 | Crescent Point Energy Corp. - CPG.t is a conventional oil and gas producer. The company operates light and medium oil and natural gas assets across western Canada and the United States. |  |
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Crescent Point Energy loses $87.5-million in Q1 2016
"FINANCIAL AND OPERATING HIGHLIGHTS
First quarter 2016 highlights
In first quarter 2016, Crescent Point continued to execute its integrated business strategy of maximizing shareholder return with long-term per-share growth plus dividend income.
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(In millions, except per share and per boe)
Three months ended March 31,
2016 2015
Funds flow from operations $378.0 $433.6
Per share 0.74 0.96
Net income (loss) (87.5) (46.0)
Per share (0.17) (0.10)
Adjusted net earnings (loss) from
operations (5.2) 28.3
Per share (0.01) 0.06
Dividends declared 117.9 317.5
Per share 0.23 0.69
Payout ratio (%) 31 72
Per share (%) 31 72
Net debt 4,322.4 3,535.7
Net debt to funds flow from operations 2.3 1.6
Capital acquisitions (net) 8.6 15.6
Development capital expenditures 321.8 556.8
Decommissioning and environmental
expenditures 10.8 9.9
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Average daily production
Crude oil (bbl/d) 143,971 132,269
NGLs (bbl/d) 16,775 7,774
Natural gas (mcf/d) 104,972 82,867
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Total (boe/d) 178,241 153,854
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Average selling prices
Crude oil ($/bbl) 36.27 48.63
NGLs ($/bbl) 8.49 15.97
Natural gas ($/mcf) 2.04 3.15
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Total ($/boe) 31.29 44.32
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Netback ($/boe)
Oil and gas sales 31.29 44.32
Royalties (4.45) (7.10)
Operating expenses (10.21) (11.87)
Transportation expenses (2.22) (2.35)
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Netback prior to realized derivatives 14.41 23.00
Realized gain on derivatives 13.08 12.01
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Netback 27.49 35.01
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First quarter 2016 highlights
In first quarter 2016, Crescent Point continued to execute its integrated business strategy of maximizing shareholder return with long-term per-share growth plus dividend income.
- Crescent Point achieved record quarterly production of 178,241 barrels of oil equivalent per day in first quarter 2016, which was weighted 90 per cent to light and medium crude oil and liquids. This represents an increase of 16 per cent over first quarter 2015.
- During first quarter, the company spent $269.2-million on drilling and development activities, drilling 214 (202.0 net) wells with a 100-per-cent success rate. Crescent Point also spent $52.6-million on land, seismic and facilities, for total development capital expenditures of $321.8-million. This was under budget and reflects a 42-per-cent reduction from first quarter 2015 capital expenditures.
- Crescent Point generated funds flow from operations of $378.0-million, or 74 cents per share diluted, in first quarter 2016, which included $42.0-million of proceeds from the company's previously disclosed crystallization of a portion of its 2017/2018 oil hedges. Funds flow from operations declined 13 per cent from the same period in 2015, as production growth was more than offset by a 29-per-cent decline in the company's average selling price per boe.
- First quarter netbacks of $27.49 per boe were strong relative to average selling prices of $31.29 per boe, due to reduced operating costs and royalties, as well as the company's conservative hedging program, which contributed $13.08 per boe of realized gains on derivatives during the quarter. Crescent Point continues to generate industry-leading netbacks in North America.
- The company continues to lower its overall cost structure. Since year-end 2015, Crescent Point has successfully reduced capital costs in several of its core resource plays by approximately 4 per cent. These savings are in addition to the capital cost savings of approximately 30 per cent realized during 2015. The company remains focused on achieving additional cost reductions throughout 2016.
- Crescent Point continues to advance each of its core resource plays, including its emerging-growth assets. In the Uinta basin, the company's most recent horizontal well results are outperforming expectations with rates of return similar to the company's top-quartile Viewfield Bakken play. Crescent Point plans to build on this success in 2016 with the drilling of three new horizontal wells. At Flat Lake, the company drilled nine step-out wells during first quarter, which added over 60 new drilling locations and further extended the economic boundaries of the multizone resource play.
- Crescent Point paid total dividends of 23 cents per share for the quarter, of which 10 cents was paid for each of January and February, and three cents was paid for March. The company achieved a first quarter payout ratio of 31 per cent for the three months ended March 31, 2016, or 12 per cent adjusted for a full quarter of the company's most recently revised monthly dividend. The company's total payout ratio, based on a full quarter of the revised dividend and actual development capital expenditures of $321.8-million, was 97 per cent.
- Crescent Point retains a significant amount of liquidity and financial flexibility, with no material near-term debt maturities. Crescent Point's covenant-based, unsecured credit facility has unutilized credit capacity of approximately $1.3-billion as at March 31, 2016, and matures in June, 2018. The company's credit facility is not subject to periodic redetermination based on changes in reserves.
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http://canadastockjournal.blogspot.com/2016/02/b2gold-corp-btot.html
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