Crescent Point Energy (CPG) Q2 Results - Aug 7
Posted: Wed Aug 07, 2024 10:06 am
Crescent Energy's Q2 results beat my forecast. Keep in mind that the impact of the merger with SilverBow Resources are not included in Crescent's Q2 results. I need to see SBOW's Q2 results to update my forecast/valuation model.
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Second quarter production averaged 165 MBoe/d (44% oil and 62% liquids). < Beat my forecast of 160,000 Boepd.
The Company drilled 12 gross operated wells (8 in the Eagle Ford and 4 in the Uinta), brought online 11 gross operated wells (6 in the Eagle Ford and 5 in the Uinta) and incurred capital expenditures (excluding acquisitions) of $120 million during the quarter. Development costs continued to benefit from operational efficiency gains, as well as moderating service costs.
Crescent reported net income of $70 million and $56 million of Adjusted Net Income in the second quarter. < Adjusted Net Income beat my forecast of $27.6 million.
The Company generated $320 million of Adjusted EBITDAX, $287 million of Operating Cash Flow and $147 million of Levered Free Cash Flow for the period. < All good.
PS: This is the point in each quarter where I am overwhelmed by quarterly results and updated guidance. I will catch up over the weekend.
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Second quarter production averaged 165 MBoe/d (44% oil and 62% liquids). < Beat my forecast of 160,000 Boepd.
The Company drilled 12 gross operated wells (8 in the Eagle Ford and 4 in the Uinta), brought online 11 gross operated wells (6 in the Eagle Ford and 5 in the Uinta) and incurred capital expenditures (excluding acquisitions) of $120 million during the quarter. Development costs continued to benefit from operational efficiency gains, as well as moderating service costs.
Crescent reported net income of $70 million and $56 million of Adjusted Net Income in the second quarter. < Adjusted Net Income beat my forecast of $27.6 million.
The Company generated $320 million of Adjusted EBITDAX, $287 million of Operating Cash Flow and $147 million of Levered Free Cash Flow for the period. < All good.
PS: This is the point in each quarter where I am overwhelmed by quarterly results and updated guidance. I will catch up over the weekend.