MEG Energy earns $159M in Q4; high oil prices offset by WCS differential

CALGARY — MEG Energy Corp. 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 oilsands 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.

Its operating expenses also rose, to $11.05 per barrel from $10.78 per barrel.

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 oilsands crude.

This report by The Canadian Press was first published Feb. 27, 2023.

Companies in this story: (TSX:MEG)

The Canadian Press