CALGARY, AB – Crescent Point Energy Corp. (TSX: NYSE:) (NYSE: CPG) reported a positive start to the year with first-quarter earnings surpassing analyst expectations.
The company announced an adjusted EPS of Cdn$0.30, which was Cdn$0.05 higher than the consensus estimate of Cdn$0.25. Revenue also exceeded forecasts, coming in at Cdn$1.11 billion against an anticipated Cdn$733.58 million.
Despite the earnings and revenue beat, Crescent Point’s stock experienced a slight decline of 1.25% following the announcement.
“We are off to a great start this year, extending our track record of operational execution with strong first quarter results,” said Craig Bryksa, President and CEO of Crescent Point. The company’s focus on operational efficiencies and strategic asset optimization has been key to its performance.
In the first quarter, Crescent Point generated $130 million of excess cash flow, with over $80 million returned to shareholders. This financial discipline was reflected in the company’s net debt reduction of over $150 million during the quarter. Crescent Point’s commitment to shareholder returns was further evidenced by a quarterly cash base dividend of $0.115 per share, payable on July 2, 2024.
Production for the quarter was robust, with an average of 198,551 barrels of oil equivalent per day (boe/d), maintaining a strong operational momentum. The integration of the recently acquired Alberta Montney assets contributed to this performance, with 18 Montney wells brought on stream year-to-date.
Looking ahead, Crescent Point provided guidance for its 2024 annual average production, adjusting it to 191,000 to 199,000 boe/d to account for the impact of non-core asset dispositions in Saskatchewan. The company’s development capital expenditures guidance remains unchanged at $1.4 billion to $1.5 billion. Crescent Point anticipates generating $875 million of pro forma excess cash flow for the full year, assuming an average commodity price of US$80/bbl WTI and $2.10/Mcf AECO.
The company’s strategic focus for the remainder of the year includes continuing its disciplined capital allocation, operational execution, and returning value to shareholders. With the planned reduction of net debt to $2.8 billion by year-end 2024, Crescent Point is positioning itself for sustained financial health and shareholder returns.
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