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Crescent Point Energy reports $21.7M Q1 profit compared with a loss a year ago

Oilfield pumpjacks, belonging to Crescent Point Energy, work producing crude and beef cattle graze in pasture near Longview, Alberta on Sept. 10, 2020. The Rocky Mountains are visible in the distance. THE CANADIAN PRESS IMAGES/Larry MacDougal

Crescent Point Energy Corp. reported a first-quarter profit of $21.7 million compared with a $2.3-billion loss a year ago when oil prices were falling at the start of the pandemic.

The company says the profit amounted to four cents per diluted share for the quarter ended March 31.

Crescent Point lost $4.40 per diluted share a year ago when it took a non-cash impairment charge of $3.56 billion on its oil and gas assets as a result of the drop in energy prices.

READ MORE: Oil industry still recovering 1 year after commodity’s historic freefall into negative pricing territory 

Oil and gas sales in the first quarter of this year totalled $630.2 million, up from $584.4 million in the same quarter last year, while average daily production fell to 119,384 barrels of oil equivalent per day, from 141,330 boepd a year ago.

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Its average selling price was $58.65 per barrel of oil equivalent, up from $42.64 in the same quarter last year.

READ MORE: Crescent Point raises production guidance as shut-in production restarts 

Crescent Point says its adjusted earnings from operations for its first quarter totalled $95.1 million or 18 cents per share, up from $48.7 million or nine cents per share in the first three months of 2020.

Watch below: (From April 20, 2021) On April 20, 2020, the price of West Texas Intermediate oil closed below zero for the first time in history. Tom Vernon looks at what happened that day, what’s happened since, and whether it could ever happen again.

Click to play video: 'How oil prices have recovered, 1 year after WTI dropping below zero' How oil prices have recovered, 1 year after WTI dropping below zero
How oil prices have recovered, 1 year after WTI dropping below zero – Apr 20, 2021

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