November 6, 2014 / 2:47 PM / 4 years ago

UPDATE 1-Crescent Point Energy's adjusted profit rises 10 pct

(Adds details, background, outlook)

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.

The company has been boosting its oil and gas properties since 2012 through acquisitions. It bought Canada’s Lightstream Resources Ltd in September.

Crescent Point maintained its 2014 production forecast of 140,000 barrels of oil equivalent per day (boepd).

Average production rose to 141,183 boepd in the third quarter ended Sept. 30, from 117,963 boepd a year earlier.

The company reported adjusted earnings of 42 Canadian cents per share, in line with the average analyst estimate, according to Thomson Reuters I/B/E/S.

Crescent Point’s net income more than doubled to C$258.1 million, or 60 Canadian cents per share, from C$87.9 million, or 22 Canadian cents per share.

The net profit included gains on unrealized derivatives of about C$261 million, compared with a loss of C$66.5 million.

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.

Realized oil and natural gas prices fell 6 percent to $84.92 per barrel in the quarter.

Rival Penn West Petroleum on Wednesday reported a surprise quarterly loss, hurt by a drop in production and weaker oil prices.

The company’s Toronto-listed and U.S.-listed shares were both marginally down in morning trade. ($1 = C$1.1398)

Reporting by Darshana Sankararaman in Bangalore; Editing by Kirti Pandey and Sriraj Kalluvila

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