Veren Inc T.VRN

Increases Fourth Quarter Dividend & Preliminary 2022 Outlook

[Betteryear2]

CALGARY, AB, Sept. 13, 2021 /PRNewswire/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) and (NYSE: CPG) has approved an increase to the Company's quarterly dividend as a result of significant progress made on improving its balance sheet strength and sustainability. Crescent Point is also pleased to announce its preliminary 2022 budget, which is expected to generate significant excess cash flow that leads to additional balance sheet strength and the opportunity to create further shareholder value.

KEY HIGHLIGHTS 

• Accelerating shareholder returns by increasing quarterly dividend to $0.03 per share alongside continued net debt reduction.
• Preliminary 2022 outlook for production of 131,000 - 135,000 boe/d and development capital expenditures of $825 - $900 million.
• Expected excess cash flow generation of $625 - $875 million in 2022, after dividends, at US$65/bbl - US$75/bbl WTI.
• On track to attain optimal leverage target in 2022, based on expected excess cash flow generation at current commodity prices.

"Our continued execution and capital discipline has positioned us to begin returning additional capital to shareholders," said Craig Bryksa, President and CEO of Crescent Point. "We are prioritizing debt reduction as part of our capital allocation framework including the establishment of a core dividend that is sustainable, provides flexibility and has the ability to grow over time. We are committed to a model that returns capital to shareholders while also generating returns through debt-adjusted per share growth."

https://www.prnewswire.com/news-releases/crescent-point-increases-fourth-quarter-dividend-and-announces-preliminary-2022-outlook-301374823.html

[TimeBuilder]

Good News Thanks for sharing  :>)

[BigJoe778]

Well this is definitely a step in the right direction. Let's hope some more of that FCF goes towards NCIB and drives the price up over $6 where it should be!

[Marty57]

There you are BigJoe.  Finally a bit of money flowing into your pocket. And I can finally start living on a richer monthly budget. The increase in div is really not much, but it's enough to make a big difference in my cash flow.   YAAAAYYY!!!

[Moemoney42]

Exactly Marty.. its a step in the right direction and I firmly believe there will be more divi. increases in 2022 as the crude price could average even higher in 2022 and will less debt to service those funds can be allocated to more divi increases.. patience.. ;-)

[Moemoney42]

Yup what have I been saying for months now... nailed it AGAIN..!!!!  ;-)