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Crescent Point reports $30.5M Q3 profit compared with a loss a year ago

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CALGARY, A.B. – Crescent Point Energy Corp. posted a profit of $30.5 million in its latest quarter compared with a loss of $270.6 million a year ago.

The energy company says the profit amounted to six cents per share for the quarter ended Sept. 30 compared with a loss of 50 cents per share in the same quarter last year.

Production in what was the company’s third quarter averaged 174,275 barrels of oil equivalent per day compared with 176,069 boepd in the third quarter last year.

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Crescent Point says the production comprised of approximately 90 per cent oil and liquids.

The company’s average selling price was $67.15 per barrel of oil equivalent, up from $47.35 a year ago.

In September, Crescent Point announced plans to reduce its workforce by 17 percent, sell some infrastructure assets and reduce its debt by more than $1 billion by the end of 2019.

(THE CANADIAN PRESS)

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