Crescent Point reports Q3 profit up from year ago as energy prices surge

Image: Brian Zinchuk, Pipeline News

Crescent Point Energy Corp. reported a third-quarter profit of $77.5 million, up from $500,000 a year earlier, helped by higher energy prices and increased production.

The company says the profit amounted to 13 cents per diluted share for the quarter ended Sept. 30. Oil and gas sales totalled $826.7 million, up from $437.0 million a year ago.

On an adjusted basis, Crescent Point says its net earnings from operations were 24 cents per diluted share, up from 13 cents per diluted share in the same quarter last year.

The increase came as average daily production came in at 132,186 boe/d, up from 113,383 boe/d a year ago.

In an update to its outlook, Crescent Point says it expects production this year to average 132,000 to 134,000 boe/d, at the high end of its earlier guidance for between 130,000 and 134,000 boe/d. Capital spending is now expected to be about $625 million, at the top end of its earlier guidance of $600–$625 million.

In its preliminary guidance for 2022, the company says production is forecast to average between 131,000 and 135,000 boe/d with a budget of $825–$900 million in development capital spending.

© 2021 The Canadian Press

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