Globe/wire say Crescent Point swings to smaller Q4 lossCrescent Point Energy Corp (C:CPG)
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Last Close 3/1/2018 $8.46
Friday March 2 2018 - In the News
The Globe and Mail reports in its Friday edition that Crescent Point Energy posted a bigger-than-expected loss on Thursday. A Reuters dispatch to The Globe reports that over the past three years Crescent Point's operating expenses rose 5.4 per cent to $12.53 a barrel of oil equivalent in the fourth quarter. Investment spending, which does not affect on the company's bottom line, rose nearly 17 per cent to $479.7-million. AltaCorp analysts say, "In a market where a small negative trumps numerous operational positives, investors might sell the stock on the capex outspend vs development guidance." Crescent Point has been selling non-core assets to pay for its capital spending program and pay down debt, while boosting production by focusing on operations in southwest Saskatchewan and the Williston and Uinta basins in the United States. Crescent Point posted an 8.4-per-cent jump in fourth quarter production, while higher average realized prices helped it post a smaller loss from the year-ago period. Compared with a year earlier, the company's net loss narrowed to $56.4-million or 10 cents a share, from $510.6-million or 94 cents. The fourth quarter of 2016 included a one-time loss on derivatives of $138.7-million.