Crescent Point Energy completes Alberta Montney consolidation

Crescent Point Energy has completed its strategic acquisition of Hammerhead Energy, an oil and liquids-rich Alberta Montney producer. Increases corporate premium drilling inventory to over 20 years. Entered into agreements to dispose of 5,000 boe/d of non-core assets for $140M with net proceeds directed to the balance sheet. Achieved peak 30-day rates of 1,250 boe/d and 1,350 boe/d from recent pads in the Kaybob Duvernay and Alberta Montney. “Our recent Alberta Montney consolidation marks the completion of our portfolio transformation,” said CEO Craig Bryksa. “Through this strategic transaction, we have enhanced the long-term sustainability of our business, including increasing the excess cash flow per share expected within our five-year plan by approximately 20%. This accretion also enhances our return of capital profile for shareholders. As we approach 2024, we are excited to build on the momentum and strong results we have achieved to-date within our resource plays, including through potential synergies from our recent Montney transaction. Our strategic priorities will now focus on continued operational execution, balance sheet strength and increasing our return of capital to shareholders.”