Crescent Point Energy, a prominent Canadian oil and gas company, has unveiled its ambitious five-year plan for production growth. The company aims for an annual growth rate of 5%, targeting a total production of 180,000 barrels of oil equivalent per day by 2028. This goal highlights the strong focus on its assets in Alberta to drive the expected compounded annual growth.
In addition to production targets, Crescent Point Energy plans to generate substantial after-tax excess cash flow. Its new plan sets a cumulative excess cash flow target of approximately 4.3 billion Canadian dollars ($3.15 billion) by 2028, showcasing the company’s commitment to financial stability.
Furthermore, the company has outlined its objective to reduce debt significantly. Crescent Point Energy aims to bring down its debt to C$500 million by 2028, demonstrating its determination to strengthen its financial position.
Looking ahead to the near future, Crescent Point Energy has set specific targets for 2024. The company plans to achieve an output ranging between 145,000 and 151,000 barrels per day. Capital expenditures for the year are projected to be between C$1.09 billion and C$1.19 billion, which includes C$40 million of capitalized administration expenses. Moreover, Crescent Point Energy anticipates generating approximately C$1 billion of excess cash flow in 2024.
It is worth noting that these figures already reflect the effects of the recent sale of Crescent Point Energy’s North Dakota assets to a private operator for US$500 million in late August.
Crescent Point Energy’s new strategic plan demonstrates its commitment to growth and financial prosperity. By setting ambitious targets and focusing on its core assets, the company aims to secure a prosperous future in the oil and gas industry.