Crescent Point Energy Corp. is an oil and gas company based in

Calgary Calgary ( ) is the largest city in the western Canadian province of Alberta and the largest metro area of the three Prairie Provinces. As of 2021, the city proper had a population of 1,306,784 and a metropolitan population of 1,481,806, maki ...

Alberta Alberta ( ) is one of the thirteen provinces and territories of Canada. It is part of Western Canada and is one of the three prairie provinces. Alberta is bordered by British Columbia to the west, Saskatchewan to the east, the Northwest Ter ...

, Canada. The company focuses primarily on light oil production in southern

Saskatchewan Saskatchewan ( ; ) is a province in western Canada, bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, to the northeast by Nunavut, and on the south by the U.S. states of Montana and North ...

and central

. Since its inception in 2001, Crescent Point has significantly increased its production. The company was founded in 2001 and is one of the largest independent oil and gas producers in Canada and has a significant presence in the

Western Canadian Sedimentary Basin The Western Canadian Sedimentary Basin (WCSB) underlies of Western Canada including southwestern Manitoba, southern Saskatchewan, Alberta, northeastern British Columbia and the southwest corner of the Northwest Territories. This vast sedimentary ...

. The company's operations also include assets in the

Williston Basin The Williston Basin is a large intracratonic sedimentary basin in eastern Montana, western North Dakota, South Dakota, southern Saskatchewan, and south-western Manitoba that is known for its rich deposits of petroleum and potash. The basin is a ...

in the United States. Crescent Point Energy is listed on the

Toronto Stock Exchange The Toronto Stock Exchange (TSX; french: Bourse de Toronto) is a stock exchange located in Toronto, Ontario, Canada. It is the 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in th ...

and is a publicly traded company.

History

In 2001 Crescent Point Energy began trading on the

TSX Venture Exchange The TSX Venture Exchange is a stock exchange in Canada. It is headquartered in Calgary, Alberta, with offices in Toronto, Vancouver, and Montreal. All trading through the Exchange is done electronically, so the Exchange does not have a "trading f ...

as a junior exploration and production company. It joined the

the following year. In 2003, it merged with Tappit Resources. As part of the merger, Crescent Point converted to an income trust. In February 2007, it acquired Mission Oil and Gas for $628 million. From Mission, Crescent Point acquired a large position in the Viewfield Bakken oil field in the Williston Basin. Since 2007, Crescent Point has since expanded its Three Forks play both north and south of the border. In 2009, Crescent converted back to a normal corporation (from an income trust). In 2010, Crescent Point acquired properties in the Lower Shaunavon

resource play Unconventional (oil & gas) reservoirs, or unconventional resources (resource plays) are accumulations where oil & gas phases are tightly bound to the rock fabric by strong capillary forces, requiring specialised measures for evaluation and ext ...

in southwest Saskatchewan from

Penn West Energy Trust Obsidian Energy Ltd. (previously known as Penn West Exploration Ltd., Penn West Petroleum and Penn West Energy Trust) is a mid-sized Canadian oil and natural gas production company based in Calgary, Alberta. For a while it was one of the S&P/TSX ...

. In return, it provided a number of properties in Alberta and Saskatchewan, as well as $434 million in cash. Crescent Point began trading on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...

in 2014 under the same CPG symbol. In May 2015, Crescent Point acquired Legacy Oil and Gas for $1.5 billion. On 29 May 2018, Crescent Point announced that former President & CEO, Scott Saxberg, would be leaving the company after 17 years, with Craig Bryksa taking over duties as president and CEO on an interim basis. On 5 September 2018, Crescent Point confirmed Craig Bryksa as its new president and CEO. Robert (Bob) Heinemann also replaced Peter Bannister as chairman on Crescent Point's board of directors. Barbara Munroe was appointed as board chair following Bob Heinemann's retirement in October, 2019. In March 2023, Crescent Point said it would acquire Spartan Delta Corp’s oil and gas assets in Alberta, for $1.7-billion. In November 2023, Crescent Point announced plans to acquire Montney shale firm Hammerhead for $1.86 billion.

Assets and holdings

As of 2020, production was 121,000

boe BOE, BoE or Boe may refer to: Abbreviations, acronyms or initialisms * Bank of England, the central bank of the United Kingdom * Bank of English, a representative subset of the 4.5 billion words COBUILD corpus * Barrel of oil equivalent, a uni ...

/day. Crescent Point mainly produces

light Light or visible light is electromagnetic radiation that can be perceived by the human eye. Visible light is usually defined as having wavelengths in the range of 400–700 nanometres (nm), corresponding to frequencies of 750–420 te ...

and medium oil, as opposed to heavy oil or

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbon ...

. On 17 February 2021, Crescent Point announced strategic entry into the Kaybob Duvernay play by acquiring 30,000 boe/d of production for $900 million from Shell Canada Energy. Most of the company's oil production is from central Alberta, southern Saskatchewan and northern North Dakota; notable fields in these areas include the Kaybob Duvernay, Viewfield Bakken, Flat Lake, Shaunavon and Three Forks and Viking areas.

References

External links

* {{Authority control Companies listed on the Toronto Stock Exchange Companies listed on the New York Stock Exchange Oil companies of Canada Natural gas companies of Canada Companies based in Calgary