Crescent Point Energy (TSE:CPG) has released an update.
Crescent Point Energy has sold select non-core Saskatchewan assets to Saturn Oil & Gas for $600 million, aiming to strengthen its financial position by reducing its net debt to $2.8 billion from $3.7 billion by year-end. The deal, which includes properties expected to produce 13,500 barrels of oil equivalent per day, will see the proceeds used to pay down debt. As a result, Crescent Point has adjusted its 2024 production guidance slightly downwards but maintains its capital expenditure forecast.
For further insights into TSE:CPG stock, check out TipRanks’ Stock Analysis page.