MEG Energy boosts 2021 production guidance on strong six months and Q2 profits
MEG Energy Corp. boosted its full-year production guidance after reporting $68 million in net profits in the second quarter on a near doubling of revenues.
The Calgary-based company earned 22 cents per diluted share, up from a loss of three cents per share of $9 million in the prior year.
Revenues for the three months ended June 30 were a little more than $1 billion, up from $533 million in the second quarter of 2020.
MEG was expected to earn 12 cents per share on $846.4 million of revenues, according to financial data firm Refinitiv.
The company revised its 2021 average bitumen production to 91,000 to 93,000 barrels per day from 86,000 to 90,000 forecast last December. Quarterly production averaged 91,803 barrels per day.
MEG says the strong quarter also gives it confidence to bring its Christina Lake facility back to full use and restart debt reduction.
“Today we announced the redemption of approximately $125 million of debt and are committed to applying all free cash flow generated in the second half of 2021 to debt reduction,” stated CEO Derek Evans.
The company realized about $44 million in proceeds from the sale of non-core industrials lands near Edmonton. The land was purchased in 2013 for $39 million.
This report by The Canadian Press was first published July 23, 2021
CTVNews.ca Top Stories
BREAKING Israel attacks Iran, Reuters sources say; drones reported over Isfahan
Israel has attacked Iran, three people familiar with the matter told Reuters, as Iranian state media reported early on Friday that its forces had destroyed drones, days after Iran launched a retaliatory drone strike on Israel.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Nearly half of China's major cities are sinking, researchers say
Nearly half of China's major cities are suffering 'moderate to severe' levels of subsidence, putting millions at risk of flooding especially as sea levels rise.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
Judge says 'no evidence fully supports' murder case against Umar Zameer as jury starts deliberations
The judge presiding over the trial of a man accused of fatally running over a Toronto police officer is telling jurors the possible verdicts they may reach based on the evidence in the case.
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
Colin Jost names one celebrity who is great at hosting 'Saturday Night Live'
Colin Jost, who co-anchors Saturday Night Live's 'Weekend Update,' revealed who he thinks is one of the best hosts on the show.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn't over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball's highest scorer Caitlin Clark's first news conference as an Indiana Fever player.
'Shopaholic' author Sophie Kinsella reveals brain cancer diagnosis
Sophie Kinsella, the best-selling author behind the 'Shopaholic' book series, has revealed that she is receiving treatment for brain cancer.