Crescent Point (CPG) released its Q1 earnings in line with the guidance. Considering strip prices, management announced about C$600 million of free cash flow for the full year. During Q1, management focused on reducing the net debt. For the rest of the year, I expect share repurchases to accelerate.
With higher oil hedges and lower net debt ratios, the downside protection is important. Also, the stock price didn't follow the recovery of oil prices. The low valuation and the protected free cash flow constitute a perfect combination for share repurchases.
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