March 14, 2013 / 2:27 PM / 5 years ago

Crescent Point loss widens on higher costs, lower selling price

(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.

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

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.

In December, the company cut its 2013 capital spending budget to C$1.35 billion from C$1.40 billion.

Shares of Crescent Point, which has a market value of about C$14.70 billion, were up 1 percent at C$39.35 in early trading on the Toronto Stock Exchange. The shares have fallen about 15 percent in the past one year.

Reporting by Sandhya Vijayan in Bangalore; Editing by Maju Samuel

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