DAILY NEWS Nov 12, 2012 3:55 PM - 0 comments

Calgary-based Gibson and Crescent Point post third quarter numbers

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By: HazMat Staff
November 12, 2012 2012-11-12

Calgary-based Crescent Point Energy Corp. has released its financial results for the third quarter of 2012, showing the company has continued to execute its integrated business strategy of acquiring, exploiting and developing high-quality, long-life light and medium oil and natural gas properties.

During the third quarter, Crescent Point says it spent $259.4 million on drilling and development activities, drilling 149 wells with a 100 per cent success rate.

Crescent Point also spent $54.5 million on land, seismic and facilities, for total capital expenditures of $313.9 million.

Gibson Energy Inc. has announced strong results for the third quarter of 2012 supported by increases in profit across four business segments, the Calgary-based company says.

"Our integrated midstream services model continues to deliver strong earnings across all business segments," said Gibson's President and CEO Stewart Hanlon in a statement to media.  "2012 is shaping up to be a very successful year for Gibson when you combine our strong year-to-date performance, the advancement of organic growth projects and the recently completed OMNI acquisition in the U.S."

 Adjusted EBITDA increased by 11 per cent to $72.1 million for the three months ended September 30, 2012 compared to $64.9 million in the three months as of September 30, 2011. Adjusted EBITDA in the nine months ended September 30, 2012 increased by 26 per cent to $205.9 million compared to $163.9 million in the nine months as of September 30, 2011. 

Pro Forma Adjusted EBITDA for the 12 months as of September 30, 2012 was $274.4 million.

Cash provided by operations for the three and nine months ended September 30, 2012 was $62.9 million and $183.7 million, respectively, compared to $84.3 million and $171.4 million in the three and nine months ended September 30, 2011, respectively.

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