Crescent Point Energy reports first quarter profit down from year ago

Crescent Point Energy Corp. reported its first-quarter profit was down from a year ago as energy prices were also lower.

The company says it earned $216.7 million or 39 cents per diluted share for the quarter ended March 31, down from $1.18 billion or $2.03 per diluted share in the same quarter last year.

Oil and gas sales in the quarter totalled $913.6 million, down from $1.09 billion in the first three months of 2022.

On an adjusted basis, Crescent Point says its earnings from operations totalled 40 cents per share, down from 41 cents per share a year ago.

Average daily production in the quarter was 139,280 barrels of oil equivalent per day, up from 132,788 in the same quarter last year.

Crescent Point says its average selling price in the quarter was $72.88 per barrel of oil equivalent, down from $91.43 a year earlier.

© 2023 The Canadian Press

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