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Meg Energy sees earnings rise in first quarter to $98 million

Meg Energy Corp. says it earned $98 million in its first quarter, up from $81 million during the same quarter last year.

Meg Energy CEO Darlene Gates says the additional pipeline capacity from the start-up of the Trans Mountain expansion is expected to narrow heavy oil differentials, reduce differential volatility and improve netbacks on the company’s production. 

The Calgary-based company’s revenues totalled $1.4 billion, down from $1.5 billion a year earlier.

Diluted earnings per share were 36 cents, up from 28 cents. 

Bitumen production averaged about 104,000 barrels per day during the period ended March 31. 

Gates says the company repurchased 4.7 million shares during the first quarter.

This report by The Canadian Press was first published May 6, 2024.

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