Crescent Point Revises 2020 Capital Spending and Dividend
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, March 16, 2020 /PRNewswire/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is revising its 2020 capital spending by approximately 35 percent in response to the recent decline in commodity prices. This conservative and disciplined approach demonstrates the Company's flexibility, focus on returns and prudent risk management to protect its balance sheet."Our original plans for 2020 centered on returns, capital discipline, cost savings initiatives and balance sheet strength," said Craig Bryksa, President and CEO of Crescent Point. "Given the recent severe volatility in the near-term outlook for commodity prices, we have adjusted our program to support those same priorities. We expect to fully fund our 2020 program within cash flow assuming a WTI price in the low US$30/bbl range for the remainder of the year." Crescent Point's revised 2020 capital expenditures budget of $700 to $800 million is expected to generate annual average production of
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