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CALGARY — MEG Energy Corp. says its full-year production is likely to come in towards the lower end of its forecast range, in part due to the wildfires at its Christina Lake oilsands site in northern Alberta.
The Calgary-based company said it produced 103,298 barrels per day of bitumen in its third quarter, comparable with the 103,726 barrels per day it produced in the same quarter last year.
But over the summer and fall, the company’s Christina Lake site was affected by out-of-control wildfires in the area, leading to a temporary evacuation in July and a one-month delay in the drilling and completion of a new well pad at the site.
CEO Darlene Gates said Wednesday the company’s production was also impacted by severe cold weather at the start of the year.
She said MEG’s average production guidance for 2024 remains unchanged, but will likely come in toward the low end of the 102,000 to 108,000 barrels per day forecast.
MEG earned $167 million in its third quarter, down from $249 million during the same quarter last year, in large part due to lower benchmark oil prices.
This report by The Canadian Press was first published Nov. 6, 2024.
Companies in this story: (TSX:MEG)
The Canadian Press
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