Crescent Point Flat Lake battery south of Torquay on Oct. 27. Photo by Brian Zinchuk

CALGARY — Crescent Point Energy Corp. reported a third-quarter profit of $77.5 million, up from $500,000 a year earlier, helped by higher energy prices and increased production.

The company says the profit amounted to 13 cents per diluted share for the quarter ended Sept. 30. Oil and gas sales totalled $826.7 million, up from $437.0 million a year ago.

On an adjusted basis, Crescent Point says its net earnings from operations were 24 cents per diluted share, up from 13 cents per diluted share in the same quarter last year.

The increase came as average daily production came in at 132,186 barrels of oil equivalent per day, up from 113,383 boe/d a year ago.

In an update to its outlook, Crescent Point says it expects production this year to average 132,000 to 134,000 boe/d, at the high end of its earlier guidance for between 130,000 and 134,000 boe/d. Capital spending is now expected to be about $625 million, at the top end of its earlier guidance for between $600 and $625 million.

In its preliminary guidance for 2022, the company says production is forecast to average between 131,000 and 135,000 boe/d with a budget of $825 to $900 million in development capital spending.

This report by The Canadian Press was first published Oct. 28, 2021.

Companies in this story: (TSX:CPG)

The Canadian Press

News from © The Canadian Press, 2021. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • 0067 PFM SaskWorks Payroll Investment Plan
    0067 PFM SaskWorks Payroll Investment Plan
  • 0066 WBPC Promo video 30 seconds
    0066 WBPC Promo video 30 seconds
  • 0065 Anova Resources field operator Oxbow
    0065 Anova Resources field operator Oxbow
  • 0064 Estevan OTS
    0064 Estevan OTS
  • 0063 Turnbull Excavating hiring crusher
    0063 Turnbull Excavating hiring crusher
  • 0062 TED_EPAC_Technology_30
    0062 TED_EPAC_Technology_30
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0060 Arizona Lithium Lease building
    0060 Arizona Lithium Lease building
  • 0059 Southeast College Heavy Equipment Operator
    0059 Southeast College Heavy Equipment Operator
  • 0058 Royal Helium Steveville opens anonymous rocket
    0058 Royal Helium Steveville opens anonymous rocket
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0053 Kingston Midstream Westspur Alameda Click Before You Dig large text
    0053 Kingston Midstream Westspur Alameda Click Before You Dig large text
  • 0052 Predator Inspections
    0052 Predator Inspections
  • 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
  • 0015 Latus Viro
    0015 Latus Viro
  • 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