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 $199 million, or 67 cents per share, in the fourth quarter from $24 million, or 8 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 $13.90 per barrel from $48.30.