The Crescent Point Energy Corp. logo is shown in this undated handout photo. THE CANADIAN PRESS/HO, *MANDATORY CREDIT*

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

News from © The Canadian Press, 2024. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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