CALGARY, Oct. 31, 2019 /CNW/ - Crescent Point Energy
Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is
pleased to announce its operating and financial results for the
quarter ended September 30, 2019.
KEY HIGHLIGHTS
- Executed approximately $950
million of dispositions year-to-date 2019 and continue to
work toward finalizing the monetization of certain gas
infrastructure assets in Saskatchewan.
- Estimated net debt reduction of over $1.2 billion in 2019, driven by excess cash flow
and asset dispositions.
- Repurchased approximately 13.8 million shares year-to-date for
total consideration of approximately $71
million.
- Continued to enhance cost structure by reducing operating
expenses by approximately seven percent, excluding any benefit
expected to be realized from recently announced asset
dispositions.
- Extended maturity date of covenant-based credit facilities to
October 2023 with combined facilities
totaling $3.0 billion and unutilized
credit capacity expected to amount to approximately $2.0 billion at year-end 2019, excluding any
further dispositions.
- Appointed Barbara Munroe as
Chair following Bob Heinemann's
retirement from the Board.
"Our third quarter results continue to demonstrate our focus on
balance sheet strength, cost efficiencies and capital discipline,"
said Craig Bryksa, President and CEO
of Crescent Point. "We also remain committed to returning capital
to shareholders through accretive share repurchases while
maintaining a strong financial position. In addition, we continue
to seek opportunities to further enhance our sustainability,
including through cost reductions, decline mitigation and portfolio
rationalization opportunities."
FINANCIAL HIGHLIGHTS
- Adjusted funds flow totaled $389.2
million or $0.71 per share
diluted during the third quarter, based on a strong operating
netback of $30.93 per boe.
- For the quarter ended September 30,
2019, Crescent Point's capital expenditures on drilling and
development, facilities and seismic totaled $362.3 million, including $337.1 million spent on drilling and development
to drill 133 (126.6 net) wells.
- Crescent Point's net debt at the end of third quarter totaled
approximately $3.4 billion, not
accounting for the previously announced disposition of its Uinta
Basin asset that closed subsequent to the quarter. Based on
guidance at current strip prices and proceeds from this
disposition, the Company forecasts its net debt to be approximately
$2.8 billion at year-end 2019.
- Subsequent to the quarter, Crescent Point elected to reduce its
covenant-based credit facilities from $3.6
billion to $3.0 billion and
extend the maturity dates of these facilities from June 2021 to October
2023. The Company's covenants under its bank credit
facilities and senior guaranteed notes both remain unchanged.
Crescent Point retains significant liquidity with no material
near-term debt maturities. The Company's unutilized credit capacity
is expected to total approximately $2.0
billion at year-end 2019 based on guidance at current strip
prices and continued execution of its share repurchase program,
excluding any additional potential dispositions.
- As at October 25, 2019, Crescent
Point had, on average, approximately 49 percent of its oil and
liquids production, net of royalties, hedged for fourth quarter
2019 at a weighted average market value price of approximately
CDN$79.00/bbl. The Company also had,
on average, over 35 percent of its oil and liquids production
hedged for 2020 at approximately CDN$77.00/bbl.
- Crescent Point repurchased approximately 2.4 million shares
during third quarter for total consideration of $14.3 million. Since initiating its share
repurchase program in first quarter 2019 up to and including
October 30, 2019, the Company has
repurchased, for cancellation, approximately 13.8 million shares
for total consideration of approximately $71
million. Crescent Point's 2019 budget continues to assume a
total of approximately $125 million
of share repurchases, subject to the outlook for commodity
prices.
- Subsequent to the quarter, the Company declared a quarterly
cash dividend of $0.01 per share
payable to shareholders on January 2,
2020.
- Crescent Point reported an after-tax net loss of $301.7 million for third quarter 2019. This loss
was primarily driven by after-tax charges totaling approximately
$322.3 million related to the
Company's recently announced asset dispositions. Third quarter
results also include approximately $7.0
million of severance costs, which related primarily to
Crescent Point's recent Uinta Basin asset disposition.
OPERATIONAL HIGHLIGHTS
- Crescent Point's average production for third quarter was
155,708 boe/d, comprised of approximately 90 percent oil and
liquids, net of previously announced dispositions that closed
during the quarter. Fourth quarter production will reflect the
disposition of the Company's Uinta Basin asset. The impact of this
sale is expected to be partially offset by growth in the Company's
North Dakota resource play
following the completion of several multi-well pads.
- By continuing its focus on realizing operating efficiencies,
Crescent Point achieved further cost savings during third quarter.
As a result of internal workflow optimization and field automation
over the past year, the Company's operating expenses in 2019 are
approximately seven percent below its original budget, compared to
approximately five percent previously. This improvement excludes
any benefit expected to be realized from its recently announced
asset dispositions. The Company will continue to seek opportunities
to optimize its cost structure, including by further focusing its
asset base and increasing field automation.
- Crescent Point has converted approximately 150 producing wells
to water injection wells year-to-date and remains on track to
convert a total of approximately 175 to 200 wells in 2019 as part
of its decline mitigation program.
BOARD SUCCESSION
Bob Heinemann has retired from
the Company's Board of Directors (the "Board"), due to personal
reasons. Barbara Munroe, a current
independent director since 2016, has been appointed by the Board as
its next Chair, effective October 31,
2019.
"On behalf of Crescent Point and its Board, I express our
appreciation to Bob for his guidance, commitment and leadership
during his tenure on the Board and most recently as our Chair,"
said Ms. Munroe. "I am excited to be moving into this new role and
look forward to continued execution of the Company's strategy to
drive shareholder value."
"It has been an honour and a privilege to serve as a director on
Crescent Point's Board over the past six years and most recently as
its Chair," said Mr. Heinemann. "The team has made tremendous
improvements to the business over the past year and I am confident
in the Company's strategy, leadership team and its people.
Barbara's appointment as Chair, effective immediately, will provide
for a seamless transition."
Crescent Point's Board will now be comprised of nine members,
including eight independent directors. The Company plans to
continue to enhance the diversity, skills and experiences of its
Board over time through its well-established renewal process.
OUTLOOK
The Company's third quarter and year-to-date results continue to
highlight management's focus on its key value drivers, including
balance sheet strength, disciplined capital allocation and an
improved cost structure. This has resulted in significant excess
cash flow generation, increased efficiencies and expected net debt
reduction of over $1.2 billion by
year-end 2019, based on guidance at current strip prices.
Crescent Point's recent asset dispositions further enhance the
Company's cash flow netback, moderate its decline rate, reduce
future decommissioning liabilities and lower the capital required
to sustain its annual production as a percentage of cash flow.
Crescent Point continues to work toward finalizing an agreement to
monetize certain gas infrastructure assets in Saskatchewan during fourth quarter 2019, which
is expected to further strengthen its financial position. The
Company will also continue to seek and evaluate the potential for
additional asset disposition opportunities, where appropriate, to
further optimize its asset portfolio.
Crescent Point's updated annual guidance range reflects
continued operational execution and capital discipline with annual
average production of 161,000 to 163,000 boe/d and capital
expenditures of $1.225 to
$1.275 billion. This is a narrowing
of the guidance range, which was previously targeting production of
160,000 to 164,000 boe/d and capital expenditures of $1.2 to $1.3
billion.
Crescent Point expects to announce its 2020 guidance and capital
expenditures budget early in the new year. The Company's plans will
continue to prioritize returns, balance sheet strength and free
cash flow generation. Management will remain disciplined in
allocating excess cash flow, including the continued return of
capital to shareholders through an accretive share repurchase
program.
CONFERENCE CALL DETAILS
Crescent Point's management will host a conference call on
Thursday, October 31, 2019 at
10:00 a.m. MT (12:00 p.m. ET) to discuss the Company's results
and outlook. A slide deck will accompany the conference call and
can be found on Crescent Point's home page.
Participants can listen to this event online via webcast.
Alternatively, the conference call can be accessed by dialing
1‑888‑390‑0605. The webcast will be archived for replay and can be
accessed on Crescent Point's website approximately one hour
following completion of the call.
Shareholders and investors can also find the Company's most
recent investor presentation on Crescent Point's website.
2019 GUIDANCE
The Company's guidance for 2019 is as follows:
|
|
|
|
|
|
|
Prior
|
Revised
|
Total annual average
production (boe/d)
|
160,000 -
164,000
|
161,000 -
163,000
|
% Oil and
NGLs
|
91%
|
91%
|
Capital expenditures
($ millions) (1)
|
$1,200 to
$1,300
|
$1,225 to
$1,275
|
Drilling and
development (%)
|
90%
|
91%
|
Facilities and seismic
(%)
|
10%
|
9%
|
|
|
(1)
|
Capital expenditures
excludes any potential net property and land acquisitions and
approximately $35 million of capitalized G&A.
|
The Company's unaudited financial statements and management's
discussion and analysis for the quarter ended September 30, 2019, will be available on the
System for Electronic Document Analysis and Retrieval ("SEDAR") at
www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml and on
Crescent Point's website at www.crescentpointenergy.com.
All financial figures
are approximate and in Canadian dollars unless otherwise noted.
This press release contains forward-looking information and
references to non-GAAP financial measures. Significant related
assumptions and risk factors, and reconciliations are described
under the Non-GAAP Financial Measures and Forward-Looking
Statements sections of this press release, respectively.
|
FINANCIAL AND OPERATING HIGHLIGHTS
|
|
|
|
Three months ended
September 30
|
Nine months ended
September 30
|
(Cdn$ millions except
per share and per boe amounts)
|
2019
|
2018
|
2019
|
2018
|
Financial
|
|
|
|
|
Cash flow from
operating activities
|
402.2
|
474.1
|
1,346.4
|
1,388.9
|
Adjusted funds flow
from operations (1)
|
389.2
|
474.7
|
1,407.0
|
1,403.9
|
Per share (1)
(2)
|
0.71
|
0.86
|
2.56
|
2.55
|
Net income
(loss)
|
(301.7)
|
30.5
|
(101.2)
|
(226.4)
|
Per share
(2)
|
(0.55)
|
0.06
|
(0.18)
|
(0.41)
|
Adjusted net earnings
from operations (1)
|
32.6
|
84.8
|
336.9
|
250.9
|
Per share (1)
(2)
|
0.06
|
0.15
|
0.61
|
0.46
|
Dividends
declared
|
5.5
|
49.8
|
16.6
|
149.1
|
Per share
(2)
|
0.01
|
0.09
|
0.03
|
0.27
|
Net debt
(1)
|
3,360.0
|
4,006.9
|
3,360.0
|
4,006.9
|
Net debt to adjusted
funds flow from operations (1) (3)
|
1.9
|
2.1
|
1.9
|
2.1
|
Weighted average
shares outstanding
|
|
|
|
|
Basic
|
547.5
|
549.8
|
548.5
|
548.8
|
Diluted
|
548.0
|
551.1
|
548.6
|
550.2
|
Operating
|
|
|
|
|
Average daily
production
|
|
|
|
|
Crude oil
(bbls/d)
|
119,011
|
134,146
|
131,215
|
140,304
|
NGLs
(bbls/d)
|
20,627
|
22,257
|
20,523
|
19,668
|
Natural gas
(mcf/d)
|
96,422
|
107,231
|
97,403
|
109,098
|
Total
(boe/d)
|
155,708
|
174,275
|
167,972
|
178,155
|
Average selling
prices (4)
|
|
|
|
|
Crude oil
($/bbl)
|
66.22
|
80.11
|
67.68
|
74.50
|
NGLs
($/bbl)
|
14.09
|
33.35
|
20.27
|
33.98
|
Natural gas
($/mcf)
|
1.96
|
2.00
|
2.59
|
2.01
|
Total
($/boe)
|
53.69
|
67.15
|
56.85
|
63.66
|
Netback ($/boe)
|
|
|
|
|
Oil and gas
sales
|
53.69
|
67.15
|
56.85
|
63.66
|
Royalties
|
(8.29)
|
(10.68)
|
(8.26)
|
(9.62)
|
Operating
expenses
|
(12.38)
|
(13.56)
|
(12.59)
|
(13.22)
|
Transportation
expenses
|
(2.09)
|
(1.77)
|
(2.08)
|
(2.01)
|
Operating netback
(1)
|
30.93
|
41.14
|
33.92
|
38.81
|
Realized gain (loss)
on derivatives
|
1.33
|
(7.14)
|
0.45
|
(4.89)
|
Other
(5)
|
(5.09)
|
(4.39)
|
(3.69)
|
(5.05)
|
Adjusted funds flow
from operations netback (1)
|
27.17
|
29.61
|
30.68
|
28.87
|
Capital
Expenditures
|
|
|
|
|
Capital dispositions,
net (6)
|
(199.2)
|
(21.4)
|
(260.3)
|
(298.0)
|
Development capital
expenditures
|
|
|
|
|
Drilling and
development
|
337.1
|
366.4
|
843.2
|
1,257.8
|
Facilities and
seismic
|
25.2
|
44.7
|
65.5
|
176.5
|
Land
|
2.2
|
4.9
|
10.3
|
28.3
|
Total
|
364.5
|
416.0
|
919.0
|
1,462.6
|
|
|
(1)
|
Adjusted funds flow
from operations, adjusted funds flow from operations per share,
adjusted net earnings from operations, adjusted net earnings from
operations per share, net debt, net debt to adjusted funds flow
from operations, operating netback and adjusted funds flow from
operations netback as presented do not have any standardized
meaning prescribed by IFRS and, therefore, may not be comparable
with the calculation of similar measures presented by other
entities.
|
(2)
|
The per share amounts
(with the exception of dividends per share) are the per share –
diluted amounts.
|
(3)
|
Net debt to adjusted
funds flow from operations is calculated as the period end net debt
divided by the sum of adjusted funds flow from operations for the
trailing four quarters.
|
(4)
|
The average selling
prices reported are before realized derivatives and
transportation.
|
(5)
|
Other includes net
purchased products, general and administrative expenses, interest
on long-term debt, foreign exchange, cash-settled share-based
compensation and certain cash items and excludes transaction costs,
foreign exchange on US dollar long-term debt and certain non-cash
items.
|
(6)
|
Capital dispositions,
net represent total consideration for the transactions, including
long-term debt and working capital assumed, and exclude transaction
costs.
|
Non-GAAP Financial Measures
Throughout this press release, the Company uses the terms
"adjusted funds flow", "adjusted funds flow from operations",
"adjusted funds flow from operations per share - diluted",
"adjusted net earnings from operations", "adjusted net earnings
from operations per share - diluted", "free cash flow", "excess
cash flow", "net debt", "net debt to adjusted funds flow from
operations", "netback" and "operating netback". These terms
do not have any standardized meaning as prescribed by IFRS and,
therefore, may not be comparable with the calculation of similar
measures presented by other issuers.
Adjusted funds flow is equivalent to adjusted funds flow from
operations. Adjusted funds flow from operations is calculated based
on cash flow from operating activities before changes in non-cash
working capital, transaction costs and decommissioning
expenditures. Adjusted funds flow from operations per share -
diluted is calculated as adjusted funds flow from operations
divided by the number of weighted average diluted shares
outstanding. Transaction costs are excluded as they vary based on
the Company's acquisition and disposition activity and to ensure
that this metric is more comparable between periods.
Decommissioning expenditures are discretionary and are excluded as
they may vary based on the stage of Company's assets and operating
areas. Management utilizes adjusted funds flow from operations as a
key measure to assess the ability of the Company to finance
dividends, operating activities, capital expenditures and debt
repayments. Adjusted funds flow from operations as presented is not
intended to represent cash flow from operating activities, net
earnings or other measures of financial performance calculated in
accordance with IFRS.
The following table reconciles cash flow from operating
activities to adjusted funds flow from operations:
|
|
|
|
|
|
|
Three months ended
September 30
|
Nine months ended
September 30
|
($
millions)
|
2019
|
2018
(1)
|
2019
|
2018
(1)
|
Cash flow from
operating activities
|
402.2
|
474.1
|
1,346.4
|
1,388.9
|
Changes in non-cash
working capital
|
(21.8)
|
(6.2)
|
40.9
|
(9.3)
|
Transaction
costs
|
3.1
|
1.4
|
4.2
|
4.3
|
Decommissioning
expenditures
|
5.7
|
5.4
|
15.5
|
20.0
|
Adjusted funds flow
from operations
|
389.2
|
474.7
|
1,407.0
|
1,403.9
|
|
|
(1)
|
On initial adoption
of IFRS 16, the Company elected to use the modified retrospective
approach; therefore, comparative information has not been restated.
Refer to the Changes in Accounting Policies section in the
Company's MD&A for the period ended September 30,
2019.
|
Adjusted net earnings from operations is calculated based on net
income before amortization of exploration and evaluation
("E&E") undeveloped land, impairment or impairment recoveries,
unrealized derivative gains or losses, unrealized foreign exchange
gain or loss on translation of hedged US dollar long-term debt,
unrealized gains or losses on long-term investments, gains or
losses on the sale of long-term investments and gains or losses on
capital acquisitions and dispositions. Adjusted net earnings from
operations per share - diluted is calculated as adjusted net
earnings from operations divided by the number of weighted average
diluted shares outstanding. Management utilizes adjusted net
earnings from operations to present a measure of financial
performance that is more comparable between periods. Adjusted net
earnings from operations as presented is not intended to represent
net earnings or other measures of financial performance calculated
in accordance with IFRS.
The following table reconciles net income to adjusted net
earnings from operations:
|
|
|
|
Three months ended
September 30
|
Nine months ended
September 30
|
($
millions)
|
2019
|
2018
(1)
|
2019
|
2018
(1)
|
Net income
(loss)
|
(301.7)
|
30.5
|
(101.2)
|
(226.4)
|
Amortization of
E&E undeveloped land
|
33.6
|
39.9
|
107.8
|
118.2
|
Impairment
|
241.4
|
15.2
|
249.9
|
15.2
|
Unrealized derivative
(gains) losses
|
(128.3)
|
29.2
|
115.7
|
298.5
|
Unrealized foreign
exchange (gain) loss on translation of
|
|
|
|
|
hedged US dollar
long-term debt
|
40.5
|
(62.9)
|
(155.2)
|
69.8
|
Unrealized loss on
long-term investments
|
0.1
|
6.1
|
1.5
|
12.4
|
(Gain) loss on sale
of long-term investments
|
—
|
2.8
|
—
|
(1.7)
|
Loss on capital
dispositions
|
193.2
|
30.2
|
199.3
|
100.8
|
Deferred tax relating
to adjustments
|
(46.2)
|
(6.2)
|
(80.9)
|
(135.9)
|
Adjusted net earnings
from operations
|
32.6
|
84.8
|
336.9
|
250.9
|
|
|
(1)
|
On initial adoption
of IFRS 16, the Company elected to use the modified retrospective
approach; therefore, comparative information has not been restated.
Refer to the Changes in Accounting Policies section in the
Company's MD&A for the period ended September 30,
2019.
|
Free cash flow is calculated as adjusted funds flow from
operations less capital expenditures, payments on lease liability,
asset retirement obligations and other cash items (excluding net
acquisitions and dispositions). Excess cash flow is calculated as
free cash flow less dividends. Management utilizes free cash flow
and excess cash flow as key measures to assess the ability of the
Company to finance dividends, potential share repurchases, debt
repayments and returns-based growth.
Net debt is calculated as long-term debt plus accounts payable
and accrued liabilities and other current and long-term
liabilities, excluding current decommissioning and lease
liabilities, less cash, accounts receivable, prepaids and deposits
and long-term investments, excluding the unrealized foreign
exchange on translation of US dollar long-term debt. Management
utilizes net debt as a key measure to assess the liquidity of the
Company.
The following table reconciles long-term debt to net
debt:
|
|
|
($
millions)
|
September 30,
2019
|
September 30,
2018
|
Long-term debt
(1)
|
3,578.2
|
4,156.2
|
Accounts payable and
accrued liabilities
|
525.8
|
653.2
|
Dividends
payable
|
—
|
16.8
|
Other current and
long-term liabilities (2)
|
50.9
|
18.1
|
Cash
|
(122.9)
|
(65.5)
|
Accounts
receivable
|
(336.7)
|
(455.7)
|
Prepaids and
deposits
|
(9.8)
|
(7.0)
|
Long-term
investments
|
(7.1)
|
(20.0)
|
Excludes:
|
|
|
Unrealized foreign
exchange on translation of hedged US dollar long-term
debt
|
(318.4)
|
(289.2)
|
Net debt
|
3,360.0
|
4,006.9
|
|
|
(1)
|
Includes current
portion of long-term debt.
|
(2)
|
Excludes current
decommissioning and lease liabilities.
|
Net debt to adjusted funds flow from operations is calculated as
the period end net debt divided by the sum of adjusted funds flow
from operations for the trailing four quarters. The ratio of net
debt to adjusted funds flow from operations is used by management
to measure the Company's overall debt position and to measure the
strength of the Company's balance sheet. Crescent Point monitors
this ratio and uses this as a key measure in making decisions
regarding financing, capital spending and dividend levels.
Operating netback is calculated on a per boe basis as oil and
gas sales, less royalties, operating and transportation expenses.
Adjusted funds flow netback is equivalent to adjusted funds flow
from operations netback. Adjusted funds flow from operations
netback is calculated on a per boe basis as operating netback less
net purchased products, realized derivative gains and losses,
general and administrative expenses, interest on long-term debt,
foreign exchange, cash-settled share-based compensation and certain
cash items, excluding transaction costs, foreign exchange on US
dollar long-term debt and certain non-cash items. Cash flow netback
is equivalent to adjusted funds flow from operations netback.
Operating netback and adjusted funds flow from operations netback
are common metrics used in the oil and gas industry and are used by
management to measure operating results on a per boe basis to
better analyze performance against prior periods on a comparable
basis. Netback calculations are shown in the Financial and
Operating Highlights section in this press release.
Management believes the presentation of the Non-GAAP measures
above provide useful information to investors and shareholders as
the measures provide increased transparency and the ability to
better analyze performance against prior periods on a comparable
basis.
Forward-Looking Statements
Any "financial outlook" or "future oriented financial
information" in this press release, as defined by applicable
securities legislation has been approved by management of Crescent
Point. Such financial outlook or future oriented financial
information is provided for the purpose of providing information
about management's current expectations and plans relating to the
future. Readers are cautioned that reliance on such information may
not be appropriate for other purposes.
Certain statements contained in this press release constitute
"forward-looking statements" within the meaning of section 27A of
the Securities Act of 1933 and section 21E of the Securities
Exchange Act of 1934 and "forward-looking information" for the
purposes of Canadian securities regulation (collectively,
"forward-looking statements"). The Company has tried to identify
such forward-looking statements by use of such words as "could",
"should", "can", "anticipate", "expect", "believe", "will", "may",
"intend", "projected", "sustain", "continues", "strategy",
"potential", "projects", "grow", "take advantage", "estimate",
"well-positioned" and other similar expressions, but these words
are not the exclusive means of identifying such statements.
In particular, this press release contains forward-looking
statements pertaining, among other things, to the following:
finalizing the monetization of certain gas infrastructure assets in
Saskatchewan, and timing thereof;
estimated net debt reduction of over $1.2
billion in 2019; remaining committed to returning capital to
shareholders through accretive share repurchases while maintaining
a strong financial position; seeking opportunities to further
enhance sustainability through measures such as cost reductions,
decline mitigation and portfolio rationalization opportunities; a
forecast of net debt to be approximately $2.8 billion at year-end 2019 (based on current
strip prices and guidance); unutilized credit capacity is expected
to total approximately $2.0 billion
at year-end 2019 based on guidance at current strip prices and
continued execution of share repurchase program, excluding any
potential dispositions; growth in North
Dakota resource play; total expected 2019 share repurchases;
the Company continuing to seek opportunities to further optimize
its cost structure, including a more focused asset base and
increased automation within its field operations; waterflood
conversion targets in 2019; the Company's Board renewal process;
key value drivers, including balance sheet strength, disciplined
capital allocation and an improved cost structure; benefits of the
Company's recent asset dispositions; benefits of infrastructure
monetization; seeking additional asset disposition opportunities
and their expected benefits; annual guidance of 161,000 to 163,000
boe/d total annual average production and capital expenditures of
$1.225 to $1.275 billion, including the distribution of
capital expenditures amongst drilling and development and
facilities and seismic; expects to announce the Company's 2020
guidance and capital expenditures budget; the Company's plans to
continue to prioritize returns, balance sheet strength and free
cash flow generation; and management remaining disciplined in
allocating excess cash flow, including the continued return of
capital to shareholders through an accretive share repurchase
program.
All forward-looking statements are based on Crescent Point's
beliefs and assumptions based on information available at the time
the assumption was made. Crescent Point believes that the
expectations reflected in these forward-looking statements are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements
included in this report should not be unduly relied upon. By their
nature, such forward-looking statements are subject to a number of
risks, uncertainties and assumptions, which could cause actual
results or other expectations to differ materially from those
anticipated, expressed or implied by such statements, including
those material risks discussed in the Company's Annual Information
Form for the year ended December 31,
2018 under "Risk Factors", our Management's Discussion and
Analysis for the year ended December 31,
2018, under the headings "Risk Factors" and "Forward-Looking
Information" and for the quarter ended September 30, 2019 under "Derivatives",
"Liquidity and Capital Resources", "Changes in Accounting Policy"
and "Outlook". The material assumptions are disclosed in the
Management's Discussion and Analysis for the year ended
December 31, 2018, under the headings
"Capital Expenditures", "Liquidity and Capital Resources",
"Critical Accounting Estimates", "Risk Factors", "Changes in
Accounting Policies" and "Outlook" and are disclosed in the
Management's Discussion and Analysis for the quarter ended
September 30, 2019 under the headings
"Derivatives", "Liquidity and Capital Resources", "Changes in
Accounting Policy" and "Outlook". In addition, risk factors
include: financial risk of marketing reserves at an acceptable
price given market conditions; volatility in market prices for oil
and natural gas; delays in business operations, pipeline
restrictions, blowouts; the risk of carrying out operations with
minimal environmental impact; industry conditions, including
changes in laws and regulations and the adoption of new
environmental laws and regulations and changes in how they are
interpreted and enforced; risks and uncertainties related to all
oil and gas interests and operations on tribal lands; uncertainties
associated with estimating oil and natural gas reserves; economic
risk of finding and producing reserves at a reasonable cost;
uncertainties associated with partner plans and approvals;
operational matters related to non-operated properties; increased
competition for, among other things, capital, acquisitions of
reserves and undeveloped lands; competition for and availability of
qualified personnel or management; incorrect assessments of the
value of acquisitions and exploration and development programs;
unexpected geological, technical, drilling, construction and
processing problems; availability of insurance; fluctuations in
foreign exchange and interest rates; stock market volatility;
failure to realize the anticipated benefits of acquisitions and
dispositions; general economic, market and business conditions;
uncertainties associated with regulatory approvals; uncertainty of
government policy changes; uncertainties associated with credit
facilities and counterparty credit risk; and changes in income tax
laws, tax laws, crown royalty rates and incentive programs relating
to the oil and gas industry; and other factors, many of which are
outside the control of Crescent Point. The impact of any one risk,
uncertainty or factor on a particular forward-looking statement is
not determinable with certainty as these are interdependent and
Crescent Point's future course of action depends on management's
assessment of all information available at the relevant time.
Additional information on these and other factors that could
affect Crescent Point's operations or financial results are
included in Crescent Point's reports on file with Canadian and U.S.
securities regulatory authorities. Readers are cautioned not to
place undue reliance on this forward-looking information, which is
given as of the date it is expressed herein or otherwise. Crescent
Point undertakes no obligation to update publicly or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required to do so pursuant to
applicable law. All subsequent forward-looking statements, whether
written or oral, attributable to Crescent Point or persons acting
on the Company's behalf are expressly qualified in their entirety
by these cautionary statements.
FOR MORE INFORMATION ON CRESCENT POINT ENERGY, PLEASE
CONTACT:
Brad Borggard,
Senior
Vice President, Corporate Planning and Capital Markets, or
Shant Madian,
Vice
President, Investor Relations and Corporate Communications
Telephone: (403) 693-0020
Toll-free (US and Canada):
888-693-0020
Fax: (403) 693-0070
Address: Crescent Point Energy Corp.
Suite 2000, 585 - 8th Avenue S.W.
Calgary AB T2P 1G1
www.crescentpointenergy.com
Crescent Point shares are
traded on the Toronto Stock Exchange and New York Stock Exchange
under the symbol CPG.
View original
content:http://www.prnewswire.com/news-releases/crescent-point-announces-q3-2019-results-300948785.html
SOURCE Crescent Point Energy Corp.