Crescent Point Energy (CPG) Reports Q2 EPS of Cdn$0.16

February 24, 2021 6:47 AM EST

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Crescent Point Energy (NYSE: CPG) reported Q2 EPS of Cdn$0.16, versus Cdn$0.09 reported last year.

KEY HIGHLIGHTS

  • Achieved annual average production ahead of 2020 guidance with capital expenditures under budget.
  • Reduced net debt by over $615 million in 2020, driven by an accretive disposition and excess cash flow generation.
  • Enhanced sustainability by reducing costs throughout the organization and lowering the production decline rate.
  • Increased proved plus probable net asset value per share, excluding changes in pricing, by approximately 13 percent.
  • Released second annual sustainability report and established an emissions intensity reduction target of 30 percent by 2025.
  • Disciplined 2021 budget expected to generate $375 to $600 million of excess cash flow at US$50/bbl to US$60/bbl WTI.

"Our success over this past year highlights our resiliency, discipline and flexibility," said Craig Bryksa, President and CEO of Crescent Point. "As a result of the volatility in 2020, we acted swiftly, revising our capital program and operations, to enhance our financial flexibility and preserve the long-term value of our assets. Through our actions, over the last two years, we strengthened the Company and positioned ourselves to continue enhancing value for our stakeholders. Our recently announced acquisition of Kaybob Duvernay assets demonstrates this execution. These assets strengthen our expected free cash flow generation, leverage ratios and depth of high-quality inventory, within a transaction that is highly accretive on all financial metrics."

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



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