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Crescent Point Energy Corp (CPG)

  • 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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Company Description
Crescent Point Energy Corp is involved in acquiring and holding interests in petroleum and natural gas properties and assets related through a general partnership and wholly owned subsidiaries.