CPG - Crescent Point Energy hikes dividend lifts 2022 production guidance

Crescent Point Energy (NYSE:CPG) +3.6% pre-market after saying it will raise its quarterly dividend to C$0.045/share from C$0.03/share and plans to buy back up to C$100M of shares over the next six months, citing anticipated 2022 excess cash flow of $750M-$1B at US$65-75/bbl WTI crude oil. Crescent Pont also hikes its 2022 production guidance to 133K-137K boe/day from a preliminary range of 131K-135K boe/day, with capital spending of C$825M-C$900M, unchanged from the prior outlook. The company says current well costs for Kaybob Duvernay well costs are now $8.75M, down $1.5M, or 15%, from estimated costs when it originally entered the play in Q2 2021. Kaybob Duvernay represents the largest allocation by area within Crescent Point's 2022 budget at 25%-plus, and is expected to generate $275M-$350M of net operating income less capital expenditures in 2022. Seeking Alpha contributor Brant Munro is bullish on Crescent Point, saying current strip pricing and hedging

For further details see:

Crescent Point Energy hikes dividend, lifts 2022 production guidance