Crescent Point Posts $2.1 Billion Net Income For Q2 2021

Crescent Point Energy Corp. (TSX: CPG) released today its financial results for the quarter ending June 30, 2021, which saw the company earn $2.1 billion in net income. This financial bottom line is a leap from last quarter’s $21.7 million net income and last year’s $145.1 million net loss.

The company relayed that this net income boost is primarily due to a $2.5 billion reversal of non-cash impairment following increases in commodity prices and the independent engineers’ price forecast. Considering this and other financial calibration, the adjusted net earnings for the quarter is at $117.6 million. This translates to $0.20 earnings per share.

On the operations side, the mining firm’s average daily production for Q2 2021 hit 148,641 boe/d, up from last quarter’s 119,384 boe/d and last year’s 120,842 boe/d. This is a decrease from Q1 2020’s average daily production of 141,330 boe/d. The quarterly average daily production consisted of 107,444 bbls/d of crude oil, 18,608 bbls/d of NGLs, and 135,531 mcf/d of natural gas.

Following the quarter’s production results, Crescent Point is updating its annual guidance to 130,000 – 134,000 boe/d from 128,000 – 132,000 boe/d.

Adjusted funds flow from operation for the quarter is at $387.8 million, an increase from last quarter’s $262.7 million and last year’s $109.0 million.

The company also ended the quarter with net debt of $2.3 billion, which includes the $670 million used to pay for the recent acquisition of Kaybob Duvernay assets. Crescent Point also ended Q2 2021 with a cash balance of $4.4 million compared to last year’s $27.6 million.

You may see the full details of Crescent Point’s financial results for Q2 2021 here.

Crescent Point Energy Corp. last traded at $4.27 on the TSX.

Information for this briefing was found via Sedar and Crescent Point. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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