Crescent Point reports $2.32-billion Q1 loss due to plunge in oil prices

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CALGARY — Crescent Point Energy Corp. reported a $2.32-billion first-quarter loss as it took a non-cash charge of $3.56 billion due to the plunge in oil prices.

The company says the loss amounted to $4.40 per diluted share for the quarter ended March 31 compared with a profit of $1.9 million or less than a penny per diluted share a year ago.

Crescent Point says its adjusted net earnings from operations totalled $48.7 million or nine cents per share for the quarter ended March 31 compared with $158.3 million or 29 cents per share in the first three months of 2019.

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The company slashed its capital spending plan and lowered its production guidance earlier this year due to the COVID-19 pandemic and a dramatic decline in oil prices.

Crescent Point expects to capital spending to be between $650 million and $700 million, down from its original budget of more than $1 billion.

Its annual average production forecast is for between 110,000 and 114,000 barrels of oil equivalent per day for 2020 if shut-in production remains off line for the remainder of the year.

This report by The Canadian Press was first published May 6, 2020.

Companies in this story: (TSX:CPG)

 

 

The Canadian Press

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