The
The company's oil and gas sales totalled
The company's average selling price was
Helping to boost the company's results was the performance of the Kaybob Duvernay play, which Crescent Point acquired last year from
Crescent Point recently brought onstream its first fully operated five-well pad in the Kaybob Duvernay, with approximately 30 days of production data now available. So far, well costs in the region have come in 20 per cent lower than anticipated, and that combined with higher oil prices means the company now expects the Kaybob wells to achieve returns of 120 per cent and reach payout in less than a year.
"This is a great achievement that we have delivered in a very short period of time and that we will be sure to build on moving forward," said chief operating officer
"Given these strong returns, we have made the Kaybob Duvernay our largest focus area in our 2022 capital budget."
In a research note,
"At the time of the acquisition we highlighted well cost improvements as the greatest opportunity to improve the rate of return on the acquisition and the company appears to be delivering on that," O'Rourke wrote.
Crescent Point said it now expects to generate free cash flow of approximately
On an adjusted basis, Crescent Point's net earnings from operations for the fourth quarter of 2021 totalled
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