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.
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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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