Crescent Point Announces 2021 Results & Reserves CALGARY, AB, March 3, 2022 /PRNewswire/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) and (NYSE: CPG) is pleased to announce its operating and financial results for the year ended December 31, 2021 and increased share repurchases.
KEY HIGHLIGHTS
- Generated over $785 million of excess cash flow in 2021 with capital expenditures and production in-line with annual guidance.
- Increased PDP reserves by 17 percent with a strong FD&A recycle ratio of 2.7 times, including change in FDC.
- Replaced 197 percent of 2021 production on a 2P basis, resulting in a FD&A recycle ratio of 2.2 times, including change in FDC.
- Improved full-cycle returns in the Kaybob Duvernay through additional well cost reductions now totaling 20 percent.
- Achieved strong IP rate of over 825 boe/d per well, based on approximately 30 days, on first fully operated Kaybob Duvernay pad.
- Fully repaid $670 million of debt to acquire the Kaybob Duvernay assets, in addition to reducing net debt by $144 million in 2021.
- Disciplined 2022 budget, which is expected to generate approximately $1.1 billion of excess cash flow at US$80/bbl WTI.
- Increasing planned share repurchases to up to $150 million, to be executed by mid-2022, from $100 million announced previously.
- On track to meet or exceed targets to reduce emissions intensity and inactive wells, highlighting strong ESG practices.
"Our discipline and execution over the past few years positioned us to not only capitalize on strategic opportunities during 2021, but also to begin returning additional capital to shareholders," said Craig Bryksa, President and CEO of Crescent Point. "We are very pleased with our initial success in the Kaybob Duvernay, including our strong operational execution that has resulted in increased rates of return. Due to our continued discipline and focus, we are on track to achieve our near-term leverage targets over the next six months at current commodity prices. As we continue to strengthen our balance sheet we will look to provide increased returns to shareholders in the context of a more defined return of capital framework."