Calgary-based Meg Energy sees revenue rise in Q1

Meg Energy Corp. says it earned $98 million in the first quarter, up from $81 million in the same quarter last year.

Meg Energy CEO Darlene Gates said the additional pipeline capacity following the launch of the Trans Mountain expansion is expected to narrow the heavy oil differential, reduce differential volatility and improve the company's production netbacks.

The Calgary-based company reported revenue of $1.4 billion, down from $1.5 billion a year ago.

Diluted earnings per share were 36 cents, up from 28 cents.

In the period ended March 31, bitumen production averaged 104,000 barrels per day.

Gates said the company bought back 4.7 million shares in the first quarter.

This Canadian Press report was first published on May 6, 2024.