CALGARY, A.B. – Crescent Point Energy Corp. has cut its capital budget for this year by about $500 million and slashed its dividend.
The company said it will now pay a quarterly dividend of a penny per share, down from three cents per month.
However, it says that given its low share price it will buy back up to seven percent its outstanding shares under a normal course issuer bid.
The company says it plans a capital budget of $1.2 billion to $1.3 billion.
Crescent Point plans to spend about 55 percent of its capital budget on its Viewfield Bakken, Shaunavon and Flat Lake regions.
Annual average production is expected to come in at 170,000 to 174,000 barrels of oil equivalent per day.
(THE CANADIAN PRESS)