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. will host its Annual General Meeting (AGM) on May 20, 2021, via live audio webcast to ensure safety during the COVID-19 pandemic. Shareholders need to submit completed proxy forms by 10:00 a.m. MT on May 18, 2021. Registered shareholders can participate and vote in real time, while non-registered shareholders can attend as guests but cannot vote. Detailed voting and attendance instructions are provided in the Virtual AGM User Guide and the information circular dated April 8, 2021, available on the Company’s website.
Crescent Point Energy (CPG) announced the successful acquisition of Shell Canada Energy's Kaybob Duvernay assets for $900 million. This strategic acquisition enhances balance sheet strength and sustainability, improving the company's free cash flow profile and inventory depth. The purchase price reflects a favorable metric of less than 3.0 times net operating income of $330 million at US$50/bbl WTI. The assets are expected to require approximately $180 million in annual capital expenditures to sustain production of 30,000 boe/d.
Crescent Point Energy Corp. (CPG) has filed its Annual Information Form (AIF) for the year ended December 31, 2020, with Canadian securities regulators and its Form 40-F with the U.S. SEC. This filing includes the company's reserves data and other crucial information on oil and natural gas as required by National Instrument 51-101. Investors can access the AIF on Crescent Point's website, SEDAR, and EDGAR profiles. This transparency reflects the company's commitment to regulatory compliance and reporting standards.
Crescent Point Energy Corp. reported strong financial results for the year ended December 31, 2020, highlighting a significant reduction in net debt by over $615 million, achieving adjusted funds flow of $874.4 million. The Company announced a $900 million acquisition of Kaybob Duvernay assets, expected to close in April 2021, enhancing its balance sheet and cash flow generation. The disciplined 2021 budget is projected to generate $375 to $600 million of excess cash flow at WTI prices of US$50 to US$60. Despite a $2.5 billion net loss due to a prior asset impairment, adjusted net earnings stood at $177.4 million.
Crescent Point Energy Corp. has declared a quarterly cash dividend of CDN $0.0025 per share, payable on April 1, 2021, to shareholders of record by March 15, 2021. These dividends are categorized as eligible dividends for Canadian tax purposes and considered qualified dividends for U.S. tax purposes. This move reflects Crescent Point's commitment to returning value to its shareholders, maintaining its operational stability.
Crescent Point Energy has agreed to acquire Shell Canada Energy's Kaybob Duvernay assets for $900 million, comprising $700 million in cash and 50 million shares. This acquisition strengthens Crescent Point's position in a lucrative liquids-rich play, potentially generating $375 to $600 million in cash flow for 2021 at oil prices of US$50/bbl to US$60/bbl. The assets are expected to produce 30,000 boe/d, with future production rising to 35,000 boe/d. This strategic move aims to enhance free cash flow and improve ESG performance.
Crescent Point Energy Corp. plans to release its fourth quarter and year-end 2020 financial results on February 24, 2021, before market opening. Following this, a conference call will be held at 10:00 a.m. MT (12:00 p.m. ET) to discuss the results and future outlook. Participants can join the call via webcast or by phone at 1–888–390–0605. An archive of the call will be available approximately one hour after its conclusion on Crescent Point's website.
Crescent Point Energy Corp. (CPG) announced its 2021 capital expenditures budget of $475 to $525 million and production guidance of 108,000 to 112,000 boe/d. The budget is fully funded at approximately US$40/bbl WTI, with expected excess cash flow of $150 to $300 million at US$45 to US$50/bbl WTI. The company aims for a reinvestment ratio of less than 75%. The 2021 plan emphasizes sustainability and ESG initiatives, targeting a 30% reduction in emissions intensity by 2025. Crescent Point also retains over $2.5 billion in unutilized credit capacity to ensure liquidity amid market volatility.
Crescent Point Energy Corp. reported strong third-quarter results for 2020, generating $120 million in excess cash flow and reducing net debt by over $575 million year-to-date. The company has revised its 2020 production guidance upward while maintaining capital expenditures. Adjusted funds flow reached $235.7 million, or $0.44 per share, supported by a solid operating netback of $21.11 per boe. Crescent Point hedged approximately 70% of its oil production for Q4 2020 at an average price of over CDN$62/bbl. A quarterly cash dividend of $0.0025 per share was declared.
Crescent Point Energy Corp. announced a quarterly cash dividend of CDN $0.0025 per share. This dividend will be paid on January 4, 2021, to shareholders recorded by December 15, 2020. The declared dividends are classified as eligible dividends for Canadian tax purposes and as qualified dividends for U.S. tax purposes. This continuation of dividend payments reflects Crescent Point's commitment to returning value to its shareholders amid ongoing market dynamics.
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