CALGARY, Alberta Aug 13 Crescent Point Energy
Corp, Canada's No. 3 independent oil producer, said on
Wednesday its quarterly profit rose 36 percent as acquisitions
boosted oil production and prices strengthened.
The company said net income in the second quarter was C$98.6
million ($90.5 million), or 24 Canadian cents a share, up from
C$72.3 million, or 19 Canadian cents, in the year-before period.
Operating income, which excludes most one-time items, rose
34 percent to C$174.6 million, or 43 Canadian cents a share,
from C$130.3 million, or 34 Canadian cents. The result lagged
analysts' average forecast of 48 Canadian cents for the measure,
according to Thomson Reuters I/B/E/S.
The company, which focuses on producing oil from
unconventional fields such as the Bakken shales of southern
Saskatchewan, has grown through acquisitions, including the
C$1.1 billion purchase of CanEra Energy Corp in cash and debt in
Cash flow, a key indicator of the company's ability to fund
new drilling, rose 26 percent to C$636.7 million, or C$1.55 a
Average daily oil and gas production rose 17 percent in the
quarter to 137,368 barrels of oil equivalent per day, up from
117,799 boepd a year earlier. Crescent Point's output was
boosted by the CanEra acquisition as well as by its purchase of
Saskatchewan oil properties from a private company. That deal
closed in mid June.
The company raised its 2014 production targets to account
for the impact of its acquisitions. It expects average output
this year of 138,000 boepd, up from its previous estimate of
135,500 boepd. It pegged annual cash flow at C$2.5 billion, up
from C$2.45 billion.
The company said its average oil price rose 15 percent in
the quarter to C$97.52 per barrel.
Crescent Point shares, up 14 percent over the past 12
months, were down 34 Canadian cents at C$43.95 at midmorning on
the Toronto Stock Exchange.
(Reporting by Scott Haggett; Editing by Peter Galloway)