MEG Energy reports $26M fourth-quarter profit

FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo

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.

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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.

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