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Apr 27, 2017

Crescent Point Energy posts surprise quarterly profit

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Canada's Crescent Point Energy Corp (CPG.TO) on Thursday reported a surprise quarterly profit as higher realized prices for oil offset a marginal fall in production.

Crescent Point - whose core operations are in the Williston Basin and the Uinta Basin in the United States and in southwest Saskatchewan - said total average production fell to 173,329 barrels of oil equivalent per day (boe/d) in the first quarter, from 178,241 boe/d a year earlier.

The company's operating expenses rose 16.5 per cent to $11.89 per boe, while its transportation costs per boe dropped by about 4.5 per cent to $2.12.

Crescent Point's average selling price was $51.70 per barrel of oil equivalent, compared with $31.29 a year ago.

The Calgary-based company reported a net profit of $119.4 million, or 22 cents per share, compared with a loss of $87.5 million, or 17 cents per share, a year earlier.

Analysts on average had expected a loss of 8 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Funds flow, a measure of Crescent's ability to fund new drilling, rose to $427.1 million from $378 million.