CALGARY — Crescent Point Energy Corp. has signed a deal to sell its North Dakota assets to a private operator for about $675 million in cash.
The company says the assets had gross production of about 23,500 barrels of oil equivalent per day in the second quarter of this year.
However, it says its production in North Dakota is expected to decrease to 18,000 boe/d by 2027 and decline further in future years.
Crescent Point also lowered its 2023 annual average production guidance to a range of 156,000 to 161,000 boe/d, a reduction of approximately 4,500 boe/d in comparison with the midpoint of its prior guidance range.
It says the revised forecast includes the impact associated with the sale, which is expected to close in the fourth quarter of this year, subject to regulatory approvals and customary closing conditions.
The company also cut its development capital expenditures guidance for the year by about $100 million, to a range of $1.05 billion to $1.15 billion, partly reflecting the sale of the assets in North Dakota.
This report by The Canadian Press was first published Aug. 24, 2023.
Companies in this story: (TSX:CPG)
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