CPG - Crescent Point Q4 results -- mixed earnings bigger buyback

Crescent Point Energy (NYSE:CPG) released Q4 results ahead of the open Thursday, missing earnings, guiding free cash flow higher, reaffirming guidance, and bumping the buyback program: Earnings - the Company generated c$0.27 in adjusted earnings from continuing operations, versus Street expectations for c$0.32. Free cash - assuming $80 WTI for the remainder of the year, management expects to generate c$1.1b in free cash flow during 2022 (~20% free cash flow yield). Guidance - management previously announced a production target of 135kboe/d for 2022, and reaffirmed the outlook Thursday; the previously released capital budget was also reaffirmed. Buyback - the Board approved an increased c$150m share repurchase program which is expected to be executed by mid 2022 (~3% of current market cap). Crescent Point is up ~10x from pandemic lows, and remains a favored name on the Street. With a 20% free cash yield, at WTI prices $30 below spot levels, its

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Crescent Point Q4 results -- mixed earnings, bigger buyback