From TD 8:38 AM EDT, 10/26/2017 (MT Newswires) -- Crescent Point Energy (CPG.TO) said on Thursday while its third-quarter net loss widened to $0.50 from a loss of $0.21 a year earlier, its adjusted net earnings from operations of $0.06 per share for the period compared to a negative $0.04 a year ago. SeekingAlpha reported that beat forecasts by $0.09, which would reflect a rise of nearly a third to cash flow and higher production expectations.
The company boosted its oil production by near 10% to 176,069 barrels of oil equivalent per day in the quarter and sold its production for an average price of $47.34, 8% more than the third quarter of 2016. It also raised its production guidance for the year by 1,000 barrels per day to 175,500 bpd while raising its capital budget by $100 million to $1.55 billion.
Similar to prior years, the company expects to release its 2018 guidance in late fourth quarter 2017 or early January 2018.
Ina dispositions update, CPG said during third quarter 2017, it completed or entered into agreements to dispose of near 3,000 boe/d of non-core assets for a total value of over $190 million, resulting in an accretive sales metric of near $64,000 per flowing boe. Crescent Point expects the majority of these transactions to be completed during fourth quarter, bringing total dispositions in 2017 to near $280 million. The company is also currently marketing several additional non-core asset packages targeting potential proceeds of $100 to $200 million.
Crescent Point shares closed up $0.15 to $9.32 Wednesday on the Toronto Stock Exchange, above its year low of $8.08 set in early September.
Price: 9.32, Change: +0.15, Percent Change: +1.6