Volume high today. GLTALongs. Key highlightsPRNewswire
Crescent Point Announces 2022 Budget and Increased Return of Capital to Shareholders PR NewsWire News Release 2021-12-06T06:30:00-05:00 CALGARY, AB, Dec. 6, 2021
Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) and (NYSE: CPG) is pleased to announce its formal 2022 capital expenditures budget and production guidance, another quarterly dividend increase beginning first quarter 2022, planned share repurchases and the renewal of its credit facilities.
KEY HIGHLIGHTS
• Increased 2022 production guidance to 133,000 to 137,000 boe/d from the preliminary range of 131,000 to 135,000 boe/d. • Disciplined capital expenditures budget of $825 to $900 million, which remains unchanged from the preliminary 2022 guidance.
• Strong execution in the Kaybob Duvernay resulting in additional well cost reductions that now total approximately 15 percent to date.
• Further increasing quarterly dividend by 50 percent and targeting up to $100 million of share repurchases over the next six months.
• Expected 2022 excess cash flow of $750 million to $1.0 billion at US$65 /bbl to US$75/bbl WTI, supported by a strong hedge book.
• Successfully renewed unsecured, covenant-based credit facilities totaling $2.3 billion and extended maturity to November 2025.
"We have established a disciplined budget for 2022 and expect to generate strong returns and significant excess cash flow for our shareholders," said Craig Bryksa, President and CEO of Crescent Point. "In the coming year, we plan to build on our track record of strong performance focused on our key pillars of balance sheet strength and sustainability. Through our discipline and execution, including recent successes in the Kaybob Duvernay, we continue to make significant progress toward meeting our debt targets. As a result, we are accelerating our plans to return additional capital to shareholders in the form of another dividend increase and share repurchases. As we continue to strengthen our balance sheet, we expect to further increase our return of capital offering to shareholders in the context of our capital allocation framework."
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