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CALGARY — The CEO of Crescent Point Energy Corp. says the company is poised to benefit from rising oil prices after two years of transformation through selling assets, cutting debt and reducing costs. CALGARY — The CEO of Crescent Point Energy Corp. says the company is poised to benefit from rising oil prices after two years of transformation through selling assets, cutting debt and reducing costs. The Calgary-based company’s move last week to buy producing light oil shale assets in Alberta for $900 million from Royal Dutch Shell reflects that confidence, Craig Bryksa said. "We have built an asset portfolio that is well-positioned to benefit from a rising price environment given our light oil weighting and high netbacks," he said on a Wednesday conference call with analysts to discuss the company’s fourth-quarter results. "We expect to generate $375 (million) to $600 million of excess cash flow this year at US$50 to US$60 WTI (West Texas Intermediate) prices." The company plans to devote most of that cash flow to paying down debt, he said, adding that it will evaluate increasing returns to shareholders over time. Shell is to receive $700 million in cash and 50 million Crescent Point shares under […]
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