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Crescent Point Energy Corp. has entered into a $1.7 billion acquisition agreement with Spartan Delta Corp. for oil and liquids-rich Montney assets in Alberta. This strategic move adds 600 Montney locations to Crescent Point's portfolio, enhancing its asset depth in key resource plays. The acquisition is expected to be immediately accretive, boosting excess cash flow per share by 20% and allowing for a return of approximately 60% of excess cash flow to shareholders. The deal aims to optimize the company's portfolio while maintaining a conservative production profile, with anticipated closing in Q2 2023.
Crescent Point Energy Corp. announced an approval from the Toronto Stock Exchange for a normal course issuer bid (NCIB), allowing the purchase of up to 54,605,659 common shares, representing 10% of its public float as of February 23, 2023. The NCIB will commence on March 9, 2023, and conclude on March 8, 2024. The company plans to repurchase shares through various trading systems at market prices, with a daily limit of 1,082,290 shares on the TSX. Crescent Point has successfully repurchased 28,733,300 shares under the previous NCIB and has increased its base dividend by 122% in 2022, demonstrating a commitment to enhancing shareholder value.
Crescent Point Energy Corp. (NYSE: CPG) announced the filing of its Annual Information Form (AIF) for the year ended December 31, 2022, with Canadian regulators on SEDAR. The company also filed its Form 40-F, including the AIF, with the U.S. SEC on the EDGAR system. The AIF contains essential reserves data and oil and natural gas information as mandated by National Instrument 51-101. Interested parties can access the AIF on Crescent Point's website, SEDAR, and EDGAR profiles. This filing underscores the company's commitment to transparency and regulatory compliance.
Crescent Point Energy Corp. (CPG) announced significant financial results for 2022, generating approximately $1.2 billion in excess cash flow and reducing net debt by over 40% to $1.2 billion. The company returned nearly $500 million to shareholders through dividends and share repurchases, totaling over 5% of its float. In 2023, it expects to generate excess cash flow of around $1.0 billion at US$75/bbl WTI. Key financial highlights include adjusted funds flow of $2.2 billion for 2022, and a special cash dividend of $0.032 per share payable in March 2023.
Crescent Point Energy Corp. (CPG) announced a special cash dividend of $0.032 per share, payable on March 17, 2023, to shareholders of record on March 10, 2023. The company also confirmed its previously declared quarterly base dividend of $0.10 per share, scheduled for payment on April 3, 2023, to shareholders of record on March 15, 2023. This move aligns with Crescent Point's return of capital framework, which includes base dividends, share repurchases, and special dividends. The dividends qualify as eligible dividends for Canadian tax and qualified dividends for U.S. tax purposes.