Crescent Point Reports Increased Profit on Higher Output & Oil Prices

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One of the leading oil and gas producers in Canada, called Crescent Point Energy Corp posted its profit for second quarter on Thursday. Compared to the loss it incurred the previous year, the company has exhibited an increase in production supported by higher prices of realized oil. The oil and gas producer has revealed that their overall average production touched 175,615 barrels of oil equivalent per day in a matter of just three months, which ended at June 30. Earlier year, the company registered an overall production of 167,218 barrels of oil equivalent per day (boepd). Furthermore, the average production guidance was stoked by Cresent Point for 2017.

Increased Activities during Spring Break Stoked Growth

According to reports, operating expected surged by 18% to C$12.85 per boe. The company’s Chief Executive, Scott Saxberg revealed, the increased activity during the spring-break period bode well for the company. It is important to note in this regard that spring break is usually the time when several companies in the Canadian prairies are compelled to stop moving heavy equipment owing the thawing of frozen roads.

Crescent Point also revealed that it does not intend to change its capital program in the forthcoming years, although they have agreed that lower oil prices have compelled a few companies, including Anadarko Petroleum Corp, the US based rival, to lower their capital budgets for 2017. Saxberg also said that Crescent Point has commenced 2017 with a more conservative budget than many of their US rivals. This is intended at weathering depressed prices of crude.

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