Crescent Point Posts $77.5 Million Net Income For Q3 2021

Crescent Point Energy Corp. (TSX: CPG) released today its financial results for the quarter ending September 30, 2021, which saw the company earn $77.5 million in net income. This is a drop from last quarter’s $2.1 billion net income (due to an impairment reversal) but an increase from last year’s $0.5 million net income.

Considering a number of financial calibrations, the adjusted net earnings for the quarter is at $142.6 million, compared to Q2 2021’s $117.6 million and Q3 2020’s $71.0 million.

On the operations side, the mining firm’s average daily production for Q3 2021 hit 132,186 boe/d, down from last quarter’s 148,641 boe/d but up from last year’s 113,383 boe/d. Operating netback came in at $44.15/boe, up from last year’s $21.11/boe.

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

Adjusted funds flow from operation for the quarter is at $393.9 million, an increase from last quarter’s $387.8 million and last year’s $235.7 million.

The company also ended the quarter with net debt of $2.1 billion. The cash balance at the end of the period came in at $22.0 million compared. Further, current assets ended at $427.4 million while current liabilities ended at $1.0 billion.

You may see the full details of Crescent Point’s financial results for Q3 2021 here.

Crescent Point Energy Corp. last traded at $6.06 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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