232244


Crescent Point cuts dividend

Crescent Point Energy Corp. has cut its capital budget for this year by about $500 million and slashed its dividend.

The company said it will now pay a quarterly dividend of a penny per share, down from three cents per month.

However, it says that given its low share price it will buy back up to seven per cent its outstanding shares under a normal course issuer bid.

The company says it plans a capital budget of $1.2 billion to $1.3 billion.

Crescent Point plans to spend about 55 per cent of its capital budget on its Viewfield Bakken, Shaunavon and Flat Lake regions.

Annual average production is expected to come in at 170,000 to 174,000 barrels of oil equivalent per day.

Companies in this story: (TSX:CPG)

Note to readers: This is a corrected story. An earlier version incorrectly stated the previous dividend rate.



More Business News



226943
231997
Data from CryptoCompare
RECENT STORIES
230807
227964
Castanet Proud Member of RTNDA Canada
227699
Press Room
232391