Crescent Point Energy ( NYSE: CPG ) +2.6% post-market Wednesday after saying it will increase its quarterly base dividend by more than 20% to C$0.08/share, on C$0.32/share on an annualized basis, and said it will target the return of up to 50% of discretionary excess cash flow, in addition to base dividends, starting in the current quarter.
The company said it plans to utilize a greater proportion of share repurchases within its return of capital framework.
Crescent Point ( CPG ) said it expects to generate more than $1.4B of excess cash flow in 2022, including $775M in this year's H2, and plans to return more than $430M of capital directly to shareholders, including its base dividend, based on current guidance.
Crescent Point ( CPG ) trimmed its FY 2022 production guidance to 130K-134K boe/day from 133K-137K boe/day previously to reflect the impact of recent non-core asset sales, while maintaining its capital spending outlook of $875M-$900M.
In addition to its emissions reduction goals, the company announced new water targets, including a 50% cut in surface freshwater use in southeast Saskatchewan by 2025.
Crescent Point Energy ( CPG ) deserves praise for prudent risk management, and investors underappreciate how much cash flow the company can generated even if oil prices decline, Trapping Value writes in a bullish analysis newly published on Seeking Alpha .
For further details see:
Crescent Point Energy ramps up shareholder return plans