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 approved a quarterly dividend increase to $0.03 per share, reflecting its enhanced balance sheet and sustainability efforts. The company's preliminary 2022 budget anticipates an average production of 131,000 - 135,000 boe/d and development expenditures between $825 million - $900 million. Expected excess cash flow generation for 2022 is $625 million - $875 million after dividends, aided by favorable WTI prices. This strategic approach aims to strengthen its financial position while returning capital to shareholders.
Crescent Point Energy Corp. reported strong Q2 2021 results, achieving a net income of $2.1 billion, driven by a $2.5 billion reversal of non-cash impairment linked to rising commodity prices. The company successfully reduced its net debt by approximately $360 million, bringing it to around $2.3 billion, following the acquisition of Kaybob Duvernay assets. Adjusted funds flow was $387.8 million, or $0.66 per share diluted. Crescent Point maintained robust liquidity and hedged over 40% of its production for the latter half of 2021 at an average price of CDN$66/bbl. A quarterly cash dividend of $0.0025 per share was declared.
Crescent Point Energy has declared a quarterly cash dividend of CDN $0.0025 per share, payable on October 1, 2021. Shareholders must be on record by September 15, 2021. These dividends are categorized as eligible dividends for Canadian tax purposes and as qualified dividends for U.S. tax purposes. This move demonstrates Crescent Point's commitment to returning value to its shareholders amidst current market conditions.
Crescent Point Energy Corp. (TSX: CPG, NYSE: CPG) will report its Q2 2021 financial and operational results on July 28, 2021, prior to market opening. Management will host a conference call at 10:00 a.m. MT (12:00 p.m. ET) to discuss these results and the company's outlook. Participants can access the call online or by dialing in. The webcast will be archived for replay on the company’s website.
Crescent Point Energy Corp. has completed the sale of its remaining non-core southeast Saskatchewan conventional assets for $93 million. This transaction has reduced the company's asset retirement obligations by approximately $220 million, nearly 25% of its ARO balance as of March 31, 2021. Although these assets generated around $55 million in annual net operating income, they incurred high operating expenses and minimal free cash flow. The revised 2021 guidance estimates excess cash flow between $500 million to $625 million at WTI prices of US$55 to US$65 per barrel.
Crescent Point Energy Corp. held its Annual General Meeting of Shareholders on May 20, 2021, where all director nominees were elected to the Board of Directors. The meeting saw a strong approval rate for various resolutions including the appointment of ten board members, the appointment of PricewaterhouseCoopers LLP as auditors, and a favorable advisory vote on executive compensation with 93.44% voting in favor. All major business items received overwhelming support from shareholders, reflecting confidence in the company's governance and strategic direction.
Crescent Point Energy Corp. (TSX: CPG, NYSE: CPG) announced its Q1 2021 results, showcasing strong operational execution and financial health. The company reduced net debt by over $135 million, totaling approximately $2 billion. It successfully closed the acquisition of Kaybob Duvernay assets, expected to enhance free cash flow by $525 to $650 million at WTI prices between US$55 and US$65 per barrel. The average production was 119,384 boe/d, with over 90% being oil and liquids. The company aims for a 50% reduction in emissions intensity by 2025, further demonstrating its commitment to sustainability.
Crescent Point Energy Corp. (TSX: CPG) announced a quarterly cash dividend of CDN $0.0025 per share, set to be paid on July 2, 2021. Shareholders of record by June 15, 2021 will be eligible to receive this dividend. These dividends are designated as "eligible dividends" for Canadian income tax and considered "qualified dividends" for U.S. tax purposes. This announcement highlights Crescent Point's ongoing commitment to return value to shareholders while adhering to tax regulations.
Crescent Point Energy Corp. plans to announce its first quarter 2021 financial and operational results on May 12, 2021, prior to market opening. A conference call will follow at 10:00 a.m. MT (12:00 p.m. ET) to discuss these results and the company's outlook. Investors can listen to the call online or dial 1-888-390-0605 for access. An archived replay will be available on Crescent Point's website one hour post-call.
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