Canada's Crescent Point Energy posts smaller quarterly loss

Thu Nov 10, 2016 7:25am EST
 
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(Reuters) - Canadian oil and gas producer Crescent Point Energy Corp (CPG.TO: Quote) reported a smaller quarterly loss on Thursday, helped by lower costs.

The company's operating expenses fell by nearly 5 percent to C$12.18 million ($9.06 million) while its transportation costs dropped by about 20 percent to C$1.96 million.

Funds flow, a measure of Crescent's ability to fund new drilling, fell to C$368.1 million in the third quarter ended Sept. 30 from C$483.5 million.

The company's net loss narrowed to C$108.5 million, or 21 Canadian cents per share, in the quarter, from C$201.3 million, or 40 Canadian cents per share, a year earlier.

Total average daily production fell 6.9 percent to 160,610 barrels of oil equivalent per day (boepd).

($1 = 1.3450 Canadian dollars)

(Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar and Martina D'Couto)