Crescent Point's 3Q Production Misses Our Expectations; Lowering Fair Value Estimate
Crescent Point reported third-quarter production of 161,000 barrels of oil equivalent per day, which was 7% lower year over year and below our 167 mboe/d estimate. The firm remains on track to achieve or even beat its guidance of 167 mboe/d for the full year.  Production was offset by the very challenging commodity price environment, and consequently, funds flow from operations fell 24% to CAD 368 million, which was in line with our expectations. Additionally, the firm expects its 2017 exit pro...Crescent Point Energy is an oil and gas exploration, development and production company with assets focused in properties consist of crude oil and natural gas reserves. Co. is engaged in acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries. As of Dec 31 2016, net proved reserves for light and medium crude oil were 141,850 million barrels, heavy crude oil were 19,993 million barrels, tight oil were 269,461 million barrels, natural gas liquids were 50,767 million cubic feet, shale gas were 221,238 million cubic feet and conventional natural gas were 115,041 million cubic feet.
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