MEG Energy has record quarter as high prices boost profits and revenues up 68%

MEG Energy Inc. says higher energy prices contributed to it earning a $362-million profit in its latest quarter as revenues surged 68 per cent. The Calgary-based oilsands developer says it earned $1.15 per diluted share in the first quarter, compared with a loss of six cents per share or $17 million a year earlier. Revenues for the three months ended March 31 were $1.53 billion, up from $914 million in the first quarter of 2020. MEG Energy was expected to earn $1.10 per share on $1.63 billion of