UPDATE 1-Crescent Point posts quarterly loss as oil prices weigh

Thu Nov 5, 2015 7:12am EST
 
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Nov 5 (Reuters) - Canadian oil and gas producer Crescent Point Energy Corp reported a third-quarter loss as it booked an impairment charge related to a slump in oil prices.

The after-tax impairment charge of C$373.7 million ($284 million) represents about 3 percent of the company's total assets as of Sept. 30, Crescent Point said.

Oil and gas producers are slashing budgets, costs and streamlining operations as a near 60 percent drop in global oil prices since June last year has dented profitability.

Crescent Point, which suspended its dividend reinvestment and share dividend plans in August, reported net loss of C$201.4 million ($153 million), or 40 Canadian cents per share, for the third quarter ended Sept. 30.

In the year-earlier quarter, the company earned C$258.1 million, or 60 Canadian cents per share.

Funds flow, a measure of Crescent's ability to fund new drilling, fell to C$483.6 million in the latest reported quarter from C$618.4 million.

Excluding the impairment charge, the company earned 3 Canadian cents per share from operations.

The company also said Chief Financial Officer Greg Tisdale would step down effective March 31.

He will be replaced by Ken Lamont, currently vice president, finance and treasurer.

U.S.-listed shares of Crescent Point have fallen 37.6 percent this year, while the Toronto-listed stock fell 29.4 percent in the same period. ($1 = C$1.32) ($1 = 1.3153 Canadian dollars) (Reporting by Tanvi Mehta in Bengaluru; Editing by Savio D'Souza and Saumyadeb Chakrabarty)