Crescent Point Energy Corp. (TSX: T.CPG, Stock Forum) reported a net loss in the first quarter 2013 of $1.6 million, compared to a net loss of $3.9 million in the first quarter of 2012 along with a new production record averaging 117,663 barrels of oil per day, weighted 91% to light and medium crude oil and liquids, a 30% increase over the first quarter 2012. ?
Crescent Point has strategically consolidated several large oil-in-place resource plays in the United States and in western Canada.
?According to Crescent Point's press release, production outperformance during the quarter was driven by several factors across the company's asset base, including continued waterflood success, outperformance of wells completed with cemented liners and the application of new technologies and techniques.
The company also capitalized on a delayed spring break-up, which allowed for more drilling and completions in first quarter than planned and has positioned the company well for a strong second quarter. ?
As a result of the company's strong first quarter results, Crescent Point is upwardly revising its production guidance and capital expenditure plans for the year.
Crescent Point's average daily production in 2013 is expected to increase to 114,000 barrels of oil per day from 112,000 barrels of oil per day and its 2013 exit production rate is expected to increase to 117,000 barrels of oil per day from 114,000 barrels of oil per day.
As well, capital expenditures are expected to increase by $150 million to $1.5 billion.
During the quarter, the company spent $459.1 million on drilling and development activities, drilling 227 (164.3 net) oil wells with a 100% success rate. Crescent Point also spent $73.6 million on land, seismic and facilities, for total capital expenditures of $532.7 million. ?
For the remainder of 2013, the company expects to focus on advancing the development of several new techniques and concepts and on executing organic growth projects across its asset base.
Crescent Point is an oil and gas exploration, development and production company.
On Thursday, Crescent Point was trading at $38.38 a share. The company had a market cap of $14.6 billion, based on 380.8 million shares outstanding. The 52-week high and low was $45.70 and $34.53 respectively.