CALGARY — Oilsands producer MEG Energy Corp. says its first-quarter profits more than doubled from a year earlier.
Net earnings for the first three months of 2025 were $211 million, or 82 cents per diluted share, up from $98 million, or 36 cents per share, during the same 2024 period.
Funds from operations, a measure of operational performance and cash flow generating ability, were $380 million, up from $329 million.
Production for the quarter was 103,224 barrels of oil per day, down from 104,088 barrels per day.
MEG's steam-to-oil ratio, an oilsands efficiency measure where a lower number is better, was 2.28 during the quarter, down from 2.37.
Revenues for the quarter were $1.16 billion, compared to $1.36 billion.
"We remain focused on disciplined spending, operational excellence and delivering value to our shareholders," said chief executive Darlene Gates.
"We'll continue to navigate market dynamics with agility and prudence, ensuring we're well positioned for long-term success."
This report by The Canadian Press was first published May 6, 2025.
Companies in this story: (TSX: MEG)
Lauren Krugel, The Canadian Press
