Thu, Aug. 13, 3:34 PM
- Crescent Point Energy (CPG -2.1%) is lower after surprising analysts by slashing its dividend 57% to $0.10/share, eliminating its dividend reinvestment program and reporting weaker than expected Q2 earnings.
- CPG also sliced C$100M from its capital budget for the rest of the year, bringing total planned spending to C$1.45B for 2015, citing the low oil price environment and the risk that prices may remain depressed for longer than expected.
- CPG says cash flow at the end of Q2 fell 18% Y/Y, while overall production climbed 10% to 151.6K boe/day; production guidance for the year remains unchanged at 163.5K boe/day.
- During the quarter, CPG bought up heavily indebted Legacy Oil + Gas for $1.5B and used its own stock to buy Coral Hill Energy for $258M.
Wed, Aug. 12, 11:37 PM
Thu, May 7, 8:07 AM
Wed, Mar. 11, 12:58 PM
- Crescent Point Energy (CPG +2%) is higher after Q4 earnings of $0.27/share exceed expectations and posting a 7% gain in its cash flow operations.
- CPG reiterated its 2015 capex guidance of $1.45B to produce an average of 152.5K boe/day - basically flat vs. CPG's Q4 output of 153.8K boe/day, which was up 21% Y/Y - while maintaining an annual dividend of $0.276/share.
- CPG said its expects cost savings of 15%-20% in certain projects relative to 2014 and that further savings can be achieved.
- CPG's year-end 2014 reserves jumped 22% Y/Y to 807.4M boe at a finding cost of $22/boe.
- Also raised its syndicated credit facility by $1B to reach $3.6B but has used only $1.27B.
Wed, Mar. 11, 8:19 AM
Aug. 13, 2014, 4:59 PM
- Crescent Point Energy (NYSE:CPG) earlier today reported a 36% jump in Q2 earnings on higher prices and record production following a string of acquisitions.
- Q2 net operating income totaled C$174.6M, or C$0.43/share, up from C$130.3M, or C$0.34/share, in the year-earlier quarter, while oil and gas sales rose to C$1.15B from C$845M a year ago; operating income was below analyst expectations of $0.48/share, but sales beat estimates of C$1.06B.
- Average selling prices for crude oil and natural gas liquids rose to C$97.52 in the quarter from C$84.65 a year ago.
- Q2 production jumped 17% Q/Q to a record 137,368 boe/day, and CPG raised its FY 2014 average production estimate by 2% to 138K boe/day.
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