RE:RE:$1.29 billion of CPG debt is in USD. I am basing the numbers on $1.45 billion capex, $1.219 billion dividend plus debt repayments. CPG revised their FFO down to $2,480,000 from $2,580,000 when WTI fell from $100 to $96. That is a 4% drop in revenue which makes sense. Even if CPG is 50 % hedged at $90 WTI and the current price is $48, this brings their realized WTI down to $69/barrel reducing their FFO by 31% in the 1st quarter of 2015. That drops their FFO for the full year to $1,780,000 in 2015. With their capital commitments of at least $2,600,000 this leaves quite a short fall. At least in the 1st quarter. I am guessing that is why a number of insiders have been selling this month. Just look on Canadian insider web site. Below are CPG's projections from their previous MD&A.
https://canadianinsider.com/node/7?menu_tickersearch=cpg
Production Prior Revised Oil and NGL (bbls/d) 128,125 128,125
Natural gas (mcf/d) 71,250 71,250
Total (boe/d) 140,000 140,000
Exit (boe/d) 155,000 155,000
FFO ($000) 2,580,000 2,480,000
FFO per share ($) 6.13 5.90
Cash dividends per share ($) 2.76 2.76
Capital expenditures (1)
Drilling and completions ($000) 1,575,000 1,575,000
Facilities, land and seismic ($000) 425,000 425,000
Total ($000) 2,000,000 2,000,000
Pricing
Crude oil – WTI (US$/bbl) 100.00 96.00
Crude oil – WTI (Cdn$/bbl) 111.11 105.49
Corporate oil differential (%) 13 13
Natural gas – AECO (Cdn$/mcf) 4.65 4.65
Exchange rate (US$/Cdn$) 0.90 0.91