Crescent Point Energy Corp. increased its quarterly dividend by increasing its production forecast for next year.
The company said it would pay a quarterly dividend of 4.5 cents per share on April 1 to shareholders of record as of March 15, up from its dividend of three cents in the fourth quarter.
In addition to increasing its dividend, Crescent Point also plans to spend up to $ 100 million on share buybacks over the next six months.
The moves came as the company said it expects production next year to be between 133,000 and 137,000 barrels of oil equivalent per day, up from its preliminary estimate for the year from 131,000 to 135,000 bepd.
Crescent Point’s capital budget for next year projects spending between $ 825 million and $ 900 million, unchanged from its preliminary forecast for 2022.
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Crescent Point chief executive Craig Bryksa said the company has set a disciplined budget for 2022 and expects to generate strong returns and significant excess cash flow for shareholders.
âAs a result, we are accelerating our plans to return additional capital to shareholders in the form of a further increase in dividends and share buybacks,â Bryksa said in a statement.
âAs we continue to strengthen our balance sheet, we plan to further increase our return of capital offering to shareholders within the context of our capital allocation framework. “
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