CPG - Crescent Point Energy reports Q1 earnings; reaffirms FY23 capex outlook

2023-05-12 06:36:28 ET

• Crescent Point Energy press release ( NYSE: CPG ): Q1 Non-GAAP EPS of C$0.40.
• Revenue of C$913.6M (-16.2% Y/Y).
• Adjusted funds flow totaled C$524.9 million during first quarter 2023, or C$0.95 per share diluted, driven by a strong operating netback of C$44.77 per boe.
• For the quarter ended March 31, 2023, development capital expenditures, which included drilling and development, facilities and seismic costs, totaled C$314.2 million.
• Outlook: In terms of its budget, Crescent Point has entered into a number of agreements to secure a large portion of its drilling and completions services for the balance of 2023, providing further certainty to its annual program and development capital expenditures guidance, which remains unchanged at C$1.15 to C$1.25 billion.
• Crescent Point expects to generate significant excess cash flow in 2023 of approximately C$1.1 billion based on its guidance at US$75/bbl WTI.
• Crescent Point expects to exit the year with a leverage ratio of 1.0 times adjusted funds flow at US$75/bbl WTI and will continue to evaluate non-core dispositions to further strengthen its financial position.

For further details see: