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
'The lost season': Winter comes to a close as Canada's warmest on record
The warmest winter on record could have far-reaching effects on everything from wildfire season to erosion, climatologists say, while offering a preview of what the season could resemble in the not-so-distant future unless steps are taken to cut greenhouse gas emissions.
Demand soars for solar eclipse glasses in Canada. Are they worth buying?
The demand for total solar eclipse glasses used to safely view the rare celestial event has been ramping up as sellers, along with astronomy and eye-care experts in Canada, warn that viewing the eclipse with the naked eye is dangerous.
Hertz CEO out following electric car 'horror show'
The company, which announced in January it was selling 20,000 of the electric vehicles in its fleet, or about a third of the EVs it owned, is now replacing the CEO who helped build up that fleet, giving it the company’s fifth boss in just four years.
NEW High thoughts: The habits of Canadian cannabis users are revealed in a new StatCan report
Statistics Canada has conducted a series of surveys to measure the impacts of legalized cannabis since the Cannabis Act took effect in 2018. The latest one, the 2023 National Cannabis Survey, sheds light on users' preferences and habits last year.
Freddie Mercury's home is on the market for first time since 1980 minus his 'exquisite clutter'
Freddie Mercury's sanctuary in London, where he lived the last decade of his life, is on sale for the first time in nearly half a century -- minus his "exquisite clutter."
NEW Where to watch the state funeral for former prime minister Brian Mulroney
A state funeral for former prime minister Brian Mulroney will be held in Montreal on March 23. CTV News will have live special coverage of his funeral service.
Trump says Jews who vote for Democrats 'hate Israel' and their religion
Former U.S. president Donald Trump on Monday charged that Jews who vote for Democrats 'hate Israel' and hate 'their religion,' igniting a firestorm of criticism from the White House and Jewish leaders.
NDP motion regarding Palestinian statehood passes after major Liberal alterations
A motion from the federal New Democrats initially calling on Canada to recognize the 'State of Palestine' passed amid widespread acrimony on Monday, after the Liberals drastically altered its wording to see the government simply work towards that aim as part of a two-state solution.
Retired teacher pleads guilty to paying for sex with 15-year-old in Collingwood, Ont.
In a Barrie courtroom on Monday, a retired high school teacher from the Niagara Region pleaded guilty to sexual touching and obtaining sexual services from a 15-year-old boy in Collingwood in 2021.