CPG:CC - Crescent Point Energy to pay special dividend raises full-year capex outlook

Crescent Point Energy ( NYSE: CPG ) +2.2% pre-market Wednesday after reporting Q3 earnings and announcing a special dividend of C$0.035/share in addition to its regular quarterly dividend of C$0.08/share.

Q3 net income rose sixfold from a year earlier to C$466.4M, or C$0.82/share, compared to C$77.5M, or C$0.24/share, while oil and gas sales jumped by a third to $1.1B from $826.7M in the prior-year quarter, boosted by higher realized oil and natural gas prices.

Crescent Point ( CPG ) said it generated C$233.7M of excess cash flow in Q3, driven by its high netback asset base, compared with C$201.5M for the year-earlier period.

Q3 production edged higher to 133,019 boe/day from 132,186 boe/day a year earlier.

For the full year, Crescent Point ( CPG ) narrowed its production guidance to 132K boe/day from its previous outlook of 130K-134K boe/day, while raising capital spending guidance to C$950M from C$875M-C$900M previously.

For FY 2023, the company sees average production of 134K-138J boe/day and capex of C$1.04B-C$1.14B.

"Our 2023 and five-year outlook are expected to generate significant excess cash flow and returns for shareholders, further building on our continued execution," President and CEO Craig Bryksa said.

For further details see: