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UPDATE 1-Crescent Point posts quarterly loss as oil prices weigh

Published 2015-11-05, 07:12 a/m
© Reuters. UPDATE 1-Crescent Point posts quarterly loss as oil prices weigh
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Nov 5 (Reuters) - Canadian oil and gas producer Crescent
Point Energy Corp CPG.TO CPG.N reported a third-quarter loss
as it booked an impairment charge related to a slump in oil
prices.
The after-tax impairment charge of C$373.7 million ($284
million) represents about 3 percent of the company's total
assets as of Sept. 30, Crescent Point said. urn:newsml:reuters.com:*:nMKWtH7Hsa
Oil and gas producers are slashing budgets, costs and
streamlining operations as a near 60 percent drop in global oil
prices since June last year has dented profitability.
Crescent Point, which suspended its dividend reinvestment
and share dividend plans in August, reported net loss of C$201.4
million ($153 million), or 40 Canadian cents per share, for the
third quarter ended Sept. 30.
In the year-earlier quarter, the company earned C$258.1
million, or 60 Canadian cents per share.
Funds flow, a measure of Crescent's ability to fund new
drilling, fell to C$483.6 million in the latest reported quarter
from C$618.4 million.
Excluding the impairment charge, the company earned 3
Canadian cents per share from operations.
The company also said Chief Financial Officer Greg Tisdale
would step down effective March 31.
He will be replaced by Ken Lamont, currently vice president,
finance and treasurer.
U.S.-listed shares of Crescent Point have fallen 37.6
percent this year, while the Toronto-listed stock fell 29.4
percent in the same period. ($1 = C$1.32)
($1 = 1.3153 Canadian dollars)

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