During the quarter, the company closed its previously announced deal to buy Spartan Delta Corp.’s Montney oilfield assets in Alberta for $1.7 billion.
The deal means that Crescent Point will significantly grow its presence in what is one of North America’s largest unconventional petroleum plays, acquiring 600 drilling locations the region and adding 38,000 barrels of oil equivalent per day to the company’s production capacity. Crescent Point was one of many oil and gas producers that was forced to temporarily halt some of its operations in northwest Alberta in May as a precaution as wildfires raged across the province.
The company said the downtime resulted in a loss of about 7,000 barrels of oil equivalent per day of production in the quarter, with its total production for the three-month period averaging 155,031 boe/d.However, Crescent Point said due to better-than-expected performance from its Kaybob Duvernay oilfield assets in the first half of the year, it is able to maintain its annual average production guidance and its capital expenditures budget remains unchanged.
Source: Energy Industry News (energyindustrynews.net)
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