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. (CPG) will hold its Annual General Meeting (AGM) on May 19, 2022, at 10:00 a.m. MT in Calgary. Shareholders are encouraged to attend in person, but a live webcast will be available for viewing. Voting and participation through the webcast will not be allowed. More details can be found on their website.
Crescent Point Energy Corp. will release its first quarter 2022 financial results on May 12, 2022, before the market opens. A conference call will occur at 10:00 a.m. MT to discuss these results and the company's future outlook. Participants can join the call via webcast or by dialing 1-888-390-0605. An archived replay will be available approximately an hour after the call on their website.
The company’s shares are listed on both the Toronto Stock Exchange and the New York Stock Exchange under the ticker CPG.
Crescent Point Energy Corp. (TSX: CPG, NYSE: CPG) has announced Mindy Wight's nomination for election as an independent director at the upcoming Annual General Meeting on May 19, 2022. Mindy brings extensive financial knowledge and experience, particularly in accounting and business development, currently serving as CFO of Nch'kay Development Corporation. Her election will contribute to Crescent Point's commitment to diversity, maintaining 33% female independent directors on the Board. Laura Cillis, a long-serving member since 2014, will not seek re-election, completing the renewal of the Board since 2016.
Crescent Point Energy Corp. (TSX: CPG, NYSE: CPG) announced that the Toronto Stock Exchange has approved its notice to implement a normal course issuer bid (NCIB) to buy back up to 57,309,975 common shares, representing 10% of its public float as of February 28, 2022. Set to start on March 9, 2022, and conclude on March 8, 2023, the buyback aims to enhance shareholder value. The company plans to repurchase shares worth up to $150 million by mid-2022, having previously repurchased 8,076,800 shares at an average price of $7.43 under an existing NCIB.
Crescent Point Energy Corp. (CPG) announced the filing of its Annual Information Form (AIF) for the year ending December 31, 2021, with Canadian securities regulators via SEDAR and with the U.S. SEC through the EDGAR system. The AIF includes crucial reserves data and other oil and gas information as mandated by National Instrument 51-101. This filing is essential for regulatory compliance and provides investors with detailed insights into the company's operational performance and reserves.
Crescent Point Energy Corp. reported strong financial and operational results for 2021, generating over $785 million of excess cash flow. The company increased its proven developed producing (PDP) reserves by 17% and achieved an impressive future development cost recycle ratio of 2.7 times. In 2022, Crescent Point plans to repurchase shares worth up to $150 million, an increase from an initial $100 million. The Board also declared a $0.045 per share dividend, marking a 50% increase. The company's net income for 2021 reached approximately $2.4 billion.
Crescent Point Energy Corp. (TSX: CPG, NYSE: CPG) will release its fourth quarter and year-end 2021 financial results on March 3, 2022, before market opening. Management will hold a conference call at 10:00 a.m. MT to discuss these results and the company's outlook. The call will be accessible via webcast and by phone. Replay will be available approximately one hour after the call.
Crescent Point Energy Corp. announced its 2022 capital expenditures budget of $825 to $900 million and increased production guidance to 133,000-137,000 boe/d. The company plans a 50% quarterly dividend hike starting Q1 2022 and aims for $100 million in share repurchases. Expected excess cash flow for 2022 is $750 million to $1.0 billion, supported by a strong hedge book. The company also renewed its credit facilities totaling $2.3 billion with a maturity to November 2025.
Crescent Point Energy Corp. (TSX: CPG) reported strong financial results for Q3 2021, generating over $180 million in excess cash flow, bringing the year-to-date total to over $580 million. The company commenced a drilling program in Kaybob Duvernay and entered a farm-in agreement, completing wells below budget. Adjusted funds flow reached $393.9 million or $0.67 per share, while net income was $77.5 million. The quarterly dividend increased to $0.03 per share, reflecting a commitment to shareholder returns. Crescent Point expects excess cash flow of approximately $925 million in 2022 at US$75/bbl WTI.
Crescent Point Energy Corp. (TSX: CPG, NYSE: CPG) will release its third quarter 2021 financial results on October 28, 2021, before market opening. A conference call is scheduled for 10:00 a.m. MT (12:00 p.m. ET) the same day to discuss these results and future outlook. Participants can join the call via a toll-free number or online via webcast, which will be archived for later access. For more details, visit Crescent Point's official website.
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