Craig Bryska has been named president and chief executive officer of Crescent Point Energy Corp., Calgary, as the company focuses on key assets and cuts costs. Robert Heinemann has been named board chairman, succeeding Peter Bannister.
Bryska has been interim president and CEO since earlier this year, when he succeeded Scott Saxberg, a company founder (OGJ Online, May 29, 2018).
Crescent Point plans to divest upstream assets, cut debt by more than $1 billion by the end of next year, identify midstream assets for potential monetization, and save more than $50 million/year through a 17% workforce reduction.
It has identified its Viewfield, Shaunavon, and Flat Lake resource plays in southern Saskatchewan as “key focus areas,” based on returns, scalability, potential free cash flow, and ability to improve market access. Crescent Point produced 102,000 boe/d of oil and gas from those areas in the second quarter.
It also will continue work on emerging resource plays in the Uinta basin in Utah and East Shale Duvernay play of southeastern Alberta, where second-quarter production was 23,000 boe/d.
Production from other assets was 50,000 boe/d.
