Crescent Point Energy Corp. shrugged off low oil prices, posting a 7% begin its cash flow operations in the fourth quarter and increasing gas and oil production by 21% during the period, slightly surpassing analyst expectations.
The company, which are operating in?Bakken, Torquay, Shaunavon and Uinta Basin, reiterated its 2015 capex guidance of $1.45-billion to create an average of 152,500 barrels of oil equivalent per day while maintaining its dividend at $2.76 per share annually.
Crescent said its expects cost savings of between 15% and 20% in a few projects relative to 2014 and that further savings is possible.
“With continuing cost reductions, Crescent Point maintains additional flexibility to handle its current 2015 capital budget despite fluctuations in commodity prices. The company expects to examine its capital expenditures plans after spring break-up to find out allocation of cost reduction savings.”
\”Similar to in the past downturns, Crescent Point retains a number of internal levers to handle both its balance sheet and it is dividend.”