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Jul 30, 2020

Crescent Point loses $145 million in Q2 on 73% revenue decline

Michael Sprung discusses Crescent Point

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CALGARY -- Crescent Point Energy Corp. is reporting a $145.1 million loss in its latest quarter on a 73-per-cent decrease in revenues amid lower crude oil prices.

The Calgary-based company says its losses amounted to 27 cents per diluted share for the three months ended June 30, compared with a profit of 36 cents per share or $198.6 million a year earlier.

Adjusted losses were $27.9 million or five cents per share, compared with adjusted profits of $146 million or 27 cents per share in the second quarter of 2019.

Revenues were $259 million, down from $945.2 million a year earlier.

Crescent Point was expected to report an adjusted loss of 22 cents per share on $340 million in revenues, according to financial markets data firm Refinitiv.

Adjusted funds flow totalled $109 million, compared with $503.8 million in the prior year's quarter.

"Our priorities during the current commodity price cycle remain on maintaining a strong financial position and enhancing our sustainability," said CEO Craig Bryksa.

Average production was 120,842 barrels of oil equivalent per day, which includes about 25,000 boe/d of voluntary shut-ins, down from 172,476 boe/d last year.