MEG Energy says its profit for the three months ended Dec. 31, 2022, works out to 53 cents per diluted share, compared to 57 cents per diluted share in the same period of 2021
says it earned $159-million in the fourth quarter of 2022, a 10 per cent decrease from the prior year’s quarter in spite of achieving record bitumen production.
The oil sands producer says its profit for the three months ended Dec. 31, 2022, works out to 53 cents per diluted share, compared to 57 cents per diluted share in the same period of 2021. MEG says its revenues for the quarter were $1.45-billion, up from $1.31-billion in the prior year’s quarter.During the fourth quarter, MEG achieved record average bitumen production of 110,805 barrels per day.
MEG says while it benefited from higher oil prices in 2022, that was partially offset by a widened price differential between the benchmark West Texas Intermediate and Western Canada Select oil sands crude.
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