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Oct 27, 2020

MEG Energy beats expectations in Q3 in third straight quarter of losses

MEG Energy shares rise as results not as bad as anticipated

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CALGARY -- MEG Energy Corp. beat expectations as it posted its third consecutive quarter of net losses on a 44-per-cent drop in revenues caused by lower bitumen production and realized prices.

The Calgary-based company says it lost $9 million or three cents per share for the three months ended Sept. 30, compared with a $24-million profit or eight cents per share a year earlier.

It lost $80 million in the second quarter and $284 million in the first quarter of its fiscal year.

Revenues decreased to $533 million from $958 million.

MEG Energy was expected to lose 16 cents per share on $490.2 million of revenues, according to financial markets data firm Refinitiv.

Bitumen production fell to 71,516 bbls/d at a realized price of $39.68 per barrel, from 93,278 bbls/d at $53.37 per barrel in the third quarter of 2019.