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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.

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Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 24/05/24 4:00pm EDT.

SymbolName% changeLast
MEG-T
Meg Energy Corp
+1.1%29.52

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