Crescent Point Energy Corp (NYSE:CPG) Q1 2022 Results Conference Call May 12, 2022 12:00 PM ET

Company Participants

Craig Bryksa - CEO

Kenneth Lamont - CFO

Ryan Gritzfeldt - COO

Conference Call Participants

Michael Harvey - RBC

Chris Sakai - Singular Research

Travis Wood - National Bank

Operator

Good morning, ladies and gentlemen. My name is Sylvie, and I will be your operator for Crescent Point Energy's First Quarter 2022 Conference Call. This conference call is being recorded today and will be broadcast along with a slide deck, which could be found on Crescent Point's website home page. This 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 March 31, 2022, were announced this morning and are available on the Crescent Point, SEDAR and EDGAR websites. [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 to 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 Mr. Craig Bryksa, President and Chief Executive Officer at Crescent Point. Please go ahead, sir.

Craig Bryksa

Thank you, operator. I'd like to welcome everyone to our first 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.

We've had a great start to 2022, building upon our balance sheet strength and sustainability. Our first quarter results demonstrate our continued capital discipline and our focus on growing excess cash flow for increased shareholder returns. We generated $290 million of excess cash flow in the quarter, which allowed us to further reduce our net debt by $230 million and accelerate our return of capital to shareholders. As a result of our significant excess cash flow generation, we are now on pace to achieve our near-term debt target of $1.3 billion in the third quarter.