Crescent Point Energy Corp. closed on its previously announced acquisition of oil and liquids-rich Montney assets in Alberta for CA$1.7 (US$1.26) billion in cash. (Source: Shutterstock.com)
Crescent Point Energy Corp. closed on its previously announced acquisition of oil and liquids-rich Montney assets in Alberta for CA$1.7 (US$1.26) billion in cash.
The acquisition adds 600 high-return Montney locations to Crescent Point’s portfolio and represents a higher return of capital for shareholders, the company said. The transaction was immediately accretive to the company’s adjusted funds flow and excess cash flow per share by 20%, Crescent Point said in a May 10 press release.
RELATED: Crescent Point to Buy Montney Assets in $1.28 Billion Deal
The Montney assets are in close proximity to Crescent Point’s operations in the Kaybob Duvernay play and have several unbooked locations with significant resource.
Production in Kaybob Duvernay was temporarily shut down on May 8 due to recent Alberta wildfires, but has since restored 75% of production with no damage to assets. The acquired Montney assets were not affected by the wildfires.
Recommended Reading
Phillips 66’s NGL Focus, Midstream Acquisitions Pay Off in 2024
2025-02-04 - Phillips 66 reported record volumes for 2024 as it advances a wellhead-to-market strategy within its midstream business.
Pinnacle Midstream Execs Form Energy Spectrum-Backed Renegade
2025-02-03 - Renegade Infrastructure, led by Permian-centric Pinnacle Midstream developers Drew Ward and Jason Tanous, have received a capital commitment from Energy Spectrum Partners.
Argent LNG, Baker Hughes Sign Agreement for Louisiana Project
2025-02-03 - Baker Hughes will provide infrastructure for Argent LNG’s 24 mtpa Louisiana project, which is slated to start construction in 2026.
Venture Global LNG Pares IPO Hopes by 15% to $2.2B
2025-01-22 - LNG exporter Venture Global nearly halved the price per share, while increasing the number of shares it expects to offer.
Velocity Management Invests in Pipeline Builder M Wright Services
2025-01-16 - Velocity Management Advisors has made a minority investment in M Wright Services and three of Velocity’s partners will join the construction firm’s board.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.