Businessweek

Crescent Point Energy Corp. confirmed that the cash dividend to be paid on June 17, 2013 in respect of May 2013 production, for shareholders of record on May 31, 2013 will be $0.23 per share.

Crescent Point Energy Corp. reported unaudited earnings results for the first quarter ended March 31, 2013. For the period, the company reported net loss was CAD 1,612,000 or CAD 0.01 per share against CAD 3,888,000 or CAD 100 per share a year ago. Operating income was CAD 114,345,000 or CAD 0.30 per share against CAD 99,203,000 or CAD 0.33 per share a year ago. Net debt as at March 31, 2013 was CAD 1,957,964,000 against CAD 1,572,330,000 a year ago. Funds flow from operations was CAD 455,943,000 or CAD 1.20 per share against CAD 400,909,000 or CAD 1.34 per share a year ago. Cash generated funds flow from operations of CAD 459,239,000 or CAD 1.20 per diluted share against CAD 300,847,000 a year ago. During the quarter, the company spent CAD 459.1 million on drilling and development activities, drilling 227 (164.3 net) oil wells and 1 (1.0 net) water source well with a 100% success rate. The company also spent CAD 73.6 million on land, seismic and facilities, for total capital expenditures of CAD 532.7 million. The company reported production results for the first quarter ended March 31, 2013. For the period, the company reported total average daily production of 117,663 boe/d against 90,285 boe/d a year ago. The company's average daily production in 2013 is expected to increase to 114,000 boe/d from 112,000 boe/d and its 2013 exit production rate is expected to increase to 117,000 boe/d from 114,000 boe/d. This guidance continues to include the anticipated effect of spring break-up, which the company now expects to be less severe than budgeted mainly due to investments made in infrastructure and better than expected ground conditions. The company revised earnings guidance for the year 2013. For the period, the company expects funds flow from operations to be CAD 1,790,000 or CAD 4.63 per share against previous guidance of CAD 1,730,000 or CAD 4.48 per share. Capital expenditures expect to be CAD 1,500,000 against previous guidance of CAD 1,350,000.

Crescent Point Energy Corp. at its AGM to be held on May 30, 2013 proposed to approve amendments to the corporation's articles of incorporation to increase the maximum number of directors the corporation may have from seven to eleven directors; to adopt a by-law providing advance notice requirements for the nomination of directors.

Crescent Point Energy Corp., Q1 2013 Earnings Call, May 09, 2013

Crescent Point Energy Corp. announced that the cash dividend to be paid on May 15, 2013 in respect of April 2013 production, for shareholders of record on April 30, 2013 will be $0.23 per share.