CPG - Crescent Point Energy swings to Q4 loss despite rising revenue production
Crescent Point Energy ( NYSE: CPG ) +1.7% pre-market Thursday after reporting Q4 adjusted earnings of $0.38/share, in line with estimates and above $0.27 in the year-ago quarter, as production increased during the period.
The company said its board declared a special dividend of C$0.032/share, in addition to the 25% increase to the base dividend to C$0.10/share, and it filed a notice with the Toronto Stock Exchange for plans to renew its stock buyback program
Crescent Point ( CPG ) swung to a Q4 net loss of C498.1M (US$366.4M), or C$0.90/share, compared with year-earlier net income of C$121.6M, or $0.21/share, while Q4 oil and gas sales jumped 13% Y/Y to C$1.02B.
Q4 production rose 3% Y/Y to 134,124 boe/day, after hitting annual average production of 132,282 boe/day for the full year.
Crescent Point ( CPG ) said it is on track to achieve FY 2023 production guidance of 138K-142K boe/day, after it acquired 130 drilling locations across nearly 65K acres, plus pipelines and a gas plant, near its existing land base in west-central Alberta for ~C$375M.
The company said it has advanced plans to add a second rig at Kaybob Duvernay in the final quarter of 2023, although the rig is not likely to affect the C$1B-C$1.1B planned capital spending budget.
Crescent Point Energy's ( CPG ) shares have gained 8.5% so far this year but fell 3% during the past 12 months .
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Crescent Point Energy swings to Q4 loss despite rising revenue, production