05:33 PM EST, 02/27/2025 (MT Newswires) -- MEG Energy ( MEGEF ) , after trade Thursday, said its fourth-quarter profit rose while revenue declined year-over-year.

The oil-sands producer said it earned $106 million, or $0.40 per share, in the period, up from $103 million, or $0.37, in the year-prior quarter. FactSet expected the company to report earnings per share of $0.59.

The company said the increase was due to lower depletion and depreciation expenses in 2024 and the removal of an onerous contract expense from 2023, partly offset by a foreign exchange loss on long-term debt and higher deferred income tax expenses.

Revenue fell slightly to $1.15 billion from $1.44 billion a year ago. FactSet projected $1.25 billion.

Bitumen production averaged 100,139 barrels per day in the quarter, down from 109,112 barrels per day in the same period of 2023. The decrease in production and an increase in steam-to-oil ratio were mainly due to new wells starting later and an unplanned outage in the fourth quarter of 2024, the company said.

For 2025, the company expects capital expenditures of $635 million, Bitumen production of 95,000 to 105,000 barrels per day, and non-energy operating costs of $5.30 to $5.80 per barrel.

The company's shares closed up $0.11 to $22.95 on the Toronto Stock Exchange.