Crescent Point Energy reports Q3 profit up from year ago, announces special dividend

CALGARY — Crescent Point Energy Corp. announced a special dividend as it reported third-quarter net income of $466.4 million, up from $77.5 million in the same quarter last year.

The company says it will pay a special dividend of 3.5 cents per share based on its latest quarterly results in addition to its regular quarterly dividend of eight cents per share.

Crescent Point says its net income for the quarter ended Sept. 30 amounted to 82 cents per share, up from 13 cents per share a year earlier.

Oil and gas sales totalled nearly $1.1 billion, up from $826.7 million in the third quarter last year, boosted by higher realized oil and natural gas prices.

Average production for the quarter was 133,019 barrels of oil equivalent per day, up from 132,186 a year earlier.

On an adjusted basis, the company says its net earnings from operations amounted to 43 cents per share, up from 24 cents per share in the same quarter last year.

This report by The Canadian Press was first published Oct. 26, 2022.

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The Canadian Press