Crescent Point Energy Corp. (NYSE:CPG) Q1 2023 Results Conference Call May 12, 2023 12:00 PM ET

Company Participants

Craig Bryksa - President and CEO

Ken Lamont - CFO

Ryan Gritzfeldt - COO

Conference Call Participants

Amir Arif - ATB Capital

Travis Wood - National Bank Financial

Chris Sakai - Singular Research

Michael Harvey - RBC

Operator

Good morning, ladies and gentlemen. And welcome to Crescent Point Energy First Quarter 2023 Conference Call. This conference call is being recorded today and will be webcast along with the slide deck, which can be found on Crescent Point’s website home page. The webcast may not be recorded or rebroadcast without the express consent of Crescent Point Energy.

All amounts discussed today are in Canadian dollars with the exception of West Texas Intermediate or WTI pricing, which is quoted in U.S. dollars. The complete financial statements and management’s discussion and analysis for the period ending March 31, 2023, were announced this morning and are available on the Crescent Point’s SEDAR and EDGAR website.

All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be question-and-answer session for members of the investment community. [Operator Instructions]

During the call, management may make projections or other forward-looking statements regarding future events or future financial performance. Actual performance, events or results may differ materially. Additional information or factors that could affect Crescent Point’s operations or financial results are included in Crescent Point’s most recent annual information form, which may be accessed through the Crescent Point, SEDAR or EDGAR websites or by contacting Crescent Point Energy. Management also calls your attention to the forward-looking information and non-GAAP measures sections of the press release issued earlier today.

I will now turn the call over to Craig Bryksa, President and Chief Executive Officer at Crescent Point. Please go ahead, Mr. Bryksa.

Craig Bryksa

Thank you, operator. I’d like to welcome everyone to our first quarter 2023 conference call. With me today are Ken Lamont, our Chief Financial Officer; and Ryan Gritzfeldt, our Chief Operating Officer. As the operator highlighted, this conference call is being webcast along with the slide deck, which can be found on our website.

Before we get in to our first quarter update, I’d like to briefly speak to the wildfires that have been impacting communities in Western Canada. Our teams in the field have done an excellent job to keep everyone safe and mobilize our response to coordination with local and provincial authorities, and to offer assistance where possible. Last weekend, we proactively shut in all our Kaybob Duvernay operations as a precautionary measure, with no damage reported to our assets. As the fires around our Fox Creek operations dissipated, we began restoring production and currently have 85% of our Kaybob production now back on line. Given our strong production results to date, and the temporary impact expected from this outage, there is no change to our annual production guidance.