CA - Crescent Point others restart oil and gas operations as Alberta wildfires ease

2023-05-12 11:47:07 ET

Crescent Point Energy ( NYSE: CPG ) said Friday it has restored 85% of the 45K boe/day of production in the Kaybob Duvernay shale gas play that was temporarily shut-in earlier this week because of the Alberta wildfires, which have not yet fully stabilized.

In its Q1 earnings report , Crescent Point ( CPG ) cited its strong start to the year in maintaining its FY 2023 guidance for production of 160K-166K boe/day with program and development capital spending guidance of $1.15B-$1.25B.

Separately, Pembina Pipeline ( PBA ) said late Thursday all facilities that were shut down due to the wildfires have resumed operations , and TC Energy ( TRP ) said it has restarted all compressor units that were shut down due to wildfire precautions.

Tourmaline Oil ( OTCPK:TRMLF ) said seven of nine facilities that were shut in have resumed operations and are back to previous production rates, while its two remaining facilities, representing 16K boe/day of production, are undamaged.

More on Crescent Point Energy:

• Financial and valuation comparisons to sector peers
• Analysis: Crescent Point Energy: 40%+ Upside Potential On Acquisition-Led Production Growth
• Stock price return: Up 4% YTD, up 2.5% in the past 12 months

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