MEG Energy Corp reported a bigger quarterly loss, as the Canadian oil sands producer sold bitumen crude at lower prices.
The Calgary-based company's net loss widened to C$199 million ($148 million), or 67 Canadian cents per share, in the fourth quarter from C$24 million, or 8 Canadian cents per share, a year earlier. Production of bitumen, which is a low-grade crude oil, fell to 87,582 barrels per day (bpd) from 90,228 bpd. The company said average realized prices for bitumen fell to C$13.90 per barrel from C$48.30. (Reporting by Debroop Roy in Bengaluru and Nia Williams in Calgary; Editing by Maju Samuel)