Canadian oil and gas producer Crescent Point Energy Corp said on Thursday its third-quarter net loss more than doubled, driven by tax payments and foreign exchange losses.
The company said net loss in the period was C$270.6 million ($211.3 million), or 50 Canadian cents per share, in the quarter ended Sept. 30, more than double the loss of C$108.5 million, or 21 Canadian cents, in the third quarter of 2016. Operating profit, which excludes most one-time items, was C$33.7 million, or 6 cents per share. That comes after a loss of C$22 million, or 4 cents, a year earlier. Crescent Point focuses on producing light and medium oil for the Bakken field of southwest Saskatchewan, as well as elsewhere in Western Canada and the United States. The company's cash flow, a key indicator of its ability to pay for new acquisitions and drilling, jumped 33 percent to C$437 million. Crescent Point's production rose 10 percent to 176,069 barrels of oil equivalent per day during the quarter. (Reporting by Nia Williams and Nichola Saminather; Editing by Bernadette Baum)