Company News

MEG Energy Corp second-quarter loss narrows

July 30 (Reuters) - Canadian oil sands producer MEG Energy Corp reported a smaller quarterly loss on Tuesday, benefiting from selling more barrels of bitumen crude at higher prices.

The Calgary-based company said its net loss narrowed to C$64 million ($48.68 million), or 21 Canadian cents per share, in the second quarter ended June 30, from C$179 million, or 61 Canadian cents per share, a year earlier.

The company’s second-quarter net loss was hit by a one-time charge against earnings of C$228 million.

Production of bitumen crude, which is a low-grade oil, rose to 97,288 barrels per day (bpd) from 71,325 bpd a year earlier.

$1 = 1.3148 Canadian dollars Reporting by Shanti S Nair in Bengaluru; Editing by Bernard Orr