05:27 PM EDT, 07/25/2024 (MT Newswires) -- MEG Energy ( MEGEF ) on Thursday said its second-quarter profit was unchanged even as production from its northern Alberta oil-sands plant rose and prices improved, while it declared a quarterly dividend for the first time.

The company said it earned $136 million, or $0.50 per share, in the period, flat from $136 million, or $0.47, in the year-prior quarter.

Revenue rose 6.4% to $1.37 billion from $1.29 billion as its oil sales rose 12% to 93,140 barrels per day while its average gross profit per barrel was up 28% to $73.84.

The company declared its first dividend, paying shareholders of record on Sept.27 $0.10 per share on Oct.15.

"We are proud to declare MEG's inaugural dividend. This achievement not only reflects our robust financial health but also highlights MEG's maturation as a senior Canadian oil producer. Our US$600 million net debt target will be achieved in the third quarter of 2024 and capital returns to shareholders will rise to 100% of free cash flow through continued share buybacks and a quarterly base dividend," chief executive Darlene Gates said in a release.

The company's shares closed up $0.17 to $27.50 on the Toronto Stock Exchange.