Crescent Point Energy Corp. (TSX: CPG) reported this morning its preliminary production outlook for 2022. The energy company is expecting to generate an annual average production of 131,000 – 135,000 boe/d for next year.
The projected production is based on a development capital expenditure expectation between $825 – $900 million. The company further relayed that it will maintain its capital allocation framework, alloting a portion of the capital to long-term projects.
The firm expects that this preliminary budget will generate cash flow amounting to $625 – $875 million at US$65/bbl – US$75/bbl WTI. Currently, it has hedged 30% of its oil and liquids production for 2022 and will work on protecting the inventory from changes in commodity prices.
The company expects to release its formal budget before the year ends.
Crescent Point Energy Corp. last traded at $4.30 on the TSX.
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