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)
Recommended Reading
Shipping Industry Urges UN to Protect Vessels After Iran Seizure
2024-04-19 - Merchant ships and seafarers are increasingly in peril at sea as attacks escalate in the Middle East.
Paisie: Crude Prices Rising Faster Than Expected
2024-04-19 - Supply cuts by OPEC+, tensions in Ukraine and Gaza drive the increases.
Report: Freeport LNG Hits Sixth Day of Dwindling Gas Consumption
2024-04-17 - With Freeport LNG operating at a fraction of its full capacity, natural gas futures have fallen following a short rally the week before.
Permian NatGas Hits 15-month Low as Negative Prices Linger
2024-04-16 - Prices at the Waha Hub in West Texas closed at negative $2.99/MMBtu on April 15, its lowest since December 2022.
BP Starts Oil Production at New Offshore Platform in Azerbaijan
2024-04-16 - Azeri Central East offshore platform is the seventh oil platform installed in the Azeri-Chirag-Gunashli field in the Caspian Sea.