MEG Energy Corp. boosted its output forecast for the 12 months after swinging to a $54-million revenue in its newest quarter on a doubling of revenues.
The Calgary-based firm stated it earned 17 cents per diluted share within the third quarter, in contrast with a lack of three cents per share or $9 million a 12 months earlier.
Revenues for the three months ended Sept. 30 had been $1.09 billion, up from $533 million within the third quarter of 2020.
READ MORE: MEG Energy boosts 2021 production guidance on strong 6 months and Q2 profits
MEG was anticipated to earn 29 cents per share on $1 billion of income, in line with monetary knowledge agency Refinitiv.
Adjusted funds movement elevated to $239 million or 77 cents per share from $26 million or 9 cents per share a 12 months earlier.
Quarterly manufacturing elevated 28 per cent to 91,506 barrels per day, in contrast with 71,516 bbls/d within the prior 12 months quarter. Consequently, it once more elevated its annual common manufacturing steerage, this time to 92,500 to 93,500 bbls/d from 91,000 to 93,000 bbls/d.
“Given what we’re seeing operationally we now have upwardly revised our annual manufacturing steerage and stay up for a powerful end to 2021,” said CEO Derek Evans.
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