Crescent Point Energy Corp. is changing its name to Veren Inc., in order to reflect the company’s transformed portfolio.
"Our new name and logo represent the culmination of our remarkable transformation over the last several years and better reflect the notable improvements we have made to our business", Crescent Point President and CEO Craig Bryksa said in a statement Wednesday.
"Our portfolio now boasts a top-quartile asset base with significant inventory”, Bryska continued. “In addition to strengthening our long-term excess cash flow and return of capital profile for shareholders, we have also bolstered our ESG practices including enhanced governance, environmental stewardship, safety practices and community involvement. Through our hard work, we have reached a turning point and are on a new and exciting trajectory”.
The Calgary-based company will formally adopt the new name and visual identity upon receiving all necessary regulatory and shareholder approvals. It will seek approval for the name change in its shareholders’ meeting on May 10.
In a separate earnings release, Crescent Point highlighted that it replaced over 900 percent of 2023 production on a 2P reserves basis, including strategic acquisitions and divestitures, or 150 percent organically.
The company said it achieved annual average production of 159,411 barrels of oil equivalent per day (boepd) in 2023, within its annual production guidance range of 156,000 to 161,000 boepd, “notwithstanding the downtime associated with the Alberta wildfires earlier in the year”. The average production in the fourth quarter of 2023 was 162,269 boepd.
In the Kaybob Duvernay, Crescent Point said it delivered consistent results throughout last year. It brought on stream over 20 wells during the year through four multi-well pads. The pads generated average peak 30-day rates ranging from 1,000 to 1,550 boepd per well within the Volatile Oil window and 1,425 boepd per well in the Liquids-Rich window. In the fourth quarter of 2023, Crescent Point added a second rig in the Kaybob Duvernay to accelerate the development of its high-return inventory.
Crescent Point said it continued to achieve strong operational momentum in the Alberta Montney since its initial entry into the play in the second quarter of 2023. The company brought on stream over 25 wells during the remainder of the year through nine multi-well pads. These pads generated average peak 30-day rates ranging from 1,200 to 2,000 boepd per well in Gold Creek West, 1,000 to 1,350 boepd per well in Gold Creek, and 775 boepd per well in Karr East.
"Our 2023 reserves highlight the benefits of our strategic portfolio transformation and our technical team's strong ongoing operational execution", Bryksa said. "We organically replaced 150 percent of our 2023 annual production on a proved plus probable basis, primarily driven by drilling and development activity in the Kaybob Duvernay. In 2024, we see opportunities to further enhance shareholder value by realizing potential cost efficiencies and productivity enhancements. At year-end 2023, over 70 percent of our premium locations in the Alberta Montney and approximately 60 percent in the Kaybob Duvernay remain unbooked, allowing for future reserves growth".
"This past year was pivotal in our company's history as we successfully transformed our portfolio”, he continued. "Through this execution, we have materially enhanced the long-term sustainability of our business, including by increasing our premium drilling inventory to over 20 years and enhancing our excess cash flow profile on a per share basis. Our strategic priorities going forward are operational execution, balance sheet strength and increasing return of capital to shareholders”.
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