Crescent Point Energy (CPG) has announced that it will pay a special dividend to shareholders after its third-quarter profits rose 502% from a year ago.
The Calgary-based oil and gas company, which has operations in Alberta, Saskatchewan and North Dakota, reported third-quarter net income of $466.4 million, up 502% from $77.5 million in the same period of 2021.
Due to the windfall profits, Crescent Point said it will pay shareholders a special dividend of $0.035 (3.5 cents) per share in addition to its regular quarterly dividend of $0.08 (eight cents) a share.
Canadian oil and gas companies such as Crescent Point Energy have been reaping record profits this year as oil and natural gas prices remain elevated.
Crescent Point's average production in Q3 was 133,019 barrels of crude oil equivalents per day, up from 132,186 a year earlier. The company forecast production of 134,000 to 138,000 barrels of oil equivalents in 2023.
In the third quarter ended September 30, Crescent Point paid down $270 million worth of debt, bringing its total net debt to $1.2 billion.
Year-to-date, Crescent Point Energy’s stock is up 48% at $10.66 per share.
