MEG Energy posts profit as production rises

Wed Jul 30, 2014 5:25am EDT
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July 30 (Reuters) - MEG Energy Corp reported a second-quarter profit, compared with a year-earlier loss, helped by increased bitumen production in its oil sands operations and higher prices.

MEG reported a net profit of C$248.95 million ($229.13 million), or C$1.11 per share, in the second quarter ended June 30, compared with a net loss of C$62.31 million, or 28 Canadian cents per share, a year earlier.

MEG, whose main operations are in the southern Athabasca oil sands region of Alberta, said production rose to 68,984 barrels per day in the quarter from 32,144 a year earlier. ($1 = 1.0865 Canadian dollars) (Reporting by Sneha Banerjee; Editing by Ted Kerr)