Crescent Point Energy Corp. is rewarding shareholders with a special dividend after reporting a net profit of $466.4 million in the third quarter — a significant increase over the $77.5 million reported during the same period last year.
The Calgary-based oil producer declared a special dividend of 3.5 cents per share payable to shareholders of record as of Nov. 4 in addition to the company’s regular quarterly dividend of eight cents per share.
The company provided some new insight into its five-year outlook, suggesting it will reach 145,000 boe/d) by 2027, largely built on growth in its Kaybob Duvernay play. Crescent Point acquired additional lands in the area for $87 million during the third quarter.
“We are returning a meaningful amount of capital back to our shareholders for third quarter as a result of our strong financial and operational performance,” said Craig Bryksa, president and CEO of Crescent Point, in a statement.
“In addition, we bolstered our resource base through a land acquisition during the quarter while also advancing other operational initiatives to further enhance our long-term sustainability. Our 2023 and five-year outlook are expected to generate significant excess cash flow and returns for shareholders, further building on our continued execution.”
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