Crescent Point Energy Corp. says it had a net income of $331.5 million in the second quarter, down from a $2.1 billion net income for the same quarter last year when earnings were boosted by a large reversal of a non-cash impairment.
The Calgary-based oil and gas producer reports adjusted earnings of $272.1 million for the quarter ending June 30, compared with $117.6 million for the same quarter last year.
The company said in early July that it would target to return up to 50 per cent of its discretionary excess cash flow, on top of its base dividend, through a combination of share repurchases and special dividends. Oil and gas companies have seen a strong boost to earnings as energy prices have spiked because of Russia's invasion of Ukraine, with Crescent Point reporting its average selling price for crude oil and condensate coming in at $134.50 a barrel for the quarter, up from $75.88 for the same quarter last year.
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