Crescent Point Streamlines Portfolio with $600M Sale

Crescent Point Energy (TSE:CPG) has released an update.

Crescent Point Energy has sold select non-core Saskatchewan assets to Saturn Oil & Gas for $600 million, aiming to strengthen its financial position by reducing its net debt to $2.8 billion from $3.7 billion by year-end. The deal, which includes properties expected to produce 13,500 barrels of oil equivalent per day, will see the proceeds used to pay down debt. As a result, Crescent Point has adjusted its 2024 production guidance slightly downwards but maintains its capital expenditure forecast.

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