CALGARY, Alberta (Reuters) - Canada’s Crescent Point Energy Corp (CPG.TO) said on Thursday its second-quarter profit rose by more than half on a 47 percent increase in oil and gas output and its shares jumped as the company raised its production targets for the year.
Crescent Point, which concentrates on producing oil from unconventional and shale-oil deposits in Alberta and Saskatchewan, said net income rose 55 percent to C$287.4 million ($289 million), or 89 Canadian cents a share, from C$184.9 million, or 68 Canadian cents a share, a year earlier.
Buoyed by acquisitions and drilling success, the company said its oil and gas production rose 47 percent to 96,972 barrels of oil equivalent per day. It also said it expects 2012 production to average 95,000 boepd, 7.3 percent higher than its previous forecast.
“We are well positioned as we move into the second half of the year, all of which has allowed us to upwardly revise our production forecasts,” Scott Saxberg, the company’s chief executive, said in a statement.
Funds from operations rose 24 percent to C$386.3 million, or C$1.19 per share, even as commodity prices dropped. The company sold its oil and gas for an average price of $72.85 per barrel of oil equivalent, down 17 percent from the year-before quarter.
Crescent Point shares were up C$1.74 at C$42.16 late on Thursday morning on the Toronto Stock Exchange.
Reporting by Scott Haggett and Maneesha Tiwari in Bangalore; Editing by Peter Galloway