Crescent Point asset write-down pushes company to $382M Q4 loss
The oil producer announced a $589.4 million after-tax asset write-down due to reduced commodity prices
CALGARY—A write-down of Crescent Point Energy Corp.’s assets pushed the oil and gas company to a $382.4-million net loss in the fourth quarter of 2015.
The loss amounted to 76 cents per common share and included a $589.4 million after-tax asset write-down due to reduced commodity prices.
That compared with a year-earlier profit of $121.3 million or 27 cents per share in the fourth quarter of 2014.
The fourth quarter of 2014 marked the early stages of the collapse in oil and gas prices that deepened in 2015.
Excluding the write-downs and other items, Calgary-based Crescent Point had $258.0 million of adjusted earnings from operations, or 51 cents per share, in the fourth quarter of 2015.
That was an improvement on the year-earlier loss of $12.4 million or three cents per share in the fourth quarter of 2016.