UPDATE 1-Crescent Point Energy posts loss on lower oil prices

Thu May 7, 2015 8:26am EDT
 
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May 7 (Reuters) - Canadian oil and gas producer Crescent Point Energy Corp reported a quarterly loss compared with a year-ago profit, hurt by weak oil prices.

Crescent Point Energy focuses on producing light and medium oil for the Bakken field of southwest Saskatchewan and elsewhere in Western Canada and the United States.

Weak oil price led the company to slash its 2015 capital budget by 28 percent to C$1.45 billion in January. It had said it would review spending plans again after the spring break-up.

Crescent Point's average production during the quarter rose nearly 18 percent to 153,854 barrels of oil equivalent per day.

But the benefit was offset as average selling prices for crude and natural gas liquids nearly halved to C$46.82 per barrel.

The company reported a loss of C$46.1 million ($38.2 million), or 10 Canadian cents per share, for the first quarter ended March 31.

Crescent Point had earned C$30.9 million, or 8 Canadian cents per share, a year earlier.

Funds flow, a key measure of Crescent's ability to fund new drilling, fell to C$433.5 million from C$580.1 million.

The company's shares closed at C$30.75 on Wednesday on the Toronto Stock Exchange. The shares have dropped 31 percent over the past 12 months. ($1 = C$1.21) (Reporting by Manya Venkatesh and Anannya Pramanick in Bengaluru; Editing by Savio D'Souza)