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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. (NYSE: CPG) is set to release its fourth quarter and year-end 2022 financial results on March 2, 2023, before market opening. Management will host a conference call at 10:00 a.m. MT the same day to discuss outcomes and future outlook. Interested participants can access the call through a webcast or by phone with operator assistance. A replay of the call will be available shortly thereafter.
Crescent Point Energy has announced the acquisition of Kaybob Duvernay assets from Paramount Resources for $375 million, enhancing its drilling inventory with 130 net locations and extending operational capabilities for over 20 years. The company plans to increase its base dividend by 25% to $0.10 per share, reflecting strong operational and financial performance. Expected excess cash flow for 2023 is $1.25 billion at $80 WTI, enabling a return of capital strategy that includes returning 50% of discretionary excess cash flow to shareholders. Credit facilities have been renewed with $2.36 billion available until November 2026.
Crescent Point Energy Corp. reported strong financial and operational results for Q3 2022, generating $233.7 million in excess cash flow, with net income at $466.4 million or $0.82 per share. The company declared a $0.08 quarterly dividend and a special dividend of $0.035 per share. Crescent Point's disciplined guidance for 2023 targets $1.1 to $1.5 billion in excess cash flow at WTI prices of $75/bbl to $85/bbl. Production averaged 133,019 boe/d, and they repurchased 8.2 million shares in Q3, signaling confidence in future performance.
Crescent Point Energy Corp. (CPG) declared a special cash dividend of CDN $0.035 per share and a quarterly base dividend of CDN $0.08 per share. The special dividend is based on the company's Q3 2022 financial results and will be paid on November 14, 2022, to shareholders of record by November 4, 2022. The regular dividend will be distributed on January 3, 2023, with a record date of December 15, 2022. Both dividends qualify as eligible for Canadian tax and as qualified dividends for U.S. tax purposes.
Crescent Point Energy Corp. (TSX: CPG, NYSE: CPG) will report its Q3 2022 financial results on October 26, 2022, before market opening. A conference call will follow at 10:00 a.m. MT (12:00 p.m. ET) to discuss the results and future outlook. Participants can join via webcast or by telephone at 1-888-390-0605. The event will be archived for replay approximately one hour post-call on the company's conference calls webpage. For more details, contact Shant Madian or Sarfraz Somani at the provided numbers.
Crescent Point Energy Corp. (CPG) reported strong financial results for Q2 2022, generating about $380 million in excess cash flow.
Adjusted funds flow reached $599.1 million or $1.04 per diluted share, supported by a robust operating netback of $76.57 per barrel of oil equivalent (boe).
The company reduced its net debt to less than $1.5 billion, achieving its near-term net debt target ahead of schedule. It returned $108.0 million to shareholders through dividends and buybacks and increased its third-quarter dividend by over 20%.
Crescent Point Energy Corp. (CPG) is set to release its second quarter 2022 financial and operational results on July 27, 2022, before market opening. A conference call will follow at 10:00 a.m. MT to discuss the results and future outlook. Investors can listen via a webcast or via telephone. The conference call details highlight Crescent Point's commitment to transparency with its stakeholders.
Crescent Point Energy Corp. held its Annual General Meeting of Shareholders on May 19, 2022. Shareholders elected all ten director nominees and approved the appointment of auditors, PricewaterhouseCoopers LLP. Notable voting results include 99.55% approval for the number of directors and 96.05% for the executive compensation advisory vote. However, Ted Goldthorpe faced scrutiny with 45.89% withholding votes, likely due to concerns raised by proxy advisory firm ISS. The company intends to address these concerns. Full details are available on their website.
Crescent Point Energy Corp. (CPG) reported its Q1 2022 financial and operational results, highlighting a more than 40% increase in its quarterly dividend to $0.065 per share, amounting to an annualized $0.26 per share. The Company generated approximately $290 million of excess cash flow, expects to achieve a net debt target of $1.3 billion by Q3 2022, and projects excess cash flow of $1.2 to $1.4 billion in 2022 at current commodity prices. Crescent Point also reduced emissions intensity, achieving a 50% reduction ahead of schedule.
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