February 2, 2012 / 11:28 AM / 6 years ago

UPDATE 1-MEG Energy Q4 profit rises on lower costs

Feb 2 (Reuters) - Canadian oil sands developer MEG Energy Corp said fourth-quarter profit was up by nearly a third, helped mainly by a rise in bitumen production and lower operating costs.

The Calgary, Alberta-based company’s fourth-quarter net income was C$91.1 million, or 46 Canadian cents a share, compared with C$61.2 million, or 31 Canadian cents a share, a year ago.

For the October-December quarter, MEG produced 30,032 barrels of bitumen per day (bbl/d), up from 27,744 bbl/d of bitumen in the year-ago quarter.

Net operating costs for the quarter fell to C$8.50 per barrel from C$11.01 per barrel last year.

Shares of MEG closed at C$44.69 on Wednesday on the Toronto Stock Exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Sreejiraj Eluvangal)

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