Crescent Point Energy Corp. says it had a net income of $331.5 million in the second quarter, down from a $2.1 billion net income for the same quarter last year when earnings were boosted by a large reversal of a non-cash impairment.
The Calgary-based oil and gas producer reports adjusted earnings of $272.1 million for the quarter ending June 30, compared with $117.6 million for the same quarter last year.
Adjusted earnings per share came in at 47 cents each, compared with 20 cents per share last year.
Crescent Point reports that it returned $108 million or about 30 per cent of its excess cash flow to shareholders through its base dividend and share repurchases in the quarter, part of a trend of energy companies funnelling a substantial amount of earnings from higher oil and gas prices to shareholders instead of targeting increased production.
The company said in early July that it would target to return up to 50 per cent of its discretionary excess cash flow, on top of its base dividend, through a combination of share repurchases and special dividends.
Oil and gas companies have seen a strong boost to earnings as energy prices have spiked because of Russia’s invasion of Ukraine, with Crescent Point reporting its average selling price for crude oil and condensate coming in at $134.50 a barrel for the quarter, up from $75.88 for the same quarter last year.