07:21 AM EDT, 05/10/2024 (MT Newswires) -- Crescent Point Energy ( CPG ) on Friday reported first-quarter adjusted net earnings from operations of $187 million, or $0.30 per share, down from $218.9 million, or $0.40 per share, a year earlier.

Two analysts polled by Capital IQ expected $0.34.

Oil and gas sales for the quarter ended March 31 were $1.11 billion, up 45% from $762 million a year earlier. Three analysts surveyed by Capital IQ expected $1.06 billion.

Adjusted funds flow from operations for Q1 was $568.2 million, or $0.91 per share, as compared with $524.9 million, or $0.95 per share, a year earlier.

Crescent Point Energy's ( CPG ) board approved a quarterly dividend of $0.115 per share to be paid on July 2 to shareholders of record on June 15.

As previously reported, Crescent Point revised its 2024 annual average production guidance to 191,000 to 199,000 boe/d to reflect the impact of its disposition of non-core assets in Saskatchewan. The company's development capital expenditures guidance of $1.4 billion to $1.5 billion remained unchanged because of the minimal spending budgeted for these assets for the rest of the year.

Crescent Point plans to continue allocating 60% of its annual excess cash flow to shareholders through the dividend and share repurchases. The remaining 40% will be directed toward the balance sheet.

The company's stock, which is down 1.7% in premarket U.S. trading on Friday, edged up 0.3% in Canada yesterday.