The Crescent Point Energy Corp. logo is shown in this undated handout photo. THE CANADIAN PRESS/HO, *MANDATORY CREDIT*
CALGARY – Crescent Point Energy Corp. reported a loss of $809.9 million in its latest quarter related to non-cash charges in connection with the planned sale of its U.S. assets.
The company says the loss amounted to $1.52 per share for the quarter ended Sept. 30, compared with a profit of $466.4 million or 82 cents per share a year earlier.
On an adjusted basis, Crescent Point says its earnings from operations amounted to 59 cents per share, up from 43 cents per share in the same quarter last year.
Oil and gas revenue totalled $1.09 billion for the company’s third quarter, up from $970.5 million a year earlier.
Average daily production was 180,581 barrels of oil equivalent for the quarter, up from 133,019 a year ago, however Crescent Point noted the third quarter included about 30,800 boe/d of non-core assets which were disposed of subsequent to the quarter.
The company also announced it would pay a special dividend of two cents per share on Nov. 22 in addition to its quarterly base dividend of 10 cents per share that will be paid on Jan. 2.
This report by The Canadian Press was first published Nov. 2, 2023.
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