CALGARY — MEG Energy says it earned $167 million in its third quarter, down from $249 million during the same quarter last year.
The company says revenues for the quarter were $1.27 billion, down from $1.44 billion during the third quarter of 2023.
Diluted earnings per share were 62 cents, down from 86 cents a year earlier.
MEG Energy says it successfully completed its debt reduction strategy, reducing its net debt to US$478 million by the end of September, down from US$634 million during the prior quarter.
President and CEO Darlene Gates said moving forward all the company’s free cash flow will be returned to shareholders through expanded share buybacks and a quarterly base dividend.
The company says its capital expenditures for the quarter increased to $141 million from $83 million a year earlier, mainly due to higher planned field development activity, as well as moderate capacity growth projects.
This report by The Canadian Press was first published Nov. 5, 2024.
Companies in this story: (TSX:MEG)
The Canadian Press