10:43 AM EDT, 10/28/2021 (MT Newswires) -- Crescent Point Energy Corp. (CPG.TO) on Thursday booked third-quarter adjusted net earnings from operations of $142.6 million, or $0.24 per share, jumping from $71.0 million, or $0.13 per share, posted last year.
The company, which at last look fell 4.7% on the NYSE and lost 4.5% on the TSX in early Thursday trading, said adjusted funds flow increased to $393.9 million, or $0.67 per share, from $235.7 million, or $0.44 per share, supported by a strong operating netback of $44.15 per boe.
Crescent Point noted that its adjusted funds flow generation benefitted from the company's improved cost structure, high liquids weighting and strong market access.
Average daily production grew year over year to 132,186 boe/d from 113,383 boe/d during the quarter.
Crescent Point expects its 2021 average production guidance in the range of 132,000 to 134,000 boe/d, or the high end of its previous guidance range of 130,000 to 134,000 boe/d, with capital expenditure estimated at $625 million, in line with high end of guidance.
For 2022, the company set a production target of 131,000 to 135,000 boe/d within $825 million to $900 million in development capital expenditures.
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