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Crescent Point Taps New CEO; Plans to Cut 17% of Workforce
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Crescent Point Energy has appointed Craig Bryksa as President and CEO, the adoption of a new clearly defined transition plan with measurable deliverables and the appointment of Robert (Bob) Heinemann as the new Chairman of the Board.
Key Transition Highlights:
- Reduced workforce by 17%, resulting in an annual total expense savings of over $50 million.
- Focusing the Company's asset base by pursuing significant upstream asset divestitures.
- Targeting a net debt reduction of over $1.0 billion by year end 2019, at current strip commodity prices, through a disciplined return-focused budget and asset dispositions.
- Identified certain midstream assets for potential monetization.
Bryksa commented: "Our transition plan is designed to ensure we become a more focused and efficient company with a stronger balance sheet. After taking a refreshed approach in reviewing our business, we will look to refocus our asset base into fewer operating areas, follow a more disciplined capital allocation process and reduce our costs. We believe this new approach will enhance our company's sustainability and returns for shareholders."
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