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Home Canadian Press Crescent Point hit by one time charge, reports $2.39B fourth quarter loss

Crescent Point hit by one time charge, reports $2.39B fourth quarter loss

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CALGARY, A.B. – Crescent Point Energy Corp. lost $2.39 billion in its latest quarter as the company took a one-time charge related to its plant and equipment.

The oil and gas company says the loss amounted to $4.35 per share for the quarter ended Dec. 31 compared with a loss of $56.4 million or 10 cents per share a year earlier.

The most recent quarter included a $3.69-billion impairment charge related to plant and equipment.

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On an adjusted basis, Crescent Point says it lost $16.3 million or three cents per share for the quarter compared with an adjusted loss of $35.1 million or six cents per share a year ago.

Production in the quarter averaged 178,198 barrels of oil equivalent per day compared with 178,975 in the last three months of 2017.

In its outlook, Crescent Point says it is on track with its 2019 budget with expected annual average production of 170,000 to 174,000 barrels of oil equivalent per day and capital spending between $1.2 billion and $1.30 billion.

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