Crescent Point Energy's adjusted profit rises 10 pct

Thu Nov 6, 2014 8:27am EST
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Nov 6 (Reuters) - Canadian oil and gas producer Crescent Point Energy Corp reported a 10 percent rise in quarterly adjusted earnings, helped by a nearly 20 percent increase in production.

Average production rose to 141,183 barrels of oil equivalent per day (boepd) in the third quarter ended Sept. 30 from 117,963 boepd, a year earlier.

Funds flow, a key measure of Crescent's ability to fund new drilling, rose 12 percent to C$618.4 million, or C$1.45 per share.

Crescent reported adjusted earnings from operations of C$178.4 million, or 42 Canadian cents per share, compared with C$162.8 million, 42 Canadian cents per share, a year earlier.

Net income rose to C$258.1 million, or 60 Canadian cents per share, from C$87.9 million, or 22 Canadian cents per share, a year earlier. ($1 = C$1.14) (Reporting by Darshana Sankararaman in Bangalore; Editing by Kirti Pandey)