Correction to Crescent Point Energy to Buy Assets Article on Feb. 17

(Crescent Point Energy agreed to buy assets in Albert from Royal Dutch Shell for C$900 million. "Crescent Point Energy to Buy Some of Shell's Canadian Assets for $900 Million," at 5:49 p.m. ET on Feb. 17, incorrectly stated figures in the headline and article in U.S. dollars. The correct version follows.)

By Kimberly Chin

Crescent Point Energy Corp. has agreed to acquire the Kaybob Duvernay assets in Alberta, Canada, from a Royal Dutch Shell PLC subsidiary for 900 million Canadian dollars ($707 million) in cash and stock.

The deal consists of C$700 million in cash and 50 million of Crescent Point's shares, the company said. It will be financed through Crescent Point's credit facility. Shell will own about 8.6% of Crescent Point following the deal's completion.

The Kaybob Duvernay assets offer the Canadian light oil producer "strategic entry into a premier and established liquids rich play," the company said.

Crescent Point plans to target a lower decline rate with the assets and longer-term production of about 30,000 barrels of oil equivalent per day.

The transaction is expected to close in April.

Crescent Point also said Wednesday it expects to generate excess cash flow for the year of about C$375 million to C$600 million.

Write to Kimberly Chin at [e-mail]

(END) Dow Jones Newswires

February 18, 2021 10:57 ET (15:57 GMT)

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