Crescent Point Energy
|Traded as||TSX: CPG|
S&P/TSX 60 component
|Industry||Oil and gas industry|
|Founded||2001 as Crescent Point Energy Ltd.|
|Craig Bryksa, President and CEO|
Robert Heinemann, Chairman of the Board
|Revenue||CAD$1.9 billion (2016)|
|-CAD$930 million (2016)|
Crescent Point Energy Corp. is an oil and gas company based in Calgary, Alberta, Canada and Denver, Colorado, United States. The company focuses primarily on light oil production in southern Saskatchewan and the Uinta basin in Utah.
In 2001 Crescent Point Energy began trading on the TSX Venture Exchange as a junior exploration and production company. It joined the Toronto Stock Exchange the following year. In 2003, it merged with Tappit Resources. As part of the merger, Crescent Point converted to an income trust. In February 2007, it acquired Mission Oil and Gas for $628 million. 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. In return, it provided a number of properties in Alberta and Saskatchewan, as well as $434 million in cash. In 2012, Crescent Point acquired Ute Energy holdings for US$784 million, thus gaining significant oil production in the Uinta Basin in Utah. Crescent Point began trading on the New York Stock Exchange in 2014 under the same CPG symbol. In May 2015, Crescent Point acquired Legacy Oil and Gas for $1.5 billion.
In April 2018, the activist shareholder Cation Capital put forward a slate of four directors for the company's board. Cation was concerned about the company's poor share performance, high capital spending and debt, and excessive executive pay. As of May 2018, the company's share value had fallen 71% since it announced the acquisition of Legacy Oil and Gas. None of the directors put forward by Cation were elected in the May 2018 annual meeting, although some received significant support from shareholders.
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.
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.
Assets and holdings
As of 2017, production was 175,000 boe/day. 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. As of 2017, 60% of production was from the Williston Basin. The second major area for the company is southwest Saskatchewan, where it has significant property in the Shaunavon and Viking resource plays, accounting for 24% of company production. The company's additional core asset is located in the Uinta basin in Utah, and accounts for 10% of production. The company also has other properties, in Alberta, Saskatchewan, and North Dakota, accounting for the remaining 6% of production.
- "Contact Page". Crescent Point Energy. Retrieved 18 November 2015.
- "History / Timeline | Crescent Point". www.crescentpointenergy.com. Retrieved 2018-01-02.
- "Crescent-Tappit deal drives up firms' stock". The Globe and Mail. 2003-05-23. Retrieved 2018-01-02.
- "Crescent Point buys Mission in $700-million deal". The Globe and Mail. 2006-09-11. Retrieved 2018-01-02.
- "Crescent Point, Penn West Swap Tight Oil Properties". The Calgary Herald. 2009-12-17.
- "Crescent Point to buy Ute Energy for $784 million". Reuters. 2012-11-01. Retrieved 2018-01-02.
- "Legacy Oil + Gas investors agree to sell to Crescent Point". Calgary Herald. 2015-07-01. Retrieved 2018-01-02.
- "Crescent Point's small victory − for now". The Globe and Mail. 2018-05-05. Retrieved 2018-05-09.
- "Investors reject dissident slate but say on pay vote fails at Crescent Point Energy". Global News. Retrieved 2018-05-09.
- "Crescent Point Announces New President and CEO as Part of Transformation Plan - NASDAQ.com". NASDAQ.com. Retrieved 2018-05-30.
- "Crescent Point Energy cuts 17% of workforce, plans to reduce debt by $1 billion". Financial Post. 2018-09-05. Retrieved 2018-09-05.
- "Crescent Point net loss more than doubles in Q3 - Article - BNN". BNN. 2017-10-26. Retrieved 2018-01-02.
- "Areas | Crescent Point". www.crescentpointenergy.com. Retrieved 2018-01-02.