Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

F O R M 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of

November 2023

Commission File Number 001-36258

Crescent Point Energy Corp.

(Name of Registrant)

Suite 2000, 585 - 8th Avenue S.W.

Calgary, Alberta, T2P 1G1

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F x

The following documents attached as exhibits to this Form 6-K: Exhibit 99.1, the Interim Consolidated Financial Statements (unaudited) for the period ended September 30, 2023; and Exhibit 99.2, the Company's Management's Discussion and Analysis for the period ended September 30, 2023, shall be deemed to be filed with and shall be incorporated by reference into the Company's Registration Statements on Form F-3D (File No. 333-205592), Form S-8 (File No. 333-226210) and Form F-10 (333-257761).

The following documents attached as exhibits hereto are incorporated by reference herein:


Exhibit No.			Description
99.1			Interim Consolidated Financial Statements (unaudited) for the period ended September 30, 2023.
99.2			Management's Discussion and Analysis for the period ended September 30, 2023.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


			Crescent Point Energy Corp.
			(Registrant)

			By:			/s/ Ken Lamont
			Name:			Ken Lamont
			Title:			Chief Financial Officer

Date: November 2, 2023

EXHIBITS


99.1			Interim Consolidated Financial Statements (unaudited) for the period ended September 30, 2023.
99.2			Management's Discussion and Analysis for the period ended September 30, 2023.

Exhibit 99.1

CONSOLIDATED BALANCE SHEETS


		As at
		September 30,	December 31,
(UNAUDITED) (Cdn$ millions)	Notes	2023	2022
ASSETS
Cash		45.6	289.9
Accounts receivable		472.9	327.8
Deposit on acquisition		—	18.7
Prepaids and deposits		75.5	65.5

Derivative asset	19	119.4	138.9
Assets held for sale	5	905.4	148.4
Total current assets		1,618.8	989.2

Derivative asset	19	24.9	96.4
Other long-term assets		6.6	6.4
Exploration and evaluation	4, 5	260.5	104.2
Property, plant and equipment	5, 7	8,189.6	7,729.4
Right-of-use asset	10	67.0	78.1
Goodwill	5	203.6	203.9
Deferred income tax		—	278.8
Total assets		10,371.0	9,486.4
LIABILITIES
Accounts payable and accrued liabilities		501.2	448.2
Dividends payable		53.1	99.4
Current portion of long-term debt	9	388.6	538.7
Derivative liability	19	48.3	8.7
Other current liabilities	8	109.9	115.6
Liabilities associated with assets held for sale	5	153.5	28.4
Total current liabilities		1,254.6	1,239.0
Long-term debt	9	2,559.3	902.8
Derivative liability	19	0.9	—
Other long-term liabilities		35.8	40.8
Lease liability	10	87.7	99.2
Decommissioning liability	11	482.0	633.9
Deferred income tax		240.3	77.3
Total liabilities		4,660.6	2,993.0
SHAREHOLDERS’ EQUITY
Shareholders’ capital	12	16,158.7	16,419.3
Contributed surplus		16.4	17.1
Deficit	13	(11,085.5)	(10,563.3)
Accumulated other comprehensive income		620.8	620.3

Total shareholders' equity		5,710.4	6,493.4
Total liabilities and shareholders' equity		10,371.0	9,486.4

Commitments (Note 20)

Subsequent Events (Note 23)

See accompanying notes to the consolidated financial statements.


CRESCENT POINT ENERGY CORP.			1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


(UNAUDITED) (Cdn$ millions, except per share and shares outstanding amounts)		Three months ended September 30		Nine months ended September 30
	Notes	2023	2022 Revised (1)	2023	2022 Revised (1)
REVENUE AND OTHER INCOME
Oil and gas sales	22	998.7	930.3	2,552.3	2,982.8
Purchased product sales		9.6	24.1	45.6	73.7
Royalties		(99.6)	(106.5)	(269.4)	(343.4)
Oil and gas revenue		908.7	847.9	2,328.5	2,713.1
Commodity derivative gains (losses)	15, 19	(79.1)	163.5	(29.2)	(446.1)
Other income		1.1	28.9	12.5	52.0
		830.7	1,040.3	2,311.8	2,319.0
EXPENSES
Operating		214.2	162.9	566.0	467.9
Purchased product		9.6	24.6	47.7	75.0
Transportation		45.8	33.5	118.3	95.1
General and administrative		16.5	20.6	77.2	59.8
Interest	16	43.3	9.4	90.8	47.5
Foreign exchange (gain) loss	17	(2.3)	7.8	(9.5)	14.6
Share-based compensation		22.8	5.3	46.8	28.1
Depletion, depreciation and amortization	4, 7, 10	248.9	207.2	646.8	601.8
Impairment (impairment reversal)	7	45.4	—	45.4	(1,413.6)
Accretion and financing	10, 11	6.9	6.5	20.3	18.0
		651.1	477.8	1,649.8	(5.8)
Net income before tax from continuing operations		179.6	562.5	662.0	2,324.8

Tax expense
Current		—	—	—	—
Deferred		46.0	147.4	165.2	600.3
Net income from continuing operations		133.6	415.1	496.8	1,724.5
Net income (loss) from discontinued operations	6	(943.5)	51.3	(877.7)	257.0
Net income (loss)		(809.9)	466.4	(380.9)	1,981.5

Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Foreign currency translation of foreign operations		35.2	86.9	0.5	108.5
Comprehensive income (loss)		(774.7)	553.3	(380.4)	2,090.0

Net income (loss) per share
Continuing operations - basic		0.25	0.74	0.92	3.02
Discontinued operations - basic		(1.77)	0.09	(1.62)	0.45
Net income (loss) per share - basic		(1.52)	0.83	(0.70)	3.47

Continuing operations - diluted		0.25	0.73	0.92	2.99
Discontinued operations - diluted		(1.77)	0.09	(1.62)	0.45
Net income (loss) per share - diluted		(1.52)	0.82	(0.70)	3.44

Weighted average shares outstanding
Basic		534,259,825	563,555,121	541,976,513	570,579,943
Diluted		536,907,203	567,435,208	544,795,179	575,196,393

(1)Comparative period revised to reflect current period presentation. See Note 6 - "Discontinued Operations" for additional information.

See accompanying notes to the consolidated financial statements.


CRESCENT POINT ENERGY CORP.			2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY


(UNAUDITED) (Cdn$ millions, except per share amounts)	Notes	Shareholders’ capital	Contributed surplus	Deficit	Accumulated other comprehensive income	Total shareholders’ equity
December 31, 2021		16,706.9	17.5	(11,848.7)	529.6	5,405.3




Redemption of restricted shares		4.6	(4.7)	2.4		2.3

Common shares repurchased for cancellation		(207.7)				(207.7)
Share-based compensation			4.8			4.8
Stock options exercised		1.5	(1.4)			0.1

Net income				1,981.5		1,981.5
Dividends declared ($0.145 per share)				(81.8)		(81.8)
Foreign currency translation adjustment					108.5	108.5
September 30, 2022		16,505.3	16.2	(9,946.6)	638.1	7,213.0

December 31, 2022		16,419.3	17.1	(10,563.3)	620.3	6,493.4




Redemption of restricted shares	12	4.8	(4.8)	2.3		2.3
Common shares repurchased for cancellation	12	(266.1)				(266.1)

Share-based compensation			4.7			4.7
Stock options exercised	12	0.7	(0.6)			0.1

Net income (loss)				(380.9)		(380.9)
Dividends declared ($0.267 per share)				(143.6)		(143.6)
Foreign currency translation adjustment					0.5	0.5
September 30, 2023		16,158.7	16.4	(11,085.5)	620.8	5,710.4

See accompanying notes to the consolidated financial statements.


CRESCENT POINT ENERGY CORP.			3

CONSOLIDATED STATEMENTS OF CASH FLOWS


		Three months ended September 30		Nine months ended September 30
(UNAUDITED) (Cdn$ millions)	Notes	2023	2022	2023	2022
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Net income (loss)		(809.9)	466.4	(380.9)	1,981.5
Items not affecting cash
Other income		(0.1)	(27.7)	(9.5)	(43.4)
Deferred tax expense		303.5	153.4	443.8	601.6
Share-based compensation		1.6	1.6	4.6	4.6
Depletion, depreciation and amortization	4, 7, 10	320.9	247.2	817.1	706.4
Impairment (impairment reversal)	7	773.8	—	773.8	(1,484.9)
Accretion	11	5.7	5.3	16.7	14.0
Unrealized (gains) losses on derivatives	19	35.4	(349.5)	155.5	(117.3)
Translation of US dollar long-term debt	17	62.7	76.9	22.7	107.6

Realized gain on cross currency swap maturity	17	(6.8)	—	(95.9)	(63.8)
Decommissioning expenditures	11	(10.8)	(5.9)	(26.6)	(16.8)
Change in non-cash working capital	21	(27.1)	79.3	(136.9)	(86.8)
		648.9	647.0	1,584.4	1,602.7
INVESTING ACTIVITIES
Development capital and other expenditures	4, 7	(351.9)	(324.2)	(928.4)	(762.5)
Capital acquisitions	5	(1.1)	(88.2)	(2,075.8)	(89.4)
Capital dispositions	5	0.2	244.1	11.2	284.8

Other long-term assets		(0.1)	—	(0.1)	—
Deposit on acquisition		—	—	18.7	—
Change in non-cash working capital	21	25.4	17.3	42.3	25.3
		(327.5)	(151.0)	(2,932.1)	(541.8)
FINANCING ACTIVITIES
Issue of shares, net of issue costs		—	—	0.1	—
Common shares repurchased for cancellation	12	(124.5)	(75.1)	(266.1)	(207.7)
Increase (decrease) in bank debt, net	21	(96.2)	(180.2)	2,018.0	(338.5)

Repayment of senior guaranteed notes	21	—	—	(534.1)	(281.8)
Realized gain on cross currency swap maturity	17, 21	6.8	—	95.9	63.8
Payments on principal portion of lease liability	10, 21	(5.6)	(5.1)	(16.2)	(15.3)
Dividends declared	21	(71.7)	(44.9)	(143.6)	(81.8)
Change in non-cash working capital	21	1.5	17.9	(51.0)	11.4
		(289.7)	(287.4)	1,103.0	(849.9)
Impact of foreign currency on cash balances		(0.1)	1.0	0.4	1.0
INCREASE (DECREASE) IN CASH		31.6	209.6	(244.3)	212.0
CASH AT BEGINNING OF PERIOD		14.0	15.9	289.9	13.5
CASH AT END OF PERIOD		45.6	225.5	45.6	225.5

See accompanying notes to the consolidated financial statements.

Supplementary Information:


Cash taxes paid	(0.1)	—	(0.1)	—
Cash interest paid	(33.4)	(1.5)	(71.1)	(40.5)


CRESCENT POINT ENERGY CORP.			4

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2023 (UNAUDITED)

1.STRUCTURE OF THE BUSINESS

The principal undertaking of Crescent Point Energy Corp. (the “Company” or “Crescent Point”) is to carry on the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries.

Crescent Point is the ultimate parent and is amalgamated in Alberta, Canada under the Alberta Business Corporations Act. The address of the principal place of business is 2000, 585 - 8th Ave S.W., Calgary, Alberta, Canada, T2P 1G1.

These interim consolidated financial statements were approved and authorized for issue by the Company's Board of Directors on November 1, 2023.

2.BASIS OF PREPARATION

These interim consolidated financial statements are presented under International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). These interim consolidated financial statements have been prepared in accordance with IFRS applicable to the preparation of interim consolidated financial statements, including International Accounting Standard (“IAS”) 34 Interim Financial Reporting and have been prepared following the same accounting policies as the annual consolidated financial statements for the year ended December 31, 2022. Certain information and disclosures included in the notes to the annual consolidated financial statements are condensed herein or are disclosed on an annual basis only. Accordingly, these interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2022.

The policies applied in these consolidated financial statements are based on IFRS issued and outstanding as of November 1, 2023, the date the Board of Directors approved the statements.

The Company’s presentation currency is Canadian dollars and all amounts reported are Canadian dollars unless noted otherwise. References to “US$” and "US dollars" are to United States ("U.S.") dollars.

3.CHANGES IN ACCOUNTING POLICIES

Income Taxes

IAS 12 Income Taxes was amended in May 2021 by the IASB which requires companies, on initial recognition, to recognize deferred tax on transactions that result in equal amounts of taxable and deductible temporary differences. The Company adopted the amendment in 2023 and the adoption did not have an impact on the Company's consolidated financial statements.

4.EXPLORATION AND EVALUATION ASSETS


($ millions)	September 30, 2023	December 31, 2022
Exploration and evaluation assets at cost	1,234.8	1,453.4
Accumulated amortization	(974.3)	(1,349.2)
Net carrying amount	260.5	104.2

Reconciliation of movements during the period
Cost, beginning of period	1,453.4	1,613.3
Accumulated amortization, beginning of period	(1,349.2)	(1,564.5)
Net carrying amount, beginning of period	104.2	48.8

Net carrying amount, beginning of period	104.2	48.8
Acquisitions through business combinations	160.4	28.0
Additions	139.6	134.2
Dispositions	—	(10.9)
Reclassified as assets held for sale	(1.8)	—
Transfers to property, plant and equipment	(122.9)	(80.8)
Amortization	(18.9)	(15.2)
Foreign exchange	(0.1)	0.1
Net carrying amount, end of period	260.5	104.2


CRESCENT POINT ENERGY CORP.			5

Impairment test of exploration and evaluation assets

There were no indicators of impairment at September 30, 2023.

5.CAPITAL ACQUISITIONS AND DISPOSITIONS

In the nine months ended September 30, 2023, the Company incurred $16.7 million (nine months ended September 30, 2022 - $3.3 million) of transaction costs related to acquisitions through business combinations and dispositions that were recorded as general and administrative expenses.

a) Major property acquisitions and dispositions

Alberta Montney acquisition

On May 10, 2023, the Company closed the acquisition of Montney assets in Alberta for total consideration of $1.70 billion, prior to final closing adjustments.

Oil and gas sales of $316.0 million and oil and gas sales less royalties, transportation and operating expenses of $211.8 million are attributable to the Alberta Montney acquisition from the date of acquisition to September 30, 2023. Had the acquisition occurred on January 1, 2023, estimated oil and gas sales of $566.4 million and oil and gas sales less royalties, transportation and operating expenses of $395.4 million would have been recognized for the period ended September 30, 2023. This pro-forma information is not necessarily indicative of the results should the acquisition have actually occurred on January 1, 2023.

Kaybob Duvernay acquisition

On January 11, 2023, the Company closed the acquisition of certain Kaybob Duvernay assets in Alberta for total consideration of $370.4 million.

Oil and gas sales of $43.4 million and oil and gas sales less royalties, transportation and operating expenses of $29.2 million are attributable to the Kaybob Duvernay acquisition from the date of acquisition to September 30, 2023. Had the acquisition occurred on January 1, 2023, estimated oil and gas sales of $45.9 million and oil and gas sales less royalties, transportation and operating expenses of $31.0 million would have been recognized for the period ended September 30, 2023. This pro-forma information is not necessarily indicative of the results should the acquisition have actually occurred on January 1, 2023.

b) Minor property acquisitions and dispositions

In the nine months ended September 30, 2023, the Company completed minor property acquisitions and dispositions for net consideration received of $9.7 million.

The following table summarizes the major and minor property acquisitions and dispositions:


($ millions)	Alberta Montney Acquisition	Kaybob Duvernay Acquisition	Other minor dispositions, net



Cash	(1,703.9)	(370.4)	9.7

Consideration (paid) received	(1,703.9)	(370.4)	9.7

Exploration and evaluation	108.3	52.1	—
Property, plant and equipment	1,620.1	323.7	(7.5)
Goodwill	—	—	(0.3)

Decommissioning liability	(24.6)	(5.4)	2.3
Other long-term assets	0.1	—	—
Fair value of net assets acquired (Carrying value of net assets disposed)	1,703.9	370.4	(5.5)

Gain on capital dispositions	—	—	4.2


CRESCENT POINT ENERGY CORP.			6

c) Assets held for sale

At December 31, 2022, the Company classified certain non-core assets in its Alberta cash-generating unit ("CGU") as held for sale, which remain held for sale. At September 30, 2023, the Company classified its Northern U.S. CGU, comprised of its North Dakota assets, and additional non-core assets in its Alberta CGU as held for sale. Upon classification, assets held for sale were recorded at the lesser of their carrying value and recoverable amount. The Company completed the disposition of its North Dakota assets in October 2023. See Note 23 - "Subsequent Events" for additional information.


($ millions)	E&E (Note 4)	PP&E (Note 7)	Other assets (Note 10)	Decommissioning liability (Note 11)	Other liabilities (1)(2) (Note 10, 19)	Total
North Dakota	1.8	630.8	1.0	(14.1)	(34.1)	585.4
Non-core Alberta	—	271.8	—	(105.3)	—	166.5
Assets (liabilities) held for sale	1.8	902.6	1.0	(119.4)	(34.1)	751.9

(1)Includes crude oil derivative contracts of 5,673 bbls/d at an average swap price of US$75.96 for the term October 2023 to October 2024.

(2)Includes working capital of $9.0 million.

6.DISCONTINUED OPERATIONS

At September 30, 2023, the Company classified the assets in its Northern U.S. CGU as held for sale. The Northern U.S. CGU represents a geographical area of the Company's operations, therefore, its results have been classified as a discontinued operation in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. The Company completed the disposition of its North Dakota assets in October 2023. On completion of the disposition, the cumulative foreign currency translation recognized in accumulated other comprehensive income was reclassified from shareholders' equity to profit or loss. See Note 5 - "Capital Acquisitions and Dispositions" and Note 23 - "Subsequent Events" for additional information.

During the third quarter of 2023, the Company derecognized its U.S. tax pools as a result of the announced North Dakota asset sale, which resulted in a deferred tax charge of $257.5 million.

a) Results from discontinued operations

The following table summarizes the Company's financial results from discontinued operations:


	Three months ended September 30		Nine months ended September 30
($ millions)	2023	2022	2023	2022
REVENUE AND OTHER INCOME
Oil and gas sales	237.6	167.0	547.2	493.7
Royalties	(61.1)	(44.4)	(139.8)	(126.6)
Oil and gas revenue	176.5	122.6	407.4	367.1
Commodity derivative losses	(28.5)	—	(28.5)	—
Other income (loss)	(0.1)	—	6.2	—
	147.9	122.6	385.1	367.1
EXPENSES
Operating	28.1	22.1	71.9	66.3
Transportation	4.5	2.4	11.2	6.6
General and administrative	0.6	0.8	1.7	2.2
Share-based compensation	0.2	(0.2)	0.3	0.1
Depletion, depreciation and amortization	72.0	40.0	170.3	104.6
Impairment (impairment reversal)	728.4	—	728.4	(71.3)
Accretion and financing	0.1	0.2	0.4	0.3
	833.9	65.3	984.2	108.8
Net income (loss) before tax from discontinued operations	(686.0)	57.3	(599.1)	258.3

Tax expense
Current	—	—	—	—
Deferred	257.5	6.0	278.6	1.3
Net income (loss) from discontinued operations	(943.5)	51.3	(877.7)	257.0


CRESCENT POINT ENERGY CORP.			7

b) Cash flows from discontinued operations

The following table summarizes cash flows from discontinued operations reported in the consolidated statements of cash flows:


	Three months ended September 30		Nine months ended September 30
($ millions)	2023	2022	2023	2022
Cash provided by (used in) discontinued operations
Operating activities	111.8	116.5	311.6	281.5
Investing activities	(66.1)	(83.9)	(312.8)	(169.4)

Increase (decrease) in cash from discontinued operations	45.7	32.6	(1.2)	112.1


CRESCENT POINT ENERGY CORP.			8

c) Comparative periods

The following table summarizes the comparative periods that have been revised to reflect current period presentation:


	Three months ended	Three months ended	Year ended	Year ended
($ millions, except per share amount)	June 30, 2023	March 31, 2023	December 31, 2022	December 31, 2021
REVENUE AND OTHER INCOME
Oil and gas sales	791.6	762.0	3,847.0	2,735.3
Purchased product sales	16.2	19.8	100.8	31.7
Royalties	(83.8)	(86.0)	(435.5)	(285.5)
Oil and gas revenue	724.0	695.8	3,512.3	2,481.5
Commodity derivative gains (losses)	36.7	13.2	(473.4)	(488.9)
Other income	2.9	8.5	59.0	97.5
	763.6	717.5	3,097.9	2,090.1
EXPENSES
Operating	182.8	169.0	628.2	546.3
Purchased product	17.6	20.5	102.9	32.6
Transportation	39.7	32.8	131.0	114.6
General and administrative	36.7	24.0	78.4	79.1
Interest	31.5	16.0	63.6	90.6
Foreign exchange (gain) loss	(4.2)	(3.0)	18.8	(4.4)
Share-based compensation	6.5	17.5	38.8	29.9
Depletion, depreciation and amortization	211.5	186.4	807.2	668.2
Impairment reversal	—	—	(357.3)	(2,077.5)
Accretion and financing	6.4	7.0	24.5	21.5
	528.5	470.2	1,536.1	(499.1)
Net income before tax from continuing operations	235.1	247.3	1,561.8	2,589.2

Tax expense
Current	—	—	—	—
Deferred	56.7	62.5	415.1	715.6
Net income from continuing operations	178.4	184.8	1,146.7	1,873.6
Net income from discontinued operations	33.9	31.9	336.7	490.5
Net income	212.3	216.7	1,483.4	2,364.1

Other comprehensive income (loss)
Items that may be subsequently reclassified to profit or loss
Foreign currency translation of foreign operations	(34.5)	(0.2)	90.7	11.9
Comprehensive income	177.8	216.5	1,574.1	2,376.0

Net income per share
Continuing operations - basic	0.33	0.33	2.03	3.29
Discontinued operations - basic	0.06	0.06	0.59	0.86
Net income per share - basic	0.39	0.39	2.62	4.15

Continuing operations - diluted	0.33	0.33	2.01	3.26
Discontinued operations - diluted	0.06	0.06	0.59	0.85
Net income per share - diluted	0.39	0.39	2.60	4.11


CRESCENT POINT ENERGY CORP.			9

7.PROPERTY, PLANT AND EQUIPMENT


($ millions)	September 30, 2023	December 31, 2022
Development and production assets	21,853.4	22,340.0
Corporate assets	130.0	126.2
Property, plant and equipment at cost	21,983.4	22,466.2
Accumulated depletion, depreciation and impairment	(13,793.8)	(14,736.8)
Net carrying amount	8,189.6	7,729.4

Reconciliation of movements during the period
Development and production assets
Cost, beginning of period	22,340.0	23,402.9
Accumulated depletion and impairment, beginning of period	(14,651.8)	(15,762.6)
Net carrying amount, beginning of period	7,688.2	7,640.3

Net carrying amount, beginning of period	7,688.2	7,640.3
Acquisitions through business combinations	1,945.4	66.0
Additions	710.2	741.9
Dispositions	(9.1)	(285.8)
Transfers from exploration and evaluation assets	122.9	80.8
Reclassified as assets held for sale	(754.2)	(148.4)
Depletion	(779.1)	(911.4)
Impairment reversal (impairment)	(773.8)	428.6
Foreign exchange	0.1	76.2
Net carrying amount, end of period	8,150.6	7,688.2

Cost, end of period	21,853.4	22,340.0
Accumulated depletion and impairment, end of period	(13,702.8)	(14,651.8)
Net carrying amount, end of period	8,150.6	7,688.2

Corporate assets
Cost, beginning of period	126.2	123.2
Accumulated depreciation, beginning of period	(85.0)	(76.2)
Net carrying amount, beginning of period	41.2	47.0

Net carrying amount, beginning of period	41.2	47.0
Additions	3.8	2.6
Depreciation	(6.0)	(8.5)
Foreign exchange	—	0.1
Net carrying amount, end of period	39.0	41.2

Cost, end of period	130.0	126.2
Accumulated depreciation, end of period	(91.0)	(85.0)
Net carrying amount, end of period	39.0	41.2

Direct general and administrative costs capitalized by the Company during the nine months ended September 30, 2023, were $33.5 million (year ended December 31, 2022 - $49.7 million), including $5.3 million of share-based compensation costs (year ended December 31, 2022 - $14.7 million).

Impairment test of property, plant and equipment

At September 30, 2023, there were no indicators of impairment or impairment reversal.


CRESCENT POINT ENERGY CORP.			10

Assets Held for Sale

At September 30, 2023, the Company classified the assets in its Northern U.S. CGU and certain non-core assets in its Alberta CGU as held for sale. Immediately prior to classifying the assets as held for sale, the Company conducted a review of the assets' recoverable amounts and recorded impairment losses of $728.4 million and $45.4 million, respectively, on Property, Plant & Equipment. The recoverable amount was determined based on the assets' fair value less costs of disposal and based on expected consideration.

8.OTHER CURRENT LIABILITIES


($ millions)	September 30, 2023	December 31, 2022
Long-term compensation liability	47.9	49.1
Lease liability	22.1	24.9
Decommissioning liability	39.9	41.6
Other current liabilities	109.9	115.6

9.LONG-TERM DEBT


($ millions)	September 30, 2023	December 31, 2022
Bank debt	2,044.9	—
Senior guaranteed notes	903.0	1,441.5
Long-term debt	2,947.9	1,441.5
Long-term debt due within one year	388.6	538.7
Long-term debt due beyond one year	2,559.3	902.8

Bank debt

At September 30, 2023, the Company had combined facilities of $2.76 billion. This includes a $2.26 billion syndicated unsecured credit facility with eleven banks and a $100.0 million unsecured operating credit facility with one Canadian chartered bank, both with a current maturity date of November 26, 2026. Both of these facilities constitute revolving credit facilities and are extendible annually. On May 10, 2023, concurrent with the closing of the Alberta Montney acquisition, Crescent Point implemented an additional $400.0 million syndicated unsecured revolving credit facility with ten banks that matures on May 10, 2025.

The credit facilities have covenants which restrict the Company's ratio of senior debt to adjusted EBITDA to a maximum of 3.5:1.0, the ratio of total debt to adjusted EBITDA to a maximum of 4.0:1.0 and the ratio of senior debt to capital, adjusted for certain non-cash items as noted above, to a maximum of 0.55:1.0. The Company was in compliance with all debt covenants at September 30, 2023.

The Company had letters of credit in the amount of $25.9 million outstanding at September 30, 2023 (December 31, 2022 - $1.8 million).

Senior guaranteed notes

At September 30, 2023, the Company had senior guaranteed notes of US$589.5 million and Cdn$105.0 million outstanding. The notes are unsecured and rank pari passu with the Company's bank credit facilities and carry a bullet repayment on maturity. The senior guaranteed notes have financial covenants similar to those of the combined credit facilities described above.

Concurrent with the issuance of senior guaranteed notes with total principal of US$517.0 million, the Company entered into cross currency swaps ("CCS") to manage the Company's foreign exchange risk. The CCS fix the US dollar amount of the individual tranches of notes for purposes of interest and principal repayments at a notional amount of $606.9 million. See Note 19 - “Financial Instruments and Derivatives” for additional information.


CRESCENT POINT ENERGY CORP.			11

The following table summarizes the Company's senior guaranteed notes:


Principal ($ millions)	Coupon Rate		Hedged Principal (1) (Cdn$ millions)	Unhedged Principal (2) (Cdn$ millions)	Interest Payment Dates	Maturity Date	Financial statement carrying value
							September 30, 2023	December 31, 2022














US$61.5	4.12	%	—	—	October 11 and April 11	April 11, 2023	—	83.2
Cdn$80.0	3.58	%	—	—	October 11 and April 11	April 11, 2023	—	80.0
Cdn$10.0	4.11	%	—	—	December 12 and June 12	June 12, 2023	—	10.0
US$270.0	3.78	%	—	—	December 12 and June 12	June 12, 2023	—	365.5
Cdn$40.0	3.85	%	40.0	—	December 20 and June 20	June 20, 2024	40.0	40.0
US$257.5	3.75	%	276.4	—	December 20 and June 20	June 20, 2024	348.6	348.5
US$82.0	4.30	%	67.9	40.6	October 11 and April 11	April 11, 2025	111.0	111.0
Cdn$65.0	3.94	%	65.0	—	October 22 and April 22	April 22, 2025	65.0	65.0
US$230.0	4.08	%	262.6	30.5	October 22 and April 22	April 22, 2025	311.4	311.3
US$20.0	4.18	%	—	27.1	October 22 and April 22	April 22, 2027	27.0	27.0
Senior guaranteed notes			711.9	98.2			903.0	1,441.5
Due within one year			316.4	—			388.6	538.7
Due beyond one year			395.5	98.2			514.4	902.8

(1)Includes underlying derivatives which fix the Company's foreign exchange exposure on its US dollar senior guaranteed notes or represents the Canadian dollar principal on Canadian dollar denominated senior guaranteed notes.

(2)Includes the principal balance translated at the period end foreign exchange rate on US dollar senior guaranteed notes that do not have underlying CCS.

10.LEASES

Right-of-use asset


($ millions)	Office (1)	Fleet Vehicles	Equipment	Total
Right-of-use asset at cost	121.9	26.0	13.3	161.2
Accumulated depreciation	(62.9)	(22.2)	(9.1)	(94.2)
Net carrying amount	59.0	3.8	4.2	67.0

Reconciliation of movements during the period
Cost, beginning of period	121.9	28.5	11.1	161.5
Accumulated depreciation, beginning of period	(55.4)	(20.4)	(7.6)	(83.4)
Net carrying amount, beginning of period	66.5	8.1	3.5	78.1

Net carrying amount, beginning of period	66.5	8.1	3.5	78.1
Additions	0.8	—	2.2	3.0

Reclassified as assets held for sale	(0.1)	(0.9)	—	(1.0)
Depreciation	(8.2)	(3.4)	(1.5)	(13.1)


Net carrying amount, end of period	59.0	3.8	4.2	67.0

(1)A portion of the Company's office space is subleased. During the nine months ended September 30, 2023, the Company recorded sublease income of $3.0 million (nine months ended September 30, 2022 - $2.5 million) as a component of other income.


CRESCENT POINT ENERGY CORP.			12

Lease liability


($ millions)	September 30, 2023	December 31, 2022
Lease liability, beginning of period	124.1	141.4
Additions	3.0	3.8


Reclassified as liabilities associated with assets held for sale	(1.1)	—
Financing	4.0	5.7
Payments on lease liability	(20.2)	(26.1)

Other	—	(0.7)

Lease liability, end of period	109.8	124.1
Expected to be incurred within one year	22.1	24.9
Expected to be incurred beyond one year	87.7	99.2

Some leases contain variable payments that are not included within the lease liability as the payments are based on amounts determined by the lessor annually and are not dependent on an index or rate. For the nine months ended September 30, 2023, variable lease payments of $1.3 million were included in general and administrative expenses relating to property tax payments on office leases (nine months ended September 30, 2022 - $1.1 million).

During the nine months ended September 30, 2023, the Company recorded $0.6 million in payments related to short-term leases and leases for low dollar value underlying assets in operating and general administrative expenses (nine months ended September 30, 2022 - $0.6 million).

The undiscounted cash flows relating to the lease liability are as follows:


($ millions)			September 30, 2023
1 year			23.3
2 to 3 years			39.6
4 to 5 years			33.9
More than 5 years			29.5
Total (1)			126.3

(1)Includes both the principal and amounts representing interest.

11.DECOMMISSIONING LIABILITY

Upon retirement of its oil and gas assets, the Company anticipates incurring substantial costs associated with decommissioning. The estimated cash flows have been discounted using a risk-free rate of 3.81 percent and a derived inflation rate of 1.75 percent (December 31, 2022 - risk-free rate of 3.28 percent and derived inflation rate of 2.09 percent).


($ millions)	September 30, 2023	December 31, 2022
Decommissioning liability, beginning of period	675.5	918.8
Liabilities incurred	15.7	21.6
Liabilities acquired through capital acquisitions	30.1	3.4
Liabilities disposed through capital dispositions	(2.4)	(46.7)
Liabilities settled (1)	(32.0)	(43.1)
Revaluation of acquired decommissioning liabilities (2)	27.1	3.8
Change in estimates	—	(11.4)
Change in discount and inflation rate estimates	(117.8)	(163.0)
Accretion	16.7	19.2
Reclassified as liabilities associated with assets held for sale	(91.0)	(28.4)
Foreign exchange	—	1.3
Decommissioning liability, end of period	521.9	675.5
Expected to be incurred within one year	39.9	41.6
Expected to be incurred beyond one year	482.0	633.9

(1)Includes $5.4 million received from government grant programs during the nine months ended September 30, 2023 (year ended December 31, 2022 - $23.0 million).

(2)These amounts relate to the revaluation of acquired decommissioning liabilities at the end of the period using a risk-free discount rate. At the date of acquisition, acquired decommissioning liabilities are fair valued.


CRESCENT POINT ENERGY CORP.			13

12.SHAREHOLDERS' CAPITAL

Crescent Point has an unlimited number of common shares authorized for issuance.


	September 30, 2023		December 31, 2022
	Number of shares	Amount ($ millions)	Number of shares	Amount ($ millions)
Common shares, beginning of period	550,888,983	16,675.8	579,484,032	16,963.4


Issued on redemption of restricted shares	1,391,364	4.8	1,713,730	5.2
Issued on exercise of stock options	445,351	0.7	1,038,321	1.4
Common shares repurchased for cancellation	(26,239,700)	(266.1)	(31,347,100)	(294.2)

Common shares, end of period	526,485,998	16,415.2	550,888,983	16,675.8
Cumulative share issue costs, net of tax	—	(256.5)	—	(256.5)
Total shareholders’ capital, end of period	526,485,998	16,158.7	550,888,983	16,419.3

Normal Course Issuer Bid ("NCIB")

On March 7, 2023, the Company announced the approval by the Toronto Stock Exchange of its notice to implement a NCIB. The NCIB allows the Company to purchase, for cancellation, up to 54,605,659 common shares, or 10 percent of the Company's public float, as at February 23, 2023. The NCIB commenced on March 9, 2023 and is due to expire on March 8, 2024. The Company's previous NCIB commenced on March 9, 2022 and expired on March 8, 2023.

During the nine months ended September 30, 2023, the Company purchased 26.2 million common shares for total consideration of $266.1 million under its NCIB programs. The total cost paid, including commissions and fees, was recognized directly as a reduction in shareholders' equity. Under the NCIB, all common shares purchased are cancelled.

13.DEFICIT


($ millions)	September 30, 2023	December 31, 2022
Accumulated earnings (deficit)	(3,081.5)	(2,700.6)
Accumulated gain on shares issued pursuant to DRIP (1) and SDP (2)	8.4	8.4
Accumulated tax effect on redemption of restricted shares	18.1	15.8
Accumulated dividends	(8,030.5)	(7,886.9)
Deficit	(11,085.5)	(10,563.3)

(1)Premium Dividend TM and Dividend Reinvestment Plan – suspended in 2015.

(2)Share Dividend Plan – suspended in 2015.

14.CAPITAL MANAGEMENT


($ millions)	September 30, 2023	December 31, 2022
Long-term debt (1)	2,947.9	1,441.5
Adjusted working capital (surplus) deficiency (2)	45.7	(95.1)
Unrealized foreign exchange on translation of hedged US dollar long-term debt	(117.4)	(191.7)
Net debt	2,876.2	1,154.7
Shareholders’ equity	5,710.4	6,493.4
Total capitalization	8,586.6	7,648.1

(1)Includes current portion of long-term debt.

(2)Adjusted working capital (surplus) deficiency is calculated as accounts payable and accrued liabilities (including accounts payable classified as liabilities associated with assets held for sale), dividends payable and long-term compensation liability net of equity derivative contracts, less cash, accounts receivable and prepaids and deposits, including deposit on acquisition.


CRESCENT POINT ENERGY CORP.			14

The following table reconciles cash flow from operating activities to adjusted funds flow from operations for the nine months ended September 30, 2023 and September 30, 2022:


($ millions)	September 30, 2023	September 30, 2022
Cash flow from operating activities	1,584.4	1,602.7
Changes in non-cash working capital	136.9	86.8
Transaction costs	16.7	3.3
Decommissioning expenditures	26.6	16.8
Adjusted funds flow from operations	1,764.6	1,709.6

Crescent Point's objective for managing its capital structure is to maintain a strong balance sheet and capital base to provide financial flexibility, position the Company to fund future development projects and provide returns to shareholders.

Crescent Point manages its capital structure and short-term financing requirements using a measure not defined in IFRS, or standardized, the ratio of net debt to adjusted funds flow from operations. Net debt to adjusted funds flow from operations is used to measure the Company's overall debt position and to measure the strength of the Company's balance sheet and may not be comparable to similar financial measures disclosed by other issuers. Crescent Point's objective is to manage this metric to be well positioned to execute its business objectives during periods of volatile commodity prices. Crescent Point monitors this ratio and uses it as a key measure in capital allocation decisions including capital spending levels, returns to shareholders including dividends and share repurchases, and financing considerations. The Company's net debt to adjusted funds flow from operations ratio for the trailing four quarters at September 30, 2023 was 1.3 times (December 31, 2022 - 0.5 times).

Crescent Point is subject to certain financial covenants on its credit facilities and senior guaranteed notes agreements and was in compliance with all financial covenants as at September 30, 2023. See Note 9 - "Long-term Debt" for additional information regarding the Company's financial covenant requirements.

Crescent Point retains financial flexibility with liquidity on its credit facilities. The Company continuously monitors the commodity price environment and manages its counterparty exposure to mitigate credit losses and protect its balance sheet.

15.COMMODITY DERIVATIVE GAINS (LOSSES)


	Three months ended September 30		Nine months ended September 30
($ millions)	2023	2022 (1)	2023	2022 (1)
Realized gains (losses)	(4.9)	(120.2)	13.0	(546.2)
Unrealized gains (losses)	(74.2)	283.7	(42.2)	100.1
Commodity derivative gains (losses)	(79.1)	163.5	(29.2)	(446.1)

(1)Comparative period revised to reflect current period presentation.

16.INTEREST EXPENSE


	Three months ended September 30		Nine months ended September 30
($ millions)	2023	2022	2023	2022
Interest expense on long-term debt	43.8	15.3	89.7	53.1
Unrealized (gain) loss on interest derivative contracts	(0.5)	(5.9)	1.1	(5.6)
Interest expense	43.3	9.4	90.8	47.5

17.FOREIGN EXCHANGE GAIN (LOSS)


	Three months ended September 30		Nine months ended September 30
($ millions)	2023	2022	2023	2022
Realized gain on CCS - principal	6.8	—	95.9	63.8
Translation of US dollar long-term debt	(62.7)	(76.9)	(22.7)	(107.6)
Unrealized gain (loss) on CCS - principal and foreign exchange swaps	55.9	63.4	(64.6)	20.9
Other	2.3	5.7	0.9	8.3
Foreign exchange gain (loss)	2.3	(7.8)	9.5	(14.6)


CRESCENT POINT ENERGY CORP.			15

18.SHARE-BASED COMPENSATION

The following table reconciles the number of restricted shares, Employee Share Value Plan ("ESVP") awards, Performance Share Units ("PSUs") and Deferred Share Units ("DSUs") for the nine months ended September 30, 2023:


	Restricted Shares	ESVP	PSUs (1)	DSUs
Balance, beginning of period	2,244,738	5,274,478	2,713,176	1,745,879
Granted	712,159	1,482,811	879,218	159,169

Redeemed	(1,391,364)	(3,721,568)	—	(248,920)
Forfeited	(62,305)	(354,908)	(155,309)	—

Balance, end of period	1,503,228	2,680,813	3,437,085	1,656,128

(1)Based on underlying units before any effect of performance multipliers.

The following table provides summary information regarding stock options outstanding as at September 30, 2023:


	Stock options (number of units)	Weighted average exercise price ($)
Balance, beginning of period	3,889,130	4.43

Exercised	(605,592)	2.94
Forfeited	(24,817)	2.62

Balance, end of period	3,258,721	4.72


Range of exercise prices ($)	Number of stock options outstanding	Weighted average remaining term for stock options outstanding (years)	Weighted average exercise price per share for stock options outstanding ($)	Number of stock options exercisable	Weighted average exercise price per share for stock options exercisable ($)
1.09 - 1.65	1,556,593	3.50	1.09	521,227	1.09
1.66 - 5.16	260,708	2.53	3.93	248,839	3.97
5.17 - 9.86	451,889	3.96	5.99	162,599	7.28
9.87 - 10.06	989,531	1.28	10.06	989,531	10.06
	3,258,721	2.81	4.72	1,922,196	6.60

The volume weighted average trading price of the Company's common shares was $9.67 per share during the nine months ended September 30, 2023.

19.FINANCIAL INSTRUMENTS AND DERIVATIVES

The Company's financial assets and liabilities are comprised of cash, accounts receivable, derivative assets and liabilities, accounts payable and accrued liabilities, dividends payable and long-term debt.

a) Carrying amount and fair value of financial instruments

The fair value of cash, accounts receivable, accounts payable and accrued liabilities and dividends payable approximate their carrying amount due to the short-term nature of those instruments. The fair value of the amounts drawn on bank credit facilities is equal to its carrying amount as the facilities bear interest at floating rates and credit spreads that are indicative of market rates. These financial instruments are classified as financial assets and liabilities at amortized cost and are reported at amortized cost.

Crescent Point's derivative assets and liabilities are transacted in active markets, classified as financial assets and liabilities at fair value through profit or loss and fair valued at each period with the resulting gain or loss recorded in net income.

At September 30, 2023, the senior guaranteed notes had a carrying value of $903.0 million and a fair value of $870.7 million (December 31, 2022 - $1.44 billion and $1.37 billion, respectively).

Derivative assets and liabilities

Derivative assets and liabilities arise from the use of derivative contracts. Crescent Point's derivative assets and liabilities are classified as Level 2 with values based on inputs including quoted forward prices for commodities, time value and volatility factors. Accordingly, the Company's derivative financial instruments are classified as fair value through profit or loss and are reported at fair value with changes in fair value recorded in net income.


CRESCENT POINT ENERGY CORP.			16

The following table summarizes the fair value as at September 30, 2023 and the change in fair value for the nine months ended September 30, 2023:


($ millions)	Commodity (1)	Interest (2)	Foreign exchange (3)	Equity	Total
Derivative assets, beginning of period	14.0	6.7	175.0	30.9	226.6

Unrealized change in fair value	(66.2)	(1.1)	(64.6)	(23.6)	(155.5)
Reclassified as liabilities associated with assets held for sale	24.0	—	—	—	24.0

Derivative assets (liabilities), end of period	(28.2)	5.6	110.4	7.3	95.1

Derivative assets, end of period	19.7	5.6	111.7	7.3	144.3
Derivative liabilities, end of period	(47.9)	—	(1.3)	—	(49.2)

(1)Includes crude oil, crude oil differential, natural gas and natural gas differential contracts.

(2)Interest payments on CCS.

(3)Includes principal portion of CCS and foreign exchange contracts.

b) Risks associated with financial assets and liabilities

The Company is exposed to financial risks from its financial assets and liabilities. The financial risks include market risk relating to commodity prices, interest rates, foreign exchange rates and equity price as well as credit and liquidity risk.

Commodity price risk

The Company is exposed to commodity price risk on crude oil and condensate, NGLs and natural gas revenues. To manage a portion of this risk, the Company has entered into various derivative agreements.

The following table summarizes the unrealized gains (losses) on the Company's commodity financial derivative contracts and the resulting impact on income before tax due to fluctuations in commodity prices or differentials, with all other variables held constant:



($ millions)	September 30, 2023		September 30, 2022
	Increase 10%	Decrease 10%	Increase 10%	Decrease 10%
Commodity price
Crude oil (1)	(87.7)	81.8	(76.1)	74.0
Natural gas	(7.8)	7.8	(4.1)	4.3
Propane	—	—	(0.1)	0.1
Differential
Crude oil	1.0	(1.0)	0.1	(0.1)
Natural gas	6.1	(6.1)	3.8	(3.8)

(1)Includes derivative contracts associated with assets held for sale.

Interest rate risk

The Company is exposed to interest rate risk on amounts drawn on its bank credit facilities to the extent of changes in market interest rates. Based on the Company's floating rate debt position, as at September 30, 2023, a 1 percent increase or decrease in the interest rate on floating rate debt would amount to an impact on income before tax of $5.1 million and $15.3 million for the three and nine months ended September 30, 2023, respectively. At September 30, 2022, the Company was undrawn on its credit facilities and had no floating rate debt outstanding, therefore no exposure to changes in market interest rates.

Foreign exchange risk

The Company is exposed to foreign exchange risk in relation to its US dollar denominated long-term debt, investment in U.S. subsidiaries and in relation to its crude oil sales. Crescent Point utilizes foreign exchange derivatives to hedge its foreign exchange exposure on its US dollar denominated long-term debt. To reduce foreign exchange risk relating to crude oil sales, the Company utilizes a combination of foreign exchange swaps and fixed price WTI crude oil contracts that settle in Canadian dollars.


CRESCENT POINT ENERGY CORP.			17

The following table summarizes the resulting unrealized gains (losses) impacting income before tax due to the respective changes in the period end and applicable foreign exchange rates, with all other variables held constant:



($ millions)	Exchange Rate	September 30, 2023		September 30, 2022
Cdn$ relative to US$		Increase 10%	Decrease 10%	Increase 10%	Decrease 10%
US dollar long-term debt	Period End	275.7	(275.7)	126.2	(126.2)
Cross currency swaps	Forward	(267.2)	267.2	(127.7)	127.7
Foreign exchange swaps	Forward	65.0	(65.0)	5.1	(5.1)

Equity price risk

The Company is exposed to equity price risk on its own share price in relation to certain share-based compensation plans detailed in Note 18 - “Share-based Compensation”. The Company has entered into total return swaps to mitigate its exposure to fluctuations in its share price by fixing the future settlement cost on a portion of its cash settled plans.

The following table summarizes the unrealized gains (losses) on the Company's equity derivative contracts and the resulting impact on income before tax due to the respective changes in the applicable share price, with all other variables held constant:

($ millions)

September 30, 2023

September 30, 2022

Share price

Increase 50%

Decrease 50%

Increase 50%

Decrease 50%

Total return swaps

15.5

(15.5)

23.6

(23.6)

Credit risk

The Company is exposed to credit risk in relation to its physical oil and gas sales, financial counterparty and joint venture receivables. A substantial portion of the Company's accounts receivable are with customers in the oil and gas industry and are subject to normal industry credit risks. To mitigate credit risk associated with its physical sales portfolio, Crescent Point obtains financial assurances such as parental guarantees, letters of credit, prepayments and third party credit insurance. Including these assurances, approximately 98 percent of the Company's oil and gas sales are with entities considered investment grade.

At September 30, 2023, approximately 3 percent (December 31, 2022 - 4 percent) of the Company's accounts receivable balance was outstanding for more than 90 days and the Company's average expected credit loss was 0.84 percent (December 31, 2022 - 0.93 percent) on a portion of the Company’s accounts receivable balance relating to joint venture receivables.

Liquidity risk

The Company manages its liquidity risk through managing its capital structure and continuously monitoring forecast cash flows and available credit under existing banking facilities as well as other potential sources of capital.

At September 30, 2023, the Company had available unused borrowing capacity on bank credit facilities of approximately $724.2 million, including $25.9 million outstanding letters of credit and cash of $45.6 million.

c) Derivative contracts

The following is a summary of the derivative contracts in place as at September 30, 2023:


Financial WTI Crude Oil Derivative Contracts – Canadian Dollar (1)
	Swap		Collar			Put
Term	Volume (bbls/d)	Average Price ($/bbl)	Volumes (bbls/d)	Average Sold Call Price ($/bbl)	Average Bought Put Price ($/bbl)	Volume (bbls/d)	Average Bought Put Price ($/bbl)	Average Put Premium ($/bbl)
October 2023 - December 2023	4,500	104.58	23,000	108.25	94.95	2,500	85.00	2.43
January 2024 - December 2024	—	—	12,081	115.69	96.72	—	—	—

(1)The volumes and prices reported are the weighted average volumes and prices for the period.

Financial WTI Crude Oil Derivative Contracts – US Dollar (1) (2)

Swap

Volume
(bbls/d)

Average Price
(US$/bbl)

Term

October 2023 - December 2023

8,185

77.13

January 2024 - October 2024

4,915

75.38

(1)The volumes and prices reported are the weighted average volumes and prices for the period.

(2)Included in liabilities associated with assets held for sale.


CRESCENT POINT ENERGY CORP.			18

Financial WTI Crude Oil Differential Derivative Contracts – Canadian Dollar (1)

Term

Volume
(bbls/d)

Contract

Basis

Fixed Differential
($/bbl)

October 2023 - December 2023

4,000

Basis Swap

WCS (2)

(22.73)

October 2023 - December 2023

3,000

Basis Swap

MSW (3)

(4.39)

(1) The volumes and prices reported are the weighted average volumes and prices for the period.

(2) WCS refers to Western Canadian Select crude oil differential.

(3) MSW refers to Mixed Sweet Blend crude oil differential.

Financial AECO Natural Gas Derivative Contracts – Canadian Dollar (1)

Swap

Volume
(GJ/d)

Average Price
($/GJ)

Term

October 2023 - December 2023

31,348

4.13

January 2024 - October 2024

31,403

3.33

(1)The volumes and prices reported are the weighted average volumes and prices for the period.


Financial NYMEX Natural Gas Derivative Contracts – US Dollar (1)
	Swap		Collar
Term	Volume (mmbtu/d)	Average Price (US$/mmbtu)	Volume (mmbtu/d)	Average Sold Call Price (US$/mmbtu)	Average Bought Put Price (US$/mmbtu)
October 2023 - December 2023	20,000	3.13	—	—	—
January 2024 - December 2024	—	—	35,000	4.19	3.00

(1)The volumes and prices reported are the weighted average volumes and prices for the period.

Financial NYMEX Natural Gas Differential Derivative Contracts – US Dollar (1)

Term

Volume
(mmbtu/d)

Contract

Basis

Fixed Differential
(US$/mmbtu)

October 2023 - December 2023

40,000

Basis Swap

AECO

(1.05)

January 2024 - December 2024

70,000

Basis Swap

AECO

(1.08)

January 2025 - December 2025

29,863

Basis Swap

AECO

(1.08)

(1)The volumes and prices reported are the weighted average volumes and prices for the period.


Financial Cross Currency Derivative Contracts
Term	Contract	Receive Notional Principal (US$ millions)	Fixed Rate (US%)	Pay Notional Principal (Cdn$ millions)	Fixed Rate (Cdn%)








October 2023	Swap	646.0	6.95	852.1	6.60
October 2023	Swap	634.0	7.08	855.2	6.67
October 2023 - November 2023	Swap	167.0	7.11	227.2	6.73
October 2023 - June 2024	Swap	257.5	3.75	276.4	4.03
October 2023 - April 2025	Swap	52.0	4.30	67.9	3.98
October 2023 - April 2025	Swap	207.5	4.08	262.6	4.13

Financial Foreign Exchange Forward Derivative Contracts

Settlement Date

Contract

Receive Currency

Receive Notional Principal
($ millions)

Pay
Currency

Pay Notional Principal

($ millions)

October 2023

Swap

Cdn$

529.1

US$

390.0

October 2023

Swap (1)

Cdn$

43.2

US$

32.0

June 2024

Swap

Cdn$

40.5

US$

30.0

December 2024

Swap

Cdn$

40.5

US$

30.0

(1)Based on an average floating exchange rate.


CRESCENT POINT ENERGY CORP.			19

Financial Equity Derivative Contracts

Notional Principal

($ millions)

Number of shares

Term

Contract

October 2023 - March 2024

Swap

11.8

1,549,947

October 2023 - March 2025

Swap

12.0

1,207,754

20.COMMITMENTS

At September 30, 2023, the Company had contractual obligations and commitments as follows:


($ millions)	1 year	2 to 3 years	4 to 5 years	More than 5 years	Total
Operating (1)	11.2	11.2	9.7	8.3	40.4
Gas processing	82.8	121.2	97.2	266.0	567.2
Transportation	95.9	183.8	100.5	47.7	427.9
Capital	13.7	14.9	—	—	28.6
Total contractual commitments (2)	203.6	331.1	207.4	322.0	1,064.1

(1)Includes operating costs on the Company's office space, net of $16.0 million recoveries from subleases.

(2)Excludes contracts accounted for under IFRS 16. See Note 10 - "Leases" for additional information.

21.SUPPLEMENTAL DISCLOSURES

Cash flow statement presentation


	Three months ended September 30		Nine months ended September 30
($ millions)	2023	2022	2023	2022
Operating activities
Changes in non-cash working capital:
Accounts receivable	(97.3)	134.9	(144.5)	(81.1)
Prepaids and deposits	(0.5)	(2.5)	(1.1)	(9.6)
Accounts payable and accrued liabilities	40.5	(54.1)	15.1	9.9
Other current liabilities	17.9	—	(1.4)	(2.0)
Other long-term liabilities	12.3	1.0	(5.0)	(4.0)
	(27.1)	79.3	(136.9)	(86.8)
Investing activities
Changes in non-cash working capital:
Accounts receivable	0.2	0.6	(0.4)	(2.0)

Accounts payable and accrued liabilities	25.2	16.7	42.7	27.3
	25.4	17.3	42.3	25.3
Financing activities
Changes in non-cash working capital:
Prepaids and deposits	1.0	—	(8.9)	—
Accounts payable and accrued liabilities	1.6	10.0	4.2	10.0

Dividends payable	(1.1)	7.9	(46.3)	1.4
	1.5	17.9	(51.0)	11.4


CRESCENT POINT ENERGY CORP.			20

Supplementary financing cash flow information

The Company's reconciliation of cash flow from financing activities is outlined in the table below:


($ millions)	Dividends payable	Long-term debt (1)	Lease liability (2)
December 31, 2021	43.5	1,970.2	141.4
Changes from cash flow from financing activities:



Decrease in bank debt, net		(338.5)

Repayment of senior guaranteed notes		(281.8)
Realized gain on cross currency swap maturity		63.8
Dividends paid	(80.4)
Payments on principal portion of lease liability			(15.3)
Non-cash changes:




Dividends declared	81.8

Additions			0.5
Other			(0.7)

Foreign exchange		43.1
September 30, 2022	44.9	1,456.8	125.9

December 31, 2022	99.4	1,441.5	124.1
Changes from cash flow from financing activities:



Increase in bank debt, net		2,018.0

Repayment of senior guaranteed notes		(534.1)
Realized gain on cross currency swap maturity		91.8
Dividends paid	(189.9)
Payments on principal portion of lease liability			(16.2)
Non-cash changes:




Dividends declared	143.6

Additions			3.0


Reclassified as liabilities associated with assets held for sale			(1.1)
Foreign exchange		(69.3)
September 30, 2023	53.1	2,947.9	109.8

(1)Includes current portion of long-term debt.

(2)Includes current portion of lease liability.


CRESCENT POINT ENERGY CORP.			21

22.OIL AND GAS SALES

The following table reconciles oil and gas sales by country:


	Three months ended September 30		Nine months ended September 30
($ millions) (1)	2023	2022	2023	2022
Canada
Crude oil and condensate sales	889.4	800.1	2,245.4	2,587.7
NGL sales	45.7	55.6	135.2	173.3
Natural gas sales	63.6	74.6	171.7	221.8
Total Canada	998.7	930.3	2,552.3	2,982.8
U.S.
Crude oil and condensate sales	224.0	140.8	504.7	421.1
NGL sales	8.9	13.8	26.8	43.7
Natural gas sales	4.7	12.4	15.7	28.9
Total U.S. (2)	237.6	167.0	547.2	493.7
Total oil and gas sales	1,236.3	1,097.3	3,099.5	3,476.5

(1)Oil and gas sales are reported before realized derivatives.

(2)Discontinued operations.

23.SUBSEQUENT EVENTS

Disposition of North Dakota Assets

On October 24, 2023, Crescent Point completed the disposition of its North Dakota assets for total consideration of approximately $585.4 million, including interim closing adjustments and working capital items.


CRESCENT POINT ENERGY CORP.			22


Directors Barbara Munroe, Chair (6) James Craddock (2) (3) (5) John Dielwart (3) (4) Mike Jackson (1) (5) Jennifer Koury (2) (5) Francois Langlois (1) (3) (4) Myron Stadnyk (1) (2) (4) Mindy Wight (1) (2) Craig Bryksa (4) (1) Member of the Audit Committee of the Board of Directors (2) Member of the Human Resources and Compensation Committee of the Board of Directors (3) Member of the Reserves Committee of the Board of Directors (4) Member of the Environment, Safety and Sustainability Committee of the Board of Directors (5) Member of the Corporate Governance and Nominating Committee (6) Chair of the Board serves in an ex officio capacity on each Committee Officers Craig Bryksa President and Chief Executive Officer Ken Lamont Chief Financial Officer Ryan Gritzfeldt Chief Operating Officer Mark Eade Senior Vice President, General Counsel and Corporate Secretary Garret Holt Senior Vice President, Strategy & Sustainability Michael Politeski Senior Vice President, Finance and Treasurer Shelly Witwer Senior Vice President, Business Development Justin Foraie Vice President, Operations and Marketing Head Office Suite 2000, 585 - 8th Avenue S.W. Calgary, Alberta T2P 1G1 Tel: (403) 693-0020 Fax: (403) 693-0070 Toll Free: (888) 693-0020 Banker The Bank of Nova Scotia Calgary, Alberta						Auditor PricewaterhouseCoopers LLP Calgary, Alberta Legal Counsel Norton Rose Fulbright Canada LLP Calgary, Alberta Evaluation Engineers McDaniel & Associates Consultants Ltd. Calgary, Alberta Registrar and Transfer Agent Investors are encouraged to contact Crescent Point's Registrar and Transfer Agent for information regarding their security holdings: Computershare Trust Company of Canada 600, 530 - 8th Avenue S.W. Calgary, Alberta T2P 3S8 Tel: (403) 267-6800 Stock Exchanges Toronto Stock Exchange - TSX New York Stock Exchange - NYSE Stock Symbol CPG Investor Contacts Shant Madian Vice President, Capital Markets (403) 693-0020 Sarfraz Somani Manager, Investor Relations (403) 693-0020


CRESCENT POINT ENERGY CORP.			23

Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS

Management's discussion and analysis (“MD&A”) is dated November 1, 2023 and should be read in conjunction with the unaudited consolidated financial statements for the period ended September 30, 2023 and the audited consolidated financial statements for the year ended December 31, 2022, for a full understanding of the financial position and results of operations of Crescent Point Energy Corp. (the “Company” or “Crescent Point”). Except as otherwise noted, the results of operations include both continuing and discontinued operations.

The unaudited consolidated financial statements and comparative information for the period ended September 30, 2023, have been prepared in accordance with International Financial Reporting Standards (“IFRS”), specifically International Accounting Standard ("IAS") 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB").

STRUCTURE OF THE BUSINESS

The principal undertaking of Crescent Point is to carry on the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries. Amounts in this MD&A are in Canadian dollars unless noted otherwise. References to “US$” and "US dollars" are to United States (“U.S.”) dollars.

Overview

The Company achieved strong third quarter financial results with adjusted funds flow from operations of $687.1 million and adjusted net earnings from operations of $315.5 million. The Company generated $321.6 million of excess cash flow and reduced net debt by $124.5 million during the quarter, exiting the third quarter of 2023 with net debt of $2.88 billion. Crescent Point continued to execute on its return of capital framework, returning approximately 60 percent of its excess cash flow to shareholders through share repurchases and dividends. Crescent Point repurchased 11.4 million shares for $124.5 million during the third quarter, accounting for the largest allocation of the return of capital.

Production averaged 180,581 boe/d for the third quarter of 2023, up 36 percent from the same period in 2022, primarily attributable to the Alberta Montney acquisition and development in the Kaybob Duvernay. Development capital expenditures were $315.5 million with 52 (51.3 net) wells drilled.

On August 24, 2023, the Company announced that it had entered into an agreement to sell its North Dakota assets. These assets, along with other non-core assets in Alberta, were classified as held for sale at September 30, 2023, resulting in a non-cash impairment charge of $773.8 million during the quarter. The Company also recorded deferred tax expense of approximately $257.5 million related to the derecognition of its U.S. tax pools as a result of the North Dakota sale transaction. Both of these non-cash charges contributed to the net loss of $809.9 million during the quarter. The results from the Company's North Dakota assets have been classified as a discontinued operation; refer to the Discontinued Operations section in this MD&A for further information.

The Company remains on track to meet its 2023 guidance for average annual production of 156,000 to 161,000 boe/d and development capital expenditures of $1.05 to $1.15 billion.

Adjusted funds flow from operations, adjusted net earnings from operations, excess cash flow and net debt are specified financial measures that do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this MD&A for further information.


CRESCENT POINT ENERGY CORP.			1

Presentation of Continuing and Discontinued Operations

At September 30, 2023, the Company classified the assets in its Northern U.S. cash-generating unit ("CGU") as held for sale. The Northern U.S. CGU represents a geographical area of the Company's operations, therefore, its results have been classified as a discontinued operation in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Refer to the Discontinued Operations and Subsequent Events section in this MD&A for further information. Presentation of financial results for the three and nine months ended September 30, 2023 and September 30, 2022, are presented below to reconcile continuing and discontinued operations to the consolidated results referenced within this MD&A.

The following table summarizes the Company's financial results from continuing and discontinued operations for the three months ended September 30, 2023 and September 30, 2022:


	Three months ended September 30, 2023			Three months ended September 30, 2022
($ millions)	Continuing	Discontinued	Total	Continuing (1)	Discontinued (1)	Total
REVENUE AND OTHER INCOME
Oil and gas sales	998.7	237.6	1,236.3	930.3	167.0	1,097.3
Purchased product sales	9.6	—	9.6	24.1	—	24.1
Royalties	(99.6)	(61.1)	(160.7)	(106.5)	(44.4)	(150.9)
Oil and gas revenue	908.7	176.5	1,085.2	847.9	122.6	970.5
Commodity derivative gains (losses)	(79.1)	(28.5)	(107.6)	163.5	—	163.5
Other income (loss)	1.1	(0.1)	1.0	28.9	—	28.9
	830.7	147.9	978.6	1,040.3	122.6	1,162.9
EXPENSES
Operating	214.2	28.1	242.3	162.9	22.1	185.0
Purchased product	9.6	—	9.6	24.6	—	24.6
Transportation	45.8	4.5	50.3	33.5	2.4	35.9
General and administrative	16.5	0.6	17.1	20.6	0.8	21.4
Interest	43.3	—	43.3	9.4	—	9.4
Foreign exchange (gain) loss	(2.3)	—	(2.3)	7.8	—	7.8
Share-based compensation	22.8	0.2	23.0	5.3	(0.2)	5.1
Depletion, depreciation and amortization	248.9	72.0	320.9	207.2	40.0	247.2
Impairment	45.4	728.4	773.8	—	—	—
Accretion and financing	6.9	0.1	7.0	6.5	0.2	6.7
	651.1	833.9	1,485.0	477.8	65.3	543.1
Net income (loss) before tax	179.6	(686.0)	(506.4)	562.5	57.3	619.8

Tax expense
Current	—	—	—	—	—	—
Deferred	46.0	257.5	303.5	147.4	6.0	153.4
Net income (loss)	133.6	(943.5)	(809.9)	415.1	51.3	466.4

(1)Not previously disclosed.


CRESCENT POINT ENERGY CORP.			2

The following table summarizes the Company's financial results from continuing and discontinued operations for the nine months ended September 30, 2023 and September 30, 2022:


	Nine months ended September 30, 2023			Nine months ended September 30, 2022
($ millions)	Continuing	Discontinued	Total	Continuing (1)	Discontinued (1)	Total
REVENUE AND OTHER INCOME
Oil and gas sales	2,552.3	547.2	3,099.5	2,982.8	493.7	3,476.5
Purchased product sales	45.6	—	45.6	73.7	—	73.7
Royalties	(269.4)	(139.8)	(409.2)	(343.4)	(126.6)	(470.0)
Oil and gas revenue	2,328.5	407.4	2,735.9	2,713.1	367.1	3,080.2
Commodity derivative losses	(29.2)	(28.5)	(57.7)	(446.1)	—	(446.1)
Other income	12.5	6.2	18.7	52.0	—	52.0
	2,311.8	385.1	2,696.9	2,319.0	367.1	2,686.1
EXPENSES
Operating	566.0	71.9	637.9	467.9	66.3	534.2
Purchased product	47.7	—	47.7	75.0	—	75.0
Transportation	118.3	11.2	129.5	95.1	6.6	101.7
General and administrative	77.2	1.7	78.9	59.8	2.2	62.0
Interest	90.8	—	90.8	47.5	—	47.5
Foreign exchange (gain) loss	(9.5)	—	(9.5)	14.6	—	14.6
Share-based compensation	46.8	0.3	47.1	28.1	0.1	28.2
Depletion, depreciation and amortization	646.8	170.3	817.1	601.8	104.6	706.4
Impairment (impairment reversal)	45.4	728.4	773.8	(1,413.6)	(71.3)	(1,484.9)
Accretion and financing	20.3	0.4	20.7	18.0	0.3	18.3
	1,649.8	984.2	2,634.0	(5.8)	108.8	103.0
Net income (loss) before tax	662.0	(599.1)	62.9	2,324.8	258.3	2,583.1

Tax expense
Current	—	—	—	—	—	—
Deferred	165.2	278.6	443.8	600.3	1.3	601.6
Net income (loss)	496.8	(877.7)	(380.9)	1,724.5	257.0	1,981.5

(1) Not previously disclosed.

Results of Operations

Production


	Three months ended September 30			Nine months ended September 30
	2023	2022	% Change	2023	2022	% Change
Crude oil and condensate (bbls/d)	114,997	91,762	25	103,094	91,989	12
NGLs (bbls/d)	21,635	17,198	26	19,519	16,793	16
Natural gas (mcf/d)	263,694	144,356	83	215,012	137,277	57
Total (boe/d)	180,581	133,019	36	158,448	131,662	20
Crude oil and liquids (%)	76	82	(6)	77	83	(6)
Natural gas (%)	24	18	6	23	17	6
Total (%)	100	100	—	100	100	—

The following is a summary of Crescent Point's production by area:


	Three months ended September 30			Nine months ended September 30
Production By Area (boe/d)	2023	2022	% Change	2023	2022	% Change
Alberta	88,694	47,661	86	70,287	43,598	61
Saskatchewan	61,045	66,382	(8)	62,908	69,842	(10)
North Dakota (1)	30,842	18,976	63	25,253	18,222	39
Total	180,581	133,019	36	158,448	131,662	20

(1)Discontinued operations.


CRESCENT POINT ENERGY CORP.			3

The Company achieved average production of 180,581 boe/d and 158,448 boe/d for the three and nine months ended September 30, 2023, respectively, representing an increase of 36 percent and 20 percent from the 2022 comparative periods. This growth is primarily attributable to the acquisitions of the Alberta Montney assets in May 2023 and additional Kaybob Duvernay assets in January 2023, along with organic growth in the Kaybob Duvernay and North Dakota properties as a result of the Company's successful development program.

The Company's weighting to crude oil and natural gas liquids ("NGLs") production in both the three and nine months ended September 30, 2023, decreased by 6 percent from the 2022 comparative periods. This decline was primarily due to the aforementioned acquisitions of the Alberta Montney and Kaybob Duvernay assets, which have higher natural gas production volumes.

Exhibit 1

Marketing and Prices


	Three months ended September 30			Nine months ended September 30
Average Selling Prices (1)	2023	2022	% Change	2023	2022	% Change
Crude oil and condensate ($/bbl)	105.24	111.46	(6)	97.72	119.81	(18)
NGLs ($/bbl)	27.45	43.83	(37)	30.40	47.33	(36)
Natural gas ($/mcf)	2.81	6.55	(57)	3.19	6.69	(52)
Total ($/boe)	74.42	89.66	(17)	71.65	96.72	(26)

(1)The average selling prices reported are before realized commodity derivatives and transportation.


	Three months ended September 30			Nine months ended September 30
Benchmark Pricing	2023	2022	% Change	2023	2022	% Change
Crude Oil Prices
WTI crude oil (US$/bbl) (1)	82.18	91.64	(10)	77.37	98.14	(21)
WTI crude oil (Cdn$/bbl)	110.16	119.63	(8)	104.13	125.82	(17)
Crude Oil and Condensate Differentials
LSB crude oil (Cdn$/bbl) (2)	(3.67)	(4.61)	(20)	(5.87)	(3.85)	52
FOS crude oil (Cdn$/bbl) (3)	(15.99)	(23.72)	(33)	(21.83)	(18.13)	20
UHC crude oil (US$/bbl) (4)	2.25	5.11	(56)	2.43	3.65	(33)
MSW crude oil (Cdn$/bbl) (5)	(2.48)	(2.62)	(5)	(3.50)	(2.35)	49
C5+ condensate (Cdn$/bbl) (6)	(5.78)	(5.63)	3	(0.97)	(1.14)	(15)
Natural Gas Prices
AECO daily spot natural gas (Cdn$/mcf) (7)	2.59	4.16	(38)	2.76	5.38	(49)
AECO monthly index natural gas (Cdn$/mcf)	2.38	5.81	(59)	3.02	5.56	(46)
NYMEX natural gas (US$/mmbtu) (8)	2.55	8.18	(69)	2.69	6.77	(60)
Foreign Exchange Rate
Exchange rate (US$/Cdn$)	0.746	0.766	(3)	0.743	0.780	(5)

(1)WTI refers to the West Texas Intermediate crude oil price.

(2)LSB refers to the Light Sour Blend crude oil price.

(3)FOS refers to the Fosterton crude oil price, which typically receives a premium to the Western Canadian Select ("WCS") price.

(4)UHC refers to the Sweet at Clearbrook crude oil price.

(5)MSW refers to the Mixed Sweet Blend crude oil price.

(6)C5+ condensate refers to the Canadian C5+ condensate index.

(7)AECO refers to the Alberta Energy Company natural gas price.

(8)NYMEX refers to the New York Mercantile Exchange natural gas price.


CRESCENT POINT ENERGY CORP.			4

Benchmark crude oil prices weakened in the three and nine months ended September 30, 2023, compared to the same periods in 2022, primarily due to demand concerns induced by a slowing global economy and rising interest rates. The weak economic recovery in China, coupled with banking turmoil in the U.S. and Europe exerted additional downward pressure on crude oil demand. Despite European sanctions, Russian crude oil production remained resilient, with a greater volume of Russian barrels being sold to Asian refineries, compared to the third quarter of 2022. This was partially offset by extended output cuts from Saudi Arabia and Russia, which led to lower global inventories and an increase in crude oil prices in the third quarter of 2023 relative to the first half of the year.

Natural gas prices significantly weakened in the three and nine months ended September 30, 2023, compared to the same periods in 2022, primarily due to mild weather across most of the northern hemisphere, which led to reduced demand and higher storage inventory levels. Increased production in both the U.S. and Canada provided further downward pressure on natural gas prices, but was slightly offset by record power consumption in the U.S. where cooling demand was up significantly. The AECO daily benchmark price decreased 38 percent and 49 percent in the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022. The NYMEX benchmark price decreased 69 percent and 60 percent in the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022.

Exhibit 2

FOS and LSB crude oil differentials strengthened in the three months ended September 30, 2023, compared to the same period in 2022, primarily due to extended output cuts from Saudi Arabia and Russia, which supported global sour crude oil prices. Increased refinery utilization and improved margins played a significant role in reducing heavy crude oil inventories, resulting in a narrowing of heavy crude differentials. FOS and LSB crude oil differentials weakened in the nine months ended September 30, 2023, compared to the same period in 2022, primarily due to wider WCS differentials. WCS crude oil differentials weakened in the nine months ended September 30, 2023, compared to the same period in 2022, primarily due to abnormally narrow differentials in the first half of 2022 as refiners secured supplies of sour crude in anticipation of sanctions against Russian crude oil. WCS crude oil differentials weakened due to outages in the first quarter of 2023 at refineries that process heavy crude oil, resulting in an oversupply of heavy barrels.

MSW crude oil differentials strengthened in the three months ended September 30, 2023, compared to the same period in 2022, primarily due to residual impacts of the Alberta wildfires in May 2023 resulting in reduced Canadian light sweet crude oil inventories. Refineries in the Pacific Northwest opted to process light sweet crude instead of the higher priced sour crude, further contributing to the stronger differential. UHC crude oil differentials weakened in the three months ended September 30, 2023, compared to the same period in 2022, primarily due to a significant release of light sweet crude oil from the U.S. Strategic Petroleum Reserve in the first quarter of 2023. MSW and UHC crude oil differentials weakened in the nine months ended September 30, 2023, compared to the same period in 2022, primarily due to a surplus of naphtha in the U.S. Gulf Coast region.

Condensate differentials weakened in the three months ended September 30, 2023, compared to the same period in 2022, primarily due to higher diluent inventories in western Canada, as well as increased imports of C5 to Canada from the Mont Belvieu trading hub in Texas. Condensate differentials strengthened in the nine months ended September 30, 2023, compared to the same period in 2022, primarily due to significantly higher oilsands production in 2023 resulting in higher diluent demand. A large inventory draw in the first quarter of 2023 in Fort Saskatchewan to fill the Key Access Pipeline System further contributed to increased condensate demand.

For the three and nine months ended September 30, 2023, the Company's average selling price for crude oil and condensate decreased 6 percent and 18 percent, respectively, from the same periods in 2022, primarily due to an 8 percent and 17 percent decrease in the Cdn$ WTI benchmark price.

Crescent Point's corporate crude oil and condensate differential relative to Cdn$ WTI for the three months ended September 30, 2023, was $4.92 per bbl compared to $8.17 per bbl in the same period of 2022. The narrower differential is primarily due to stronger LSB, FOS and MSW differentials, partially offset by weaker UHC differentials. Crescent Point's corporate crude oil and condensate differential relative to Cdn$ WTI for the nine months ended September 30, 2023, was $6.41 per bbl compared to $6.01 per bbl in the same period of 2022. The wider differential is primarily due to weaker LSB, FOS, UHC and MSW differentials, partially offset by stronger C5+ differentials.


CRESCENT POINT ENERGY CORP.			5

For the three and nine months ended September 30, 2023, the Company's average selling price for NGLs decreased 37 percent and 36 percent, respectively, from the same periods in 2022. The decrease can be attributed primarily to a reduction in propane and butane prices, which was a consequence of record high inventories in the U.S. and the lower WTI benchmark price.

The Company's average selling price for natural gas for the three and nine months ended September 30, 2023, decreased 57 percent and 52 percent, respectively, compared to the same periods in 2022, primarily as a result of the decreases in the AECO daily and NYMEX benchmark prices.

Exhibit 3

Exhibit 4

Commodity Derivatives

Management of cash flow variability is an integral component of Crescent Point's business strategy. Crescent Point regularly monitors changing business and market conditions while executing its strategic risk management program. Crescent Point proactively manages the risk exposure inherent in movements in the price of crude oil, propane, natural gas, interest rates, the Company's share price and the US/Cdn dollar exchange rate through the use of derivatives with investment-grade counterparties.

The Company's crude oil and NGL derivatives are referenced to WTI and Conway C3, respectively. The Company's natural gas derivatives are referenced to NYMEX and the AECO monthly index. Crescent Point utilizes a variety of derivatives, including swaps, collars and put options, to protect against downward commodity price movements while also providing the opportunity for some upside participation during periods of rising prices. This reduces the volatility of the selling price of crude oil, NGLs and natural gas production and provides a measure of stability to the Company's cash flow. See Note 19 – "Financial Instruments and Derivatives" in the unaudited consolidated financial statements for the period ended September 30, 2023, for additional information on the Company's derivatives.


CRESCENT POINT ENERGY CORP.			6

The following is a summary of the realized commodity derivative gains (losses):


	Three months ended September 30			Nine months ended September 30
($ millions, except volume amounts)	2023	2022	% Change	2023	2022	% Change
Average crude oil volumes hedged (bbls/d) (1)	32,500	41,750	(22)	28,159	45,065	(38)
Crude oil realized derivative loss (1)	(14.7)	(126.8)	(88)	(3.6)	(548.1)	(99)
per bbl	(1.39)	(15.02)	(91)	(0.13)	(21.83)	(99)
Average NGL volumes hedged (bbls/d)	—	500	(100)	—	500	(100)
NGL realized derivative loss	—	(0.2)	(100)	—	(1.2)	(100)
per bbl	—	(0.09)	(100)	—	(0.26)	(100)
Average natural gas volumes hedged (GJ/d) (2) (3)	34,000	30,000	13	32,681	31,642	3
Natural gas realized derivative gain (3)	5.3	6.8	(22)	12.1	3.1	290
per GJ	0.22	0.51	(57)	0.21	0.08	163
Average barrels of oil equivalent hedged (boe/d) (1) (3)	37,871	46,989	(19)	33,322	50,563	(34)

Total realized commodity derivative gains (losses) (1) (3)	(9.4)	(120.2)	(92)	8.5	(546.2)	(102)
per boe	(0.57)	(9.82)	(94)	0.20	(15.20)	(101)

(1)The crude oil realized derivative loss includes realized derivative gains and losses on financial crude oil price differential contracts. The average crude oil volumes hedged and average barrels of oil equivalent hedged do not include the hedged volumes related to financial crude oil price differential contracts.

(2)GJ/d is defined as gigajoules per day.

(3)The natural gas derivative gain includes realized derivative gains and losses on financial natural gas price differential contracts. The average natural gas volumes hedged and average barrels of oil equivalent hedged do not include the hedged volumes related to financial natural gas price differentials contracts.

The Company's realized derivative losses for crude oil were $14.7 million and $3.6 million for the three and nine months ended September 30, 2023, respectively, compared to $126.8 million and $548.1 million for the same periods in 2022. The realized derivative losses in the three and nine months ended September 30, 2023, were primarily attributable to the higher Cdn$ WTI benchmark price compared to the Company's average derivative crude oil price.

Crescent Point's realized derivative gains for natural gas were $5.3 million and $12.1 million in the three and nine months ended September 30, 2023, respectively, compared to $6.8 million and $3.1 million for the same periods in 2022. The realized gains in 2023 are the result of the lower average AECO monthly index price compared to the Company's average derivative natural gas hedge price, partially offset by losses on the Company's natural gas differential contracts as a result of the narrower AECO to NYMEX differential.

Exhibit 5

The following is a summary of the Company's unrealized commodity derivative gains (losses):


	Three months ended September 30			Nine months ended September 30
($ millions)	2023	2022	% Change	2023	2022	% Change
Crude oil	(97.2)	269.0	(136)	(62.0)	78.4	(179)
NGLs	—	0.6	(100)	—	(0.1)	(100)
Natural gas	(1.0)	14.1	(107)	(4.2)	21.8	(119)
Total unrealized commodity derivative gains (losses)	(98.2)	283.7	(135)	(66.2)	100.1	(166)

In the three months ended September 30, 2023, the Company recognized a total unrealized derivative loss of $98.2 million on its commodity contracts compared to a total unrealized derivative gain of $283.7 million in the same period of 2022. The unrealized derivative loss in the third quarter of 2023 was primarily attributable to crude oil contracts and reflects the increase in the Cdn$ WTI forward benchmark prices at September 30, 2023, compared to June 30, 2023.


CRESCENT POINT ENERGY CORP.			7

In the nine months ended September 30, 2023, the Company recognized a total unrealized derivative loss of $66.2 million on its commodity contracts compared to a total unrealized derivative gain of $100.1 million in the same period of 2022. The unrealized derivative loss in 2023 was primarily attributable to crude oil contracts and reflects the increase in the Cdn$ WTI forward benchmark prices at September 30, 2023, compared to December 31, 2022.

Oil and Gas Sales


	Three months ended September 30			Nine months ended September 30
($ millions) (1)	2023	2022	% Change	2023	2022	% Change
Crude oil and condensate sales	1,113.4	940.9	18	2,750.1	3,008.8	(9)
NGL sales	54.6	69.4	(21)	162.0	217.0	(25)
Natural gas sales	68.3	87.0	(21)	187.4	250.7	(25)
Total oil and gas sales	1,236.3	1,097.3	13	3,099.5	3,476.5	(11)

(1)Oil and gas sales are reported before realized commodity derivatives.

In the three months ended September 30, 2023, total oil and gas sales increased by 13 percent compared to the same period in 2022, primarily attributable to increased production growth, partially offset by lower average selling prices.

In the nine months ended September 30, 2023, total oil and gas sales decreased by 11 percent from the 2022 comparative period. The decrease is primarily due to lower average selling prices, partially offset by the increase in production.

Exhibit 6

Royalties


	Three months ended September 30			Nine months ended September 30
($ millions, except % and per boe amounts)	2023	2022	% Change	2023	2022	% Change
Royalties	160.7	150.9	6	409.2	470.0	(13)
As a % of oil and gas sales	13.0	13.8	(0.8)	13.2	13.5	(0.3)
Per boe	9.67	12.33	(22)	9.46	13.08	(28)

Royalties increased 6 percent in the three months ended September 30, 2023, compared to the same period in 2022, primarily due to a 13 percent increase in oil and gas sales, partially offset by a lower average royalty rate. Royalties decreased 13 percent in the nine months ended September 30, 2023, compared to the same period in 2022, primarily due to an 11 percent decrease in oil and gas sales and a slightly lower average royalty rate.

Royalties as a percentage of oil and gas sales decreased in the three and nine months ended September 30, 2023, compared to the same periods in 2022. The decrease is primarily due to the integration of the lower royalty rate Alberta Montney assets and a favorable Gas Cost Allowance adjustment, partially offset by increased production in North Dakota, which has a higher average royalty rate.

Royalties per boe decreased 22 percent and 28 percent in the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022. This is primarily attributable to higher production in the Alberta Montney and Kaybob Duvernay areas, as well as the lower royalty rates mentioned above.


CRESCENT POINT ENERGY CORP.			8

Exhibit 7

Operating Expenses


	Three months ended September 30			Nine months ended September 30
($ millions, except per boe amounts)	2023	2022	% Change	2023	2022	% Change
Operating expenses	242.3	185.0	31	637.9	534.2	19
Per boe	14.58	15.12	(4)	14.75	14.86	(1)

Total operating expenses increased 31 percent and 19 percent in the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022. The increase in the third quarter of 2023 was primarily attributable to the acquisition of producing assets in the Alberta Montney and Kaybob Duvernay, which closed in May 2023 and January 2023, respectively.

Operating expenses per boe decreased 4 percent in the three months ended September 30, 2023, compared to the same period in 2022, largely due to higher production in the Alberta Montney, Kaybob Duvernay and North Dakota, which have lower associated per boe operating costs than the corporate average. Operating expenses per boe in the nine months ended September 30, 2023, were relatively consistent with the same period in 2022. This was due to the acquisitions of producing assets with lower associated per boe operating costs, which was offset by inflationary pressures in 2023.

Exhibit 8

Transportation Expenses


	Three months ended September 30			Nine months ended September 30
($ millions, except per boe amounts)	2023	2022	% Change	2023	2022	% Change
Transportation expenses	50.3	35.9	40	129.5	101.7	27
Per boe	3.03	2.93	3	2.99	2.83	6

Transportation expenses increased 40 percent and 27 percent in the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022. This increase corresponds to the Company's production growth, which is primarily a result of the Alberta Montney and Kaybob Duvernay acquisitions in 2023. On a per boe basis, transportation expenses increased by $0.10 per boe and $0.16 per boe in the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022, primarily due to higher tariffs associated with the Alberta Montney assets.


CRESCENT POINT ENERGY CORP.			9

Exhibit 9

Netback


	Three months ended September 30			Nine months ended September 30
	2023	2022		2023	2022
	Total (2) ($/boe)	Total (2) ($/boe)	% Change	Total (2) ($/boe)	Total (2) ($/boe)	% Change
Oil and gas sales	74.42	89.66	(17)	71.65	96.72	(26)
Royalties	(9.67)	(12.33)	(22)	(9.46)	(13.08)	(28)
Operating expenses	(14.58)	(15.12)	(4)	(14.75)	(14.86)	(1)
Transportation expenses	(3.03)	(2.93)	3	(2.99)	(2.83)	6
Operating netback (1)	47.14	59.28	(20)	44.45	65.95	(33)
Realized gain (loss) on commodity derivatives	(0.57)	(9.82)	(94)	0.20	(15.20)	(101)
Netback (1)	46.57	49.46	(6)	44.65	50.75	(12)

(1)Specified financial measure that does not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this MD&A for further information.

(2)The dominant production category for the Company's properties is crude oil and condensate. These properties include associated natural gas and NGL volumes, therefore, the total operating netback and netback have been presented.

The Company's operating netback for the three and nine months ended September 30, 2023, decreased to $47.14 per boe and $44.45 per boe, respectively, from $59.28 per boe and $65.95 per boe from the same periods in 2022. The decrease in the Company's operating netback in the third quarter of 2023 was primarily due to the decrease in average selling price, partially offset by lower royalties and operating expenses. The decrease in the Company's operating netback for the nine months ended September 30, 2023, was primarily due to the decrease in average selling price, partially offset by lower royalties. The decrease in the Company's netback in the three months ended September 30, 2023, was a result of the decrease in the operating netback, partially offset by the decreased realized loss on commodity derivatives compared to the same period in 2022. The decrease in the Company's netback in the nine months ended September 30, 2023, was a result of the decrease in the operating netback, partially offset by the realized gain on commodity derivatives compared to a realized loss in the same period of 2022.

Exhibit 10


CRESCENT POINT ENERGY CORP.			10

General and Administrative Expenses


	Three months ended September 30			Nine months ended September 30
($ millions, except per boe amounts)	2023	2022	% Change	2023	2022	% Change
Gross general and administrative expenses	32.2	35.2	(9)	122.1	102.2	19
Overhead recoveries	(5.7)	(5.7)	—	(15.0)	(15.1)	(1)
Capitalized	(9.4)	(8.1)	16	(28.2)	(25.1)	12
Total general and administrative expenses	17.1	21.4	(20)	78.9	62.0	27
Transaction costs	(0.3)	(2.9)	(90)	(16.7)	(3.3)	406
General and administrative expenses	16.8	18.5	(9)	62.2	58.7	6
Per boe	1.01	1.51	(33)	1.44	1.63	(12)

General and administrative ("G&A") expenses decreased 9 percent in the three months ended September 30, 2023, compared to the same period in 2022, primarily due to timing of contributions made under the Company's community investment program and lower corporate costs. G&A expenses increased 6 percent in the nine months ended September 30, 2023, compared to the same period in 2022, primarily attributable to higher employee costs and professional fees.

G&A expense per boe decreased 33 percent and 12 percent in the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022 primarily as a result of higher production volumes.

Transaction costs relate to the Company's acquisition and disposition transactions. Refer to the Capital Acquisitions and Dispositions section in this MD&A for further information.

Exhibit 11

Interest Expense


	Three months ended September 30			Nine months ended September 30
($ millions, except per boe amounts)	2023	2022	% Change	2023	2022	% Change
Interest expense on long-term debt	43.8	15.3	186	89.7	53.1	69
Unrealized (gain) loss on interest derivative contracts	(0.5)	(5.9)	(92)	1.1	(5.6)	(120)
Interest expense	43.3	9.4	361	90.8	47.5	91
Per boe	2.61	0.77	239	2.10	1.32	59

Interest expense on long-term debt increased 186 percent and 69 percent in the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022, due to the Company's higher average debt balance and higher effective interest rate. The Company's higher average debt balance in 2023 was due to the acquisition of the Alberta Montney assets in May 2023. The Company's hedged effective interest rate increased to 5.78 percent and 5.21 percent in the three and nine months ended September 30, 2023, respectively, compared to 4.05 percent and 3.94 percent in the same periods in 2022. The increases primarily reflect the increase in underlying benchmark rates and the higher proportion of the Company's debt at these higher floating rates.

At September 30, 2023, approximately 30 percent of the Company's outstanding long-term debt had fixed interest rates.


CRESCENT POINT ENERGY CORP.			11

Exhibit 12

Foreign Exchange Gain (Loss)


	Three months ended September 30			Nine months ended September 30
($ millions)	2023	2022	% Change	2023	2022	% Change
Realized gain on CCS - principal	6.8	—	—	95.9	63.8	50
Translation of US dollar long-term debt	(62.7)	(76.9)	(18)	(22.7)	(107.6)	(79)
Unrealized gain (loss) on CCS - principal and foreign exchange swaps	55.9	63.4	(12)	(64.6)	20.9	(409)
Other	2.3	5.7	(60)	0.9	8.3	(89)
Foreign exchange gain (loss)	2.3	(7.8)	(129)	9.5	(14.6)	(165)

The Company hedges its foreign exchange exposure using a combination of cross currency swaps ("CCS") and foreign exchange swaps. During the three months ended September 30, 2023, the Company realized a $6.8 million derivative gain on CCS related to Secured Overnight Financing Rate ("SOFR") loan maturities. During the nine months ended September 30, 2023, the Company realized a derivative gain of $95.9 million on CCS related to senior guaranteed note maturities and SOFR loan maturities.

The Company records foreign exchange gains or losses on the period end translation of US dollar long-term debt and related accrued interest. During the three and nine months ended September 30, 2023, the Company recorded foreign exchange losses of $62.7 million and $22.7 million, respectively, which were attributed to the weaker Canadian dollar at September 30, 2023, as compared to June 30, 2023, and December 31, 2022, respectively.

During the three months ended September 30, 2023, Crescent Point recognized an unrealized derivative gain on CCS and foreign exchange swaps of $55.9 million reflecting the effect of the weaker forward Canadian dollar at September 30, 2023, as compared to June 30, 2023, on the Company's CCS. During the nine months ended September 30, 2023, the Company recorded an unrealized derivative loss of $64.6 million, primarily due to the maturity of in-the-money CCS contracts, partially offset by the effect of the weaker forward Canadian dollar at September 30, 2023, as compared to December 31, 2022, on the Company's CCS.

Share-based Compensation Expense


	Three months ended September 30			Nine months ended September 30
($ millions, except per boe amounts)	2023	2022	% Change	2023	2022	% Change
Share-based compensation costs	31.8	2.7	1,078	54.5	56.1	(3)
Realized (gain) loss on equity derivative contracts	0.1	(0.1)	(200)	(25.7)	(26.2)	(2)
Unrealized (gain) loss on equity derivative contracts	(6.4)	3.5	(283)	23.6	9.3	154
Capitalized	(2.5)	(1.0)	150	(5.3)	(11.0)	(52)
Share-based compensation expense	23.0	5.1	351	47.1	28.2	67
Per boe	1.38	0.42	229	1.09	0.78	40

During the three and nine months ended September 30, 2023, the Company recorded share-based compensation ("SBC") costs of $31.8 million and $54.5 million, respectively, compared to $2.7 million and $56.1 million in the same periods in 2022. The higher SBC costs in the three months ended September 30, 2023, are primarily attributable to the increase in share price at September 30, 2023, compared to June 30, 2023, and higher estimated performance achievements associated with the Performance Share Unit ("PSU") Plan in the third quarter of 2023. The SBC costs in the nine months ended September 30, 2023, remained relatively consistent with the 2022 comparative period.


CRESCENT POINT ENERGY CORP.			12

During the three months ended September 30, 2023, the Company recognized an unrealized gain on equity derivative contracts of $6.4 million compared to an unrealized loss of $3.5 million in the same period of 2022. The unrealized gain in the third quarter of 2023 is due to an increase in the Company's share price at September 30, 2023, as compared to June 30, 2023. In the nine months ended September 30, 2023, the Company recognized an unrealized loss of $23.6 million compared to $9.3 million in the same period of 2022. The unrealized loss in 2023 was primarily due to the maturity of in-the-money equity derivative contracts in the first quarter of 2023. In the nine months ended September 30, 2023, the Company also recognized a realized gain of $25.7 million, which was primarily due to the maturity of in-the-money equity derivative contracts in the first quarter of 2023.

Exhibit 13

The following table summarizes the number of restricted shares, Employee Share Value Plan ("ESVP") awards, PSUs, Deferred Share Units ("DSUs") and stock options outstanding:


	September 30, 2023	December 31, 2022
Restricted Share Bonus Plan (1)	1,503,228	2,244,738
Employee Share Value Plan	2,680,813	5,274,478
Performance Share Unit Plan (2)	3,437,085	2,713,176
Deferred Share Unit Plan	1,656,128	1,745,879
Stock Option Plan (3)	3,258,721	3,889,130

(1)At September 30, 2023, the Company was authorized to issue up to 9,819,186 common shares (December 31, 2022 - 11,210,550 common shares).

(2)Based on underlying units before any effect of performance multipliers.

(3)At September 30, 2023, the weighted average exercise price is $4.72 per share (December 31, 2022 - $4.43 per share).

As of the date of this report, the Company had 1,464,982 restricted shares, 2,756,432 ESVP awards, 3,444,908 PSUs, 1,710,436 DSUs and 3,258,721 stock options outstanding.

Depletion, Depreciation and Amortization


	Three months ended September 30			Nine months ended September 30
($ millions, except per boe amounts)	2023	2022	% Change	2023	2022	% Change
Depletion and depreciation	309.9	246.0	26	798.2	694.0	15
Amortization of exploration and evaluation undeveloped land	11.0	1.2	817	18.9	12.4	52
Depletion, depreciation and amortization	320.9	247.2	30	817.1	706.4	16
Per boe	19.32	20.20	(4)	18.89	19.65	(4)

For the three and nine months ended September 30, 2023, the Company's depletion, depreciation and amortization ("DD&A") rate decreased to $19.32 per boe and $18.89 per boe, respectively, compared to $20.20 per boe and $19.65 per boe in the same periods in 2022. The decreases in the DD&A rate per boe in 2023 was primarily attributable to the impairment loss recorded in the fourth quarter of 2022, which decreased the carrying value of the Company's property, plant and equipment ("PP&E"). This was partially offset by increases in amortization of exploration and evaluation ("E&E") undeveloped land, primarily as a result of the acquisitions of the Alberta Montney and Kaybob Duvernay assets in 2023.

DD&A expense increased 30 percent and 16 percent in the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022, primarily due to higher production volumes in 2023, partially offset by slightly lower DD&A rates.


CRESCENT POINT ENERGY CORP.			13

Exhibit 14

Impairment (Impairment Reversal)


	Three months ended September 30			Nine months ended September 30
($ millions, except per boe amounts)	2023	2022	% Change	2023	2022	% Change
Impairment (impairment reversal)	773.8	—	—	773.8	(1,484.9)	(152)
Per boe	46.58	—	—	17.89	(41.31)	(143)

At September 30, 2023, the Company classified the assets in its Northern U.S. CGU and certain non-core assets in its Alberta CGU as held for sale. Immediately prior to classifying the assets as held for sale, the Company conducted a review of the assets' recoverable amounts and recorded impairment losses of $728.4 million and $45.4 million, respectively, on PP&E. The recoverable amount was determined based on the assets' fair value less costs of disposal and based on expected consideration.

In the first quarter of 2022, the Company recognized an impairment reversal of $1.48 billion on its development and production assets due to the increase in forecast benchmark commodity prices.

Taxes


	Three months ended September 30			Nine months ended September 30
($ millions)	2023	2022	% Change	2023	2022	% Change
Current tax expense	—	—	—	—	—	—
Deferred tax expense	303.5	153.4	98	443.8	601.6	(26)

Current Tax Expense

In the three and nine months ended September 30, 2023 and September 30, 2022, the Company recorded current tax expense of nil. Refer to the Company's Annual Information Form for the year ended December 31, 2022, for information on the Company's expected tax horizon, which is available on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov/edgar.

Deferred Tax Expense

In the three and nine months ended September 30, 2023, the Company recorded deferred tax expense of $303.5 million and $443.8 million, respectively, compared to $153.4 million and $601.6 million in the same periods in 2022. The deferred tax expense in the three and nine months ended September 30, 2023 primarily relates to the pre-tax income recorded in the periods, along with the derecognition of the U.S. deferred tax asset. During the third quarter of 2023, the Company derecognized its U.S. tax pools as a result of the announced North Dakota asset sale, which resulted in a deferred tax charge of $257.5 million. See Note 5 – “Capital Acquisitions and Dispositions”, Note 6 – “Discontinued Operations” and Note 23 – “Subsequent Events” in the unaudited consolidated financial statements for the period ended September 30, 2023 for additional information.


CRESCENT POINT ENERGY CORP.			14

Cash Flow from Operating Activities, Adjusted Funds Flow from Operations, Net Income (Loss) and Adjusted Net Earnings from Operations


	Three months ended September 30			Nine months ended September 30
($ millions, except per share amounts)	2023	2022	% Change	2023	2022	% Change
Cash flow from operating activities from continuing operations	537.1	530.5	1	1,272.8	1,321.2	(4)
Cash flow from operating activities	648.9	647.0	—	1,584.4	1,602.7	(1)

Adjusted funds flow from continuing operations (1)	548.6	479.1	15	1,440.6	1,417.7	2
Adjusted funds flow from operations (1)	687.1	576.5	19	1,764.6	1,709.6	3

Net income from continuing operations	133.6	415.1	(68)	496.8	1,724.5	(71)
Net income from continuing operations per share - diluted	0.25	0.73	(66)	0.92	2.99	(69)
Net income (loss)	(809.9)	466.4	(274)	(380.9)	1,981.5	(119)
Net income (loss) per share - diluted	(1.52)	0.82	(285)	(0.70)	3.44	(120)

Adjusted net earnings from continuing operations (1)	226.5	195.7	16	585.8	598.5	(2)
Adjusted net earnings from continuing operations per share - diluted (1)	0.42	0.35	20	1.08	1.04	4
Adjusted net earnings from operations (1)	315.5	242.9	30	739.8	755.9	(2)
Adjusted net earnings from operations per share - diluted (1)	0.59	0.43	37	1.36	1.31	4

Cash flow from operating activities in the three and nine months ended September 30, 2023 remained relatively consistent with the 2022 comparative periods. Changes in cash flow from operating activities were due to fluctuations in adjusted funds flow from operations ("FFO") and working capital.

Exhibit 15


CRESCENT POINT ENERGY CORP.			15

The Company's adjusted FFO increased in the three months ended September 30, 2023 to $687.1 million compared to $576.5 million in the same period of 2022. The increase in adjusted FFO was primarily due to increased production and decreased realized commodity derivative losses, partially offset by the lower operating netback. Adjusted FFO in the nine months ended September 30, 2023 remained relatively consistent with the same period in 2022.

Exhibit 16

In the three months ended September 30, 2023, the Company reported a net loss of $809.9 million (net loss per share - diluted of $1.52) compared to net income of $466.4 million (net income per share - diluted of $0.82) in the third quarter of 2022. The net loss in the third quarter of 2023 was primarily due to the impairment expense, fluctuations in unrealized derivatives and deferred tax, and higher DD&A, partially offset by changes in adjusted FFO.

In the nine months ended September 30, 2023, the Company reported a net loss of $380.9 million (net loss per share - diluted of $0.70) compared to net income of $1.98 billion (net income per share - diluted of $3.44) in the same period in 2022. The net loss in 2023 was primarily due to the impairment expense in the third quarter of 2023 compared to the impairment reversal in the first quarter of 2022, fluctuations in unrealized derivatives and deferred tax, and higher DD&A, partially offset by foreign exchange on long-term debt.

Exhibit 17

The Company's adjusted net earnings from operations for the three months ended September 30, 2023, was $315.5 million ($0.59 per fully diluted share) compared to $242.9 million ($0.43 per fully diluted share) in the same period of 2022. The increase was primarily due to the increase in adjusted FFO and fluctuations in deferred tax, partially offset by higher depletion and depreciation. The Company's adjusted net earnings from operations for the nine months ended September 30, 2023 remained relatively consistent with the same period in 2022.


CRESCENT POINT ENERGY CORP.			16

Exhibit 18

Excess Cash Flow and Discretionary Excess Cash Flow

In the three months ended September 30, 2023, excess cash flow increased to $321.6 million from $233.7 million in the same 2022 comparative period. The increase in the third quarter of 2023 was primarily due to higher adjusted FFO and the unrealized gain on equity derivative contracts, partially offset by higher capital expenditures. For the nine months ended September 30, 2023, excess cash flow decreased to $752.8 million from $900.8 million in the same period of 2022. The decrease was primarily due to higher capital expenditures and the increased unrealized loss on equity derivative contracts, partially offset by higher adjusted FFO in 2023.

Discretionary excess cash flow for the three and nine months ended September 30, 2023 was $268.6 million and $590.3 million, respectively, compared to $188.8 million and $792.9 million in the same periods of 2022. The change in discretionary excess cash flow was primarily attributable to the change in excess cash flow and the increase in base dividends in 2023.

Excess cash flow, discretionary excess cash flow and base dividends are specified financial measures that do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this MD&A for further information.

Discontinued Operations


	Three months ended September 30			Nine months ended September 30
($ millions, except per share amounts)	2023	2022	% Change	2023	2022	% Change
Cash flow from operating activities from discontinued operations	111.8	116.5	(4)	311.6	281.5	11

Adjusted funds flow from discontinued operations (1)	138.5	97.4	42	324.0	291.9	11

Net income (loss) from discontinued operations	(943.5)	51.3	(1,939)	(877.7)	257.0	(442)
Net income (loss) from discontinued operations per share - diluted	(1.77)	0.09	(2,067)	(1.62)	0.45	(460)

Adjusted net earnings from discontinued operations (1)	89.0	47.2	89	154.0	157.4	(2)
Adjusted net earnings from discontinued operations per share - diluted (1)	0.17	0.08	113	0.28	0.27	4

Cash flow from operating activities from discontinued operations in the third quarter of 2023 remained consistent with the 2022 comparative period. In the nine months ended September 30, 2023, cash flow from operating activities increased to $311.6 million, compared to $281.5 million in the same period of 2022. Changes in cash flow from operating activities were due to fluctuations in adjusted FFO and working capital.

In the three and nine months ended September 30, 2023, the Company's adjusted FFO from discontinued operations increased to $138.5 million and $324.0 million, respectively, from $97.4 million and $291.9 million in the same periods of 2022. The increase in adjusted FFO was primarily due to increased production in North Dakota, partially offset by a lower operating netback.

The Company recognized a net loss from discontinued operations of $943.5 million and $877.7 million in the three and nine months ended September 30, 2023, respectively, compared to net income from discontinued operations of $51.3 million and $257.0 million in the same periods of 2022. The net loss in both the three and nine months ended September 30, 2023 was primarily a result of the impairment expense and fluctuations in deferred tax.


CRESCENT POINT ENERGY CORP.			17

The following is a summary of the Company's operating netback and netback from discontinued operations:


	Three months ended September 30			Nine months ended September 30
	2023	2022		2023	2022
	Total (2) ($/boe)	Total (2) ($/boe)	% Change	Total (2) ($/boe)	Total (2) ($/boe)	% Change
Oil and gas sales	83.74	95.66	(12)	79.37	99.25	(20)
Royalties	(21.53)	(25.43)	(15)	(20.28)	(25.45)	(20)
Operating expenses	(9.90)	(12.66)	(22)	(10.43)	(13.33)	(22)
Transportation expenses	(1.59)	(1.37)	16	(1.62)	(1.33)	22
Operating netback from discontinued operations (1)	50.72	56.20	(10)	47.04	59.14	(20)
Realized loss on commodity derivatives	(1.59)	—	—	(0.65)	—	—
Netback from discontinued operations (1)	49.13	56.20	(13)	46.39	59.14	(22)

(2)The dominant production category for the Company's discontinued operations is crude oil and condensate. These properties include associated natural gas and NGL volumes, therefore, the total operating netback and netback have been presented.

The Company's operating netback from discontinued operations for the three and nine months ended September 30, 2023, decreased to $50.72 per boe and $47.04 per boe, respectively, from $56.20 per boe and $59.14 per boe from the same periods in 2022. The decrease in the operating netback in both the three and nine months ended September 30, 2023, was primarily due to the decrease in average selling price, partially offset by lower royalties and operating expenses. The decrease in the Company's netback from discontinued operations in both the three and nine months ended September 30, 2023 was a result of the decrease in the operating netback and the realized loss on commodity derivatives in 2023.

Dividends Declared


	Three months ended September 30			Nine months ended September 30
($ millions, except per share amounts)	2023	2022	% Change	2023	2022	% Change
Dividends declared	71.7	44.9	60	143.6	81.8	76
Dividends declared per share	0.135	0.080	69	0.267	0.145	84

In March 2023, the Company declared and paid a special cash dividend of $0.032 per share, which was based on fourth quarter 2022 results. In July 2023, the Company declared a special cash dividend of $0.035 per share, which was based on second quarter 2023 results and paid in August 2023.

In July 2023, the Company declared a quarterly cash dividend of $0.100 per share to be paid on October 2, 2023.

Subsequent to the third quarter of 2023, the Company declared a special cash dividend, based on third quarter 2023 results, of $0.020 per share to be paid on November 22, 2023.

The disposition of the Company's North Dakota assets discussed in the Subsequent Events section in this MD&A will not impact the Company's dividend policy or return of capital framework.

Capital Expenditures


	Three months ended September 30			Nine months ended September 30
($ millions)	2023	2022	% Change	2023	2022	% Change
Capital acquisitions	1.1	88.2	(99)	2,075.8	89.4	2,222
Capital dispositions	(0.2)	(244.1)	(100)	(11.2)	(284.8)	(96)
Development capital expenditures	315.5	308.5	2	859.8	709.7	21
Land expenditures	23.0	5.7	304	31.4	15.0	109
Capitalized administration (1)	11.9	9.1	31	33.4	35.9	(7)
Corporate assets	1.5	0.9	67	3.8	1.9	100
Total	352.8	168.3	110	2,993.0	567.1	428

(1)Capitalized administration excludes capitalized equity-settled SBC.

Capital Acquisitions and Dispositions

Major Property Acquisitions and Dispositions

Alberta Montney Acquisition

On May 10, 2023, the Company closed the acquisition of Montney assets in Alberta for total consideration of $1.70 billion, prior to final closing adjustments ($1.62 billion was allocated to PP&E and $108.3 million was allocated to E&E, including $24.6 million related to decommissioning liability).


CRESCENT POINT ENERGY CORP.			18

Kaybob Duvernay Acquisition

On January 11, 2023, the Company closed the acquisition of Kaybob Duvernay assets in Alberta for total consideration of $370.4 million ($323.7 million was allocated to PP&E and $52.1 million was allocated to E&E, including $5.4 million related to decommissioning liability).

Minor Property Acquisitions and Dispositions

In the nine months ended September 30, 2023, the Company completed minor property acquisitions and dispositions for net consideration received of $9.7 million.

Development Capital Expenditures

The Company's development capital expenditures for three months ended September 30, 2023, were $315.5 million, compared to $308.5 million in the same period in 2022. In the third quarter of 2023, 52 (51.3 net) wells were drilled and $30.4 million was spent on facilities and seismic ($27.7 million in the three months ended September 30, 2022).

The Company's development capital expenditures for the nine months ended September 30, 2023, were $859.8 million, compared to $709.7 million in the same period of 2022. The increase was primarily due to increased activity in the Alberta Montney, Kaybob Duvernay and North Dakota areas and the inflationary pressures that escalated throughout 2022. In the nine months ended September 30, 2023, 128 (124.3 net) wells were drilled and $82.0 million was spent on facilities and seismic ($57.9 million in the nine months ended September 30, 2022).

Refer to the Guidance section of this MD&A for Crescent Point's development capital expenditure guidance for 2023.

Exhibit 19

Lease Liability

At September 30, 2023, the Company had $109.8 million of lease liabilities for contracts related to office space, fleet vehicles and equipment.

Decommissioning Liability

The decommissioning liability, including liabilities associated with assets held for sale, decreased by $96.4 million in the third quarter of 2023, from $737.7 million at June 30, 2023, to $641.3 million at September 30, 2023. The decrease primarily relates to the change in discount rate and the Company's continued abandonment and reclamation program. The liability is based on estimated undiscounted cash flows before inflation to settle the obligation of $1.03 billion.


CRESCENT POINT ENERGY CORP.			19

Liquidity and Capital Resources


Capitalization Table ($ millions, except share, per share, ratio and percent amounts)	September 30, 2023	December 31, 2022
Net debt (1)	2,876.2	1,154.7
Shares outstanding	526,485,998	550,888,983
Market price at end of period (per share)	11.26	9.66
Market capitalization	5,928.2	5,321.6
Enterprise value (1)	8,804.4	6,476.3
Net debt as a percentage of enterprise value (1)	33	18
Adjusted funds flow from operations (1) (2)	2,287.4	2,232.4
Net debt to adjusted funds flow from operations (1) (3)	1.3	0.5

(2)The sum of adjusted funds flow from operations for the trailing four quarters.

(3)The net debt reflects the financing of acquisitions, however, the adjusted funds flow from operations only reflects adjusted funds flow from operations generated from the acquired properties since the closing date of the acquisitions.

At September 30, 2023, Crescent Point's enterprise value was $8.80 billion and the Company was capitalized with 67 percent equity compared to $6.48 billion and 82 percent at December 31, 2022, respectively. The Company's net debt to adjusted funds flow from operations ratio at September 30, 2023, increased to 1.3 times from 0.5 times at December 31, 2022. The increase was largely due to an increase in net debt as a result of the Alberta Montney and Kaybob Duvernay acquisitions in 2023. The Company expects to use the proceeds from the North Dakota disposition to reduce long-term debt.

Crescent Point's market capitalization increased to $5.93 billion at September 30, 2023, from $5.32 billion at December 31, 2022, primarily due to the increase in the Company's share price, partially offset by a lower number of shares outstanding primarily due to shares purchased for cancellation under the Company's Normal Course Issuer Bid ("NCIB").

Exhibit 20

(1)The sum of adjusted funds flow from operations for the trailing four quarters.

(2)The net debt reflects the financing of acquisitions, however, the adjusted funds flow from operations only reflects adjusted funds flow from operations generated from the acquired properties since the closing date of the acquisitions.

Concurrent with the issuance of senior guaranteed notes with total principal of US$517.0 million, the Company entered into CCS to manage the Company's foreign exchange risk. The CCS fix the US dollar amount of the individual tranches of notes for purposes of interest and principal repayments at a notional amount of $606.9 million. See Note 19 - “Financial Instruments and Derivatives” in the unaudited consolidated financial statements for the period ended September 30, 2023, for additional information.


CRESCENT POINT ENERGY CORP.			20

The Company is in compliance with all debt covenants at September 30, 2023. The covenants are listed in the table below:


Covenant Description	Maximum Ratio	September 30, 2023
Senior debt to adjusted EBITDA (1) (2)	3.5	1.08
Total debt to adjusted EBITDA (1) (3)	4.0	1.08
Senior debt to capital (2) (4)	0.55	0.35

(1)Adjusted EBITDA is calculated as earnings before interest, taxes, depletion, depreciation, amortization, impairment and impairment reversals, adjusted for certain non-cash items. Adjusted EBITDA is calculated on a trailing twelve month basis adjusted for material acquisitions and dispositions.

(2)Senior debt is calculated as the sum of amounts drawn on the combined facilities, outstanding letters of credit and the principal amount of the senior guaranteed notes.

(3)Total debt is calculated as the sum of senior debt plus subordinated debt. Crescent Point does not have any subordinated debt.

(4)Capital is calculated as the sum of senior debt and shareholders' equity and excludes the effect of unrealized derivative gains or losses and the adoption of IFRS 16.

The Company's ongoing working capital requirements are expected to be financed through cash, adjusted funds flow from operations and its bank credit facilities.

Shareholders' Equity

At September 30, 2023, Crescent Point had 526.5 million common shares issued and outstanding compared to 550.9 million common shares at December 31, 2022. The decrease of 24.4 million shares is primarily due to shares purchased for cancellation under the NCIB, partially offset by shares issued pursuant to the Restricted Share Bonus Plan and stock options exercised pursuant to the Stock Option Plan.

As of the date of this report, the Company had 524,794,451 common shares outstanding.

Normal Course Issuer Bid

On March 7, 2023, the Company announced the acceptance by the Toronto Stock Exchange of its notice to implement an NCIB. The NCIB allows the Company to purchase, for cancellation, up to 54,605,659 common shares, or 10 percent of the Company's public float, as at February 23, 2023. The NCIB commenced on March 9, 2023 and is due to expire on March 8, 2024. The Company's previous NCIB commenced on March 9, 2022, and expired on March 8, 2023.

In the nine months ended September 30, 2023, the Company purchased 26.2 million common shares for total consideration of $266.1 million under its NCIB programs. The total cost paid, including commissions and fees, was recognized directly as a reduction in shareholders' equity. All common shares purchased under the NCIB are cancelled.

Contractual Obligations and Commitments

At September 30, 2023, the Company had contractual obligations and commitments as follows:


($ millions)	1 year	2 to 3 years	4 to 5 years	More than 5 years	Total
Off balance sheet commitments
Operating (1)	11.2	11.2	9.7	8.3	40.4
Gas processing (2)	82.8	121.2	97.2	266.0	567.2
Transportation	95.9	183.8	100.5	47.7	427.9
Capital	13.7	14.9	—	—	28.6
Total contractual commitments (3)	203.6	331.1	207.4	322.0	1,064.1

(1)Includes operating costs on the Company's office space, net of $16.0 million of recoveries from subleases.

(2)Includes a gas handling agreement with a gas processor with a long-term volume commitment. The agreement is only terminable in very limited circumstances and if the termination were to occur because of the Company's default, the Company would be obligated to pay its processing commitment. If the processor were to terminate the agreement, the Company would need to seek alternative processing arrangements.

(3)Excludes contracts accounted for under IFRS 16. See Note 10 - "Leases" in the unaudited consolidated financial statements for the period ended September 30, 2023, for further information.

Subsequent Events

Disposition of North Dakota Assets

Critical Accounting Estimates

There have been no changes in Crescent Point's critical accounting estimates in the period ended September 30, 2023. Further information on the Company's critical accounting policies and estimates can be found in the notes to the annual consolidated financial statements and MD&A for the year ended December 31, 2022.


CRESCENT POINT ENERGY CORP.			21

Changes in Accounting Policies

Income Taxes


CRESCENT POINT ENERGY CORP.			22

Summary of Quarterly Results


	2023			2022				2021
($ millions, except per share amounts)	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Oil and gas sales	1,236.3	949.6	913.6	1,016.6	1,097.3	1,286.5	1,092.7	900.4

Average daily production
Crude oil and condensate (bbls/d)	114,997	101,347	92,695	90,759	91,762	91,250	92,971	88,544
NGLs (bbls/d)	21,635	18,911	17,970	17,770	17,198	16,139	17,039	20,884
Natural gas (mcf/d)	263,694	208,640	171,692	153,572	144,356	130,724	136,667	125,871
Total (boe/d)	180,581	155,031	139,280	134,124	133,019	129,176	132,788	130,407

Net income (loss) from continuing operations (1)	133.6	178.4	184.8	(577.8)	415.1	279.6	1,029.8	217.1
Net income (loss) from continuing operations per share (1)	0.25	0.33	0.33	(1.04)	0.74	0.49	1.78	0.37
Net income (loss) from continuing operations per share – diluted (1)	0.25	0.33	0.33	(1.04)	0.73	0.49	1.77	0.37

Net income (loss)	(809.9)	212.3	216.7	(498.1)	466.4	331.5	1,183.6	121.6
Net income (loss) per share	(1.52)	0.39	0.39	(0.90)	0.83	0.58	2.05	0.21
Net income (loss) per share – diluted	(1.52)	0.39	0.39	(0.90)	0.82	0.58	2.03	0.21

Adjusted net earnings from operations (2)	315.5	205.4	218.9	209.8	242.9	272.1	240.9	160.0
Adjusted net earnings from operations per share (2)	0.59	0.38	0.40	0.38	0.43	0.48	0.42	0.27
Adjusted net earnings from operations per share – diluted (2)	0.59	0.38	0.40	0.38	0.43	0.47	0.41	0.27

Cash flow from operating activities	648.9	462.1	473.4	589.5	647.0	529.6	426.1	492.4

Adjusted funds flow from operations (2)	687.1	552.6	524.9	522.8	576.5	599.1	534.0	432.5

Adjusted working capital surplus (deficiency) (2)	(45.7)	(82.5)	(79.9)	95.1	47.9	(40.9)	(91.8)	(201.6)
Total assets	10,371.0	11,277.2	9,759.6	9,486.4	10,437.6	10,279.4	10,412.5	9,171.2
Total liabilities	4,660.6	4,597.5	3,113.8	2,993.0	3,224.6	3,501.3	3,901.2	3,765.9
Net debt (2)	2,876.2	3,000.7	1,436.3	1,154.7	1,198.3	1,467.9	1,775.2	2,005.0

Weighted average shares – diluted (millions)	536.9	545.3	552.7	559.2	567.4	575.9	582.7	587.7

Capital acquisitions	1.1	1,702.7	372.0	1.3	88.2	0.3	0.9	5.2
Capital dispositions	(0.2)	(8.4)	(2.6)	1.2	(244.1)	(37.8)	(2.9)	(0.1)
Development capital expenditures	315.5	230.1	314.2	246.4	308.5	196.9	204.3	229.5

Dividends declared	71.7	54.8	17.1	118.8	44.9	37.1	(0.2)	26.0
Dividends declared per share	0.135	0.100	0.032	0.215	0.080	0.065	—	0.045

(1)Comparative periods revised to reflect current period presentation. See Note 6 - "Discontinued Operations" in the unaudited consolidated financial statements for the period ended September 30, 2023, for further information.

(2)Specified financial measure that does not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this MD&A for further information.

Over the past eight quarters, the Company's oil and gas sales have fluctuated due to volatility in the crude oil, condensate and natural gas benchmark prices, changes in production and fluctuations in corporate oil price differentials. The Company's production has fluctuated due to acquisitions and dispositions, changes in its development capital spending levels and natural declines.

Net income (loss) from continuing operations and net income (loss) has fluctuated over the past eight quarters primarily due to changes in PP&E impairment charges and reversals, changes in adjusted funds flow from operations, unrealized derivative gains and losses, which fluctuate with changes in forward market prices and foreign exchange rates, gains and losses on capital dispositions, and fluctuations in deferred tax expense or recovery.

Adjusted net earnings from operations has fluctuated over the past eight quarters, primarily due to changes in adjusted funds flow from operations, depletion and share-based compensation expense along with associated fluctuations in deferred tax expense.


CRESCENT POINT ENERGY CORP.			23

Capital expenditures have fluctuated throughout this period due to the timing of acquisitions, dispositions and changes in the Company's development capital spending levels which vary based on a number of factors, including the prevailing commodity price environment.


CRESCENT POINT ENERGY CORP.			24

Internal Control Update

Crescent Point is required to comply with Multilateral Instrument 52-109 Certification of Disclosure on Issuers' Annual and Interim Filings. The certificate requires that Crescent Point disclose in the interim MD&A any weaknesses or changes in Crescent Point's internal control over financial reporting that occurred during the period that have materially affected, or are reasonably likely to materially affect Crescent Point's internal controls over financial reporting. Crescent Point confirms that no such weaknesses or changes were identified in the Company's internal controls over financial reporting during the third quarter of 2023.

Guidance

Crescent Point's guidance for 2023 is as follows:


	Prior (1)	Revised (2)
Total Annual Average Production (boe/d) (3)	160,000 - 166,000	156,000 - 161,000

Capital Expenditures
Development capital expenditures ($ millions)	$1,150 - $1,250	$1,050 - $1,150
Capitalized administration ($ millions)	$40	$40
Total ($ millions) (4)	$1,190 - $1,290	$1,090 - $1,190

Other Information for 2023 Guidance
Reclamation activities ($ millions) (5)	$40	$40
Capital lease payments ($ millions)	$20	$20
Annual operating expenses ($/boe)	$13.75 - $14.75	$13.75 - $14.75
Royalties	13.25% - 13.75%	12.25% - 12.75%

(1)Prior guidance published in the Company's March 28, 2023 press release.

(2)Revised guidance published in the Company's August 24, 2023 press release relating to the sale of the Company's North Dakota assets. The sale of such assets is the primary reason for the Company's revised guidance for 2023. Refer to the Discontinued Operations section in this MD&A for further information.

(3)The total annual average production (boe/d) is comprised of approximately 75% Oil, Condensate & NGLs and 25% Natural Gas.

(4)Land expenditures and net property acquisitions and dispositions are not included. Development capital expenditures spend is allocated on an approximate basis as follows: 90% drilling & development and 10% facilities & seismic.

(5)Reflects Crescent Point's portion of its expected total budget.

Return of Capital Outlook


Base Dividend
Current quarterly base dividend per share			$0.10

Total Return of Capital (1)
% of excess cash flow			~60%

(1)Total return of capital is based on a framework that targets to return to shareholders the base dividend plus up to 50% of discretionary excess cash flow. Refer to the Specified Financial Measures section in this MD&A for further information on base dividends and discretionary excess cash flow.

Additional information relating to Crescent Point, including the Company's December 31, 2022, Annual Information Form, which along with other relevant documents are available on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov/edgar.


CRESCENT POINT ENERGY CORP.			25

Specified Financial Measures

Throughout this MD&A, the Company uses the terms “total operating netback”, “total netback”, "operating netback", "netback", “operating netback from discontinued operations”, “netback from discontinued operations”, "base dividends", “adjusted funds flow from operations”, “adjusted funds flow from continuing operations”, “adjusted funds flow from discontinued operations”, "excess cash flow", "discretionary excess cash flow", "adjusted working capital (surplus) deficiency", “net debt”, “enterprise value”, “net debt to adjusted funds flow from operations”, "net debt as a percentage of enterprise value", “adjusted net earnings from operations”, “adjusted net earnings from continuing operations”, “adjusted net earnings from continuing operations per share – diluted”, “adjusted net earnings from discontinued operations”, “adjusted net earnings from discontinued operations per share – diluted”, “adjusted net earnings from operations per share” and “adjusted net earnings from operations per share - diluted”. These terms do not have any standardized meaning as prescribed by IFRS and, therefore, may not be comparable with the calculation of similar measures presented by other issuers.

Total operating netback and total netback are historical non-GAAP financial measures. Total operating netback is calculated as oil and gas sales, less royalties, operating and transportation expenses. Total netback is calculated as total operating netback plus realized commodity derivative gains and losses. Total operating netback and total netback are common metrics used in the oil and gas industry and are used to measure operating results to better analyze performance against prior periods on a comparable basis. The most directly comparable financial measure to total operating netback and total netback is oil and gas sales.

The following table reconciles oil and gas sales to total operating netback from continuing operations and total netback from continuing operations:


	Three months ended September 30			Nine months ended September 30
($ millions)	2023	2022	% Change	2023	2022	% Change

Oil and gas sales	998.7	930.3	7	2,552.3	2,982.8	(14)
Royalties	(99.6)	(106.5)	(6)	(269.4)	(343.4)	(22)
Operating expenses	(214.2)	(162.9)	31	(566.0)	(467.9)	21
Transportation expenses	(45.8)	(33.5)	37	(118.3)	(95.1)	24
Total operating netback from continuing operations	639.1	627.4	2	1,598.6	2,076.4	(23)
Realized gain (loss) on commodity derivatives	(4.9)	(120.2)	(96)	13.0	(546.2)	(102)
Total netback from continuing operations	634.2	507.2	25	1,611.6	1,530.2	5

The following table reconciles oil and gas sales to total operating netback from discontinued operations and total netback from discontinued operations:


	Three months ended September 30			Nine months ended September 30
($ millions) (1)	2023	2022	% Change	2023	2022	% Change

Oil and gas sales	237.6	167.0	42	547.2	493.7	11
Royalties	(61.1)	(44.4)	38	(139.8)	(126.6)	10
Operating expenses	(28.1)	(22.1)	27	(71.9)	(66.3)	8
Transportation expenses	(4.5)	(2.4)	88	(11.2)	(6.6)	70
Total operating netback from discontinued operations	143.9	98.1	47	324.3	294.2	10
Realized loss on commodity derivatives	(4.5)	—	—	(4.5)	—	—
Total netback from discontinued operations	139.4	98.1	42	319.8	294.2	9

(1)Discontinued operations. See Note 6 - "Discontinued Operations" in the unaudited consolidated financial statements for the period ended September 30, 2023, for further information.

The following tables reconcile total operating netback and total netback from continuing and discontinued operations:


	Three months ended September 30			Nine months ended September 30
($ millions)	2023	2022	% Change	2023	2022	% Change

Total operating netback from continuing operations	639.1	627.4	2	1,598.6	2,076.4	(23)
Total operating netback from discontinued operations	143.9	98.1	47	324.3	294.2	10
Total operating netback	783.0	725.5	8	1,922.9	2,370.6	(19)


	Three months ended September 30			Nine months ended September 30
($ millions)	2023	2022	% Change	2023	2022	% Change

Total netback from continuing operations	634.2	507.2	25	1,611.6	1,530.2	5
Total netback from discontinued operations	139.4	98.1	42	319.8	294.2	9
Total netback	773.6	605.3	28	1,931.4	1,824.4	6

Operating netback and netback, and operating netback from discontinued operations and netback from discontinued operations, are non-GAAP ratios and are calculated as total operating netback and total netback, respectively, divided by total production. Operating netback and netback are common metrics used in the oil and gas industry and are used to measure operating results on a per boe basis.


CRESCENT POINT ENERGY CORP.			26

Base dividends is a historical non-GAAP financial measure and is calculated as dividends declared less special dividends declared as part of the Company’s return of capital framework and adjusted for the timing of the dividend record date. Base dividends are based on a framework that targets dividend sustainability at lower commodity prices, allows for flexibility in the capital allocation process and dividend growth over time, and assists in determining the additional return of capital to shareholders as part of the Company’s return of capital framework.

The following table reconciles dividends declared to base dividends:


	Three months ended September 30			Nine months ended September 30
($ millions)	2023	2022	% Change	2023	2022	% Change
Dividends declared (1)	71.7	44.9	60	143.6	81.8	76
Dividend timing adjustment (2)	0.1	—	—	55.2	26.1	111
Special dividends	(18.8)	—	—	(36.3)	—	—
Base dividends	53.0	44.9	18	162.5	107.9	51

(1)Includes the impact of shares repurchased for cancellation under the NCIB on dividends payable.

(2)Dividends declared where the declaration date and record date are in different periods.

Adjusted funds flow from operations is a capital management measure and is calculated based on cash flow from operating activities before changes in non-cash working capital, transaction costs and decommissioning expenditures funded by the Company. Transaction costs are excluded as they vary based on the Company's acquisition and disposition activity and to ensure that this metric is more comparable between periods. Decommissioning expenditures are discretionary and are excluded as they may vary based on the development stage of the Company's assets and operating areas. The most directly comparable financial measure to adjusted funds flow from operations is cash flow from operating activities. Adjusted funds flow from operations is a key measure that assesses the ability of the Company to finance dividends, potential share repurchases, operating activities, capital expenditures and debt repayments. Adjusted funds flow from operations as presented is not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. See Note 14 – "Capital Management" in the unaudited consolidated financial statements for the period ended September 30, 2023, for additional information on the Company's capital management.

Excess cash flow is a historical non-GAAP financial measure and is defined as adjusted funds flow from operations less capital expenditures, payments on lease liability, decommissioning expenditures funded by the Company, unrealized gains and losses on equity derivative contracts and other items (excluding net acquisitions and dispositions). The most directly comparable financial measure to excess cash flow disclosed in the Company's financial statements is cash flow from operating activities. Excess cash flow is a key measure that assesses the ability of the Company to finance dividends, potential share repurchases, debt repayments and returns-based growth.

Discretionary excess cash flow is a historical non-GAAP financial measure and is defined as excess cash flow less base dividends. The most directly comparable financial measure to discretionary excess cash flow disclosed in the Company's financial statements is cash flow from operating activities. Discretionary excess cash flow is a key measure that assesses the funds available for reinvestment in the Company’s business or for return of capital to shareholders beyond the base dividend.

The following table reconciles cash flow from operating activities to adjusted funds flow from operations, excess cash flow and discretionary excess cash flow:


	Three months ended September 30			Nine months ended September 30
($ millions)	2023	2022 (1)	% Change	2023	2022 (1)	% Change
Cash flow from operating activities	648.9	647.0	—	1,584.4	1,602.7	(1)
Changes in non-cash working capital	27.1	(79.3)	(134)	136.9	86.8	58
Transaction costs	0.3	2.9	(90)	16.7	3.3	406
Decommissioning expenditures (2)	10.8	5.9	83	26.6	16.8	58
Adjusted funds flow from operations	687.1	576.5	19	1,764.6	1,709.6	3
Capital expenditures	(351.9)	(324.2)	9	(928.4)	(762.5)	22
Payments on lease liability	(5.6)	(5.1)	10	(16.2)	(15.3)	6
Decommissioning expenditures	(10.8)	(5.9)	83	(26.6)	(16.8)	58
Unrealized gain (loss) on equity derivative contracts	6.4	(3.5)	(283)	(23.6)	(9.3)	154
Other items	(3.6)	(4.1)	(12)	(17.0)	(4.9)	247
Excess cash flow	321.6	233.7	38	752.8	900.8	(16)
Base dividends	(53.0)	(44.9)	18	(162.5)	(107.9)	51
Discretionary excess cash flow	268.6	188.8	42	590.3	792.9	(26)

(1) Comparative period revised to reflect current period presentation.

(2) Excludes amounts received from government grant programs.


CRESCENT POINT ENERGY CORP.			27

The following tables reconcile cash flow from operating activities and adjusted funds flow from operations from continuing and discontinued operations:


	Three months ended September 30			Nine months ended September 30
($ millions)	2023	2022	% Change	2023	2022	% Change

Cash flow from operating activities from continuing operations	537.1	530.5	1	1,272.8	1,321.2	(4)
Cash flow from operating activities from discontinued operations	111.8	116.5	(4)	311.6	281.5	11
Cash flow from operating activities	648.9	647.0	—	1,584.4	1,602.7	(1)


	Three months ended September 30			Nine months ended September 30
($ millions)	2023	2022	% Change	2023	2022	% Change

Adjusted funds flow from continuing operations	548.6	479.1	15	1,440.6	1,417.7	2
Adjusted funds flow from discontinued operations	138.5	97.4	42	324.0	291.9	11
Adjusted funds flow from operations	687.1	576.5	19	1,764.6	1,709.6	3

Adjusted working capital (surplus) deficiency is a capital management measure and is calculated as accounts payable and accrued liabilities, dividends payable and long-term compensation liability net of equity derivative contracts, less cash, accounts receivable, prepaids and deposits, including deposit on acquisition. Adjusted working capital (surplus) deficiency is a component of net debt and is a measure of the Company's liquidity.

The following table reconciles adjusted working capital (surplus) deficiency:


($ millions)	September 30, 2023	December 31, 2022	% Change
Accounts payable and accrued liabilities (1)	510.2	448.2	14
Dividends payable	53.1	99.4	(47)
Long-term compensation liability (2)	76.4	59.2	29
Cash	(45.6)	(289.9)	(84)
Accounts receivable	(472.9)	(327.8)	44
Prepaids and deposits (3)	(75.5)	(84.2)	(10)
Adjusted working capital (surplus) deficiency	45.7	(95.1)	(148)

(1)Includes accounts payable classified as liabilities associated with assets held for sale.

(2)Includes current portion of long-term compensation liability and is net of equity derivative contracts.

(3)Includes deposit on acquisition.

Net debt is a capital management measure and is calculated as long-term debt plus adjusted working capital (surplus) deficiency, excluding the unrealized foreign exchange on translation of hedged US dollar long-term debt. The most directly comparable financial measure to net debt disclosed in the Company's financial statements is long-term debt. Net debt is a key measure of the Company's liquidity.

The following table reconciles long-term debt to net debt:


($ millions)	September 30, 2023	December 31, 2022	% Change
Long-term debt (1)	2,947.9	1,441.5	105
Adjusted working capital (surplus) deficiency	45.7	(95.1)	(148)
Unrealized foreign exchange on translation of hedged US dollar long-term debt	(117.4)	(191.7)	(39)
Net debt	2,876.2	1,154.7	149

(1)Includes current portion of long-term debt.

Enterprise value is a supplementary financial measure and is calculated as market capitalization plus net debt. Enterprise value is used to assess the valuation of the Company. Refer to the Liquidity and Capital Resources section in this MD&A for further information.

Net debt to adjusted funds flow from operations is a capital management measure and is calculated as the period end net debt divided by the sum of adjusted funds flow from operations for the trailing four quarters. Net debt as a percentage of enterprise value is a supplementary financial measure and is calculated as net debt divided by enterprise value. The measures of net debt to adjusted funds flow from operations and net debt as a percentage of enterprise value are used to measure the Company's overall debt position and to measure the strength of the Company's balance sheet. Crescent Point monitors these measures and uses them as key measures in capital allocation decisions including capital spending levels, returns to shareholders including dividends and share repurchases, and financial considerations.


CRESCENT POINT ENERGY CORP.			28

Adjusted net earnings from operations is a historical non-GAAP financial measure and is calculated based on net income before amortization of E&E undeveloped land, impairment or impairment reversals, unrealized derivative gains or losses, unrealized foreign exchange gain or loss on translation of US dollar long-term debt, unrealized gains or losses on long-term investments, gains or losses on the sale of long-term investments, gains or losses on capital acquisitions and dispositions and deferred tax related to these adjustments. Adjusted net earnings from operations is a key measure of financial performance that is more comparable between periods. The most directly comparable financial measure to adjusted net earnings from operations disclosed in the Company's financial statements is net income.

The following table reconciles net income (loss) to adjusted net earnings from operations:


	Three months ended September 30			Nine months ended September 30
($ millions)	2023	2022	% Change	2023	2022	% Change
Net income (loss)	(809.9)	466.4	(274)	(380.9)	1,981.5	(119)
Amortization of E&E undeveloped land	11.0	1.2	817	18.9	12.4	52
Impairment (impairment reversal)	773.8	—	—	773.8	(1,484.9)	(152)
Unrealized derivative (gains) losses	35.4	(349.5)	(110)	155.5	(117.3)	(233)
Unrealized foreign exchange (gain) loss on translation of US dollar long-term debt (1)	55.9	76.9	(27)	(73.2)	43.8	(267)
Gain on capital dispositions	(0.1)	(23.3)	(100)	(4.2)	(26.1)	(84)
Deferred tax adjustments	249.4	71.2	250	249.9	346.5	(28)
Adjusted net earnings from operations	315.5	242.9	30	739.8	755.9	(2)

(1)Added back to adjusted net earnings as the majority of US dollar denominated long-term debt is hedged.

The following table reconciles adjusted net earnings from continuing and discontinued operations:


	Three months ended September 30			Nine months ended September 30
($ millions)	2023	2022	% Change	2023	2022	% Change

Adjusted net earnings from continuing operations	226.5	195.7	16	585.8	598.5	(2)
Adjusted net earnings from discontinued operations	89.0	47.2	89	154.0	157.4	(2)
Adjusted net earnings from operations	315.5	242.9	30	739.8	755.9	(2)

Adjusted net earnings from operations per share and adjusted net earnings from operations per share - diluted are non-GAAP ratios and are calculated as adjusted net earnings from operations divided by the number of weighted average basic and diluted shares outstanding, respectively. Adjusted net earnings from operations presents a measure of financial performance that is more comparable between periods. Adjusted net earnings from operations as presented is not intended to represent net earnings or other measures of financial performance calculated in accordance with IFRS.

Management believes the presentation of the specified financial measures above provide useful information to investors and shareholders as the measures provide increased transparency and the ability to better analyze performance against prior periods on a comparable basis.


CRESCENT POINT ENERGY CORP.			29

Forward-Looking Information

Certain statements contained in this management's discussion and analysis constitute forward-looking statements and are based on Crescent Point's beliefs and assumptions based on information available at the time the assumption was made. By its nature, such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements are effective only as of the date of this report. Crescent Point undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so pursuant to applicable law. Refer to Crescent Point's press release dated August 24, 2023 available on SEDAR+ at www.sedarplus.com, which updates the Company's 2023 guidance in light of the North Dakota disposition.

Any “financial outlook” or “future oriented financial information” in this management’s discussion and analysis, as defined by applicable securities legislation, has been approved by management of Crescent Point. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Certain statements contained in this MD&A, including statements related to Crescent Point's capital expenditures, projected asset growth, view and outlook toward future commodity prices, drilling activity and statements that contain words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may", “projected”, “sustain”, “continues”, “strategy”, “potential”, “projects”, “grow”, “take advantage”, “estimate” and similar expressions and statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. The material assumptions and factors in making these forward-looking statements are disclosed in this MD&A under the headings "Overview", "Commodity Derivatives", “Liquidity and Capital Resources” and “Guidance”.

In particular, forward-looking statements include:


l Crescent Point's approach to proactively manage the risk exposure inherent in movements in the price of crude oil, propane, natural gas, the Company's share price, the US/Cdn dollar exchange rate and interest rates through the use of derivatives with investment-grade counterparties; l Return of capital framework, targeting the return of approximately 60 percent of excess cash flow; l Crescent Point's use of derivatives to reduce the volatility of the selling price of its crude oil and natural gas production and how this provides a measure of stability to cash flow; l The extent and effectiveness of hedges; l Crescent Point's 2023 production and capital expenditures guidance, and other information forming part of the 2023 guidance;			l Crescent Point's return of capital outlook including dividend expectations and additional return of capital target to return up to 50% of discretionary excess cash flow to shareholders, in addition to the base dividend; l The Company's liquidity and financial flexibility and ability to manage the impact of inflation and interest rates; l Use of proceeds from the North Dakota disposition; l Funding of ongoing working capital requirements; l NCIB expectations; and l Estimated undiscounted and uninflated cash flows to settle decommissioning liability.

This information contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, many of which are beyond Crescent Point's control. Such risks and uncertainties include, but are not limited to: financial risk of marketing reserves at an acceptable price given market conditions; volatility in market prices for oil and natural gas, decisions or actions of OPEC and non-OPEC countries in respect of supplies of oil and gas; delays in business operations or delivery of services due to pipeline restrictions, rail blockades, outbreaks, blowouts and business closures; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; uncertainties associated with estimating oil and natural gas reserves; risks and uncertainties related to oil and gas interests and operations on Indigenous lands; economic risk of finding and producing reserves at a reasonable cost; uncertainties associated with partner plans and approvals; operational matters related to non-operated properties; increased competition for, among other things, capital, acquisitions of reserves and undeveloped lands; competition for and availability of qualified personnel or management; incorrect assessments of the value and likelihood of acquisitions and dispositions, and exploration and development programs; unexpected geological, technical, drilling, construction, processing and transportation problems; the impact of severe weather events and climate change; availability of insurance; fluctuations in foreign exchange and interest rates; stock market volatility; general economic, market and business conditions, including uncertainty in the demand for oil and gas and economic activity in general and as a result of the COVID-19 pandemic; changes in interest rates and inflation; uncertainties associated with regulatory approvals; geopolitical conflicts, including the impacts of the wars in Ukraine and the Middle East; uncertainty of government policy changes; the impact of the implementation of the Canada-United States-Mexico Agreement; uncertainty regarding the benefits and costs of dispositions; failure to complete acquisitions and dispositions; uncertainties associated with credit facilities and counterparty credit risk; changes in income tax laws, tax laws, crown royalty rates and incentive programs relating to the oil and gas industry; the wide-ranging impacts of the COVID-19 pandemic, including on demand, health and supply chain; and other factors, many of which are outside the control of the Company.

Therefore, Crescent Point's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and if such actual results, performance or achievements transpire or occur, or if any of them do so, there can be no certainty as to what benefits or detriments Crescent Point will derive therefrom.


CRESCENT POINT ENERGY CORP.			30

Crude oil and condensate, and natural gas information is provided in accordance with the United States Financial Accounting Standards Board ("FASB") Topic 932 - "Extractive Activities - Oil and Gas" and where applicable, financial information is prepared in accordance with International Financial Reporting Standards ("IFRS").

The Company files its reserves information under National Instrument 51-101 - "Standards of Disclosure of Oil and Gas Activities" (NI 51-101), which prescribes the standards for the preparation and disclosure of reserves and related information for companies listed in Canada.

There are significant differences to the type of volumes disclosed and the basis from which the volumes are economically determined under the United States Securities and Exchange Commission (“SEC”) requirements and NI 51-101. The SEC requires disclosure of net reserves, after royalties, using 12-month average prices and current costs; whereas NI 51-101 requires Company gross reserves, before royalties, using forecast pricing and costs. Therefore the difference between the reported numbers under the two disclosure standards may be material.

Barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf : 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil and condensate as compared to natural gas is significantly different from the energy equivalency of oil, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Oil and gas metrics such as operating netback and netback do not have standardized meaning and as such may not be reliable, and should not be used to make comparisons.

NI 51-101 includes condensate within the NGLs product type. The Company has disclosed condensate as combined with crude oil and separately from other natural gas liquids in this MD&A since the price of condensate as compared to other natural gas liquids is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom.

The Company’s aggregate average production for the three and nine months ended September 30, 2023 and September 30, 2022 and the references to “natural gas”, “crude oil" and "condensate”, reported in this MD&A consist of the following product types, as defined in NI 51-101 and using a conversion ratio of 6 mcf : 1 bbl where applicable:


	Three months ended September 30		Nine months ended September 30
	2023	2022		2023	2022
Light & Medium Crude Oil (bbl/d)	12,408	12,347		12,824	14,477
Heavy Crude Oil (bbl/d)	3,617	4,102		3,826	4,080
Tight Oil (bbl/d)	75,879	54,030		64,375	54,455
Total Crude Oil (bbl/d)	91,904	70,479		81,025	73,012

NGLs (bbl/d)	44,728	38,481		41,588	35,770

Shale Gas (mcf/d)	251,152	134,049		204,459	126,892
Conventional Natural Gas (mcf/d)	12,542	10,307		10,553	10,385
Total Natural Gas (mcf/d)	263,694	144,356		215,012	137,277

Total (boe/d)	180,581	133,019		158,448	131,662

The Company’s aggregate production for the past eight quarters and the references to “natural gas”, “crude oil" and "condensate”, reported in this MD&A consist of the following product types, as defined in NI 51-101 and using a conversion ratio of 6 mcf : 1 bbl where applicable:


	2023			2022				2021
	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Light & Medium Crude Oil (bbl/d)	12,408	13,190	12,879	13,671	12,347	15,752	15,365	15,517
Heavy Crude Oil (bbl/d)	3,617	3,857	4,010	3,870	4,102	4,103	4,034	4,226
Tight Oil (bbl/d)	75,879	63,812	53,184	52,095	54,030	53,521	55,837	55,965
Total Crude Oil (bbl/d)	91,904	80,859	70,073	69,636	70,479	73,376	75,236	75,708

NGLs (bbl/d)	44,728	39,399	40,592	38,893	38,481	34,013	34,774	33,720

Shale Gas (mcf/d)	251,152	199,781	161,459	142,803	134,049	119,924	126,622	115,482
Conventional Natural Gas (mcf/d)	12,542	8,859	10,233	10,769	10,307	10,800	10,045	10,389
Total Natural Gas (mcf/d)	263,694	208,640	171,692	153,572	144,356	130,724	136,667	125,871

Total (boe/d)	180,581	155,031	139,280	134,124	133,019	129,176	132,788	130,407


CRESCENT POINT ENERGY CORP.			31


Directors Barbara Munroe, Chair (6) James Craddock (2) (3) (5) John Dielwart (3) (4) Mike Jackson (1) (5) Jennifer Koury (2) (5) Francois Langlois (1) (3) (4) Myron Stadnyk (1) (2) (4) Mindy Wight (1) (2) Craig Bryksa (4) (1) Member of the Audit Committee of the Board of Directors (2) Member of the Human Resources and Compensation Committee of the Board of Directors (3) Member of the Reserves Committee of the Board of Directors (4) Member of the Environment, Safety and Sustainability Committee of the Board of Directors (5) Member of the Corporate Governance and Nominating Committee (6) Chair of the Board serves in an ex officio capacity on each Committee Officers Craig Bryksa President and Chief Executive Officer Ken Lamont Chief Financial Officer Ryan Gritzfeldt Chief Operating Officer Mark Eade Senior Vice President, General Counsel and Corporate Secretary Garret Holt Senior Vice President, Strategy & Sustainability Michael Politeski Senior Vice President, Finance and Treasurer Shelly Witwer Senior Vice President, Business Development Justin Foraie Vice President, Operations and Marketing Head Office Suite 2000, 585 - 8th Avenue S.W. Calgary, Alberta T2P 1G1 Tel: (403) 693-0020 Fax: (403) 693-0070 Toll Free: (888) 693-0020 Banker The Bank of Nova Scotia Calgary, Alberta						Auditor PricewaterhouseCoopers LLP Calgary, Alberta Legal Counsel Norton Rose Fulbright Canada LLP Calgary, Alberta Evaluation Engineers McDaniel & Associates Consultants Ltd. Calgary, Alberta Registrar and Transfer Agent Investors are encouraged to contact Crescent Point's Registrar and Transfer Agent for information regarding their security holdings: Computershare Trust Company of Canada 600, 530 - 8th Avenue S.W. Calgary, Alberta T2P 3S8 Tel: (403) 267-6800 Stock Exchanges Toronto Stock Exchange - TSX New York Stock Exchange - NYSE Stock Symbol CPG Investor Contacts Shant Madian Vice President, Capital Markets (403) 693-0020 Sarfraz Somani Manager, Investor Relations (403) 693-0020