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Company News

Canada's MEG Energy posts Q3 profit on higher prices, lower costs

Oct 26 (Reuters) - Canadian oil sands producer MEG Energy Corp reported a third-quarter profit, compared with a loss a year ago, helped by higher bitumen prices and lower production costs.

MEG reported a profit of C$84 million ($65.6 million), or 28 Canadian cents per share, in the three months ended Sept. 30, compared with a loss of C$109 million, or 48 Canadian cents per share, a year earlier.

The Calgary, Alberta-based company’s revenue rose 10 percent to C$546 million. ($1 = C$1.28) (Reporting by Anirban Paul in Bengaluru; Editing by Savio D’Souza)

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