Analyst Note| Joe Gemino, CPA |
During the fourth quarter, Crescent Point reported adjusted operating cash flow of CAD 220 million, which decreased sequentially from third-quarter cash flow of CAD 236 million and was below our expectations. The decline was driven by lower operating netbacks primarily from a lower hedging gain and lower production levels. Fourth-quarter production averaged 111.2 mboe/d, down from 113.3 mboe/d in the prior quarter and slightly above our expectations. The lower production was a result of the voluntary shut-in of 25 mboe/d, which Crescent Point began to reactivate and continued capital management.