Crescent Point Energy reports higher production, funds flow
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March 11 (Reuters) - Canadian oil and gas producer Crescent Point Energy Inc reported a 7 percent rise in funds flow from operations in the fourth quarter, helped by a jump in production.
Funds flow, a key measure of Crescent's ability to fund new drilling, rose to C$572.9 million ($452.1 mln) from C$533.3 million a year earlier.
Crescent Point, which focuses on shale production, especially from the Bakken fields of southern Saskatchewan, said average production rose 21 percent in the quarter to 153,822 barrels of oil equivalent per day (boepd).
Production of crude and liquids rose by more than a fifth to 140,767 barrels per day (bpd) but average selling prices plunged 16 percent to C$69.51 per barrel.
Global crude oil prices have more than halved since June, hurt by a supply glut and weak demand, forcing energy companies to cut budgets and pull back on drilling activity to save cash.
Crescent, which slashed its budget for 2015 in January, did not announce further cuts in capital spending on Wednesday but said it expected cost savings of 15-20 percent in some projects this year.
The company reported an adjusted net loss of C$12.4 million, or 3 Canadian cents per share, for the quarter ended Dec. 31, compared with an adjusted profit of C$150.9 million, or 38 Canadian cents per share, a year earlier.
($1 = C$1.2671) (Reporting Manya Venkatesh in Bengaluru and Nia Williams in Calgary; Editing by Ted Kerr)
