Crescent Point vows to pay down debt from Shell acquisition with rising oil profits [Toronto Globe and Mail (Ontario, Canada)]
Crescent Point Energy Corporation Ordinary Shares (Canada) (CPG)
Last crescent point energy corporation ordinary shares (canada) earnings: 3/5 06:30 am
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Source: Toronto Globe and Mail
Crescent Point vows to pay down debt from Shell acquisition with rising oil profits The CEO of Crescent Point Energy Corp. CPG-T says the company is poised to benefit from rising oil prices after two years of transformation through selling assets, cutting debt and reducing costs. The Calgary-based company’s move last week to buy producing light oil shale assets in Alberta for $900 million from Royal Dutch Shell reflects that confidence, Craig Bryksa said. “We have built an asset portfolio that is well-positioned to benefit from a rising price environment given our light oil weighting and high netbacks,” he said on a Wednesday conference call with analysts to discuss the company’s fourth-quarter results. “We expect to generate $375 (million) to $600 million of excess cash flow this year at US$50 to US$60 WTI (West Texas Intermediate) prices.” The company plans to devote most of that cash flow to paying down debt, he said, adding that it will evaluate increasing returns to shareholders
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CPG
Earnings
- 2/29/24 - Miss
CPG
Sec Filings
- 4/3/24 - Form 6-K
- 3/20/24 - Form 6-K
- 3/7/24 - Form 6-K
- CPG's page on the SEC website