Crescent Point said that its net debt is expected to be less than $2.2-billion by the end of this year, down from $3-billion outstanding at the end of the second quarter
said on Thursday it will sell its North Dakota assets to a private operator for $500-million in cash, as the Canadian oil and gas producer looks to repay its debt.
The Calgary, Alberta-based company said that its net debt is expected to be less than $2.2-billion by the end of this year, down from $3-billion outstanding at the end of the second quarter. “Given the limited drilling inventory associated with these assets, production in North Dakota was expected to decrease to 18,000 boe/d by 2027 and decline further in future years,” Crescent Point said in a statement.
Since 2018, the company has acquired assets in Canada’s basins, Kaybob Duvernay and Alberta Montney, for $3-billion that were primarily funded through the sale of non-core assets worth nearly $2.7-billion. The company also lowered its full-year production and capital expenditure forecast by 2.8 per cent and 8.1 per cent, respectively, compared to the mid-point of its prior expectations.Market data values update automatically.
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