Crescent Point Announces Q2 2019 Results
CALGARY, July 25, 2019 /PRNewswire/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is pleased to announce its operating and financial results for the quarter ended June 30, 2019.
KEY HIGHLIGHTS
-- Reduced net debt by over $450 million year-to-date 2019, primarily
driven by excess cash flow and disciplined capital spending.
-- Achieved cost improvements resulting in first half 2019 operating
expenses approximately five percent below budget.
-- Remain on track with annual guidance, which has been adjusted to reflect
$60 million of non-core dispositions during the quarter.
-- Continue to progress additional asset sales with select parties.
-- Increased stakeholder communication with the release of Crescent Point's
inaugural sustainability report, detailing its environmental, social and
governance (ESG) practices, which can be found on the Company's website.
"Our second quarter results continue to demonstrate our focus on disciplined capital allocation, realizing cost efficiencies and strengthening our balance sheet," said Craig Bryksa, President and CEO of Crescent Point. "We expect to generate significant excess cash flow in 2019, allowing for net debt reduction and accretive share repurchases. We continue to target additional asset dispositions as part of our focused asset strategy, providing increased efficiencies and financial flexibility."
FINANCIAL HIGHLIGHTS
-- Adjusted funds flow totaled $503.8 million or $0.92 per share diluted
during the second quarter, based on a strong operating netback of $36.59
per boe.
-- For the quarter ended June 30, 2019, Crescent Point's capital
expenditures on drilling and development, facilities and seismic totaled
$166.2 million, including $146.5 million on drilling and development to
drill 52 (39.8 net) wells. The Company's second quarter activity
reflects lower spending in comparison to the prior quarter due to
seasonality within its Canadian operations relating to spring break-up.
Second quarter capital expenditures were approximately $60 million below
planned spending due to both wet weather conditions and management's
discipline to operate in a more cost-efficient environment post
break-up.
-- Net debt as at June 30, 2019 equated to approximately $3.6 billion or
1.9 times trailing adjusted funds flow. Crescent Point reduced its net
debt during the first half of the year by over $450 million, including
the retirement of US$68.0 million and $7.0 million of senior guaranteed
notes during second quarter. Cash and unutilized credit capacity as at
June 30, 2019 was approximately $2.0 billion, with no material near-term
senior note debt maturities.
-- The Company continued to actively hedge oil production to further
protect its returns and cash flow generation. As at July 19, 2019,
Crescent Point had, on average, approximately 48 percent of its oil and
liquids production, net of royalty interest, hedged for the second half
of 2019, approximately 42 percent in the first half of 2020 and 25
percent in the second half of 2020.
-- The Company's oil differential improved during second quarter to
$7.92/bbl, allowing for realized oil prices to increase by over 10
percent in comparison to first quarter 2019.
-- Crescent Point continued to return capital to shareholders through
dividends and share repurchases. Subsequent to the quarter, the Company
declared a quarterly cash dividend of $0.01 per share payable to
shareholders on October 1, 2019.
OPERATIONAL HIGHLIGHTS
-- Second quarter 2019 average production of 172,476 boe/d was comprised of
approximately 90 percent oil and liquids and net of approximately 2,400
boe/d of non-core asset dispositions completed during the quarter. This
compares to second quarter 2018 average production of 181,818 boe/d,
reflecting asset dispositions and disciplined capital spending. Adjusted
funds flow per share during this period increased slightly despite lower
production and weaker oil prices.
-- The Company's second half 2019 capital allocation within its development
budget continues to be weighted to its three key focus areas in
Saskatchewan. This program includes a combination of low-risk infill
drilling, waterflood development and continued advancement of the
successful two-mile horizontal program in the Flat Lake resource play.
In the second half, Crescent Point's U.S. operations will continue to
focus on cost-efficient multi-well pad development, with completion
activity expected during late third quarter.
-- The Company's increased focus on cost reduction initiatives has resulted
in realized efficiencies within Crescent Point's controllable operating
expenses. These improvements are in addition to the capital cost and
general and administrative expense savings the Company achieved since
late 2018. Crescent Point's operating expenses totaled approximately
$400 million during the first half of 2019, approximately five percent
or $20 million below its original first half 2019 budget.
-- The Company's decline mitigation program continues to yield successful
results in each of its key focus areas. During the first half of the
year, Crescent Point converted approximately 100 producing wells to
water injection wells and remains on track with its plan to convert a
total of approximately 145 wells in 2019.
-- During second quarter, the Company released its inaugural sustainability
report, highlighting its 2018 ESG performance. These achievements
include a reduction in emissions of 12 percent, expanded infrastructure
in key operating areas for increased gas conservation, the development
of internal carbon pricing tools and the installation of remote well
site monitoring. The report also highlights Crescent Point's commitment
to safety and diversity throughout the organization and engagement
within the community.
ASSET DISPOSITIONS
-- Executed dispositions of approximately 2,400 boe/d of higher operating
cost non-core assets during second quarter 2019 for cash proceeds of
approximately $60 million.
-- The Company's previously announced disposition processes for certain
infrastructure assets and its conventional upstream assets in southeast
Saskatchewan continue to advance, despite significant volatility in
recent commodity prices. Crescent Point's infrastructure package, which
is progressing to a second round of bids, includes associated gas
processing capacity and sales lines with potential initial annual cash
flow to a purchaser of approximately $50 million. The Company is also
progressing the disposition of its southeast Saskatchewan conventional
assets with select parties. These assets include a portfolio of several
packages comprising approximately 20,000 boe/d of production.
-- Crescent Point remains disciplined and flexible in its disposition
process and will provide updates as required.
OUTLOOK
The Company's second quarter results highlight the continued changes being implemented throughout the organization. To date, Crescent Point's transition plan has resulted in significant debt reduction, a more disciplined, return-focused capital allocation process and material cost efficiencies.
The Company's direction remains centered on a focused asset strategy with a strong balance sheet, allowing for increased efficiencies and financial flexibility. Crescent Point expects continued improvement in its overall efficiencies, corporate returns, financial position and debt-adjusted per share metrics as it continues to reduce the number of areas in which it operates.
The Company's key focus areas in Viewfield, Shaunavon and Flat Lake continue to provide attractive returns, scalability, free cash flow and reliable market access. These resource plays provide low-risk, high return development opportunities with strong operating netbacks that were approximately 10 percent higher, on average, compared to the corporate operating netback during second quarter. These plays currently generate approximately $450 million of annual cash flow in excess of capital expenditures at US$55.00/bbl WTI and benefit from waterflood programs that are expected to further enhance overall recoveries.
Management's capital allocation process remains centered on prioritizing returns versus production growth, net debt reduction and returning capital to shareholders. Crescent Point will continue to assess its allocation of excess cash flow as it continues to execute its transition plan and further strengthen its balance sheet.
The Company's revised 2019 budget, which reflects announced dispositions, is now expected to generate annual average production of 168,000 to 172,000 boe/d, with capital expenditures of $1.2 to $1.3 billion. Asset dispositions completed during second quarter did not impact capital expenditures guidance based on planned spending for those non-core assets during the remainder of the year. Crescent Point remains on track with its annual guidance and will continue to update shareholders as it executes its transition plan.
CONFERENCE CALL DETAILS
Crescent Point's management will host a conference call on Thursday, July 25, 2019 at 10:00 a.m. MDT (12:00 p.m. EDT) to discuss the Company's results and outlook. A slide deck will accompany the conference call and can be found on Crescent Point's home page.
Participants can listen to this event online via webcast. Alternatively, the conference call can be accessed by dialing 1?888?390?0605. The webcast will be archived for replay and can be accessed on Crescent Point's website approximately one hour following completion of the call.
Shareholders and investors can also find the Company's most recent investor presentation and sustainability report on Crescent Point's website.
2019 GUIDANCE
The Company's guidance for 2019 is as follows:
Prior Revised
Total annual average
production (boe/d) 170,000 -174,000 168,000 -172,000
% Oil and NGLs 91% 91%
---
Capital expenditures ($
millions) (1)
$1,200 to $1,300
$1,200 to $1,300
Drilling and development
(%) 90% 90%
Facilities and seismic (%) 10% 10%
---
(1) Capital expenditures
excludes any potential net
property and land acquisitions and
approximately $35 million of
capitalized G&A
The Company's unaudited financial statements and management's discussion and analysis for the quarter ended June 30, 2019, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml and on Crescent Point's website at www.crescentpointenergy.com.
All financial figures are
approximate and in Canadian
dollars unless otherwise noted.
This press release contains
forward-looking information and
references to non-GAAP financial
measures. Significant related
assumptions and risk factors, and
reconciliations are described
under the Non-GAAP Financial
Measures and Forward-Looking
Statements sections of this press
release, respectively
FINANCIAL AND OPERATING HIGHLIGHTS
Three months ended June Six months ended June
30 30
(Cdn$ millions except per
share and per boe amounts) 2019 2018 2019 2018
---
Financial
Cash flow from operating
activities 527.4 452.8 944.2 914.8
Adjusted funds flow from
operations (1) 503.8 500.3 1,017.8 929.2
Per share (1) (2) 0.92 0.91 1.85 1.69
Net income (loss) 198.6 (166.2) 200.5 (256.9)
Per share (2) 0.36 (0.30) 0.37 (0.47)
Adjusted net earnings from
operations (1) 146.0 102.7 304.3 166.1
Per share (1) (2) 0.27 0.19 0.55 0.30
Dividends declared 5.5 49.7 11.1 99.3
Per share (2) 0.01 0.09 0.02 0.18
Net debt (1) 3,553.5 4,015.7 3,553.5 4,015.7
Net debt to adjusted funds
flow from operations (1) (3) 1.9 2.2 1.9 2.2
Weighted average shares
outstanding
Basic 547.6 549.3 548.9 548.2
Diluted 548.2 551.0 549.0 549.9
---
Operating
Average daily production
Crude oil (bbls/d) 134,951 145,532 137,418 143,434
NGLs (bbls/d) 20,841 17,934 20,471 18,352
Natural gas (mcf/d) 100,101 110,110 97,902 110,046
---
Total (boe/d) 172,476 181,818 174,206 180,127
---
Average selling prices (4)
Crude oil ($/bbl) 72.07 76.31 68.32 71.83
NGLs ($/bbl) 21.39 35.04 23.43 34.36
Natural gas ($/mcf) 2.14 1.62 2.91 2.02
---
Total ($/boe) 60.22 65.52 58.28 61.93
---
Netback ($/boe)
Oil and gas sales 60.22 65.52 58.28 61.93
Royalties (8.97) (9.35) (8.25) (9.09)
Operating expenses (12.61) (13.16) (12.69) (13.05)
Transportation expenses (2.05) (2.27) (2.08) (2.13)
---
Operating netback (1) 36.59 40.74 35.26 37.66
Realized gain (loss) on
derivatives (0.64) (5.31) 0.05 (3.79)
Other (5) (3.85) (5.19) (3.03) (5.37)
---
Adjusted funds flow from
operations netback (1) 32.10 30.24 32.28 28.50
---
Capital Expenditures
Capital dispositions, net (6) (58.3) (267.6) (61.1) (276.6)
Development capital
expenditures
Drilling and development 146.5 238.6 506.1 891.4
Facilities and seismic 19.7 62.6 40.3 131.8
Land 4.1 12.4 8.1 23.4
---
Total 170.3 313.6 554.5 1,046.6
---
(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", "funds flow", "adjusted funds flow from operations", "adjusted funds flow from operations per share - diluted", "adjusted net earnings from operations", "adjusted net earnings from operations per share - diluted", "free cash flow", "excess cash flow", "net debt", "net debt to adjusted funds flow from operations" and "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 is 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.
The following table reconciles cash flow from operating activities to adjusted funds flow from operations:
Three months ended Six months ended
June 30 June 30
($ millions) 2019
2018 (1) 2019
2018 (1)
---
Cash flow from operating
activities 527.4 452.8 944.2 914.8
Changes in non-cash
working capital (28.3) 41.0 62.7 (3.1)
Transaction costs 0.2 2.2 1.1 2.9
Decommissioning
expenditures 4.5 4.3 9.8 14.6
---
Adjusted funds flow from
operations 503.8 500.3 1,017.8 929.2
---
(1) On initial adoption of IFRS
16, the Company elected to use
the modified retrospective
approach; therefore,
comparative information has not
been restated. Refer to the
Changes in Accounting Policies
section in the Company's MD&A
for the period ended June 30,
2019
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 Six months ended
June 30 June 30
($ millions) 2019
2018 (1) 2019
2018 (1)
---
Net income (loss) 198.6 (166.2) 200.5 (256.9)
Amortization of
E&E undeveloped
land 35.9 39.5 74.2 78.3
Impairment 8.5
Unrealized
derivative
(gains) losses (26.4) 234.3 244.0 269.3
Unrealized
foreign exchange
(gain) loss on
translation of (99.0) 8.7 (195.7) 132.7
hedged US dollar
long-term debt
Unrealized (gain)
loss on long-
term investments 0.9 (5.5) 1.4 6.3
Gain on sale of
long-term
investments (4.5) (4.5)
Loss on capital
dispositions 11.4 71.5 6.1 70.6
Deferred tax
relating to
adjustments 24.6 (75.1) (34.7) (129.7)
---
Adjusted net
earnings from
operations 146.0 102.7 304.3 166.1
---
(1) On initial adoption of IFRS
16, the Company elected to use
the modified retrospective
approach; therefore,
comparative information has not
been restated. Refer to the
Changes in Accounting Policies
section in the Company's MD&A
for the period ended June 30,
2019
Free cash flow is calculated as adjusted funds flow from operations less capital expenditures, payments on lease liability, asset retirement obligations and other cash items (excluding net acquisitions and dispositions). Excess cash flow is calculated as free cash flow less dividends. Management utilizes free cash flow and excess cash flow as key measures to assess the ability of the Company to finance dividends, potential share repurchases, debt repayments and returns-based growth.
Net debt is calculated as long-term debt plus accounts payable and accrued liabilities and long-term compensation liability, less cash, accounts receivable, prepaids and deposits and 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) June 30, 2019 June 30, 2018
---
Long-term debt (1) 3,706.7 4,277.4
Accounts payable and accrued
liabilities 474.8 605.6
Dividends payable 16.9
Long-term compensation liability
(2) 6.2 21.3
Cash (9.7) (9.0)
Accounts receivable (331.4) (409.7)
Prepaids and deposits (7.9) (7.6)
Long-term investments (7.3) (127.1)
Excludes:
Unrealized foreign exchange on
translation of hedged US dollar
long-term debt (277.9) (352.1)
---
Net debt 3,553.5 4,015.7
---
(1) Includes current portion of long-
term debt
(2) Includes current portion of long-
term compensation liability
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 netback is equivalent to adjusted funds flow from operations netback. 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.
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: assets sales currently in process; the Company's focus on disciplined capital allocation, realizing cost efficiencies and improving balance sheet strength; expectation of generating significant excess cash flow in 2019, allocated to the balance sheet and accretive share repurchases; targeting additional asset dispositions and the benefits thereof; the payment of a quarterly dividend payment; the Company's second half capital allocation within its development budget; the constituent elements of the Company's second half development program; expectations surrounding the Company's third and fourth quarter production; water injection well conversion plans; the progression of Crescent Point's asset dispositions; potential initial annual cash flow to a purchaser of the infrastructure package; Crescent Point disciplined and flexible approach to its disposition process and plan to provide updates as necessary or appropriate; the Company's direction centered on a focused asset strategy with a strong balance sheet, allowing for increased efficiencies and financial flexibility; expectations of continued improvement in overall efficiencies, corporate returns, financial position and debt-adjusted per share metrics; reduction in the number of operating areas; the Company's key focus areas, their characteristics and their provision of attractive returns, scalability, free cash flow and reliable market access; expectations that waterflood programs will further enhance overall recoveries and sustainability in the Company's key focus areas; management's capital allocation process centered on returns versus production growth, net debt reduction and returning capital to shareholders; the Company's continuing assessment of its allocation of excess cash flow as it continues to execute its transition plan and further strengthen its balance sheet; the Company's plan to continue to update shareholders as it executes its transition plan; and the Company's 2019 guidance, including total annual average production and capital expenditures, and the distribution of capital expenditures amongst 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 risks discussed in the Company's Annual Information Form for the year ended December 31, 2018 under "Risk Factors", our Management's Discussion and Analysis for the year ended December 31, 2018, under the headings "Risk Factors" and "Forward-Looking Information" and for the quarter ended June 30, 2019 under "Derivatives", "Liquidity and Capital Resources", "Changes in Accounting Policy" and "Outlook". The material assumptions are disclosed in the Management's Discussion and Analysis for the year ended December 31, 2018, 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 June 30, 2019 under the headings "Derivatives", "Liquidity and Capital Resources", "Changes in Accounting Policy" and "Outlook". In addition, risk factors include: financial risk of marketing reserves at an acceptable price given market conditions; volatility in market prices for oil and natural gas; delays in business operations, pipeline restrictions, blowouts; the risk of carrying out operations with minimal environmental impact; industry conditions, including changes in laws and regulations and the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; risks and uncertainties related to all oil and gas interests and operations on tribal lands; uncertainties associated with estimating oil and natural gas reserves; 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 of acquisitions and exploration and development programs; unexpected geological, technical, drilling, construction and processing problems; availability of insurance; fluctuations in foreign exchange and interest rates; stock market volatility; failure to realize the anticipated benefits of acquisitions and dispositions; general economic, market and business conditions; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities and counterparty credit risk; and changes in income tax laws, tax laws, crown royalty rates and incentive programs relating to the oil and gas industry; and other factors, many of which are outside the control of Crescent Point. 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.
