Crescent Point Energy: A Sustainable 9.5% Dividend Yield For 2015
Crescent Point Energy: A 7% Dividend Yield And 30% Potential Upside
Caiman Valores • 39 Comments
Caiman Valores • 39 Comments
Fri, Jul. 15, 11:29 AM
Wed, Jun. 15, 11:15 AM
Wed, Jun. 8, 12:49 PM
- Penn West Petroleum (PWE +9.9%) has received at least four bids from companies for its Viking light oil assets which could fetch more than C$500M ($395M), Reuters reports.
- Bidders include Raging River Exploration (OTC:RRENF), Crescent Point Energy (NYSE:CPG), Whitecap Resources (OTC:SPGYF) and Teine Energy, according to the report; all four bidders have a presence in the Viking area of Saskatchewan, a light oil region that is attractive to energy producers because of its low costs to recover crude and competitive production costs.
- PWE's Viking assets, which produce nearly 20K boe/day, are important to the company, and its willingness to sell them highlights the company's financial pressure over its large debt burden.
Mon, May 16, 12:39 PM
Thu, May 12, 6:42 AM
Wed, May 11, 6:36 PM
- Husky Energy (OTCPK:HUSKF), fresh off a C$595M sale of Saskatchewan oil and gas assets, is working on some smaller deals that would raise the proceeds from western Canadian oil and gas asset sales to ~C$1B, Bloomberg reports.
- In addition to this week's deal, five E&P packages are close to being sold that could fetch ~C$400M, according to the report, which lists Crescent Point Energy (NYSE:CPG), Canadian Natural Resources (NYSE:CNQ) and Manulife Financial’s (NYSE:MFC) NAL Resources Management as possible buyers.
- The latest round of disposals would bring Husky’s total gain from midstream assets, E&P assets and royalty interests to ~C$2.86B.
Fri, Apr. 15, 12:49 PM
Tue, Mar. 15, 2:11 PM
Wed, Mar. 9, 9:11 AM
- Crescent Point Energy (NYSE:CPG) +2% premarket reporting Q4 earnings of C$0.51/share excluding a C$589M impairment charge, but the company slashed its dividend as it looks to conserve cash.
- CPG is cutting its monthly dividend to C$0.03/share from C$0.10, which it says will save ~C$430M (US$321M) annually; it had cut its dividend by 57% in August.
- CPG also trims its 2016 spending plans, guiding for capex of C$950M (US$708M), at the low end of previous guidance of $950M-$1.3B and 39% below its 2015 budget.
- CPG says it achieved record average daily production of ~176K boe/day in Q4, which was weighted 90% to light and medium crude oil and liquids, and reiterates its 2016 average production guidance of 165K boe/day, unchanged from the lower end of prior guidance.
- Q4 cash flow fell 13% Y/Y but rose 3% Q/Q on higher production and lower operating costs.
Wed, Mar. 9, 6:54 AM
Tue, Feb. 16, 1:11 PM
Thu, Feb. 11, 6:21 PM
- Hedges that shielded Canadian oil producers such as Crescent Point Energy (NYSE:CPG) and Whitecap Resources (OTC:SPGYF) from the full pain of $30/bbl oil are winding down this year and next, which may prompt companies to accelerate output and cost cuts, including dividends.
- CIBC says 19 small-to-mid-sized producers have an average of 19% of their crude hedged at ~$58/bbl this year, and only 3% at about the same price in 2017.
- CPG tells Bloomberg it is “well protected” with hedges in 2016 and with costs cut by 30% last year, and the “longer we stay in $30-$35 environment, the more this cost structure will come down.”
- Selling oil at a lower price may prompt CPG to cut its dividend, FirstEnergy Capital's Cody Kwong says, which he thinks would be received by the market as "a positive note."
- Northern Blizzard Resources (OTC:NBZZF) and Pengrowth Energy (NYSE:PGH) are the two most-hedged producers this year among the companies covered by CIBC data; for PGH, the hedges are “a big, big lifeline,” says Veritas analyst Nima Billou. “They will definitely be able to ride out 2016 because of these hedges.”
- The industry as whole may have a harder time: “Those hedges come off in 2017, and with oil prices continuing to fall, they could be in a difficult positions,” says a National Bank Financial analyst.
Mon, Jan. 25, 5:41 PM
Wed, Jan. 20, 6:17 PM
- As Husky Energy (OTCPK:HUSKF) opens a data room next month on a package of western Canadian oil and natural gas assets, companies such as Canadian Natural Resources (NYSE:CNQ) and Crescent Point Energy (NYSE:CPG) as well as several P-E firms including KKR and Apollo Global Management (NYSE:APO) likely will show interest, Bloomberg reports.
- Morgan Stanley says the average Q4 sale price for producing properties in Canada was C$35K per flowing barrel, meaning the assets could be worth ~C$2.1B (US$1.5B).
- Husky says it is looking to sell ~59.5K boe/day of production that are 54% liquids.
- Earlier: Husky Energy suspends Q4 dividend, cuts 2016 spending plan
Thu, Jan. 7, 8:42 AM
- Crescent Point Energy (NYSE:CPG) says it expects to spend $950M-$1.3B in FY 2016 while targeting an annual average production range of 165K-172K boe/day, a decrease in planned capex of 16%-39% vs. 2015 estimates and an average production increase of 1%-5% vs. 2015 guidance.
- CPG says plans include at least $150M of long-term growth capital related to strategic projects such as waterflood initiatives, new completions technologies and step-out drilling, but the long-term spending could be re-allocated to higher rate of return drilling to optimize short-term capital efficiencies.
- CPG it decreased average drilling and development capital costs by more than 30% during 2015.
Nov. 5, 2015, 6:38 AM
- Crescent Point Energy (NYSE:CPG): Q3 EPS of C$0.03 beats by C$0.01.
Crescent Point Energy Corp. is an oil and gas exploration, development and production company. It is conventional oil and gas producer with assets strategically focused in properties comprised of quality, long life, operated, light and medium oil and natural gas reserves in Western Canada and... More
Sector: Basic Materials
Industry: Oil & Gas Drilling & Exploration
Other News & PR