MEG Energy announces dividend as it reaps Trans Mountain expansion benefits

Jul 26, 2024

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Intermediate oilsands producer MEG Energy Corp. expects the recently completed Trans Mountain pipeline expansion will boost Canadian oil prices for years to come. The MEG Energy Corp. logo is seen in this undated handout photo. THE CANADIAN PRESS/HO, MEG Energy 

CALGARY – MEG Energy announced a quarterly dividend of 10 cents per share as it reported earnings of $136 million, saying a successful start-up of the Trans Mountain pipeline expansion has helped generate better prices for its oil.

The Calgary-based oilsands company says its earnings for the second quarter of 2024 were $136 million, unchanged from the same amount in the second quarter of 2023.

Revenues totalled $1.37 billion, up from $1.29 billion during the same quarter last year.

Earnings per diluted share were 50 cents, up from 47 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, 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.

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