MEG Energy posts $225 million profit, completes turnaround at Christina Lake facility

The MEG Energy Corp. logo is seen in this undated handout photo. (THE CANADIAN PRESS/HO, MEG Energy)

MEG Energy Inc. reported a $225-million profit in its latest quarter as it completed on time and on budget the planned turnaround at its Christina Lake Phase 2B facility.

The Calgary-based oilsands developer says it earned 72 cents per diluted share in the second quarter, compared with 22 cents per share or $68 million a year earlier.

Revenues for the three months ended June 30 were $1.57 billion, up from $1.01 billion in the second quarter of 2021.

The company says bitumen production averaged 67,256 barrels per day at a steam-oil ratio of 2.46 in the second quarter, compared to 91,803 barrels per day at a steam-oil ratio of 2.39 in the same period last year.

MEG Energy says production was affected by the scheduled turnaround at the Phase 2B facility that began in late April 2022 and was completed in early June 2022.

MEG initiated its share buyback program in the second quarter and to date has returned $139 million of capital to shareholders through the repurchase for cancellation of approximately 7.24 million MEG common shares.

This report by The Canadian Press was first published July 28, 2022.