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Company News

Canada's Crescent Point reports smaller loss in fourth quarter

March 1 (Reuters) - Canada’s Crescent Point Energy Corp reported a smaller loss in the fourth quarter thanks to higher oil prices and production.

The oil and gas producer said on Thursday net loss narrowed to C$56.4 million ($43.9 million) or 10 Canadian cents per share in the quarter ended Dec. 31, from C$510.6 million or 94 Canadian cents per share, a year earlier. The prior-year quarter included a one-time loss on derivatives of C$138.7 million.

Fourth-quarter average production rose 8.4 percent to 178,975 barrels of oil equivalent per day. ($1 = 1.2847 Canadian dollars) (Reporting by Anirban Paul in Bengaluru; Editing by Sai Sachin Ravikumar)

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