CALGARY, AB, Oct. 29, 2020 /CNW/ - Crescent Point Energy Corp.
("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) is
pleased to announce its operating and financial results for the
quarter ended September 30, 2020.
KEY HIGHLIGHTS
- Generated approximately $120
million of excess cash flow during third quarter,
demonstrating continued capital discipline.
- Significantly reduced net debt by over $575 million year-to-date 2020, providing ample
liquidity of over $2.5 billion.
- Upwardly revising 2020 production guidance with unchanged
capital expenditures.
- Enhanced sustainability and cost structure, allowing for 2021
preliminary program to be fully funded at approximately
US$40/bbl.
"Our third quarter results continue to demonstrate the success
of our disciplined approach and our strong operational execution,"
said Craig Bryksa, President and CEO
of Crescent Point. "Our continued prioritization of returns and the
long-term development of our assets, within the context of our key
strategic pillars of balance sheet strength and sustainability, are
reflected in our preliminary 2021 outlook and capital
allocation."
FINANCIAL HIGHLIGHTS
- Adjusted funds flow totaled $235.7
million during third quarter 2020, or $0.44 per share diluted, driven by a strong
operating netback of $21.11 per boe,
or $26.73 per boe including hedging
gains.
- For the quarter ended September 30,
2020, Crescent Point's development capital expenditures
totaled $93.3 million. The Company's
capital budget for fourth quarter remains focused on high return
assets, including the continued advancement of long-term projects
to further enhance sustainability, such as decline
mitigation.
- Net debt as at September 30, 2020
was approximately $2.2 billion and
reflects over $575 million of net
debt reduction year-to-date 2020 and approximately $1.2 billion since third quarter 2019. Cash and
unutilized credit capacity was over $2.5
billion as at September 30,
2020. Crescent Point has no material near-term senior note
debt maturities and its credit facilities do not mature until
October 2023.
- As part of its risk management program to protect against
commodity price volatility, the Company has currently hedged
approximately 70 percent of its oil and liquids production, net of
royalty interest, for the fourth quarter 2020. These hedges consist
primarily of swaps with an average price of over CDN$62/bbl. Crescent Point has also hedged
approximately 40 percent of its first quarter 2021 production,
primarily through swaps, at levels above current strip prices at an
average price of approximately CDN$62/bbl. The Company also has additional
hedges extending throughout 2021 and it will continue to layer on
added protection in the context of commodity prices.
- Subsequent to the quarter, Crescent Point declared a quarterly
cash dividend of $0.0025 per share
payable on January 4, 2021.
OPERATIONAL HIGHLIGHTS
- Crescent Point's average third quarter production was 113,383
boe/d, comprised of over 90 percent oil and liquids. As previously
announced, the Company reactivated economic volumes during third
quarter that were previously shut-in.
- Crescent Point's average per well capital costs are trending
in-line with its previously announced expectation for cost
reductions of over 10 percent by year-end 2020. These capital cost
improvements include internal efficiencies resulting from the
Company's supply chain initiatives and drilling and completion
optimization along with the benefits of knowledge transfer within
its asset portfolio.
- Crescent Point continued to optimize its workflows and
successfully implement its operational technology ("OT") platform
throughout its Saskatchewan assets
during third quarter 2020. As a result of these and other cost
reduction initiatives, the Company has now removed approximately
$60 million, or nine percent, of its
budgeted operating expenses in 2020. Crescent Point plans to
continue this rollout throughout 2021. The Company's OT platform
has also further enhanced safe operations and risk management
practices, while reducing emissions.
- Year-to-date, Crescent Point has converted approximately 110
producing wells to water injection, as part of its waterflood
program, and expects to convert a total of approximately 135 wells
in 2020. These activities are expected to continue to moderate the
Company's long-term decline rate.
|
All financial figures
are approximate and in Canadian dollars unless otherwise noted.
This press release contains forward-looking information and
references to non-GAAP financial measures. Significant related
assumptions and risk factors, and reconciliations are described
under the Non-GAAP Financial Measures and Forward-Looking
Statements sections of this press release, respectively.
|
OUTLOOK
The increase to Crescent Point's 2020 production guidance, with
unchanged capital expenditures, demonstrates the success of the
Company's continued operational execution and capital discipline.
Crescent Point's financial results for the remainder of the year
are also well insulated from the current volatility in commodity
prices, as approximately 70 percent of its fourth quarter oil
production is hedged at attractive levels.
The Company's recently established preliminary outlook for 2021
anticipates being able to generate annual average production that
is in-line with, or exceeds, its estimated second half 2020
production of approximately 110,000 boe/d while spending
$500 to $550
million in development capital. The Company plans to release
its formal annual budget in late 2020 or early in the new year.
Crescent Point's preliminary 2021 program includes a base
decline rate of approximately 25 percent, down from approximately
30 percent at the start of 2020, and is expected to be fully funded
within cash flow at approximately US$40/bbl WTI. The Company expects to generate
approximately $175 to $350 million of excess cash flow at US$45/bbl to US$50/bbl WTI, providing an increased opportunity
to further enhance shareholder value.
Crescent Point will focus on sustaining production and
generating excess cash flow in a higher commodity price
environment, with approximately $40
million of funds flow sensitivity for every US$1/bbl change in WTI in 2021, and will remain
flexible in the event of lower commodity prices.
Management will also remain flexible in its operations and
business practices as it pertains to the COVID-19 pandemic, in
order to continue to protect the health and safety of its
stakeholders.
The Company retains a strong liquidity position with over
$2.5 billion of unutilized credit
capacity and no material near-term debt maturities. Crescent Point
also has a substantial portion of its first half 2021 production
hedged at attractive prices and will continue to layer on
additional protection, in the context of commodity
prices.
CONFERENCE CALL DETAILS
Crescent Point management will hold a conference call on
Thursday, October 29, 2020 at
10:00 a.m. MT (12:00 p.m. ET) to discuss the Company's results
and outlook. A slide deck will accompany the conference call and
can be found on Crescent Point's home page.
Participants can listen to this event
online. Alternatively, the conference call can be accessed by
dialing 1-888-390-0605.
The webcast will be archived for replay and can be accessed on
Crescent Point's website. The replay will be available
approximately one hour following completion of the call.
Shareholders and investors can also find the Company's most
recent investor presentation on the Company's website.
2020 GUIDANCE
The Company's guidance for 2020 is as follows:
|
|
|
|
Prior
|
Revised
|
Total annual average
production (boe/d)
|
119,000 –
121,000
|
121,000
|
% Oil and
NGLs
|
91%
|
91%
|
Development capital
expenditures ($ millions) (1)
|
$665
|
$665
|
Drilling and
development (%)
|
90%
|
90%
|
Facilities and seismic
(%)
|
10%
|
10%
|
|
|
(1)
|
Development capital
expenditures excludes approximately $80 million of capitalized
G&A, land acquisitions, capital leases and reclamation
activities.
|
The Company's unaudited financial statements and management's
discussion and analysis for the quarter ended September 30, 2020, will be available on the
System for Electronic Document Analysis and Retrieval ("SEDAR") at
www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml and on
Crescent Point's website at www.crescentpointenergy.com.
FINANCIAL AND OPERATING HIGHLIGHTS
|
|
|
|
|
Three months ended
September 30
|
|
Nine months ended
September 30
|
(Cdn$ millions except
per share and per boe amounts)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Financial
|
|
|
|
|
|
|
|
Cash flow from
operating activities
|
219.5
|
|
402.2
|
|
615.4
|
|
1,346.4
|
Adjusted funds flow
from operations (1)
|
235.7
|
|
389.2
|
|
654.2
|
|
1,407.0
|
Per share (1)
(2)
|
0.44
|
|
0.71
|
|
1.23
|
|
2.56
|
Net income
(loss)
|
0.5
|
|
(301.7)
|
|
(2,468.7)
|
|
(101.2)
|
Per share
(2)
|
—
|
|
(0.55)
|
|
(4.67)
|
|
(0.18)
|
Adjusted net earnings
from operations (1)
|
71.0
|
|
32.6
|
|
91.8
|
|
336.9
|
Per share (1)
(2)
|
0.13
|
|
0.06
|
|
0.17
|
|
0.61
|
Dividends
declared
|
1.3
|
|
5.5
|
|
8.0
|
|
16.6
|
Per share
(2)
|
0.0025
|
|
0.0100
|
|
0.0150
|
|
0.0300
|
Net debt
(1)
|
2,189.2
|
|
3,360.0
|
|
2,189.2
|
|
3,360.0
|
Net debt to adjusted
funds flow from operations (1) (3)
|
2.0
|
|
1.9
|
|
2.0
|
|
1.9
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
Basic
|
529.7
|
|
547.5
|
|
529.1
|
|
548.5
|
Diluted
|
532.9
|
|
548.0
|
|
530.5
|
|
548.6
|
Operating
|
|
|
|
|
|
|
|
Average daily
production
|
|
|
|
|
|
|
|
Crude oil
(bbls/d)
|
89,260
|
|
119,011
|
|
98,662
|
|
131,215
|
NGLs
(bbls/d)
|
13,458
|
|
20,627
|
|
15,048
|
|
20,523
|
Natural gas
(mcf/d)
|
63,988
|
|
96,422
|
|
68,593
|
|
97,403
|
Total
(boe/d)
|
113,383
|
|
155,708
|
|
125,142
|
|
167,972
|
Average selling
prices (4)
|
|
|
|
|
|
|
|
Crude oil
($/bbl)
|
48.24
|
|
66.22
|
|
41.74
|
|
67.68
|
NGLs
($/bbl)
|
19.05
|
|
14.09
|
|
14.93
|
|
20.27
|
Natural gas
($/mcf)
|
2.94
|
|
1.96
|
|
2.90
|
|
2.59
|
Total
($/boe)
|
41.89
|
|
53.69
|
|
36.29
|
|
56.85
|
Netback ($/boe)
|
|
|
|
|
|
|
|
Oil and gas
sales
|
41.89
|
|
53.69
|
|
36.29
|
|
56.85
|
Royalties
|
(5.35)
|
|
(8.29)
|
|
(4.65)
|
|
(8.26)
|
Operating
expenses
|
(13.10)
|
|
(12.38)
|
|
(12.42)
|
|
(12.59)
|
Transportation
expenses
|
(2.33)
|
|
(2.09)
|
|
(2.27)
|
|
(2.08)
|
Operating netback
(1)
|
21.11
|
|
30.93
|
|
16.95
|
|
33.92
|
Realized gain on
derivatives
|
5.62
|
|
1.33
|
|
5.96
|
|
0.45
|
Other
(5)
|
(4.13)
|
|
(5.09)
|
|
(3.83)
|
|
(3.69)
|
Adjusted funds flow
from operations netback (1)
|
22.60
|
|
27.17
|
|
19.08
|
|
30.68
|
Capital
Expenditures
|
|
|
|
|
|
|
|
Capital dispositions,
net (6)
|
(0.9)
|
|
(199.2)
|
|
(507.9)
|
|
(260.3)
|
Development capital
expenditures
|
|
|
|
|
|
|
|
Drilling and
development
|
76.6
|
|
337.1
|
|
434.2
|
|
843.2
|
Facilities and
seismic
|
16.7
|
|
25.2
|
|
51.2
|
|
65.5
|
Total
|
93.3
|
|
362.3
|
|
485.4
|
|
908.7
|
Land
expenditures
|
1.2
|
|
2.2
|
|
2.8
|
|
10.3
|
|
|
(1)
|
Adjusted funds flow
from operations, adjusted funds flow from operations per share,
adjusted net earnings from operations, adjusted net earnings from
operations per share, net debt, net debt to adjusted funds flow
from operations, operating netback and adjusted funds flow from
operations netback as presented 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.
|
(2)
|
The per share amounts
(with the exception of dividends per share) are the per share –
diluted amounts.
|
(3)
|
Net debt to adjusted
funds flow from operations is calculated as the period end net debt
divided by the sum of adjusted funds flow from operations for the
trailing four quarters.
|
(4)
|
The average selling
prices reported are before realized derivatives and
transportation.
|
(5)
|
Other includes net
purchased products, general and administrative expenses, interest
on long-term debt, foreign exchange, cash-settled share-based
compensation and certain cash items and excludes transaction costs,
foreign exchange on US dollar long-term debt and certain non-cash
items.
|
(6)
|
Capital dispositions,
net represent total consideration for the transactions, including
long-term debt and working capital assumed, and exclude transaction
costs.
|
Non-GAAP Financial Measures
Throughout this press release, the Company uses the terms
"adjusted funds flow", "adjusted funds flow from operations",
"funds flow", "adjusted funds flow from operations per share -
diluted", "excess cash flow", "adjusted net earnings from
operations", "adjusted net earnings from operations per share -
diluted", "net debt", "net debt to adjusted funds flow from
operations", "operating netback" and "adjusted funds flow from
operations netback". 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.
Adjusted funds flow and funds flow are equivalent to adjusted
funds flow from operations. Adjusted funds flow from operations is
calculated based on cash flow from operating activities before
changes in non-cash working capital, transaction costs and
decommissioning expenditures. Adjusted funds flow from operations
per share - diluted is calculated as adjusted funds flow from
operations divided by the number of weighted average diluted shares
outstanding. 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 stage of Company's assets and operating
areas. Management utilizes adjusted funds flow from operations as a
key measure to assess the ability of the Company to finance
dividends, 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. Excess cash flow is defined as adjusted funds
flow from operations less capital expenditures, payments on lease
liability, asset retirement obligations, dividends and other cash
items (excluding net acquisitions and dispositions). Management
utilizes excess cash flow as a key measure to assess the ability of
the Company to finance dividends, potential share repurchases, debt
repayments and returns-based growth.
The following table reconciles cash flow from operating
activities to adjusted funds flow from operations and excess cash
flow:
|
|
|
|
|
Three months ended
September 30
|
|
Nine months ended
September 30
|
($
millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Cash flow from
operating activities
|
219.5
|
|
402.2
|
|
615.4
|
|
1,346.4
|
Changes in non-cash
working capital
|
14.8
|
|
(21.8)
|
|
22.8
|
|
40.9
|
Transaction
costs
|
0.1
|
|
3.1
|
|
5.4
|
|
4.2
|
Decommissioning
expenditures
|
1.3
|
|
5.7
|
|
10.6
|
|
15.5
|
Adjusted funds flow
from operations
|
235.7
|
|
389.2
|
|
654.2
|
|
1,407.0
|
Capital
expenditures
|
(102.8)
|
|
(374.3)
|
|
(517.2)
|
|
(948.7)
|
Dividends
|
(1.3)
|
|
(5.5)
|
|
(8.0)
|
|
(16.6)
|
Other
(1)
|
(13.0)
|
|
(0.9)
|
|
(48.0)
|
|
(11.4)
|
Excess cash
flow
|
118.6
|
|
8.5
|
|
81.0
|
|
430.3
|
|
|
(1)
|
Includes payments on
lease liability, asset retirement obligations and other cash items,
excluding net acquisitions and dispositions.
|
Adjusted net earnings from operations is calculated based on net
income before amortization of exploration and evaluation
("E&E") undeveloped land, impairment or impairment recoveries,
unrealized derivative gains or losses, unrealized foreign exchange
gain or loss on translation of hedged US dollar long-term debt,
unrealized gains or losses on long-term investments, gains or
losses on the sale of long-term investments and gains or losses on
capital acquisitions and dispositions. Adjusted net earnings from
operations per share - diluted is calculated as adjusted net
earnings from operations divided by the number of weighted average
diluted shares outstanding. Management utilizes adjusted net
earnings from operations to present 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.
The following table reconciles net income to adjusted net
earnings from operations:
|
|
|
|
|
Three months ended
September 30
|
|
Nine months ended
September 30
|
($
millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income
(loss)
|
0.5
|
|
(301.7)
|
|
(2,468.7)
|
|
(101.2)
|
Amortization of
E&E undeveloped land
|
16.7
|
|
33.6
|
|
58.0
|
|
107.8
|
Impairment
|
—
|
|
241.4
|
|
3,557.8
|
|
249.9
|
Unrealized derivative
(gains) losses
|
116.3
|
|
(128.3)
|
|
(73.0)
|
|
115.7
|
Unrealized foreign
exchange (gain) loss on translation of hedged US dollar long-term
debt
|
(37.7)
|
|
40.5
|
|
24.1
|
|
(155.2)
|
Unrealized loss on
long-term investments
|
0.8
|
|
0.1
|
|
5.1
|
|
1.5
|
Net (gain) loss on
capital dispositions
|
0.4
|
|
193.2
|
|
(307.9)
|
|
199.3
|
Deferred tax relating
to adjustments
|
(26.0)
|
|
(46.2)
|
|
(703.6)
|
|
(80.9)
|
Adjusted net earnings
from operations
|
71.0
|
|
32.6
|
|
91.8
|
|
336.9
|
Net debt is calculated as long-term debt plus accounts payable
and accrued liabilities and long-term compensation liability net of
equity derivative contracts, less cash, accounts receivable,
prepaids and deposits, long-term investments, excluding the
unrealized foreign exchange on translation of US dollar long-term
debt. Management utilizes net debt as a key measure to assess the
liquidity of the Company.
The following table reconciles long-term debt to net debt:
|
|
|
|
($
millions)
|
September 30,
2020
|
|
September 30,
2019
|
Long-term debt
(1)
|
2,413.7
|
|
3,578.2
|
Accounts payable and
accrued liabilities
|
277.8
|
|
525.8
|
Long-term
compensation liability (2)
|
11.6
|
|
50.9
|
Cash
|
(8.6)
|
|
(122.9)
|
Accounts
receivable
|
(189.5)
|
|
(336.7)
|
Prepaids and
deposits
|
(24.1)
|
|
(9.8)
|
Long-term
investments
|
(1.7)
|
|
(7.1)
|
Excludes:
|
|
|
|
Unrealized foreign
exchange on translation of hedged US dollar long-term
debt
|
(290.0)
|
|
(318.4)
|
Net debt
|
2,189.2
|
|
3,360.0
|
|
|
(1)
|
Includes current
portion of long-term debt.
|
(2)
|
Includes current
portion of long-term compensation liability and is net of equity
derivative contracts.
|
Net debt to adjusted funds flow from operations is calculated as
the period end net debt divided by the sum of adjusted funds flow
from operations for the trailing four quarters. The ratio of net
debt to adjusted funds flow from operations is used by management
to measure the Company's overall debt position and to measure the
strength of the Company's balance sheet. Crescent Point monitors
this ratio and uses this as a key measure in making decisions
regarding financing, capital spending and dividend levels.
Operating netback is calculated on a per boe basis as oil and
gas sales, less royalties, operating and transportation expenses.
Adjusted funds flow from operations netback is calculated on a per
boe basis as operating netback less net purchased products,
realized derivative gains and losses, general and administrative
expenses, interest on long-term debt, foreign exchange,
cash-settled share-based compensation and certain cash items,
excluding transaction costs, foreign exchange on US dollar
long-term debt and certain non-cash items. Operating netback and
adjusted funds flow from operations netback are common metrics used
in the oil and gas industry and are used by management to measure
operating results on a per boe basis to better analyze performance
against prior periods on a comparable basis. Netback calculations
are shown in the Financial and Operating Highlights section in this
press release.
Management believes the presentation of the Non-GAAP 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.
All amounts in the news release are stated in Canadian dollars
unless otherwise specified.
Forward-Looking Statements
Any "financial outlook" or "future oriented financial
information" in this press release, 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 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 following: ample
liquidity of over $2.5 billion; 2020
production guidance and capital expenditures; 2021 preliminary
program fully funded at approximately US$40/bbl; capital budget for fourth quarter
focused on high return assets, including the continued advancement
of long-term projects to further enhance sustainability; the plans,
purpose, nature and extent of the hedging program; dividend
payment; plans to continue the OT platform rollout throughout 2021;
2020 waterflood conversions and impact on corporate decline rate;
outlook; Crescent Point's financial results for the remainder of
the year are well insulated from the current volatility in
commodity prices; Crescent Point's preliminary outlook for 2021 is
expected to be fully funded within cash flow at approximately
US$40/bbl WTI; generating annual
average production in 2021 that is in-line with, or exceeds,
estimated second half 2020 production of approximately 110,000
boe/d while spending $500 to
$550 million in development capital;
the release of a formal annual budget in late 2020 or early in
2021; Crescent Point's preliminary 2021 program including a base
decline rate of approximately 25 percent; at US$45/bbl to US$50/bbl WTI, expectations of generating
approximately $175 to $350 million of excess cash flow and providing an
increased opportunity to further enhance shareholder value; the
Company remaining flexible in the event of lower commodity prices
and focusing on sustaining production and generating excess cash
flow in a higher commodity price environment; approximately
$40 million of funds flow sensitivity
for every US$1/bbl change in WTI in
2021; management remaining flexible in its operations and business
practices as they pertain to the COVID-19 pandemic, in order to
continue to protect the health and safety of its stakeholders; a
substantial portion of first half 2021 production hedged at
attractive prices and expectations of layering on additional
protection, in the context of commodity prices; and 2020 guidance
including total annual average production including percentage of
oil and NGLs and drilling capital expenditures, including
percentage dedicated to drilling and development and facilities and
seismic.
All forward-looking statements are based on Crescent Point's
beliefs and assumptions based on information available at the time
the assumption was made. Crescent Point 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 assumptions and risks discussed in the Company's
Annual Information Form for the year ended December 31, 2019 under "Risk Factors", our
Management's Discussion and Analysis for the year ended
December 31, 2019, under the headings
"Risk Factors" and "Forward-Looking Information" and for the
quarter ended September 30, 2020
under "Commodity Derivatives", "Liquidity and Capital Resources",
"Changes in Accounting Policies", "Risk Factors", "Guidance" and
"Forward-Looking Information". The material assumptions are
disclosed in the Management's Discussion and Analysis for the year
ended December 31, 2019, under the
headings "Capital Expenditures", "Liquidity and Capital Resources",
"Critical Accounting Estimates", "Risk Factors", "Changes in
Accounting Policies", and "Outlook" and are disclosed in the
Management's Discussion and Analysis for the quarter ended
September 30, 2020 under the headings
"Commodity Derivatives", "Liquidity and Capital Resources",
"Changes in Accounting Policies" and "Guidance". The impact of any
one risk, uncertainty or factor on a particular forward-looking
statement is not determinable with certainty as these are
interdependent and Crescent Point's future course of action depends
on management's assessment of all information available at the
relevant time.
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:
Brad Borggard, Senior
Vice President, Corporate Planning and Capital Markets, or
Shant Madian, Vice
President, Investor Relations and Corporate Communications
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.