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CALGARY, ALBERTA -- (Marketwire) -- 03/14/13 -- Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) is pleased to announce its operating and financial results for the year ended December 31, 2012. The Company also announces that its audited financial statements and management's discussion and analysis for the year ended December 31, 2012, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on Crescent Point's website at www.crescentpointenergy.com.
FINANCIAL AND OPERATING HIGHLIGHTS
---------------------------------------------------------------------------- Three months ended Year ended December 31 December 31 ----------------------------------------------------------(Cdn$000s except shares, per share and per boe amounts) 2012 2011 % Change 2012 2011 % Change----------------------------------------------------------------------------FinancialFunds flow from operations (1) 430,386 381,922 13 1,601,850 1,293,257 24 Per share (1) (2) 1.18 1.32 (11) 4.83 4.65 4Net income (loss) (3) (95,241) (86,197) 10 190,653 201,134 (5) Per share (2) (3) (0.26) (0.30) (13) 0.57 0.72 (21)Dividends paid or declared 255,621 199,869 28 931,400 771,362 21 Per share (2) 0.69 0.69 - 2.76 2.76 -Payout ratio (%) (1) (4) 59 52 7 58 60 (2) Per share (%) (1) (2) (4) 58 52 6 57 59 (2)Net debt (1) (5) 1,760,324 1,220,144 44 1,760,324 1,220,144 44Capital acquisitions (net) (6) 926,985 2,765 33,426 3,021,230 201,313 1,401Development capital expenditures (7) 463,438 458,874 1 1,488,947 1,238,795 20Decommissioning and environmental expenditures (7) 4,478 2,888 55 15,440 7,307 111Weighted average shares outstanding (mm) Basic 361.2 286.6 26 329.4 275.4 20 Diluted 363.4 289.3 26 331.8 278.2 19----------------------------------------------------------------------------OperatingAverage daily production Crude oil and NGLs (bbls/d) 97,731 73,667 33 89,704 66,604 35 Natural gas (mcf/d) 61,654 45,257 36 54,284 43,172 26---------------------------------------------------------------------------- Total (boe/d) 108,007 81,210 33 98,751 73,799 34----------------------------------------------------------------------------Average selling prices(8) Crude oil and NGLs ($/bbl) 78.78 90.88 (13) 80.51 87.62 (8) Natural gas ($/mcf) 3.36 3.48 (3) 2.61 3.87 (33)---------------------------------------------------------------------------- Total ($/boe) 73.20 84.37 (13) 74.57 81.35 (8)----------------------------------------------------------------------------Netback ($/boe) Oil and gas sales 73.20 84.37 (13) 74.57 81.35 (8) Royalties (13.97) (14.42) (3) (12.95) (13.95) (7) Operating expenses (12.15) (11.17) 9 (11.65) (11.16) 4 Transportation (1.74) (2.01) (13) (1.83) (1.91) (4)---------------------------------------------------------------------------- Netback prior to realized derivatives 45.34 56.77 (20) 48.14 54.33 (11) Realized gain (loss) on derivatives 1.15 (3.37) 134 (0.49) (2.97) (84)----------------------------------------------------------------------------Netback (1) 46.49 53.40 (13) 47.65 51.36 (7)----------------------------------------------------------------------------(1) Funds flow from operations, payout ratio, net debt and netback as presented do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and, therefore, may not be comparable with the calculation of similar measures presented by other entities. Please refer to the Non-GAAP Financial Measures section of this press release.(2) The per share amounts (with the exception of per share dividends) are the per share - diluted amounts.(3) Net income for the three months and year ended December 31, 2012, includes unrealized derivative losses of $20.1 million and unrealized derivative gains of $185.7 million, respectively. Net income for the three months and year ended December 31, 2011, includes unrealized derivative losses of $271.4 million and $6.2 million, respectively.(4) Payout ratio is calculated as dividends paid or declared (including the value of dividends paid pursuant to the Company's dividend reinvestment plans) divided by funds flow from operations.(5) Net debt includes long-term debt, working capital and long-term investments, but excludes derivative asset, derivative liability and unrealized foreign exchange on translation of US dollar senior guaranteed notes.(6) Capital acquisitions represent total consideration for the transactions, including long-term debt and working capital assumed, and exclude transaction costs.(7) Decommissioning and environmental expenditures for the three months and year ended December 31, 2012 includes environmental emission reduction expenditures of $1.4 million and $3.3 million, respectively. Decommissioning and environmental expenditures for the three months and year ended December 31, 2011 includes environmental emission reduction expenditures of $1.6 million and $3.6 million, respectively. Environmental emission reduction expenditures are also included in Development capital expenditures in the table above, whereas decommissioning expenditures are not.(8) The average selling prices reported are before realized derivatives and transportation charges.
