Crescent Point Energy (CPG) Tops Q1 EPS by 17c

Crescent Point Energy (NYSE: CPG) reported Q1 EPS of $0.09, $0.17 better than the analyst estimate of ($0.08).

KEY HIGHLIGHTS

• Successfully closed the sale of certain gas infrastructure assets for $500 million.
• Delivered $50 million of permanent operating expense savings, as previously announced.
• Recently announced $75 million reduction to capital budget with no associated impact to production.
• Took decisive actions to revise 2020 capital expenditures and voluntarily shut-in production, preserving long-term value.
• Reduced net debt by $437 million in first quarter.
• Strong operational execution, which has continued despite a modified work environment due to COVID-19 pandemic.

"Over the past two years, our team has worked diligently to reposition the Company", said Craig Bryksa, President and CEO of Crescent Point. "Our efforts have centered on enhancing our long-term sustainability, including strengthening our balance sheet and lowering our cost structure. During this period of uncertainty and volatility, we have and will continue to prioritize the safety of our employees and the communities in which we operate, and continue to protect our financial flexibility while remaining focused on returns, capital discipline and realizing additional cost savings."

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

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