05:10 PM EST, 03/07/2024 (MT Newswires) -- Crew Energy ( CWEGF ) on Thursday said its fourth-quarter profit fell 44% on as natural-gas prices dropped by more than half.

The Western Canadian oil and gas producer said it earned C$39.73 million, or C$0.24 per share, in the period, down from C$71.38 million, or C$0.44, in the year-prior quarter. Adjusted funds flow fell 9.8% to C$67.64 million, or C$0.42.

Crew's revenue fell 34% to C$90.14 million from C$136.76 million, as its oil and gas production fell 6% to 30,928 barrels of oil equivalent per day, which its average price per barrel equivalent fell 30% to C$31.68, led by a 60% drop in natural-gas prices.

"Crew intends to maintain our track record of successfully managing through periods of commodity weakness with a strong financial position through prudent capital allocation and a focus on long-term value creation," the company said.

Crew shares closed down C$0.04 to C$4.63 on the Toronto Stock Exchange.