Crescent Point Energy Corp. is an oil and gas company based in Calgary, Alberta, Canada and Denver, Colorado, USA. The company focuses mainly on the production of light oils in southern Saskatchewan and the Uinta basin in Utah.
Since the beginning of 2001, Crescent Point has significantly increased its production. Has been ranked as Canada's 12th largest oil and gas producer.
Video Crescent Point Energy
History
In 2001 Crescent Point Energy began trading on the TSX Venture Exchange as a junior exploration and production company. It joined the Toronto Stock Exchange the following year. In 2003, the merger with Tappit Resources. As part of the merger, Crescent Point is converted into revenue trust. In February 2007, he acquired Mission Oil and Gas for $ 628 million. From Mission, Crescent Point gained a great position in the Bakken Viewfield oil field in Williston Basin. Since 2007, Crescent Point has expanded its Three Forks playing on the north and south of the border. In 2009, Crescent was converted back into a normal company (from earnings trust). In 2010, Crescent Point acquired the property in the Lower Shaunavon resource game in Saskatchewan southwest of the Penn West Energy Trust. In return, it provides a number of properties in Alberta and Saskatchewan, as well as $ 434 million in cash. In 2012, Crescent Point acquired Ute Energy ownership of US $ 784 million, resulting in significant oil production in the Uinta Basin in Utah. Crescent Point starts trading on the New York Stock Exchange in 2014 under the same CPG symbol. In May 2015, Crescent Point acquired Legacy Oil and Gas for $ 1.5 billion.
In April 2018, Cation Capital activist shareholders filed a list of four directors for the company board. Cations are concerned about poor corporate stock performance, high capital expenditures and debt, and excessive executive pay. In May 2018, the company's share value has dropped 71% since announcing the acquisition of Legacy Oil and Gas. None of the directors submitted by the Cation were elected at the May 2018 annual meeting, although some received significant support from shareholders.
On May 29, 2018, Crescent Point announced that Scott Saxberg would leave the company after 17 years, with Craig Bryksa taking over as President and CEO on a temporary basis.
Maps Crescent Point Energy
Assets and ownership
By 2017, production is 175,000 boe/day. Crescent Point mainly produces light and medium oil, compared to heavy oil or natural gas. Most of the company's oil production comes from Williston Basin in southeast Saskatchewan and North North Dakota; Key areas in this area include the Viewfield area of ​​Bakken, Flat Lake, and Three Forks. By 2017, 60% of production comes from Williston Basin. The second major area for the company is Southwest Saskatchewan, where it has significant properties in Shaunavon and plays the role of Viking, accounting for 24% of the company's production. The company's additional core asset is located in the Uinta basin in Utah, and accounts for 10% of production. The company also has other properties, in Alberta, Saskatchewan, and North Dakota, accounting for the remaining 6% of production.
References
External links
- Official website
Source of the article : Wikipedia
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