Crescent Point Energy cuts capital budget by 16-39% in response to lower prices

CALGARY – Crescent Point Energy Corp. (TSX:CPG) says it expects to spend significantly less on capital projects than last year, with a 2016 budget of between $950 million and $1.3 billion.

That will be 16 to 39 per cent below 2015 levels, although the Calgary-based oil and gas producer will increase production by about five per cent compared with last year.

Crescent Point produces light and medium crude oil as well as natural gas primarily from Saskatchewan, North Dakota and other areas of the Prairie provinces and the U.S. Midwest.

It expects this year’s production will rise to a range of between 165,000 and 172,000 oil-equivalent barrels per day, including natural gas.