October 29, 2014 / 9:40 AM / in 3 years

MEG Energy reports quarterly loss as Canadian dollar weakens

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below