Exploration & Production | Drilling & Completions | Production Rates | Hedging | Capital Markets
Crescent Point Puts the Screws to Suppliers
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Crescent Point Energy has detailed their break-even prices and evenly-paced development strategy for 2015. The company is well positioned in low break-even plays and hedged into 2016.
In an interview during the latest CIBC conference, however, C. Neil Smith, COO of Crescent Point noted that it is nevertheless putting pressure on suppliers to reduce costs in their own supply chain and begin discounting now.
The company began talking to vendors last November, they came up with numbers close to 10%. Crescent Point is now asking vendors to start to "bark up their own supply chain," in order to reduce the cost structure to accomodate the new environment.
Smith stated: "$100 WTI cost structure cannot exist when oil is $55."
Source: CIBC 18th Annual Whistler Institutional Investor Conference
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