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Nov 10, 2016

Crescent Point Energy posts smaller quarterly loss on lower costs

 Oil Rig in Alberta

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Canadian oil and gas producer Crescent Point Energy Corp (CPG.TO) reported a smaller quarterly loss on Thursday, helped by lower costs.

The company's operating expenses fell by nearly 5 per cent to $12.18 million while its transportation costs dropped by about 20 per cent to $1.96 million.

Funds flow, a measure of Crescent's ability to fund new drilling, fell to $368.1 million in the third quarter ended Sept. 30 from $483.5 million.

The company's net loss narrowed to $108.5 million, or 21 Canadian cents per share, in the quarter, from $201.3 million, or 40 Canadian cents per share, a year earlier.

Total average daily production fell 6.9 per cent to 160,610 barrels of oil equivalent per day (boepd).