Canada’s Crescent Point Posts Higher Quarterly Profit as Crude Prices Rise

The Calgary-based company said its total average production in the quarter fell 1.9% to 111,217 barrels of oil equivalent per day, compared with the third quarter.

SEATTLE (Oil Monster): Canadian oil and gas producer Crescent Point Energy Corp posted a higher fourth-quarter profit on Wednesday compared to the third, as commodity prices rebounded from pandemic lows.

Brent crude prices averaged around $45 in the last three months of 2020 after hitting record lows earlier, as vaccine rollouts built confidence about travel demand bouncing back to pre-pandemic levels.

Crescent Point’s total average selling price in the quarter ended Dec. 31 rose to C$43.76 per barrel of oil equivalent from C$41.89 in the previous quarter.

The Calgary-based company said its total average production in the quarter fell 1.9% to 111,217 barrels of oil equivalent per day, compared with the third quarter.

Crescent’s adjusted net earnings from operations were C$85.6 million ($68.10 million), or 16 Canadian cents per share, in the quarter, compared with C$71 million, or 13 Canadian cents per share, in the prior quarter.

Courtesy: www.reuters.com