Crescent Point Reports $21.7 Million In Net Income For Q1 2021
Crescent Point Energy Corp. (TSX: CPG) released today its Q1 2021 financial results, which saw the company produce an average of 119,384 boe/d. This is a decrease from Q1 2020’s average daily production of 141,330 boe/d.
This quarter’s average daily production consisted of 95,276 bbls/d of crude oil, 13,319 bbls/d of NGLs, and 64,732 mcf/d of natural gas. The total average daily production of 119,384 boe/d is below the company’s previously announced 2021 guidance of 132,000 – 136,000 boe/d of annual average production. The company however stated that it remains on track to meet this target.
Crescent Point also recorded net income for the quarter at $21.7 million, an increase from last year’s net loss of $2.3 billion. The net income for this period translates to $0.18 earnings per share.
The company also spent $119.2 million on capital expenditures during the quarter, a decline from last year’s $320.1 million. The previously stated full-year 2021 guidance for capital expenditures is between $610 million – $660 million.
Adjusted funds flow from operation is at $262.7 million, a decrease from last year’s $309.5 million. The company plans to maximize free cash flow generation from the recently acquired Kaybob Duvernay assets, targeting an annual production base of approximately 30,000 boe/d. Crescent Point expects to generate approximately $185 – $255 million of net operating income from these acquired assets.
You may see the full details of Crescent Point’s financial results for Q1 2021 here.
Crescent Point Energy Corp. last traded at $5.08 on the TSX.
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