MEG profits plummet
Jul 27, 2012 at 5:55 am in Business, News by tyler.king
Second quarter profits for MEG Energy tanked this year by 70 percent.
Lower prices were the main reason, as MEG says its bitumen sold for just 45.59 a barrel; 27 percent less than last year.
That dropped earnings from more than 36 million to barely 11 million.
But its overall production was up 9 percent, reaching over the 30 thousand barrel per day mark.
Published July 27, 2012