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UPDATE 1-Crescent Point posts quarterly profit on higher production

Published 2017-07-27, 06:59 a/m
© Reuters.  UPDATE 1-Crescent Point posts quarterly profit on higher production
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July 27 (Reuters) - Canadian oil and gas producer Crescent Point Energy Corp CPG.TO posted a quarterly profit, compared with a year-earlier loss, helped by higher realized oil prices and an increase in production.

The oil and gas producer said total average production rose to 175,615 barrels of oil equivalent per day (boe/d) in the second quarter ended June 30, from 167,218 boe/d a year earlier. expenses rose 18 percent to C$12.85 per boe.

Crescent Point's core operations are in southwest Saskatchewan and the Williston and Uinta basins in the United States

Cash flow, a measure of Crescent's ability to fund new drilling and acquisitions, fell to C$415.9 million ($334.30 million) from C$427.5 million.

Crescent Point said it does not anticipate the need to change its capital program, although lower oil prices have forced some companies, including U.S. rival Anadarko Petroleum Corp (NYSE:APC) APC.N , to cut their 2017 capital budget. company's net income was C$83.6 million, or 15 Canadian cents per share, in the second quarter ended June 30, compared with a loss of C$226.1 million, or 45 Canadian cents per share, a year earlier. ($1 = 1.2441 Canadian dollars)

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