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MEG Energy fourth-quarter net income rises to $91.1 million

By The Canadian Press  | February 02, 2012
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CALGARY - Oilsands operator MEG Energy Corp. said Thursday its profits grew by one-third during the fourth quarter as it benefited from record production.

The Calgary-based firm said that net income was $91.1 million, or 46 cents per share, in the three months ended Dec. 31.

That's compared to $61.3 million, or 31 cents per share a year prior.

MEG Energy (TSX:MEG) said the results came as it reached a record average quarterly production of 30,032 barrels of bitumen per day.

"Continuing strong performance through the fourth quarter lifted us to the high end of our production guidance of 25,000 to 27,000 barrels per day in 2011," said president and CEO Bill McCaffrey.

"An exceptional fourth quarter capped off a strong year and we plan to carry that momentum forward into 2012 as we continue to drive greater efficiencies in our current operations and lay the foundations for future growth."

In December, the company unveiled a capital budget of $1.37 billion for 2012, the bulk of which will be focused on growing its key project, the Christina Lake oilsands development.

MEG Energy develops oilsands deposits in the southern Athabasca region of Alberta using steam assisted gravity drainage technology.

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