MEG Energy Corp. says it earned $81 million in the first quarter of 2023, a 77 per cent decrease from the $362 million it earned in the same quarter the previous year.

The Calgary-based company says its profit worked out to 28 cents per share, compared to $1.15 cents per share in the prior year's quarter.

MEG reported revenues of $1.48 billion, down from $1.53 billion in the first quarter of 2022, due to lower oil prices.

Bitumen production rose approximately six per cent year-over-year to 106,840 barrels per day.

MEG says its capital expenditures rose from $25 million to $113 million compared with the same period in 2022, reflecting higher drilling activity.

MEG says it paid down $117 million in debt during the quarter to see its net debt decline to $1.4 billion.

This report by The Canadian Press was first published May 1, 2023.