Crescent Point Energy Appoints CEO and Chairman; Targets $1 Bln Debt Reduction

Crescent Point Energy (CPG, CPG.TO) said it has named Craig Bryksa chief executive officer and Robert Heinemann chairman as it pursues new strategies.

Bryksa had been serving as interim CEO while the company conducted a search for a successor to Scott Saxberg, who stepped down in May. Heinemann succeeds Peter Bannister, who has stepped down after serving since 2014.

Crescent Point also said after a formal review process it will focus its asset base by pursuing upstream asset divestitures. The company is targeting a net debt reduction of over $1 billion by the end of 2019 through a return-focused budget and asset sales. The company also said it has identified midstream assets for potential monetization and will reduce its workforce, resulting in an annual savings of over $50 million.The immediate reduction will cut the company’s employee count by 17%.

The company affirmed its 2018 targets of 177,000 boe/d in production and $1.78 billion of capital expenditures. The company expects its 2019 capital expenditures to be approximately $1.55 billion to $1.60 billion with average production of approximately 176,000 to 180,000 boe/d.