CALGARY — Crescent Point Energy Corp. raised its quarterly dividend as it reported first-quarter net income of $1.18 billion, boosted by a reversal of a non-cash impairment charge related to the rise in energy prices.

The company said it will increase its quarterly dividend to 6.5 cents per share, up from 4.5 cents per share.

The increased payment to shareholders came as Crescent Point said it earned $2.03 per diluted share for the quarter ended March 31, up from a profit of $21.7 million or four cents per diluted share a year ago

Crescent Point said its adjusted earnings from operations amounted to 41 cents per diluted share for the quarter, up from 28 cents per diluted share a year earlier.

Oil and gas revenue for the quarter totalled $978.4 million, up from $547.5 million in the same quarter last year.

Average daily production was 132,788 barrels of oil equivalent per day, up from 119,384 boe/d in the same quarter last year, while the company's average selling price was $91.43 per barrel of oil equivalent, up from $58.65 a year ago.

This report by The Canadian Press was first published May 12, 2022.

Companies in this story: (TSX:CPG)