Crescent Point Energy reports $121.6M Q4 profit compared with $51.2M loss a year ago

CALGARY – Crescent Point Energy Corp. reported a fourth-quarter profit of $121.6 million compared with a loss of $51.2 million a year ago, helped by higher oil and gas prices.

The Calgary-based company says the profit amounted to 21 cents per share for the quarter ended Dec. 31 compared with a loss of 10 cents per share in the last three months of 2020.

Oil and gas sales totalled $900.4 million, up from $447.8 million in the fourth quarter of 2020.

Crescent Point says production in the quarter averaged 130,407 barrels of oil equivalent per day, up from 111,217 a year earlier.

The company’s average selling price was $75.05 per barrel of oil equivalent, up from $43.76 in the fourth quarter of 2020.

On an adjusted basis, Crescent Point says its net earnings from operations totalled 27 cents per share, up from 16 cents a year earlier.

This report by The Canadian Press was first published March 3, 2022.

Companies in this story: (TSX:CPG)