MEG profits plummet

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