Crescent Point Energy Corp. CPG-T +0.32%increase reported a fourth-quarter profit of $121.6-million compared with a loss of $51.2-million a year ago, helped by higher oil and gas prices.
The Calgary-based company says the profit amounted to 21 cents per share for the quarter ended Dec. 31 compared with a loss of 10 cents per share in the last three months of 2020.
Oil and gas sales totalled $900.4-million, up from $447.8-million in the fourth quarter of 2020.
Crescent Point says production in the quarter averaged 130,407 barrels of oil equivalent per day, up from 111,217 a year earlier.
The company’s average selling price was $75.05 per barrel of oil equivalent, up from $43.76 in the fourth quarter of 2020.
On an adjusted basis, Crescent Point says its net earnings from operations totalled 27 cents per share, up from 16 cents a year earlier.