Crescent Point raises production guidance as shut-in production restarts

Crescent Point raises production guidance as shut-in production restarts
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CALGARY — Crescent Point Energy Corp. raised its production guidance for the year as it said it restarted production that was shut in when energy prices crashed due to the pandemic.

The company says annual average production guidance is now forecast to be between 119,000 to 121,000 barrels of oil equivalent per day.

The guidance is up from its earlier forecast for production of 110,000 to 114,000 boepd.

It says capital expenditures are expected to be approximately $665 million in 2020, in-line with the lower end of its earlier guidance for between $650 million and $700 million.

Crescent Point slashed its capital spending plan and lowered its production guidance earlier this year due to the COVID-19 pandemic and a dramatic decline in oil prices.

Looking ahead, the company says its preliminary outlook for 2021 sees it sustaining or exceeding its production in the second half of 2020.

This report by The Canadian Press was first published Sept. 1, 2020.

Companies in this story: (TSX:CPG)

 

 

 

The Canadian Press

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