Crescent Point posts quarterly profit on higher production

JULY 27, 2017

4:41 AM

Crescent Point posts quarterly profit on higher production

Reuters Staff

(Reuters) – Canadian oil and gas producer Crescent Point Energy Corp posted a quarterly profit, compared with a year-earlier loss, helped by higher realized oil prices and an increase in production.

The oil and gas producer said total average production rose to 175,615 barrels of oil equivalent per day (boe/d) in the second quarter ended June 30, from 167,218 boe/d a year earlier.

Operating expenses rose 18 percent to C$12.85 per boe.

Crescent Point’s core operations are in southwest Saskatchewan and the Williston and Uinta basins in the United States

Cash flow, a measure of Crescent’s ability to fund new drilling and acquisitions, fell to C$415.9 million ($334.30 million) from C$427.5 million.

Crescent Point said it does not anticipate the need to change its capital program, although lower oil prices have forced some companies, including U.S. rival Anadarko Petroleum Corp, to cut their 2017 capital budget.

The company’s net income was C$83.6 million, or 15 Canadian cents per share, in the second quarter ended June 30, compared with a loss of C$226.1 million, or 45 Canadian cents per share, a year earlier.

Reporting by Anirban Paul in Bengaluru; Editing by Anil D’Silva

 

 

 

About prosperitysaskatchewan

Consultant on Saskatchewan's natural resources.

Posted on July 27, 2017, in economic impact, oil, political. Bookmark the permalink. Leave a comment.

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