Crescent Point reports $1.18B Q1 profit, raises quarterly dividend

CALGARY — Crescent Point Energy Corp. raised its quarterly dividend as it reported first-quarter net income of $1.18 billion, boosted by a reversal of a non-cash impairment charge related to the rise in energy prices.

The company said it will increase its quarterly dividend to 6.5 cents per share, up from 4.5 cents per share.

The increased payment to shareholders came as Crescent Point said it earned $2.03 per diluted share for the quarter ended March 31, up from a profit of $21.7 million or four cents per diluted share a year ago

Crescent Point said its adjusted earnings from operations amounted to 41 cents per diluted share for the quarter, up from 28 cents per diluted share a year earlier.

Oil and gas revenue for the quarter totalled $978.4 million, up from $547.5 million in the same quarter last year.

Average daily production was 132,788 barrels of oil equivalent per day, up from 119,384 boe/d in the same quarter last year, while the company’s average selling price was $91.43 per barrel of oil equivalent, up from $58.65 a year ago.

This report by The Canadian Press was first published May 12, 2022.

Companies in this story: (TSX:CPG)

The Canadian Press

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

• 0084 EMP Metals Pipeline Online
  0084 EMP Metals Pipeline Online
• 0053 Kingston Midstream Westspur Alameda Click
  0053 Kingston Midstream Westspur Alameda Click
• 0082 CsHM 2024 Pipeline
  0082 CsHM 2024 Pipeline
• 0077 Caprice Resources Stand Up For Free Speech
  0077 Caprice Resources Stand Up For Free Speech
• 0076 Latus only
  0076 Latus only
• 0061 SIMSA 2024 For Sask Buy Sask
  0061 SIMSA 2024 For Sask Buy Sask
• 0055 Smart Power Be Smart with your Power office
  0055 Smart Power Be Smart with your Power office
• 0051 JML Hiring Pumpjack assembly
  0051 JML Hiring Pumpjack assembly
• 0049 Scotsburn Dental soft guitar
  0049 Scotsburn Dental soft guitar
• 0046 City of Estevan This is Estevan
  0046 City of Estevan This is Estevan
• 0041 DEEP Since 2018 now we are going to build
  0041 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
• 0013 Panther Drilling PO ad 03 top drive rigs
• 0011
• 0006 JK Junior
• 0002 gilliss casing services
  0002 gilliss casing services
• 9002 Pipeline Online 30 sec EBEX
  9002 Pipeline Online 30 sec EBEX
• 9001