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Crescent Point Energy has set new goals for production over the next five years, targeting an annual growth rate of 5%. The Canadian oil and gas company said Monday that it is targeting production of 180,000 barrels of oil equivalent a day by 2028 under its new five-year plan. This equates to target of 5% of compounded annual growth a year, driven primarily from its assets in Alberta. From its operations, Crescent said it also has a target for cumulative after-tax excess cash flow generation of about 4.3 billion Canadian dollars, roughly $3.15 billion, through 2028. It also plans to improve its debt, bringing it down to C$500 million by 2028. More immediately, for 2024, the company has output targets of between 145,000 and 151,000 barrels a day, with capital expenditures of between C$1.09 billion and C$1.19 billion, which includes C$40 million of capitalized administration. It also expects to generate about C$1 billion of excess cash flow in the year. These figures include the effects of its recent sale of its North Dakota assets to a private operator for US$500 million in late August. Write to Adriano Marchese at [email protected]
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