Crescent Point Energy

Crescent Point Energy Corp. is an oil and gas company based in Calgary, Alberta, Canada.[1] The company focuses primarily on light oil production in southern Saskatchewan and central Alberta. Since its inception in 2001,[2] Crescent Point has significantly increased its production. The company was founded in 2001 and is one of the largest independent oil and gas producers in Canada and has a significant presence in the Western Canadian Sedimentary Basin. The company's operations also include assets in the Williston Basin in the United States. Crescent Point Energy is listed on the Toronto Stock Exchange and is a publicly traded company.

Crescent Point Energy Corp.
TypePublic company
TSX: CPG
NYSE: CPG
IndustryOil and gas industry
Founded2001 as Crescent Point Energy Ltd.
Headquarters
Calgary, Alberta
,
Canada
Key people
Craig Bryksa, President and CEO
Barbara Munroe, Chairman of the Board
ProductsLight Oil
Natural gas
RevenueCAD$1.7 billion (2020)
Websitewww.crescentpointenergy.com

History

In 2001 Crescent Point Energy began trading on the TSX Venture Exchange as a junior exploration and production company.[2] It joined the Toronto Stock Exchange the following year. In 2003, it merged with Tappit Resources.[3] As part of the merger, Crescent Point converted to an income trust. In February 2007, it acquired Mission Oil and Gas for $628 million.[4] From Mission, Crescent Point acquired a large position in the Viewfield Bakken oil field in the Williston Basin. Since 2007, Crescent Point has since expanded its Three Forks play both north and south of the border. In 2009, Crescent converted back to a normal corporation (from an income trust).

In 2010, Crescent Point acquired properties in the Lower Shaunavon resource play in southwest Saskatchewan from Penn West Energy Trust.[5] In return, it provided a number of properties in Alberta and Saskatchewan, as well as $434 million in cash. Crescent Point began trading on the New York Stock Exchange in 2014 under the same CPG symbol.[2]

In May 2015, Crescent Point acquired Legacy Oil and Gas for $1.5 billion.[6]

On 29 May 2018, Crescent Point announced that former President & CEO, Scott Saxberg, would be leaving the company after 17 years, with Craig Bryksa taking over duties as president and CEO on an interim basis.[7] On 5 September 2018, Crescent Point confirmed Craig Bryksa as its new president and CEO. Robert (Bob) Heinemann also replaced Peter Bannister as chairman on Crescent Point's board of directors.[8] Barbara Munroe was appointed as board chair following Bob Heinemann's retirement in October, 2019.[9]

In March 2023, Crescent Point said it would acquire Spartan Delta Corp’s oil and gas assets in Alberta, for $1.7-billion.[10]

Assets and holdings

As of 2020, production was 121,000 boe/day.[11] Crescent Point mainly produces light and medium oil, as opposed to heavy oil or natural gas. On 17 February 2021, Crescent Point announced strategic entry into the Kaybob Duvernay play by acquiring 30,000 boe/d of production for $900 million from Shell Canada Energy.[12] Most of the company's oil production is from central Alberta, southern Saskatchewan and northern North Dakota; notable fields in these areas include the Kaybob Duvernay, Viewfield Bakken, Flat Lake, Shaunavon and Three Forks and Viking areas.[13]

References
  1. "Contact Page". Crescent Point Energy. Retrieved 18 November 2015.
  2. "History / Timeline | Crescent Point". crescentpointenergy.com. Retrieved 2 January 2018.
  3. "Crescent-Tappit deal drives up firms' stock". The Globe and Mail. 23 May 2003. Retrieved 2 January 2018.
  4. "Crescent Point buys Mission in $700-million deal". The Globe and Mail. 11 September 2006. Retrieved 2 January 2018.
  5. "Crescent Point, Penn West Swap Tight Oil Properties". The Calgary Herald. 17 December 2009.
  6. "Legacy Oil + Gas investors agree to sell to Crescent Point". Calgary Herald. 1 July 2015. Retrieved 2 January 2018.
  7. "Crescent Point Announces New President and CEO as Part of Transformation Plan – NASDAQ.com". NASDAQ.com. Retrieved 30 May 2018.
  8. "Crescent Point Energy cuts 17% of workforce, plans to reduce debt by $1 billion". Financial Post. 5 September 2018. Retrieved 5 September 2018.
  9. "Crescent Point Announces Q3 2019 results". 31 October 2019.
  10. "Crescent Point to buy Spartan Delta assets in Alberta for $1.7-billion to boost Montney presence". The Globe and Mail. 28 March 2023. Retrieved 28 March 2023.
  11. Crescent Point Announces 2019 Results and Reserves, Crescent Point Energy, 5 March 2020, retrieved 15 April 2023
  12. "Crescent Point to buy Shell's Duvernay shale oil assets for $900 million results". 17 February 2021.
  13. "Areas | Crescent Point". crescentpointenergy.com. Retrieved 2 January 2018.
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