Crescent Point Energy Corp. (NYSE:CPG) Q1 2024 Earnings Conference Call May 10, 2024 10:00 AM ET
Company Participants
Sarfraz Somani - Manager, IR
Craig Bryksa - President & CEO
Ken Lamont - CFO
Ryan Gritzfeldt - COO
Conference Call Participants
Dennis Fong - CIBC World Markets
Amir Arif - ATB Capital
Aaron Bilkoski - TD Cowen
Jeremy McCrea - BMO Capital Markets
Travis Wood - National Bank Financial
Operator
Good morning, ladies and gentlemen. My name is Annes, and I will be your operator for Crescent Point Energy's First Quarter 2024 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 home page. The webcast may not be recorded or rebroadcast without the expressed consent of Crescent Point Energy.
All amounts discussed today 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 & Analysis for the period ending March 31, 2024, 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 operation or financial results are included in Crescent Point's most recent annual information form, which may be accessed through 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 early today.
I will now turn the call over to Craig Bryksa, President and Chief Executive Officer of Crescent Point. Please go ahead, Mr. Bryksa.
Craig Bryksa
Thank you, Operator. Welcome, everyone to our Q1 2024 conference call. With me today are Ken Lamont, our Chief Financial Officer, and Ryan Gritzfeldt, our Chief Operating Officer.
We're off to a great start in 2024. As recently stated, our strategic priorities are focused on operational execution, optimizing our balance sheet, and increasing our return to capital.
Our first quarter results showcased how our operational execution and capital discipline led to solid results across our business. In the first quarter, we produced over 198,000 BOE per day. We generated $130 million of excess cash flow, returning 60% of that to our shareholders through our base dividend and share repurchases. And on the balance sheet front, we reduced our net debt by over $150 million.