CALGARY,
AB, March 7, 2024 /CNW/ - Crescent Point
Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE:
CPG) is pleased to announce the Toronto Stock Exchange ("TSX") has
accepted its notice to implement a normal course issuer bid
("NCIB") to purchase, for cancellation, up to 61,663,522 common
shares, or 10 percent of the Company's public float, as at
February 29, 2024. The NCIB is
scheduled to commence on March 11,
2024 and is due to expire on March
10, 2025.
Purchases of Crescent Point's common shares under the NCIB may
be made through the facilities of the TSX, the New York Stock
Exchange ("NYSE") and alternative trading systems by means of open
market transactions or by such other means as may be permitted by
the Canadian Securities Administrators ("CSA") and under applicable
securities laws, including by private agreement pursuant to issuer
bid exemption orders issued by applicable securities regulatory
authorities. The price the Company will pay for any common shares
will be the market price at the time of purchase or such other
price as may be permitted by the CSA. Any private purchase made
under an exemption order issued by a securities regulatory
authority will generally be at a discount to the prevailing market
price.
In connection with the NCIB, Crescent Point will enter into an
automatic purchase plan ("Plan") with its designated broker to
allow for purchases of its common shares during internal blackout
periods. Such purchases would be at the discretion of the broker
based on parameters established by the Company prior to any
blackout period or any period when it is in possession of material
undisclosed information. Outside of these periods, common shares
will be repurchased in accordance with management's discretion,
subject to applicable law. The Plan has been reviewed by the TSX
and may be terminated by Crescent Point or its broker in accordance
with its terms or will terminate on the expiry of the NCIB.
As of February 29, 2024, the Company had a public float of
616,635,222 common shares and 619,949,490 common shares issued and
outstanding. Crescent Point will not acquire, through the
facilities of the TSX, more than 808,795 common shares during a
trading day, being 25 percent of the average daily trading volume
of the Company's common shares on the TSX for the six calendar
months prior to the date of approval of the NCIB by the TSX (being
3,235,182 common shares), and, in addition, will not acquire per
day on the NYSE more than 25 percent of the average daily trading
volume for the four calendar weeks preceding the date of purchase,
subject to, in both cases, certain exceptions for block
purchases.
The actual number of common shares that will be repurchased
under the NCIB, and the timing of any such purchases, will be
determined by Crescent Point at management's discretion, subject to
applicable securities laws. There cannot be any assurances as to
how many common shares, if any, will ultimately be acquired by the
Company.
Under its current NCIB that expires March
8, 2024, Crescent Point has repurchased, as at February 29, 2024, an aggregate 30,775,500 common
shares out of a permitted 54,605,659 common shares, at a weighted
average price of $10.17 per share.
These repurchases were all made in open market transactions. The
Company evaluates share repurchases as a means of enhancing
shareholder value as part of its return of capital framework, which
targets to return 60 percent of its excess cash flow and believes
that the repurchase of shares is an effective use by the Company of
its funds and is in the best interest of its shareholders.
Forward-Looking Statements and Other Matters
Certain statements contained in this press release constitute
"forward-looking statements" within the meaning of section 27A of
the Securities Act of 1933 and section 21E of the Securities
Exchange Act of 1934 and "forward-looking information" for the
purposes of Canadian securities regulation (collectively,
"forward-looking statements"). The Company has tried to identify
such forward-looking statements by use of such words as "could",
"should", "can", "anticipate", "expect", "believe", "will", "may",
"intend", "projected", "sustain", "continues", "strategy",
"potential", "projects", "grow", "take advantage", "estimate",
"well-positioned" and other similar expressions, but these words
are not the exclusive means of identifying such statements.
In particular, this press release contains forward-looking
statements pertaining, among other things, to the Company's normal
course issuer bid, return of capital framework, which targets to
return to shareholders 60 percent of excess cash flow on an annual
basis, the process the Company plans to follow to evaluate
purchases under the NCIB, and the expected benefits to shareholders
associated with the NCIB and the Plan and its operation.
All forward-looking statements are based on Crescent Point's
beliefs and assumptions based on information available at the time
the assumption was made. The Company believes that the expectations
reflected in these forward-looking statements are reasonable but no
assurance can be given that these expectations will prove to be
correct and such forward-looking statements included in this report
should not be unduly relied upon. By their nature, such
forward-looking statements are subject to a number of risks,
uncertainties and assumptions, which could cause actual results or
other expectations to differ materially from those anticipated,
expressed or implied by such statements, including those material
risks discussed in the Company's Annual Information Form for the
year ended December 31, 2023 under
"Risk Factors," and in our Management's Discussion and Analysis for
the year ended December 31, 2023,
under the headings "Risk Factors" and "Forward-Looking
Information".
Additional information on these and other factors that could
affect Crescent Point's operations or financial results are
included in Crescent Point's reports on file with Canadian and U.S.
securities regulatory authorities. Readers are cautioned not to
place undue reliance on this forward-looking information, which is
given as of the date it is expressed herein or otherwise. 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. All subsequent forward-looking statements, whether
written or oral, attributable to Crescent Point or persons acting
on the Company's behalf are expressly qualified in their entirety
by these cautionary statements.
FOR MORE INFORMATION ON CRESCENT POINT ENERGY, PLEASE
CONTACT:
Shant Madian, Vice
President, Capital Markets, or
Sarfraz Somani, Manager,
Investor Relations
Telephone: (403) 693-0020 Toll-free (US and Canada): 888-693-0020 Fax: (403)
693-0070
Address: Crescent Point Energy Corp. Suite 2000, 585 - 8th Avenue
S.W. Calgary AB T2P 1G1
www.crescentpointenergy.com
Crescent Point shares are traded on the Toronto Stock Exchange
and New York Stock Exchange under the symbol CPG.
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SOURCE Crescent Point Energy Corp.