Crescent Point Energy Corp. (CPG) announced the reactivation of economic volumes previously shut-in, leading to a 20% production increase for the second half of 2020. The company expects capital expenditures to be around $665 million, at the lower end of previous guidance. It anticipates generating approximately $125 million in excess cash flow in the same period. The revised annual average production guidance is now between 119,000 and 121,000 boe/d, with the preliminary outlook for 2021 projecting sustained production levels. Financial flexibility is retained amid a strong hedging portfolio.
Crescent Point Energy Corp. (CPG) reported its Q2 2020 results, showcasing significant net debt reduction of over $450 million to $2.3 billion, despite weak commodity prices. Average production stood at 120,842 boe/d, with capital expenditures aligned towards the lower end of guidance at $72 million. Crescent Point aims for a 30% reduction in emissions intensity by 2025. Notably, Myron Stadnyk was appointed to the Board, bringing extensive industry experience. The company forecasts excess cash flow generation in H2 2020, with capital expenditures estimated between $650 to $700 million for the year.
Crescent Point Energy Corp. announced a quarterly cash dividend of CDN $0.0025 per share, payable on October 1, 2020, to shareholders recorded by September 15, 2020. The dividends are classified as "eligible dividends" for Canadian tax and "qualified dividends" for U.S. tax purposes. This declaration reflects Crescent Point's commitment to returning value to its shareholders despite the challenging market environment.
Crescent Point Energy Corp. plans to release its Q2 2020 financial and operating results on July 30, 2020, before market opening. A conference call is scheduled for 10:00 a.m. MT (12:00 p.m. ET) the same day to discuss results and corporate outlook. Participants can join via webcast or by calling 1–888–390–0605. The archived webcast will be available shortly after the call at their website.
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