The Canadian Press
CALGARY - Crescent Point Energy Corp. (TSX:CPG) saw its net loss widen 10 per cent in the fourth-quarter even as the Western Canada focused oil and gas producer achieved record quarterly production.
Calgary-based Crescent Point put the loss at $95.2 million or 26 cents per share in the three months ended Dec. 31, which included an unrealized derivative loss of $20.1 million.
That was up from a $86.2 million or 30 cents per share loss in the same period a year ago, when Crescent Point booked an unrealized derivative loss of $6.1 million.
Revenue from oil and gas sales, however, rose to $727.4 million from $630.4 million as the company reported record quarterly production averaging more than 108,000 barrels of oil equivalent per day.
The increase in production, from 81,210 boe/d in the 2011 period and weighted 90 per cent to light and medium crude oil and liquids, was achieved through acquisitions over the past year.
Funds flow from operations, a non-standard accounting term, was $430.4 million up 13 per cent from $381.9 million, while netback — revenue from bringing oil to the marketplace minus the cost of doing so — was $46.5 million, down 13 per cent from $53.4 million in the prior-year period.
The company's bottom line was also hurt by lower average selling prices, which were down eight per cent over the year to $74.57 from $81.35.