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Rhea-AI Summary
Crescent Point Energy Corp. (TSX: CPG) (NYSE: CPG) has successfully completed a bought deal public offering of 48,550,000 Common Shares at a price of CDN$10.30 per share, generating gross proceeds of approximately CDN$500 million. The company also granted the Underwriters an over-allotment option to purchase an additional 15 percent of the Common Shares, potentially raising the total gross proceeds to approximately CDN$575 million. The net proceeds from the offering will be used to partially fund the acquisition of Hammerhead Energy Inc. or to reduce existing indebtedness, finance future growth opportunities, or for other general corporate purposes.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.73%
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Rhea-AI Summary
Crescent Point Energy Corp. has entered into an agreement with underwriters to purchase 48,550,000 common shares at $10.30 per share, resulting in gross proceeds of approximately CDN$500 million. The net proceeds will be used to partially fund the acquisition of Hammerhead Energy Inc., a Montney producer, for a total consideration of approximately CDN$2.55 billion.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-10.26%
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Rhea-AI Summary
Crescent Point Energy Corp. has announced its agreement to acquire Hammerhead Energy Inc. for approximately $2.55 billion. The acquisition will transform Crescent Point into a Montney and Kaybob Duvernay focused E&P company, adding 800 net Montney drilling locations and increasing estimated total corporate premium inventory to over 20 years. The transaction is expected to be immediately accretive to per share metrics and enhance the return of capital profile for shareholders. Crescent Point will become the seventh-largest Canadian E&P by production volume and the largest landowner in the Alberta Montney's volatile oil fairway.
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Rhea-AI Sentiment
End-of-Day
-10.26%
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Rhea-AI Summary
Crescent Point Energy Corp. announces Q3 2023 operating and financial results. Generated $322 million in Q3 excess cash flow and returned $480 million to shareholders year-to-date. Achieved peak 30-day rates of up to 1,200 boe/d and 1,500 boe/d in the Alberta Montney and Kaybob Duvernay, respectively. Maintaining preliminary 2024 guidance to generate $1.0 billion of excess cash flow at US$80/bbl WTI.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
4.33%
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Crescent Point Energy Corp. has declared a quarterly cash base dividend of CDN $0.10 per share and a special cash dividend of CDN $0.02 per share. The quarterly dividend will be paid on January 2, 2024, and the special dividend on November 22, 2023. The special dividend is based on the company's third quarter 2023 financial results. These dividends are part of the company's return of capital framework.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
4.33%
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Rhea-AI Summary
Crescent Point Energy Corp. plans to report its Q3 2023 financial and operating results on November 2, 2023. A conference call will be held to discuss the results and outlook.
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Rhea-AI Sentiment
End-of-Day
-0.25%
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Crescent Point Energy Corp. provides preliminary 2024 budget and updated five-year outlook. Annual production expected to be 145,000 to 151,000 boe/d in 2024 with development capital expenditures of $1.05 to $1.15 billion. Excess cash flow of over $1.0 billion expected in 2024 at US$80/bbl WTI. Increasing proportion of capital allocated to Kaybob Duvernay and Alberta Montney. Shareholders to receive approximately 60% of excess cash flow through dividends and share repurchases. Disciplined growth of 5% per year with production increasing to 180,000 boe/d by 2028. Significant cumulative after-tax excess cash flow of over $4.3 billion expected in updated five-year plan at US$75/bbl WTI.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.04%
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Rhea-AI Summary
Crescent Point Energy Corp. announces agreement to sell North Dakota assets for US$500 million in cash
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Rhea-AI Sentiment
End-of-Day
-2.82%
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Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.78%
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Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.78%
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CRESCENT POINT ENERGY CORP.
NYSE:CPG
CPG Rankings
CPG Stock Data
5.36B
574.81M
0.5%
47.26%
2.4%
Crude Petroleum and Natural Gas Extraction
Mining, Quarrying, and Oil and Gas Extraction
United States of America
Calgary
About CPG
Crescent Point Energy Corp. is an oil and gas company based in Calgary, Alberta, Canada. The company focuses primarily on light oil production in southern Saskatchewan and central Alberta. Since inception in 2001, Crescent Point has significantly increased its production.