Crescent Point Energy Corp. raised its quarterly base dividend by 15 per cent as it reported fourth-quarter net income of $951.2 million compared with a loss of $498.1 million a year earlier.
The company said Thursday it will now pay a quarterly base dividend of 11.5 cents per share, up from 10 cents per share.
Crescent Point says its profit for the quarter ended Dec. 31 amounted to $1.70 per share compared with a loss of 90 cents per share in the last three months of 2022.
Total oil and gas sales were $1.01 billion compared with $1.02 billion a year earlier.
Average daily production in the quarter was 162,269 barrels of oil equivalent per day, up from 134,124 boe/d in the same quarter in 2022.
Adjusted funds flow from operations were $1.03 per share for the quarter, up from 93 cents a year earlier.
“This past year was pivotal in our company’s history as we successfully transformed our portfolio,” Crescent Point chief executive Craig Bryksa said in a release.
“Through this execution, we have materially enhanced the long-term sustainability of our business, including by increasing our premium drilling inventory to over 20 years and enhancing our excess cash flow profile on a per share basis.”
Crescent Point solidified its place as the dominant player in the Montney, one of North America’s largest unconventional petroleum plays, last year with a deal to buy Hammerhead Energy Inc.
The acquisition saw Crescent Point add about 105,000 acres and 800 drilling locations in the region, immediately making the company the largest landowner in the Alberta Montney’s volatile oil fairway.
The company is already the largest landowner in the adjacent Kaybob Duvernay shale play.
In its outlook for 2024, Crescent Point said it expects production to average between 198,000 and 206,000 boe/d and capital spending to total between $1.44 billion and $1.54 billion.
Shares in the company were up 35 cents at $10.04 in early afternoon trading on the Toronto Stock Exchange.
This report by The Canadian Press was first published Feb. 29, 2024.
The Canadian Press
- 0073 SaskWorks-Pipeline Online0073 SaskWorks-Pipeline Online
- 0072 Outlaw Buckers and Oil Kings 20240072 Outlaw Buckers and Oil Kings 2024
- 0069 Sask Oil Show 2024 banquet tickets0069 Sask Oil Show 2024 banquet tickets
- 0071 Pride Upkeep 2024 Packages0071 Pride Upkeep 2024 Packages
- 0070 Sask Oil Show 2024 pre-register0070 Sask Oil Show 2024 pre-register
- 0068 Sask Oil Show 2024 booth0068 Sask Oil Show 2024 booth
- 0067 PFM SaskWorks Payroll Investment Plan0067 PFM SaskWorks Payroll Investment Plan
- 0066 WBPC Promo video 30 seconds0066 WBPC Promo video 30 seconds
- 0064 Estevan OTS0064 Estevan OTS
- 0063 Turnbull Excavating hiring crusher0063 Turnbull Excavating hiring crusher
- 0062 TED_EPAC_Technology_300062 TED_EPAC_Technology_30
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0058 Royal Helium Steveville opens anonymous rocket0058 Royal Helium Steveville opens anonymous rocket
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0052 Predator Inspections0052 Predator Inspections
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0046 City of Estevan This is Estevan0046 City of Estevan This is Estevan
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0015 Latus Viro0015 Latus Viro
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0011
- 0006 JK Junior
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001