CALGARY — Crescent Point Energy Corp. raised its quarterly dividend as it increased its production guidance for next year.
The company says it will pay a quarterly dividend of 4.5 cents per share on April 1 to shareholders of record as of March 15, up from its fourth-quarter dividend of three cents.
In addition to increasing its dividend, Crescent Point also plans to spend up to $100 million on share repurchases over the following 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 of 131,000 to 135,000 boepd.
Crescent Point's capital budget for next year calls for spending between $825 million to $900 million, unchanged from its preliminary 2022 guidance.
Crescent Point chief executive Craig Bryksa says the company has established a disciplined budget for 2022 and expects to generate strong returns and significant excess cash flow for shareholders.
"As a result, we are accelerating our plans to return additional capital to shareholders in the form of another dividend increase and share repurchases," Bryksa said in a statement.
"As we continue to strengthen our balance sheet, we expect to further increase our return of capital offering to shareholders in the context of our capital allocation framework."
This report by The Canadian Press was first published Dec. 6, 2021.
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The Canadian Press