Welcome to our dedicated page for CRESCENT POINT ENERGY news (Ticker: CPG), a resource for investors and traders seeking the latest updates and insights on CRESCENT POINT ENERGY stock.
Crescent Point Energy Corp. (CPG) is a prominent oil and gas producer headquartered in Calgary, Alberta, Canada. Established in 2001, Crescent Point focuses on the extraction and production of light oil, predominantly from its operations in southern Saskatchewan and central Alberta. Over two decades, the company has significantly expanded its production capabilities and asset base.
The company recently announced its intent to rebrand as Veren Inc. to better reflect its evolved identity and strategic vision. The new name, derived from the Latin word 'veritas' meaning 'truth' and 'energy,' symbolizes the company's commitment to transparency and sustainable energy production.
In its latest financial update, Crescent Point highlighted several key achievements for 2023, including a strategic portfolio transformation that has enhanced long-term sustainability and expanded its premium drilling inventory to over 20 years. The company also reported reserve highlights, noting a 150% organic replacement of its annual production on a proved plus probable basis, primarily driven by activities in the Kaybob Duvernay region.
Financially, Crescent Point remains robust, with a disciplined capital expenditure plan of $1.4 billion to $1.5 billion for 2024. The company’s operational focus is on enhancing efficiency and productivity, particularly through drilling and completions optimization. In 2024, Crescent Point projects to generate approximately $830 million in excess cash flow at an average commodity price of US$75/bbl WTI and $2.30/Mcf AECO.
Strategically, Crescent Point is committed to a balanced approach, directing 60% of its excess cash flow towards dividends and share repurchases while strengthening its balance sheet. The company’s net debt is expected to reduce significantly, with a target leverage ratio of approximately 1.2 times adjusted funds flow by year-end 2024.
In a significant strategic move, Crescent Point has entered an agreement to sell certain non-core assets in Saskatchewan to Saturn Oil & Gas Inc. for $600 million in cash. This transaction is part of Crescent Point’s broader strategy to streamline its asset portfolio and focus on high-return projects.
The company is actively engaging with its shareholders and the investment community through regular updates, including its upcoming Annual and Special Meeting of Shareholders, where the name change to Veren Inc. will be a key agenda item.
Crescent Point remains a pivotal player in Canada’s oil and gas sector, with a clear vision for sustainable growth and enhanced shareholder value. For more detailed and updated information, investors and stakeholders are encouraged to visit the company’s official website and access the latest financial reports and press releases.
Crescent Point Energy Corp. has entered into a $1.7 billion acquisition agreement with Spartan Delta Corp. for oil and liquids-rich Montney assets in Alberta. This strategic move adds 600 Montney locations to Crescent Point's portfolio, enhancing its asset depth in key resource plays. The acquisition is expected to be immediately accretive, boosting excess cash flow per share by 20% and allowing for a return of approximately 60% of excess cash flow to shareholders. The deal aims to optimize the company's portfolio while maintaining a conservative production profile, with anticipated closing in Q2 2023.
Crescent Point Energy Corp. announced an approval from the Toronto Stock Exchange for a normal course issuer bid (NCIB), allowing the purchase of up to 54,605,659 common shares, representing 10% of its public float as of February 23, 2023. The NCIB will commence on March 9, 2023, and conclude on March 8, 2024. The company plans to repurchase shares through various trading systems at market prices, with a daily limit of 1,082,290 shares on the TSX. Crescent Point has successfully repurchased 28,733,300 shares under the previous NCIB and has increased its base dividend by 122% in 2022, demonstrating a commitment to enhancing shareholder value.
Crescent Point Energy Corp. (NYSE: CPG) announced the filing of its Annual Information Form (AIF) for the year ended December 31, 2022, with Canadian regulators on SEDAR. The company also filed its Form 40-F, including the AIF, with the U.S. SEC on the EDGAR system. The AIF contains essential reserves data and oil and natural gas information as mandated by National Instrument 51-101. Interested parties can access the AIF on Crescent Point's website, SEDAR, and EDGAR profiles. This filing underscores the company's commitment to transparency and regulatory compliance.
Crescent Point Energy Corp. (CPG) announced significant financial results for 2022, generating approximately $1.2 billion in excess cash flow and reducing net debt by over 40% to $1.2 billion. The company returned nearly $500 million to shareholders through dividends and share repurchases, totaling over 5% of its float. In 2023, it expects to generate excess cash flow of around $1.0 billion at US$75/bbl WTI. Key financial highlights include adjusted funds flow of $2.2 billion for 2022, and a special cash dividend of $0.032 per share payable in March 2023.
Crescent Point Energy Corp. (CPG) announced a special cash dividend of
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