On a conference call with analysts to discuss the company's first-quarter financial results Friday, CEO
"We're going to take a good long pause as far as the acquisitions. We're happy with how things have come together here," Bryksa said.
"I wouldn't look for any near-term dispositions, further upstream dispositions, either."
Crescent Point has been one of the most active Canadian oil and gas companies in recent years on the mergers and acquisitions front, as it sought to restructure its portfolio of assets to focus on the
Among its acquisitions were the 2021 purchase of
Crescent Point has been selling off assets in
The
Year-to-date, he said Crescent Point has brought 18 Montney wells on-stream, and is working to optimize drilling and completions techniques in order to enhance overall returns from the newly acquired assets.
In the Kaybob Duvernay, Bryksa said Crescent Point recently drilled what he said is the longest on-shore well ever drilled in
The record-breaking well will allow Crescent Point to reach portions of the reservoir that weren't otherwise accessible, he said.
For the first quarter of 2024, Crescent Point reported a financial loss Friday due to a non-cash impairment charge related to its sale of assets in
The company said it lost
Crescent Point's oil and gas sales for the quarter totalled
Its total first-quarter production was 198,551 barrels of oil equivalent per day, compared with 139,280 in the prior year's quarter.
On an adjusted basis, the company says its net earnings from operations amounted to
This report by The Canadian Press was first published
Companies in this story: (TSX:CPG)
© 2024 The Canadian Press. All rights reserved., source