MEG Energy reports quarterly loss as Canadian dollar weakens

Wed Oct 29, 2014 5:38am EDT
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Oct 29 (Reuters) - Canadian oil sands producer MEG Energy Corp posted a third-quarter loss as a result of unrealized foreign exchange losses related to the company's U.S. dollar-denominated debt.

MEG, whose main operations are in the southern Athabasca oil sands region of Alberta, reported a net loss of C$101 million ($90.48 million), or 45 Canadian cents per share for the three months ended Sept. 30.

That compared with a profit of C$115.4 million, or 51 Canadian cents, in the third quarter of 2013.

MEG said the difference primarily reflected an unrealized foreign exchange loss of C$203.1 million, compared with a year-earlier gain of C$64.3 million on foreign exchange.

The company's production more than doubled to 76,471 barrels of oil equivalent per day from 34,246 a year earlier.

($1 = 1.1163 Canadian dollars) (Reporting by Nia Williams in Calgary and Anannya Pramanick in Bangalore; Editing by Ted Kerr)