MEG Energy the latest causality of crumbling crude prices.
The Calgary-company reporting second quarter cash flow from operations of $60 million.
Compared to $88.2 million last year, as record production and low operating costs were offset by weaker commodity prices.
MEG recorded a net loss of $29.5 million in the second quarter of 2012, compared to net income of $42.5 million last year. The net loss is primarily due to the decline in value of the Canadian dollar relative to the U.S. dollar, resulting in an unrealized, non-cash foreign exchange loss of $34.9 million on the translation of the company’s U.S. dollar denominated debt.
MEG averaged over 30,429 barrels of bitumen per day in Q2, its best quarterly to date.
The company operates SAG-D oil sands operations in the Southern Athabasca Region.