The following article by Reuters appeared in the Calgary Herald on November 10, 2011:
Crescent Point back in black as output, prices rise
On track to meet 2011 output target
By Reuters - November 10, 2011
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CALGARY — Crescent Point Energy Corp, a large producer of oil in Canada’s Bakken region, said on Thursday it climbed back to profit in the third quarter on increased production and prices as well as a sizable hedging gain.
Crescent Point earned C$205 million ($204 million), or 74 Canadian cents a share, up from a year-earlier loss of C$8 million, or 3 Canadian cents a share.
The result included an unrealized gain of C$303 million in the recent quarter and a hedging loss of C$81 million in the third quarter of 2010.
Cash flow, a glimpse into the company’s ability to fund drilling, jumped 32 per cent to C$303 million, or C$1.09 a share, from C$230 million, or 91 Canadian cents a share.
Overall production rose to 72,258 bpd, a 10 per cent increase, and its average selling price increased 19 per cent to C$77.79 per barrel of oil equivalent.
Calgary-based Crescent Point said it remains on track to meet its production target for the year of 72,500 bpd.
The company had moved part of its planned spending to Shaunavon area of southwestern Saskatchewan due to unusual flooding in the southeastern part of the province in the spring. That led to increased production in Shaunavon of 2,600 barrels a day to 9,900 bpd in the quarter.
Crescent Point shares were off 10 Canadian cents at C$41.60 on the Toronto Stock Exchange on Thursday morning. The stock is down about 7 per cent on the year, compared with a 16 per cent drop in the energy sector of Toronto’s TSX index.
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