(Adds comments from CEO in conference call)
Feb 23 Canada's Crescent Point Energy Corp
reported a bigger-than-expected quarterly loss on
Thursday as the company's production fell about 6 percent.
The oil and gas producer - whose core operations are in
southwest Saskatchewan, the Williston Basin and the Uinta Basin
in the United States - said total average production in the
fourth quarter fell to 165,097 barrels of oil equivalent per day
(boe/d) from 176,108 boe/d.
But the company benefited from higher commodity prices as
oil prices have recovered from a two-and-half-year slump.
"2016 was a successful year," Chief Executive Scott Saxberg
said in a conference call. "We exceeded our production targets
on budget, increased drilling efficiencies and developed new
Crescent Point's average selling prices rose to C$49.32
($37.55) per boe in the three months ended Dec. 31 from C$41.98
a year earlier.
The net loss widened to C$510.6 million, or 94 Canadian
cents per share, in the fourth quarter, from C$382.4 million, or
76 Canadian cents per share, a year earlier.
Excluding an unrealized loss on derivatives of C$138.7
million and a C$457 million after-tax impairment charge, the
loss was 10 Canadian cents per share, according to Thomson
Reuters I/B/E/S, bigger than estimates of a loss of 6 Canadian
Saxberg said the company is interested in selling some
"basic, simple, non-core assets" of a "smaller nature" to pay
down debt or to free up funds for capital expenditure.
"It'll be ... anywhere from C$50 million ($38 million) to
C$100 million kind of size," he said.
Saxberg also said the company has never been approached by
an activist investor, addressing a media report last Friday that
said one had targeted Crescent Point. The company's shares rose
8 percent on Friday.
($1 = 1.3135 Canadian dollars)
(Reporting by Ethan Lou in Calgary, Alberta, and Vishaka George
in Bengaluru; editing by Shounak Dasgupta and Phil Berlowitz)