Crescent Point Announces Sale of Uinta Basin and Non-Core Saskatchewan Assets for Cash Proceeds of $912 Million
Crescent Point Energy Corporation Ordinary Shares (Canada) (CPG)
Last crescent point energy corporation ordinary shares (canada) earnings: 3/5 06:30 am
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Source: PR Newswire
CALGARY, Sept. 3, 2019 /PRNewswire/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is pleased to announce that it has entered into definitive agreements with select parties to sell its Uinta Basin asset in its entirety and certain southeast Saskatchewan conventional assets for total cash consideration of approximately $912 million. KEY HIGHLIGHTS Agreements to sell 27,000 boe/d of upstream assets for approximately 4.7 times cash flow. Net debt expected to improve to approximately $2.75 billion at year-end 2019, down from $4.40 billion prior to the changes in senior management in 2018. Transactions strengthen balance sheet and lower pro-forma net debt to adjusted funds flow ratio by approximately 0.4 times. Accretive to debt-adjusted funds flow per share by approximately 11 percent, while also improving the corporate operating netback by approximately five percent, lowering the capital required to sustain
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