Crescent Point Energy Corp. held its Annual and Special Meeting of Shareholders on May 10, 2024, where shareholders approved changing the company's name to Veren Inc. Trading under the new symbol 'VRN' is expected to begin on May 15, 2024. The meeting results and voting outcomes were positive, with all resolutions passed.
Crescent Point Energy Corp. announced its Q1 2024 results, showcasing strong operational execution, generating $130 million of excess cash flow, integrating Montney assets, and entering into an agreement to dispose of non-core assets. The company expects pro forma excess cash flow of $875 million at US$80/bbl WTI in 2024, with 60% returned to shareholders. Adjusted funds flow totaled $568.2 million, with net debt reduction to $3.6 billion. Crescent Point reported a net loss of $411.7 million primarily due to non-cash impairment charges but had adjusted net earnings from operations of $187.0 million. The company remains committed to returning 60% of annual excess cash flow to shareholders through dividends and share repurchases.
Crescent Point Energy Corp. confirms a quarterly cash base dividend of $0.115 per share, payable on July 2, 2024, to shareholders of record on June 15, 2024. The dividends are designated as eligible dividends for Canadian income tax purposes and qualified dividends for U.S. income tax purposes.
Crescent Point Energy Corp. announces the sale of non-core assets to Saturn Oil & Gas Inc. in a $600 million cash transaction. The company aims to enhance long-term sustainability by focusing on operational execution, optimizing the balance sheet, and increasing the return of capital. The sale of assets in Saskatchewan is part of a strategic move to realize value for assets with impact on future plans.
Crescent Point Energy Corp. announces a conference call to discuss its first quarter 2024 financial and operating results on May 10, 2024. The call will be held at 8:00 a.m. MT (10:00 a.m. ET) with online webcast access. Participants can register online or dial in for operator assistance. The webcast will be archived for replay.
Crescent Point Energy Corp. announces its 2024 Annual and Special Meeting of Shareholders to be held virtually on May 10, 2024. Shareholders can participate through a live webcast, vote, and ask questions. The Company recommends advance proxy voting and provides details on how to attend and vote on its website.
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