Crescent Point Energy (US:CPG)2024-05-10 16:14Financial Performance & Capital Allocation - Crescent Point generated $130 million of excess cash flow in Q1 2024[29] - The company returned over $80 million to shareholders in Q1 2024[29] - Crescent Point repurchased 31 million shares for $367 million YTD, including 09 million shares for $100 million in Q1[29] - Approximately 40% of excess cash flow is allocated to the balance sheet[24] - The company plans to reduce net debt to $28 billion by the end of 2024, a $10 billion reduction from the end of 2023[29] Production & Operations - Q1 2024 production averaged 198500 boe/d[5] - Q1 2024 production was comprised of approximately 6% light and medium crude oil, 2% heavy crude oil, 37% tight oil, 23% NGLs, 33% shale gas, and 1% conventional natural gas[4] - The company successfully integrated acquired Alberta Montney assets, bringing 18 Montney wells on stream YTD[29] - Crescent Point successfully drilled Canada's longest onshore well, with a total measured depth of 9017 meters, including a lateral length of approximately 5400 meters[7] Budget & Strategic Priorities - The company expects annual average production of 191000-199000 mboe/d[18] - Development capital expenditures are budgeted at $140-$150 billion[19] - Crescent Point entered into an agreement to dispose of non-core assets in Saskatchewan for $600 million[5] - The company aims to increase return of capital beyond 60% of excess cash flow over time as the balance sheet strengthens further[4,24]