Crescent Point Energy (CPG) Reports Q1 EPS of Cdn$0.01

Crescent Point Energy (NYSE: CPG) reported Q1 EPS of Cdn$0.01, versus Cdn$0.09 reported last year.

OUTLOOK

Crescent Point continues to focus on its transition plan's key value drivers, which include disciplined capital allocation, cost reductions and balance sheet improvement.

As the Company advances each of these initiatives, it expects to further improve overall capital efficiencies, corporate returns and debt-adjusted per share metrics. Crescent Point's free cash flow generation has also improved, with approximately $600 million of excess cash flow expected to be generated in 2019, based on its guidance at current strip prices.

The Company remains disciplined in allocating capital and excess cash flow, prioritizing net debt reduction, accretive share repurchases and generating returns versus production growth. Crescent Point is on track with its 2019 budget, which remains unchanged, with expected annual average production of 170,000 to 174,000 boe/d and planned capital expenditures of $1.20 to $1.30 billion.

The Company initiated a process for asset dispositions during first quarter, which continues to progress. Crescent Point does not intend to disclose developments with respect to these processes unless the Board of Directors (the "Board") has approved a specific transaction, or otherwise determines that disclosure is necessary or appropriate. The Company will remain disciplined and flexible as it seeks to focus its asset base and create value for its shareholders.

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

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