MEG, Cenovus, Nexen disappoint in Q3
Oct 27, 2011 at 7:14 am in Business, News by tyler.king
Some disappointing third quarter results for oil sands companies.
MEG Energy lost more than 115 million dollars, compared with a profit of 20 million a year ago.
Maintenance costs at its Christina Lake project more than doubled.
Nexen’s profits went down by almost two-thirds because of lower production and falling sales.
Its Long Lake project is still producing less than 40% of what it was designed for.
And Cenovus profits were more than twenty percent lower than analysts expected, but that was mainly because of conventional oil output – their oil sands production was up 14%.