- Crescent Point Energy (CPG +4.1%) shoots higher after reporting Q1 adjusted earnings from continuing operations that easily beat analyst expectations.
- Q1 GAAP earnings swung to a C$21.7M profit, or C$0.04/share, from a C$2.3B loss, or C$4.40/share, a year ago when oil prices were falling at the start of the pandemic.
- Q1 oil and gas sales rose 8% to C$630.2M from C$584.4M in the same quarter last year.
- Q1 average daily production fell 16% Y/Y to 119,384 boe/day (90% oil and liquids) from 141,330 boe/day, but the company's average selling price surged to $58.65/boe from $42.64/boe in the year-ago quarter.
- Crescent Point says it is on track to meet or exceed its current annual average production guidance of 132K-136K boe/day, while maintaining guidance for full-year development capital spending of C$575M-C$625M.
- The company expects to generate C$525M-C$650M in excess cash flow for the year and anticipates net debt to adjusted funds flow improving to 1.5x-1.9x by year-end 2021, at US$55-$65/bbl WTI for the remainder of the year.