Crescent Point Energy Corp. is reporting a fourth-quarter net loss of $51 million, compared with a loss of $932 million in the same period of 2019.
The Calgary-based company says the loss amounted to 10 cents per share for the quarter ended Dec. 31 compared with a loss of $1.73 per share a year ago.
The result came as it produced 111,000 barrels of oil equivalent per day, about 90 per cent crude oil and petroleum liquids, down from 145,000 boe/d in the fourth quarter of 2019, a drop it attributed to capital spending cuts enacted early in 2020 as oil prices fell.
Last week, Crescent Point announced a deal to buy producing light oil shale assets in Alberta for $900 million from Royal Dutch Shell.
On Wednesday, it confirmed 2021 production guidance of about 134,000 boe/d (assuming the deal is closed), up from its average of 121,600 boe/d during 2020, as well as its 2021 capital budget of about $600 million, down from its actual 2020 spending of $655 million.
Crescent Point reported net debt of about $2.1 billion at year-end, down by over $615 million during the year. It said it removed about $60 million in budgeted operating expenses in 2020.
“As a result of the volatility in 2020, we acted swiftly, revising our capital program and operations, to enhance our financial flexibility and preserve the long-term value of our assets,” said CEO Craig Bryksa in a statement.
“Through our actions, over the last two years, we strengthened the company and positioned ourselves to continue enhancing value for our stakeholders.”
(Canadian Press)
