Crescent Point reports $2.32-billion Q1 loss due to plunge in oil prices
CALGARY – Crescent Point Energy Corp. reported a $2.32-billion first-quarter loss as it took a non-cash charge of $3.56 billion due to the plunge in oil prices. The company says the loss amounted to $4.40 per diluted share for the quarter ended March 31 compared with a profit of $1.9 million or less than a penny per diluted share a year ago. Crescent Point says its adjusted net earnings from operations totalled $48.7 million or nine cents per share for the quarter ended March 31 compared with $158.3 million or 29 cents per share in the first three months of 2019. The company slashed its capital spending plan and lowered its production guidance earlier this year due to the COVID-19 pandemic and a dramatic decline in oil prices. Crescent Point expects to capital spending to be between $650 million and $700 million, down from its original budget of more than $1 billion. Its annual average production forecast is for between 110,000 and 114,000 barrels of oil equivalent per day for 2020 if shut-in production remains off line for the remainder of the year.