Crescent Point Energy cuts 17% of workforce, plans to reduce debt by $1 billion

Crescent Point Energy cuts 17% of workforce, plans to reduce debt by $1 billion
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CALGARY — Crescent Point Energy Corp. says it plans to reduce its workforce by 17 per cent, sell some infrastructure assets and reduce its debt by more than $1 billion by the end of 2019.

The Calgary-based company says the workforce reduction will lower expenses by more than $50 million annually, but it didn’t say how many people would be affected.

According to a regulatory filing, it had 1,085 permanent employees at the end of December, including 462 at its head office.

Crescent Point also confirmed Craig Bryksa is the new president and chief executive. He replaced long-time CEO Scott Saxberg on an interim basis in May.

Bryksa says Crescent Point will become a more focused and efficient company with the restructuring.

The company will focus on its Viewfield, Shaunavon and Flat Lake resource plays and to continue advancing emerging and early-stage plays in the Uinta Basin and East Shale Duvernay areas.

It’s also reviewing the sale of some infrastructure assets.

Companies in this story: (TSX:CPG)

The Canadian Press

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