Crescent Point Energy

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Crescent Point Energy Corp.
Public company
Traded asTSXCPG
NYSECPG
IndustryOil and gas industry
Founded2001 as Crescent Point Energy Ltd.
Headquarters
Calgary, Alberta
,
Canada
Key people
Craig Bryksa, President and CEO
Robert Heinemann, Chairman of the Board
ProductsLight Oil
Natural gas
RevenueIncrease CAD$3.4 billion (2018)
Websitewww.crescentpointenergy.com

Crescent Point Energy Corp. is an oil and gas company based in Calgary, Alberta, Canada and Denver, Colorado, United States.[1] The company focuses primarily on light oil production in southern Saskatchewan.

Since inception in 2001,[2] Crescent Point has significantly increased its production. It has been ranked as Canada's 12th largest oil and gas producer.[3]

History[edit]

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.[4] As part of the merger, Crescent Point converted to an income trust. In February 2007, it acquired Mission Oil and Gas for $628 million.[5] 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.[6] 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.[7]

On May 29, 2018, Crescent Point announced that Scott Saxberg would be leaving the company after 17 years, with Craig Bryksa taking over duties as president and CEO on an interim basis.[8]

On September 5, 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.[9]

In 2018, as CEO, Scott Saxberg placed first out of 100 of the top earners in Calgary with a total compensation of $18,606,479 according to a Global Governance Advisors' survey posted by The Calgary Herald.[10]

Assets and holdings[edit]

As of 2018, production was 178,000 boe/day.[11] Crescent Point mainly produces light and medium oil, as opposed to heavy oil or natural gas. Most of the company's oil production is from the Williston Basin in southeastern Saskatchewan and northern North Dakota; notable fields in this area include the Viewfield Bakken, Flat Lake, and Three Forks areas.[12] The second major area for the company is southwest Saskatchewan, where it has significant property in the Shaunavon and Viking resource plays. The company also has other properties, in Alberta, Saskatchewan, and North Dakota, accounting for its remaining production.

References[edit]

  1. ^ "Contact Page". Crescent Point Energy. Retrieved 18 November 2015.
  2. ^ a b c "History / Timeline | Crescent Point". www.crescentpointenergy.com. Retrieved 2 January 2018.
  3. ^ "Archived copy". Archived from the original on 16 August 2017. Retrieved 15 August 2017.CS1 maint: archived copy as title (link)
  4. ^ "Crescent-Tappit deal drives up firms' stock". The Globe and Mail. 23 May 2003. Retrieved 2 January 2018.
  5. ^ "Crescent Point buys Mission in $700-million deal". The Globe and Mail. 11 September 2006. Retrieved 2 January 2018.
  6. ^ "Crescent Point, Penn West Swap Tight Oil Properties". The Calgary Herald. 17 December 2009.
  7. ^ "Legacy Oil + Gas investors agree to sell to Crescent Point". Calgary Herald. 1 July 2015. Retrieved 2 January 2018.
  8. ^ "Crescent Point Announces New President and CEO as Part of Transformation Plan - NASDAQ.com". NASDAQ.com. Retrieved 30 May 2018.
  9. ^ "Crescent Point Energy cuts 17% of workforce, plans to reduce debt by $1 billion". Financial Post. 5 September 2018. Retrieved 5 September 2018.
  10. ^ "Top of the heap: Calgary's highest paid executives in 2018" (PDF). Global Governance Advisors via Calgary Herald. Special report on the 2018 executive compensation survey. 2019. Retrieved 22 October 2019.
  11. ^ https://www.crescentpointenergy.com/invest/news/crescent-point-announces-2018-results-and-reserves
  12. ^ "Areas | Crescent Point". www.crescentpointenergy.com. Retrieved 2 January 2018.

External links[edit]