MEG Energy earns $81-million in first quarter, a 77% decrease from previous year

MEG Energy Corp. MEG-T says it earned $81-million in the first quarter of 2023, a 77 per cent decrease from the $362-million it earned in the same quarter the previous year.

The Calgary-based company says its profit worked out to 28 cents per share, compared to $1.15 per share in the prior year’s quarter.

MEG reported revenues of $1.48-billion, down from $1.53-billion in the first quarter of 2022, due to lower oil prices.

Bitumen production rose approximately six per cent year-over-year to 106,840 barrels per day.

MEG says its capital expenditures rose from $25-million to $113-million compared with the same period in 2022, reflecting higher drilling activity.

MEG says it paid down $117-million in debt during the quarter to see its net debt decline to $1.4-billion.