CALGARY, AB, June 22, 2021 /CNW/ - Crescent Point Energy Corp.
("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) is
pleased to announce the release of its 2021 Sustainability Report
(the "Report"). The Report is highlighted by the Company's
increased target for emissions intensity reduction, an increase
from 30 to 50 percent by 2025, including a 70 percent reduction in
absolute methane emissions. The Report also outlines the Company's
latest progress and commitment to strong environmental, social and
governance ("ESG") performance throughout its operations. In
addition, the Company also released updated disclosure in reference
to the Task Force on Climate-related Financial Disclosures ("TCFD")
underlining its effective risk management practices.
"Our 2021 Sustainability Report highlights the progress we have
made to enhance Crescent Point's social impact, governance
oversight, and environmental stewardship. By making progress in
these key areas, we are able to achieve our purpose of 'Bringing
Energy To Our World - The Right Way'," said Craig Bryksa, President and CEO of Crescent
Point. "As part of our commitment to strong ESG performance, we
will be dedicating between three to five percent of our go-forward
annual maintenance capital budget to environmental stewardship
projects. By continuing to integrate sustainability practices into
our capital allocation process and business operations, we are
effectively mitigating risks and capitalizing on opportunities to
position the Company for further success and enhanced shareholder
value."
KEY HIGHLIGHTS - ENVIRONMENTAL
- Increasing the Company's targeted emissions intensity reduction
to 50 percent by 2025, and increasing its absolute methane
emissions reduction target to 70 percent, in each case relative to
a 2017 baseline.
- Setting a target to reduce inactive well inventory by 30
percent over the next ten years, including approximately 400 wells
planned for safe retirement in 2021, far exceeding regulatory
compliance obligations.
- Developing freshwater use targets, which are anticipated to be
released later this year. These targets are expected to reflect,
and build upon, the significant success the Company had in reducing
its freshwater use intensity in 2020.
KEY HIGHLIGHTS - SOCIAL
- Achieving five-year best in safety performance for lost time
incident frequency and serious incident frequency in 2020 as a
direct result of engagement with employees and contractors to
promote safety across the Company's operations.
- Enhancing engagement with Indigenous contractors and suppliers,
in particular in the Company's recently acquired Kaybob area, to
build capacity and share in the skills, traditional knowledge and
expertise of the Company's Indigenous partners.
- Continuing to support the communities in which the Company
operates by providing over $1.7
million in funding support for more than 315 local charities
and community organizations, including a renewed multi-year
commitment to STARS Air Ambulance.
KEY HIGHLIGHTS - GOVERNANCE
- Furthering the Company's commitment to gender diversity,
including increasing and achieving its Board diversity target of at
least 30 percent of independent director positions on the Board
being held by women.
- Revising Board Committee mandates to ensure strong ESG
oversight and accountability, further evidencing the Company's
commitment to effective governance and risk management.
- Strengthening the link between executive and employee
compensation and ESG performance through the Company's short-term
incentive plan scorecard, which includes an increased weighting of
30 percent on ESG metrics.
The Report is Crescent Point's third sustainability report and
builds upon the inaugural report released in 2019 and the second
report released in 2020. The full Report, including a downloadable
PDF and data tables, is available on Crescent Point's website at
www.crescentpointenergy.com. The TCFD disclosure is also available
on the Company's website.
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:
continued environmental improvement; strategy and purpose; ESG
priorities; risk management; reducing GHG emissions intensity by 50
percent by 2025, from 2017 levels, including a 70 percent reduction
in absolute methane emissions by 2025 and the ways in which these
targets will be achieved; dedicated funding of 3-5 percent of
annual maintenance capital to support environmental stewardship
initiatives, that will support the responsible development of our
assets; opportunities to position the Company for further success,
increased shareholder value and mitigating risks; reducing inactive
well inventory by 30 percent over the next ten years; retiring
approximately 400 wells in 2021; targets for water use and timing
of release thereof; expanding Indigenous engagement in connection
with the recent acquisition of Duvernay assets and across all operation
areas; building and sharing in the skills, traditional knowledge
and expertise of the Company's Indigenous partners; continuing to
support communities in which the Company operates through funding;
linking the Company's short-term incentive plan scorecard to
include an increased weighting of 30 percent on ESG targets; and
continuing to build upon effective governance.
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 risks discussed in the Company's Annual Information
Form for the year ended December 31,
2020 under "Risk Factors" and our Management's Discussion
and Analysis for the year ended December 31,
2020 and for the quarter ended March
31, 2021, under the headings "Risk Factors" and
"Forward-Looking Information". 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.
References to emissions intensity refer to scope 1 greenhouse gas
emissions.
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. 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.