Crescent Point loses $145M in Q2 on 73% revenue decline
Revenues for Calgary-based company were $259M, down from $945.2M a year earlier
Crescent Point Energy Corp. is reporting a $145.1 million loss in its latest quarter on a 73-per-cent decrease in revenues amid lower crude oil prices.
The Calgary-based company says its losses amounted to 27 cents per diluted share for the three months ended June 30, compared with a profit of 36 cents per share or $198.6 million a year earlier.
Adjusted losses were $27.9 million or five cents per share, compared with adjusted profits of $146 million or 27 cents per share in the second quarter of 2019.
Revenues were $259 million, down from $945.2 million a year earlier.
Crescent Point was expected to report an adjusted loss of 22 cents per share on $340 million in revenues, according to financial markets data firm Refinitiv.
Adjusted funds flow totalled $109 million, compared with $503.8 million in the prior year's quarter.
"Our priorities during the current commodity price cycle remain on maintaining a strong financial position and enhancing our sustainability," said CEO Craig Bryksa.
Average production was 120,842 barrels of oil equivalent per day, which includes about 25,000 boe/d of voluntary shut-ins, down from 172,476 boe/d last year.