A pumpjack works on a well belonging to Crescent Point Energy near Longview, Alta., on Dec. 23, 2018.Larry MacDougal/The Canadian Press
Crescent Point Energy Corp. reported a $2.32-billion first-quarter loss as it took a non-cash charge of $3.56-billion owing to the plunge in oil prices.
The company says the loss amounted to $4.40 per diluted share for the quarter ended March 31 compared with a profit of $1.9-million, or less than a penny for each diluted share a year ago.
Crescent Point says its adjusted net earnings from operations totalled $48.7-million or nine cents a share for the quarter ended March 31 compared with $158.3-million or 29 cents a share in the first three months of 2019.
The company slashed its capital spending plan and lowered its production guidance earlier this year owing to the COVID-19 pandemic and a dramatic decline in oil prices.
Crescent Point expects capital spending to be between $650-million and $700-million, down from its original budget of more than $1-billion.
Its annual average production forecast is for between 110,000 and 114,000 barrels of oil equivalent per day for 2020 if shut-in production remains off line for the remainder of the year.
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