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Mar 1, 2018

Crescent Point reports smaller loss on higher oil, production

Oil patch companies post Q4 results

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Crescent Point Energy Corp (CPG.TO) reported a smaller loss in the fourth quarter thanks to higher oil prices and production.

The company said on Thursday its average production rose 8.4 per cent to 178,975 barrels of oil equivalent per day in the quarter ended Dec. 31.

Average selling prices rose year-over-year to $55.63 per barrel of oil equivalent from $49.32.

The Calgary-based oil and gas producer has been selling non-core assets to fund its capital program and pay down debt, while boosting production by focusing on assets in Southwest Saskatchewan and the Williston and Uinta basins in the United States.

Crescent Point's net loss narrowed to $56.4 million or 10 cents per share, from $510.6 million or 94 cents per share, a year earlier. The prior-year quarter included a one-time loss on derivatives of $138.7 million.

Excluding one-time items, the company reported a loss of 10 cents per share. Analysts on average had expected a loss of 9 cents, according to Thomson Reuters I/B/E/S.