Canada’s MEG Energy (MEG) has reported a 78% plunge in its first-quarter profit due to a decline in crude oil prices.
The Calgary-based oil producer said it earned $81 million in Q1, down from $362 million in the same quarter of 2022.
MEG Energy’s profit equaled $0.28 per share compared to $1.15 per share a year earlier.
The company’s revenue during this year’s first quarter totaled $1.48 billion, down 3% from $1.53 billion in Q1 2022.
MEG Energy said its bitumen production rose 6% year-over-year to 106,840 barrels per day, while its capital expenditures rose from $25 million to $113 million due to higher drilling activity.
The company paid down $117 million in debt during this year’s first quarter, bringing its net debt to $1.4 billion.
Crude oil prices peaked above $120 U.S. a barrel last June but have since fallen to around $75 U.S. per barrel.
MEG Energy’s stock has risen 14% over the last 12 months to $22.22 per share.
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