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Crescent Point Energy posted swung to a third-quarter loss despite higher production as the North American oil producer absorbed costs linked to its exit from U.S. assets The Calgary, Alberta-based energy company recorded a loss of 809.9 million Canadian dollars (US$584.4 million), or C$1.52 a share, against year-earlier income of C$466.4 million, or C$0.82. Analysts polled by FactSet had penciled in per-share earnings of C$0.48 for the quarter. The loss was driven by non-cash charges related to the sale of assets in the U.S., including an impairment charge on classifying the assets as held for sale and a deferred income-tax expense related to the derecognition of all U.S. tax pools. With the closing of the sale in the final quarter of this year, Crescent Point forecast that it would see a non-cash gain of about C$600 million. On an adjusted basis, earnings were C$0.59 a share, compared with C$0.43 last year. Crescent’s oil and gas sales were 42% higher at C$237.6 million for the three months. Advertisement Daily production was 180,581 barrels of oil equivalent, up from 133,019 barrels in the same period last year. Analysts had penciled in average output of 180,100 barrels a day for the latest […]
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