Canadian oil and gas producer Crescent Point Energy NYSE CPG reported on Friday that its adjusted net earnings from operations declined by 15% year-over-year in the first quarter of 2024, dragged down by lower crude oil and natural gas realizations. Crescent Point booked adjusted net earnings from operations of US$137 million C$187 million for Q1, down from US$160 million C$219 million for the same period of 2023.
As a result of the sale, Crescent Point revised down its 2024 annual average production guidance to a range of 191,000 to 199,000 boe/d – a reduction of 7,000 boe/d compared to the mid-point of its prior guidance range. Crescent Point’s development capital expenditures guidance for 2024 of US$1 billion to US$1.1 billion C$1.4 billion to C$1.5 billion remains unchanged.