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Crescent Point Talks 2020 Plans; Only Minimal Cuts to Spending, Drilling YOY
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Crescent Point Energy Corp. has detailed its 2020 budget.
The budget is comparable to 2019 in both spending (8% less YOY) and production (flat YOY adjusted for dispositions).
The plan is based upon US$50/bbl WTI.
Crescent Point has currently hedged approximately 50% of its oil and liquids production for 2020. The Company plans to continue to layer additional hedges, when appropriate, to further protect its cash flow.
Budget AllocationOver 80% of the 2020 capital expenditures budget is allocated to four plays including the Company's key focus areas and its North Dakota resource play.
Crescent Point's key focus areas in the Viewfield, Shaunavon and Flat Lake resource plays account for approximately 60% of the allocation, up from approximately 55% in 2019.
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