Crescent Point Energy Corp. announce that it surpassed its 2013 exit guidance of 124,000 boe/d in November.
"We've had a record year and have beaten our targets every quarter. When you look at our outperformance in 2012 and 2013, a lot of it is due to the advancements in technology that we've made as a company and our consistent push to improve our completions techniques," said Scott Saxberg, president and CEO of Crescent Point.
Building on the Company's successes in 2013, Crescent Point has set a $1.75 billion capital development budget for 2014. Execution of the budget is expected to increase average daily production to 126,500 boe/d, with a 2014 exit production rate of 135,000 boe/d. The 2014 capital program is consistent with the Company's five-year growth models, which forecast long-term production per share growth and dividend sustainability under a variety of commodity price scenarios.