CALGARY – MEG Energy Corp. boosted its output forecast for the year after swinging to a $54-million profit in its latest quarter on a doubling of revenues.
The Calgary-based company said it earned 17 cents per diluted share in the third quarter, compared with a loss of three cents per share or $9 million a year earlier.
Revenues for the three months ended Sept. 30 were $1.09 billion, up from $533 million in the third quarter of 2020.
MEG was expected to earn 29 cents per share on $1 billion of revenue, according to financial data firm Refinitiv.
Adjusted funds flow increased to $239 million or 77 cents per share from $26 million or nine cents per share a year earlier.
Quarterly production increased 28 per cent to 91,506 barrels per day, compared with 71,516 bbls/d in the prior year quarter. As a result, it again increased its annual average production guidance, this time to 92,500 to 93,500 bbls/d from 91,000 to 93,000 bbls/d.
“Given what we are seeing operationally we have upwardly revised our annual production guidance and look forward to a strong finish to 2021,” stated CEO Derek Evans.