Crescent Point loss widens on higher costs, lower selling price

Thu Mar 14, 2013 10:22am EDT
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(Reuters) - Crescent Point Energy Corp CPG.TO, Canada's No. 4 independent oil producer, reported a larger net loss for the fourth quarter as average selling prices fell and it spent more to expand.

The loss widened to C$95.2 million ($92.7 million) from C$86.2 million a year earlier.

On a per-share basis, however, the loss narrowed to 26 Canadian cents from 30 cents, reflecting a rise in common shares outstanding.

The company, which concentrates on producing oil from unconventional fields, notably the Bakken shales of southern Saskatchewan, said funds from operations (FFO) increased 13 percent to C$430.4 million.

The company sold its oil and gas for an average price of $73.20 per barrel of oil equivalent, down 13 percent from a year earlier.

Crescent Point's oil and gas production rose 33 percent to 108,007 barrels of oil equivalent per day, bolstered by acquisitions.

The company made four acquisitions totaling more than $3 billion in 2012 to add properties in Western Canada and Utah in western part of United States.

Crescent Point said FFO for 2013 is expected to be about 8 percent higher than 2012 at $1.73 billion, or $4.48 per share.

The company stood by its full-year production forecast of 112,000 barrels of oil equivalent per day. In 2012, the average daily production was 98,751 boe.   Continued...

Scott Saxberg, president and CEO of Crescent Point Energy, addresses shareholders during the company's annual general meeting in Calgary, Alberta, May 31, 2012. REUTERS/Todd Korol