Crescent Point Energy increases quarterly dividend 25% to 10c per share

Given the company’s operational results in 2022, its continued success in improving its financial position and the additional excess cash flow it expects to generate from the assets, the board of directors has approved and declared a 25% increase to the quarterly base dividend to 10c per share, or 40c per share annually, up from 32c per share previously. This increased base dividend is payable on April 3, 2023 to shareholders of record at the close of business on March 15, 2023. Crescent Point’s 2023 annual average production guidance is now 138,000 to 142,000 boe/d, an increase of 4,000 boe/d, with development capital expenditures unchanged at $1B to $1.1B. The company now expects to generate approximately $1.25B of excess cash flow at US$80/bbl WTI. This budget, including the base dividend, is fully funded at US$50/bbl WTI. Crescent Point continues to return 50% of its discretionary excess cash flow to its shareholders, in addition to its base dividend. Under this framework, the company expects to return over $700M directly to shareholders in 2023, based on current guidance at $80/bbl WTI. These returns are further supplemented with per-share growth and debt reduction. Crescent Point remains active on its normal course issuer bid and has repurchased over 6.2M shares during fourth quarter 2022 to-date for approximately $65M.