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Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

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Have a great Sunday, especially those of you like me that are celebrating Orthodox Easter ... As well as those of you who are also like me and mourning another Maple Leafs Game 7 exit ... Ugggh!

Sincerely,

George et al

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Crescent Point delivers record production, cash flow - Calgary Herald

posted on Aug 08, 2013 09:37PM

Crescent Point delivers record production, cash flow

By Amanda Stephenson, Calgary Herald , August 8, 2013 4:03 PM

CALGARY - Crescent Point Energy Corp. set new second quarter records for production and cash flow, thanks in large part to a successful drilling program in Utah and a spring breakup that was less severe than expected.

The Calgary-based oil producer achieved average daily production of 117,700 barrels of oil equivalent per day (91 per cent liquids), a 21 per cent increase from the second quarter of 2012.

It generated record cash flow of more than $500 million, a 31 per cent increase over the second quarter of 2012.

The company said its wells in Utah’s Uinta Basin, a play it acquired in late 2012, have performed at or above expectations. Crescent Point drilled 27 net wells in Utah in the second quarter with a 100 per cent success rate, increasing production in that region to more than 10,000 boe/d.

It also continued to develop and grow its core Bakken and Shaunavon assets. Early in the quarter, the Saskatchewan government approved Crescent Point’s first lower Shaunavon waterflood unit — a technology that uses the injection of water to increase pressure and allow more oil recovery from lagging wells. The company said it has also received technical approval for the first of four proposed Bakken waterflood units.

The strong results led Crescent Point to increase its guidance for the year. President and chief executive Scott Saxberg said in a conference call with analysts that the company has increased its guidance for average daily production for 2013 by 3,500 boe/d to 117,500, and its exit production rate by 2,000 boe/d per day to 119,000. Capital expenditures will be maintained at $1.5 billion.

“We believe we are in a great position so far in 2013 and well on track to meet our new targets,” Saxberg said.

In a note to clients, RBC Capital Markets analyst Michael Harvey said Crescent Point’s second quarter beat his expectations by five per cent on the production side. Cash flow per share was $1.31 versus RBC’s $1.14 estimate.

“While in our view the market had anticipated a quarterly beat, the magnitude is significant and combined with the announced production guidance increased we would expect the stock to outperform peers today,” Harvey wrote.

Crescent Point’s stock closed up 3.1 per cent Thursday at $38.97.

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