May 30th, 2024

Crescent Point reports Q1 loss due to non-cash impairment charge

By The Canadian Press on May 10, 2024.

CALGARY – Crescent Point Energy Corp. reported a loss of in its latest quarter as it was hit by a non-cash impairment charge related to assets in Saskatchewan it is selling.

The oil and gas producer says it lost $411.7 million or 66 cents per share for the quarter ended March 31 compared with a profit of $216.7 million or 39 cents per share a year earlier.

Oil and gas sales totalled $1.11 billion, up from $762.0 million in the first quarter of 2023.

On an adjusted basis, the company says its net earnings from operations amounted to 30 cents per share, down from 40 cents per share in the same quarter last year.

Earlier this week, Crescent Point announced a $600-million deal to sell some of its non-core oil-producing properties in Saskatchewan to Saturn Oil & Gas.

The company says included in the sale are its Flat Lake and Battrum properties.

This report by The Canadian Press was first published May 10, 2024.

Companies in this story: (TSX:CPG)

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