CALGARY,
AB, June 28, 2023 /PRNewswire/ - Crescent
Point Energy Corp. ("Crescent Point" or the "Company") (TSX:CPG)
(NYSE:CPG) is pleased to announce the release of its 2023
Sustainability Report (the "Report") highlighting the Company's
strong environmental, social and governance ("ESG")
performance.
Crescent Point remains on track to achieve each of its
environmental targets which are comprised of initiatives centered
around reducing emissions, freshwater use and the number of
inactive wells across its land base. Building upon these
environmental targets, the Company has also introduced new targets
to further strengthen its commitment to safe operations and
Indigenous engagement.
"Our 2023 Sustainability Report showcases our strong performance
and strategic approach in managing our ESG priorities," said
Craig Bryksa, President and CEO of
Crescent Point. "We continue to lead by example, delivering on our
purpose of 'Bringing Energy To Our World - The Right Way' by
integrating ESG practices throughout our organization. Our position
as a leader in the industry is also evident in our record safety
scores and our continued success in meeting our ambitious
environmental targets. Furthermore, our portfolio strategy and
continued optimization of our asset base reflects our focus on
high-quality resource plays with long-term sustainability."
2022 KEY HIGHLIGHTS
- Achieved safest year on record for both Serious Incident
Frequency (SIF) and Total Recordable Injury Frequency (TRIF),
demonstrating strong safety culture and active engagement with
staff and contractors.
- Achieved previous target to reduce scope 1 emissions intensity
by 50 percent ahead of schedule and built upon this success by
establishing new, more aggressive, emissions targets to reach a
combined scope 1 & 2 emissions intensity of 0.024 tCO2e/boe by
2025 and 0.020 tCO2e/boe by 2030.
- Established two new water targets to reduce surface freshwater
use in the Company's southeast Saskatchewan completions by 50 percent by 2025
and to develop strategic water management plans for all major
operating areas.
- Safely decommissioned 240 inactive wells as part of target to
reduce inactive well inventory by 30 percent by 2031.
- Continued to dedicate three to five percent of annual
maintenance capital to fund environmental stewardship
initiatives.
- Demonstrated ongoing commitment to diversity and inclusion
through the Company's Women's Leadership Network, expanded campus
recruitment strategy and scholarship programs.
- Donated $2.2 million to support
more than 450 charitable organizations and community groups.
NEW ESG TARGETS
- Established two new safety targets to promote safe work
practices and strengthen support for mental health.
- Enhanced Indigenous engagement and set new targets for
Indigenous awareness training for all staff and Board members.
The full Report, including a downloadable PDF and data tables,
is available on Crescent Point's website at
www.crescentpointenergy.com.
FOR MORE INFORMATION ON CRESCENT POINT'S SUSTAINABILITY
INITIATIVES, PLEASE CONTACT:
Shant Madian, Vice
President, Capital Markets
David Gowland, Director,
ESG & Stakeholder Engagement
Telephone: (403) 693-0020 Toll-free (US and Canada): 888-693-0020 Fax: (403)
693-0070
Address: Crescent Point Energy Corp. Suite 2000, 585 - 8th
Avenue S.W. Calgary AB T2P 1G1
www.crescentpointenergy.com
Crescent Point shares are traded on the Toronto Stock Exchange
and New York Stock Exchange under the symbol CPG.
Forward-Looking Statements
Certain statements contained in this press release constitute
"forward-looking statements" within the meaning of section 27A of
the Securities Act of 1933 and section 21E of the Securities
Exchange Act of 1934 and "forward-looking information" for the
purposes of Canadian securities regulation (collectively,
"forward-looking statements"). The Company has tried to identify
such forward-looking statements by use of such words as "could",
"should", "can", "anticipate", "expect", "believe", "will", "may",
"intend", "projected", "sustain", "continues", "strategy",
"potential", "projects", "grow", "take advantage", "estimate",
"well-positioned", "target" and other similar expressions, but
these words are not the exclusive means of identifying such
statements. In particular, this press release contains
forward-looking statements pertaining, among other things, to the
following: the Corporation is on track to achieve each of its
environmental targets; long-term sustainability of resource plays;
ESG targets, based on the assumptions specified in this press
release, including: a combined scope 1 and 2 emissions intensity of
0.024 tCO2e/boe by the year 2025 and a 0.020 tCO2e/boe emissions
intensity level by the year 2030, reducing surface freshwater use
in our southeast Saskatchewan
completions by 50% by 2025, developing a strategic water management
plan for major operating areas, reducing our inactive well
inventory by 30% by 2031, enhanced safety targets and benefits
thereof; enhanced Indigenous awareness training by year-end 2024;
and 3-5% of our annual maintenance capital dedicated to fund
environmental stewardship initiatives.
All forward-looking statements are based on Crescent Point's
beliefs and assumptions based on information available at the time
the assumption was made. Crescent Point believes that the
expectations reflected in these forward-looking statements are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements
included in this press release should not be unduly relied upon. By
their nature, such forward-looking statements are subject to a
number of risks, uncertainties and assumptions, which could cause
actual results or other expectations to differ materially from
those anticipated, expressed or implied by such statements,
including those material risks discussed in the Company's Annual
Information Form for the year ended December
31, 2022 under "Risk Factors" and our Management's
Discussion and Analysis for the year ended December 31, 2022, under the headings "Risk
Factors" and "Forward-Looking Information" and for the quarter
ended March 31, 2023, under the
headings "Risk Factors" and "Forward-Looking Information". The
material assumptions are disclosed in the Management's Discussion
and Analysis for the year ended December 31,
2022, under the headings "Capital Expenditures", "Liquidity
and Capital Resources", "Critical Accounting Estimates", "Risk
Factors", "Changes in Accounting Policies" and "Guidance" and in
the Management's Discussion and Analysis for the three months ended
March 31, 2023, under the headings
"Overview", "Commodity Derivatives", "Liquidity and Capital
Resources", "Guidance", "Royalties" and "Operating Expenses". In
addition, risk factors include: the risk of carrying out operations
with minimal environmental impact; industry conditions including
changes in laws and regulations including the adoption of new
environmental laws and regulations and changes in how they are
interpreted and enforced; uncertainty of government policy changes;
and other factors, many of which are outside the control of the
Company.
The impact of any one risk, uncertainty or factor on a
particular forward-looking statement is not determinable with
certainty as these are interdependent and Crescent Point's future
course of action depends on management's assessment of all
information available at the relevant time. In addition, with
respect to forward-looking information contained in this press
release, assumptions have been made regarding, among other things:
future crude oil and natural gas prices; future interests rates and
currency exchange rates; future cost escalation under different
pricing scenarios; the corporation's future production levels; the
applicability of technologies for recovery and production of the
corporation's reserves and improvements therein; the recoverability
of the corporation's reserves; Crescent Point's ability to market
its production at acceptable prices; future capital expenditures;
future cash flows from production meeting the expectations stated
in this press release; future sources of funding for the
corporation's capital program; the corporation's future debt
levels; geological and engineering estimates in respect of the
corporation's reserves; the geography of the areas in which the
corporation is conducting exploration and development activities;
the impact of competition on the corporation; regulatory frameworks
and the corporation's ability to obtain financing on acceptable
terms.
These assumptions, risks and uncertainties could cause actual
results or other expectations to differ materially from those
anticipated, expressed or implied by such statements. The impact of
any one assumption, risk, uncertainty or factor on a particular
forward-looking statement is not determinable with certainty as
these are interdependent. Certain information contained herein has
been prepared by third-party sources. Additional information on
these and other factors that could affect Crescent Point's
operations or financial results are included in Crescent Point's
reports on file with Canadian and U.S. securities regulatory
authorities. Readers are cautioned not to place undue reliance on
this forward-looking information, which is given as of the date it
is expressed herein or otherwise. Crescent Point undertakes no
obligation to update publicly or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required to do so pursuant to applicable law.
All subsequent forward-looking statements, whether written or oral,
attributable to Crescent Point or persons acting on the Company's
behalf are expressly qualified in their entirety by these
cautionary statements.
Where applicable, a barrels of oil equivalent ("boe") conversion
rate of six thousand cubic feet of natural gas to one barrel of oil
equivalent (6Mcf:1bbl) has been used based on an energy equivalent
conversion method primarily applicable at the burner tip. Given
that the value ratio based on the current price of crude oil as
compared to natural gas is significantly different than the energy
equivalency of the 6:1 conversion ratio, utilizing the 6:1
conversion ratio may be misleading as an indication of value.
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SOURCE Crescent Point Energy Corp.
