Canada's Crescent Point Energy Corp. (NYSE: CPG) missed analysts' estimates for fourth-quarter output on March 7, as the oil and gas producer sold several production assets in 2018.
The company's strategy to sell assets to reduce debt and use a part of the money to finance its expansion in production in Viewfield Bakken, Shaunavon and Flat Lake assets in Saskatchewan is yet to pay off.
The company has set aside 55% of 2019 capital spending to ramp up production in these areas, even as it lowered the spending by 30% to C$1.2 billion to C$1.3 billion in January in the wake of declining oil prices.
Crescent Point's total average production fell 0.4% to 178,198 barrels of oil equivalent per day (boe/d) from a year earlier. Analysts had expected an average production of 204,779 boe/d.
The company said average selling prices fell to C$48.28 per barrel of oil equivalent from C$55.64.
The oil and gas producer said net loss widened to C$2.39 billion (US$1.78 billion), or C$4.35 per share, in the quarter ended Dec.31, from C$56.4 million, or 10 Canadian cents per share, a year earlier, hurt by an impairment charge of C$3.69 billion.
Excluding items, the company reported a loss of 3 Canadian cents per share. (US$1 = C$1.3424)