Crescent Point Energy Corp. (NYSE:CPG) Q2 2022 Earnings Conference Call July 27, 2022 12:00 PM ET

Company Participants

Craig Bryksa - President and CEO

Ken Lamont - CFO

Ryan Gritzfeldt - COO

Conference Call Participants

Dennis Fong - CIBC World Markets Inc.

Jeremy McCrea - Raymond James

Travis Wood - National Bank Financial

Chris Sakai - Singular Research

Michael Harvey - RBC Capital Markets

Aaron Bilkoski - TD Securities

Operator

Good morning, ladies and gentlemen. My name is Michelle, and I will be the operator for Crescent Point Energy's Second 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 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 June 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 second 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 the slide deck, which can be found on our website.

I'm pleased to report on our results for the past quarter, which demonstrate our continued focus on delivering value and returns for our shareholders. In the second quarter, we generated approximately $380 million of excess cash flow, allowing us to further reduce our net debt and accelerate our return of capital to shareholders. As a result of our significant excess cash flow generation, coupled with proceeds we received from our strategic noncore dispositions, we recently achieved our near-term debt target of $1.3 billion, ahead of our previously anticipated time line.