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Company News

MEG Energy's fourth-quarter loss widens

March 7 (Reuters) - MEG Energy Corp reported a bigger quarterly loss, as the Canadian oil sands producer sold bitumen crude at lower prices.

The Calgary-based company’s net loss widened to C$199 million ($148 million), or 67 Canadian cents per share, in the fourth quarter from C$24 million, or 8 Canadian cents per share, a year earlier.

Production of bitumen, which is a low-grade crude oil, fell to 87,582 barrels per day (bpd) from 90,228 bpd.

The company said average realized prices for bitumen fell to C$13.90 per barrel from C$48.30.

$1 = C$1.34 Reporting by Debroop Roy in Bengaluru and Nia Williams in Calgary; Editing by Maju Samuel

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