MEG Energy beats expectations in Q3 with third straight quarter of losses

CALGARY - MEG Energy Corp. beat expectations as it posted its third consecutive quarter of net losses on a 44-per-cent drop in revenues caused by lower bitumen production and realized prices.

The Calgary-based company says it lost $9 million or three cents per share for the three months ended Sept. 30, compared with a $24-million profit or eight cents per share a year earlier.

It lost $80 million in the second quarter and $284 million in the first quarter of its fiscal year.

Revenues decreased to $533 million from $958 million.

MEG Energy was expected to lose 16 cents per share on $490.2 million of revenues, according to financial markets data firm Refinitiv.

Bitumen production fell to 71,516 bbls/d at a realized price of $39.68 per barrel, from 93,278 bbls/d at $53.37 per barrel in the third quarter of 2019.

This report by The Canadian Press was first published Oct. 26, 2020.

Companies in this story: (TSX:MEG)

Football news:

Holand on substitutions: maybe Favre wants me to score more. More often and faster until replaced
Egypt's al-Ahly won the African Champions League for the 9th time, defeating Zamalek in the final in the Cairo Derby
Tottenham's Vinicius is the Europa League player of the week. He scored 2+1 in the match against Ludogorets
Ex-President of Barca Laporta will take part in the new elections
Antonio Cabrini: Maradona would still be alive if he played for Juventus. The love of Naples was strong but unhealthy
Ferguson on Rashford's charity: Fiction for a young man. He should give me some advice
A Preston player who twice touched an opponent's genitals was disqualified for 3 matches for aggressive behavior