Canada's Crescent Point Energy Corp. (NYSE: CPG) missed analysts' estimates for fourth-quarter output on March 7, as the oil and gas producer sold several production assets in 2018.
The company's strategy to sell assets to reduce debt and use a part of the money to finance its expansion in production in Viewfield Bakken, Shaunavon and Flat Lake assets in Saskatchewan is yet to pay off.
The company has set aside 55% of 2019 capital spending to ramp up production in these areas, even as it lowered the spending by 30% to C$1.2 billion to C$1.3 billion in January in the wake of declining oil prices.
Crescent Point's total average production fell 0.4% to 178,198 barrels of oil equivalent per day (boe/d) from a year earlier. Analysts had expected an average production of 204,779 boe/d.
The company said average selling prices fell to C$48.28 per barrel of oil equivalent from C$55.64.
The oil and gas producer said net loss widened to C$2.39 billion (US$1.78 billion), or C$4.35 per share, in the quarter ended Dec.31, from C$56.4 million, or 10 Canadian cents per share, a year earlier, hurt by an impairment charge of C$3.69 billion.
Excluding items, the company reported a loss of 3 Canadian cents per share. (US$1 = C$1.3424)
Recommended Reading
Kimmeridge’s Mark Viviano on Reshaping the Energy Sector, SilverBow-Crescent Deal
2024-05-16 - Kimmeridge Energy Engagement Partners’ Mark Viviano says the company is evaluating the Crescent Energy and SilverBow Acquisition and how Kimmeridge played a key role in transforming the shale sector in this Hart Energy Exclusive interview.
SUPER DUG Shale 4.0 Era about Building Scale- Rystad
2024-05-16 - The Shale 3.0 era or capital discipline era will be followed by the Shale 4.0 era, which will see companies focused on building scale, according to Rystad Energy Senior Shale Analyst Matthew Bernstein.
Adkins: Attacks on Fossil Fuels, Overregulation Poised to Backfire
2024-05-17 - Raymond James’ J. Marshall Adkins tells Hart Energy’s Super DUG conference attendees demonizing oil and gas, strenuous regulations and continued inflation are bound to have unexpected consequences for E&P opponents.
How Diversified Already Surpassed its 2030 Emissions Goals
2024-04-12 - Through Diversified Energy’s “aggressive” voluntary leak detection and repair program, the company has already hit its 2030 emission goal and is en route to 2040 targets, the company says.