Feb 9 Canadian oil sands producer MEG Energy
Corp reported a smaller-than-expected quarterly loss as
production costs fell.
MEG, whose key operations are in the Athabasca oil sands
region in Alberta, said net operating costs fell 3.3 percent to
C$8.24 per barrel in the fourth quarter.
The company's non-energy operating costs fell 11.8 percent
to C$4.99 per barrel in the three months ended Dec. 31.
MEG's quarterly revenue also topped analysts' estimates as
the average realized price for bitumen jumped 56 percent in the
However, bitumen production fell 2.1 percent to 81,780
barrels per day (bpd).
MEG's net loss widened to C$305 million ($232.42 million) or
C$1.34 per share, for the quarter from C$297 million, or C$1.32
per share, a year earlier.
Excluding items, the Calgary, Alberta-based company lost 32
Canadian cents per share.
Revenue rose 27.2 percent to C$566 million.
Analysts' on average had estimated adjusted earnings of 33
Canadian cents per share and revenue of C$523.5 million,
according to Thomson Reuters I/B/E/S.
($1 = 1.3123 Canadian dollars)
(Reporting by Arathy S Nair in Bengaluru; Editing by Amrutha
Gayathri and Anil D'Silva)