- Crescent Point Energy Corp CPG reported Q1 2023 adjusted EPS of C$0.40 versus C$0.41 a year ago.
- Oil and gas sales declined 16% Y/Y to C$913.6 million, and royalties fell 15% Y/Y to C$124.5 million.
- Average production stood at 139,280 boe/d (vs. 132,788 boe/d in the prior year), comprising around 80% of oil and liquids.
- The average selling price declined to C$72.88/boe from C$91.43/boe a year ago.
- Cash flow from operating activities increased 11% Y/Y to C$473.4 million.
- CPG generated an excess cash flow of C$153.4 million in Q1 2023, led by a high netback asset base.
- Development capital expenditures (including drilling and development, facilities and seismic expenses) stood at C$314.2 million in the quarter.
- As of March 31, 2023, net debt was around C$1.4 billion.
- 2023 Guidance Reiterated: CPG projects average annual production of 160,000 boe/d - 166,000 boe/d, with development expenditure of C$1.15 billion-C$1.25 billion.
- CPG expects a substantial excess cash flow of C$1.1 billion at $75/bbl WTI in 2023.
- Repurchases: CPG repurchased 5.1 million shares in Q1 2023 for C$48.5 million and bought back 5.4 million shares for C$55.1 million since Q1-end.
- Dividend: The company disclosed a quarterly dividend per share of C$0.10, payable on July 4, 2023, for shareholders of record as on June 15, 2023.
- The company closed the acquisition of Alberta Montney assets for C$1.7 billion.
- "This acquisition enhances the depth of our premium inventory, excess cash flow per share and return of capital to shareholders. It also aligns with our long-term strategy to focus on high quality, scalable resource plays that meet our defined asset criteria. We are very excited to operate these assets and see the potential for significant upside through reserves growth, the opportunity to develop a second Montney bench given the significant resource in place and enhanced efficiencies given the similarity and proximity to our Kaybob Duvernay assets," said Craig Bryksa, President and CEO.
- On May 8, as a precaution to the recent Alberta wildfires, CPG temporarily stopped about 45,000 boe/d of production in the Kaybob Duvernay.
- Price Action: CPG shares are trading lower by 0.29% at $6.77 on the last check Friday.
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