Latest news with #MEGEnergyCorp
Hamilton Spectator
31-07-2025
- Business
- Hamilton Spectator
MEG Energy reports $67M in Q2 profit, down from last year
CALGARY - Oilsands producer MEG Energy Corp. says its profits fell during the second quarter compared with a year earlier. Net earnings for the quarter came in at $67 million, or 26 cents per diluted share, compared with $136 million, or 50 cents per diluted share, during the same period last year. Revenue came in at $757 million during the quarter, down from $1.37 billion a year earlier. Production for the quarter was 63,502 barrels per day compared with 100,531 barrels per day during the same period last year. MEG Energy also announced its board of directors approved a 10 per cent increase to its dividend, to 11 cents per share. Darlene Gates, MEG Energy's chief executive, says the company looked to execute on its planned turnaround during the quarter alongside wildfire-related challenges. This report by The Canadian Press was first published July 31, 2025. Companies in this story: (TSX:MEG)
Edmonton Journal
04-07-2025
- Business
- Edmonton Journal
Financial Post Alberta oil production falls to lowest level since 2023
Article content Alberta's oil production fell to the lowest in two years in May as wildfires and maintenance work crimped oilsands output. Article content Output from Canada's biggest oil-producing province slid 397,000 barrels a day to 3.61 million barrels a day in May, the lowest since May 2023, provincial data released Thursday show. Flows from the oilsands, the world's third-largest reserve of crude, dropped 384,000 barrels a day. Output from oilsands mines slid to the lowest in more than four years. Article content Article content Article content Production was hurt by wildfires, including one near Cold Lake that prompted Cenovus Energy Inc., Canadian Natural Resources Ltd. and MEG Energy Corp. to curtail about 350,000 barrels a day in late May and early June. Oil sands producers also reduced output for maintenance work, with MEG Energy's production dropping to the lowest in data stretching back to 2019. Article content Article content Lower output from Canada, the world's fourth-largest oil supplier and the biggest foreign seller to the U.S., has combined with falling production from Mexico and a ban on Venezuelan flows to strengthen heavy crude oil prices. Article content In Alberta, heavy Western Canadian Select's discount to U.S. benchmark West Texas Intermediate narrowed to less than US$10 a barrel from early April into late June, compared with an average US$15 a barrel in the past five years, according to General Index prices. On the Gulf Coast, Canadian heavy oil's discount to WTI is trading near the smallest since early 2022, according to Link Data prices. Article content
Calgary Herald
03-07-2025
- Business
- Calgary Herald
Financial Post Alberta oil production falls to lowest level since 2023
Alberta's oil production fell to the lowest in two years in May as wildfires and maintenance work crimped oilsands output. Article content Output from Canada's biggest oil-producing province slid 397,000 barrels a day to 3.61 million barrels a day in May, the lowest since May 2023, provincial data released Thursday show. Flows from the oilsands, the world's third-largest reserve of crude, dropped 384,000 barrels a day. Output from oilsands mines slid to the lowest in more than four years. Article content Article content Production was hurt by wildfires, including one near Cold Lake that prompted Cenovus Energy Inc., Canadian Natural Resources Ltd. and MEG Energy Corp. to curtail about 350,000 barrels a day in late May and early June. Oil sands producers also reduced output for maintenance work, with MEG Energy's production dropping to the lowest in data stretching back to 2019. Article content Article content Lower output from Canada, the world's fourth-largest oil supplier and the biggest foreign seller to the U.S., has combined with falling production from Mexico and a ban on Venezuelan flows to strengthen heavy crude oil prices. Article content In Alberta, heavy Western Canadian Select's discount to U.S. benchmark West Texas Intermediate narrowed to less than US$10 a barrel from early April into late June, compared with an average US$15 a barrel in the past five years, according to General Index prices. On the Gulf Coast, Canadian heavy oil's discount to WTI is trading near the smallest since early 2022, according to Link Data prices. Article content
Hamilton Spectator
16-06-2025
- Business
- Hamilton Spectator
MEG Energy urges shareholders to reject takeover offer by Strathcona Resources
CALGARY - MEG Energy Corp. says its board of directors is urging shareholders to reject an unsolicited takeover offer by Strathcona Resources Ltd., calling it opportunistic and not in the best interests of the company or its investors. MEG chairman James McFarland says the offer is 'inadequate by all reasonable measures.' The company says it has a plan that the board believes will generate significant free cash flow and shareholder value, underpinned by its assets with decades of growth potential. It says the board has also authorized a special committee to launch a strategic review with the potential to find an offer superior to its stand-alone plan. MEG operates the Christina Lake oilsands project. Last month, Strathcona made an offer buy all of the MEG shares it does not already own for a combination of 0.62 of a Strathcona share and $4.10 in cash per MEG share. This report by The Canadian Press was first published June 16, 2025. Companies in this story: (TSX:MEG, TSX:SCR)
Hamilton Spectator
12-06-2025
- Business
- Hamilton Spectator
MEG Energy ramping up operations at Christina Lake after nearby wildfires
CALGARY - MEG Energy Corp. says it's ramping up operations at its Christina Lake oilsands project after recent wildfires south of the operations. The company says all personnel have returned to site and its connection to Alberta's electric grid has been restored. MEG also says it has commenced restarting Phase 2B operations after successful completion of a turnaround. Last month, the company withdrew non-essential personnel from the Christina Lake project due to the fires. The wildfire caused an outage to third-party power line infrastructure connecting the project to Alberta's electric grid, prompting the company to disconnect from the grid. The power outage delayed startup of the Phase 2B operations, which represent about 70,000 barrels per day of production. This report by The Canadian Press was first published June 12, 2025. Companies in this story: (TSX:MEG)
