Crescent Point Energy Corp. (NYSE:CPG) Q3 2022 Earnings Conference Call October 26, 2022 12:00 PM ET

Company Participants

Craig Bryksa - President and CEO

Ken Lamont - CFO

Ryan Gritzfeldt - COO

Conference Call Participants

Michael Harvey - RBC Capital Markets

Travis Wood - National Bank Financial

Patrick O'Rourke - ATB Capital Markets

Chris Sakai - Singular Research

Operator

Good morning, ladies and gentlemen. My name is Joanna and I will be your operator for Crescent Point Energy's Third Quarter 2022 Conference Call. This conference call is being recorded today and will be webcast along with a slide deck, which can be found on Crescent Point's website homepage. The webcast may not be recorded or rebroadcast without the expressed 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 September 30, 2022 were announced this morning and are available on the Crescent Point, SEDAR and EDGAR websites.

All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a 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 third quarter 2022 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 a slide deck, which can be found on our website.

Our third quarter results once again demonstrate how our continued focus on balance sheet strength and sustainability delivers value, returns for our shareholders. In July, we successfully reached our near-term debt target and released our updated return of capital framework. This framework targets returning up to 50% of our discretionary excess cash flow in addition to base dividends. As a result of our continued operational execution and financial success, we are delivering on that promise. For the third quarter, we are returning 50% of our discretionary excess cash flow through share repurchases and special dividends. Excluding our base dividend, our total return of capital for the quarter is about $140 million. Our return on capital framework is only part of our overall shareholder value proposition. We also have built a strong balance sheet and continue to enhance the sustainability of our business.