Crescent Point Energy (CPG) Tops Q4 EPS by 5c

Crescent Point Energy (NYSE: CPG) reported Q4 EPS of ($0.03), $0.05 better than the analyst estimate of ($0.08).

• Over $400 million of excess cash flow expected to be available in 2019 for net debt repayment and additional share repurchases based on current strip prices. This amount excludes proceeds from any additional dispositions.
• Strong capital discipline with 2018 capital expenditures $38 million under budget and annual production ahead of guidance.
• Executed over $355 million of dispositions in 2018.
• Replaced 142 percent of 2018 production through organic reserves growth.
• Increased net asset value ("NAV") per share by approximately four percent, assuming a constant price deck of US$55.00/bbl, or approximately eight percent adjusted for dividends paid during the year.
• Commenced a normal course issuer bid ("NCIB") on January 25, 2019, with approximately 1.3 million shares repurchased to date at an average cost of $3.89 per share, which is a significant discount to the Company's current NAV.
• Continued board renewal process, including the recent appointment of John Dielwart as a new independent director.

"In 2018, we spent below budget, exceeded our production guidance and increased our net asset value per share," said Craig Bryksa, President and CEO of Crescent Point. "In mid-2018, new management began transitioning the company to be more focused and efficient, realizing cost structure improvements and prioritizing capital allocation based on returns while continuing to advance our core areas. In addition to these changes and those set out in our transition plan, we also welcome and look forward to the additional insight and expertise provided through our ongoing board renewal process."

For earnings history and earnings-related data on Crescent Point Energy (CPG) click here.

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