Futures Rise as Hopes of Rate Cut Return	May. 06	DJ
Reliance buys its first Canadian crude from Trans Mountain pipeline, sources say	Apr. 29	RE
With oil set to flow, what next for Canada's Trans Mountain pipeline expansion?	Apr. 29	RE
MEG Energy Maintained at Buy at TPH Ahead of First-Quarter Results; Price Target at C$40.00	Apr. 23	MT
RBC Capital Markets Details Bitumen Production In Alberta For February	Mar. 26	MT
CIBC Raises Price Target on 6 Canadian Energy Stocks	Mar. 22	MT
MEG Energy Corp.'s Equity Buyback announced on March 8, 2023, has expired with 18,830,000 shares, representing 6.67% for CAD 470 million.	Mar. 08	CI
MEG Energy Corp. announces an Equity Buyback for 24,007,526 shares, representing 8.82% of its issued share capital.	Mar. 06	CI
MEG Energy Brief: Bid will become effective on March 11, 2024 and will terminate on March 10, 2025 or such earlier time as the Bid is completed or terminated at the option of MEG	Mar. 06	MT

MEG Energy Corp. is a Canada-based energy company focused on sustainable in-situ thermal oil production in the southern Athabasca region of Alberta, Canada. The Company is engaged in the development of enhanced oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the responsible economic recovery of oil, as well as lower carbon emissions. It transports and sells thermal oil (AWB) to customers throughout North America and internationally. The Company owns a 100% interest in over 410 square miles of mineral leases in the southern Athabasca oil region of Alberta, Canada and is primarily engaged in sustainable in situ thermal oil production at its Christina Lake Project. Christina Lake Project is a multi-phased project, located 150 kilometers south of Fort McMurray in northeast Alberta. It comprised of approximately 200 square kilometers of leases.

Sector

Oil & Gas Exploration and Production

Calendar

2024-07-24 - Q2 2024 Earnings Release

More about the company