Capital Markets | Capital Expenditure | Capex Decrease | Curtailment/Shut-In
Crescent Point Cuts Capex, Curtails Production 15%
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Crescent Point Energy provided an update to its 2020 operating program
KEY HIGHLIGHTS
- Lowering 2020 capital expenditures guidance by $75 million, or 10 percent, with no associated impact to production.
- Enhancing sustainability by reducing 2020 operating expenses by $140 million.
- Reduced salaries for executive team and Board of Directors.
- Lowering annual production guidance by 15 percent, primarily due to the voluntary shut-in of higher cost production.
- Retains significant liquidity of over $2.5 billion, with no material near-term debt maturities.
Revised Capex 2020
Crescent Point’s capital expenditures for 2020 are now forecast to be approximately $650 to $700 million, or $75 million below its recently revised guidance of $700 to $800 million, based on the mid-point of the range.
Revised Production 2020
Shut-in
In aggregate, Crescent Point is voluntarily shutting-in approximately 25,000 boe/d of its current production, of which approximately 70 percent is oil.
Executive Pay Cut
Reduced salaries for executive team and Board of Directors.
Areas of Operations
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