CALGARY — MEG Energy Inc. reported a $225-million profit in its latest quarter as it completed on time and on budget the planned turnaround at its Christina Lake Phase 2B facility.

The Calgary-based oilsands developer says it earned 72 cents per diluted share in the second quarter, compared with 22 cents per share or $68 million a year earlier.

Revenues for the three months ended June 30 were $1.57 billion, up from $1.01 billion in the second quarter of 2021.

The company says bitumen production averaged 67,256 barrels per day at a steam-oil ratio of 2.46 in the second quarter, compared to 91,803 barrels per day at a steam-oil ratio of 2.39 in the same period last year.

MEG Energy’s Christina Lake. MEG Energy

MEG Energy says production was affected by the scheduled turnaround at the Phase 2B facility that began in late April 2022 and was completed in early June 2022.

MEG initiated its share buyback program in the second quarter and to date has returned $139 million of capital to shareholders through the repurchase for cancellation of approximately 7.24 million MEG common shares.

This report by The Canadian Press was first published July 28, 2022.

Companies in this story: (TSX:MEG)

The Canadian Press

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • 0027 TED_NA Helium 2021_30
  • 0028 SIMSA_Energy_Forum_2022
  • 0025 Kendalls
  • 0026 Buffalo Potash Quinton Salt
  • 0024 Southern Bolt Katrina Southern Folk Rock Intro
  • 0023 LC Trucking tractor picker hiring mix
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0019 Jerry Mainil Ltd hiring dugout
  • 0018 IWS Hiring Royal Summer
  • 0014 Buffalo Potash What if PO
  • 0015 Latus Viro PO Ad 01
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 0004 Royal Helium PO Ad 02
  • 9001
  • 0002
  • 0001

 

Late night theft of copper wire from Estevan Meter; reward offered

Enbridge net profit falls as revenues surge in second quarter to $13.22 billion