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Crescent Point Energy Bulks Up 2017 Budget by 50%

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Crescent Point Energy Bulks Up 2017 Budget by 50%

Crescent Point reported its Q3 2016 results. 

Key Points:

16% Increase to 2016 Budget

Increased 2016 budget by $150 million to $1.1 billion

Ups 2017 Budget Nearly

Increased spending plans in its 2017 preliminary outlook from $950 million to $1.4 billion. This is a 27% increase over the 2016 budget Assumes a 2017 exit production of approximately 175,000 boe/d to 177,000 boe/d, and equates to a year-over-year growth rate of approximately five to eight percent.

Q3 Drilling Activity

Highlights: Crescent Point achieved quarterly production of 160,610 boe/d in third quarter 2016, which was ahead of the Company's budget. Funds flow from operations totaled $368.1 million, or $0.72 per share diluted, which was also ahead of budget. Cash dividends paid during the quarter were $0.09 per…
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