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Crescent Point Closes Agreement to Dispose of Remaining Non-Core Southeast Saskatchewan Conventional Assets

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CALGARY, AB, June 7, 2021 /PRNewswire/ – Crescent Point Energy Corp. (“Crescent Point” or the “Company”) (TSX: CPG) and (NYSE: CPG) has completed the disposition of its remaining non-core southeast Saskatchewan conventional assets (“Assets”), which were previously identified as disposition candidates, for cash proceeds of $93 million (“Transaction”). As a result of the Transaction, Crescent Point also reduced asset retirement obligations (“ARO”) by approximately $220 million, or nearly 25 percent of its ARO balance as at March 31, 2021. Proceeds from the disposition have been directed to the Company’s balance sheet.

Crescent Point considered the Assets to be non-core due to the significant associated ARO, operating expenses that were substantially higher than the corporate average and limited scalability. The Assets also generated minimal free cash flow, after incorporating development capital required to sustain production and reclamation activities, despite contributing annual net operating income of approximately $55 million based on current production of approximately 6,500 boe/d and US$60/bbl WTI.  

Crescent Point’s 2021 budgeted development capital expenditures range remains unchanged, as minimal development capital was allocated to these Assets for the remainder of the year. Reclamation activities that were previously budgeted for these Assets for the balance of 2021 will be redirected to reclaiming other properties as part of the Company’s commitment to strong environmental, social and governance (“ESG”) practices.

Crescent Point’s acquisition and disposition strategy remains centered on its strategic priorities of enhancing the Company’s balance sheet strength and sustainability. Crescent Point’s revised 2021 guidance, which incorporates the Transaction, is expected to generate significant excess cash flowŦ of approximately $500 to $625 million at US$55/bbl to US$65/bbl WTI.

TD Securities Inc. acted as financial advisor to Crescent Point with respect to the Transaction. Peters & Co. Limited represented the Company as its strategic advisor.

2021 GUIDANCE 

The Company’s revised guidance for 2021 is as follows: 


Prior

Revised

Total Annual Average Production (boe/d) (1)

132,000 – 136,000

128,000 – 132,000




Capital Expenditures



Development capital expenditures ($ million)

 

$575 – $625

 

$575 – $625

 

Capitalized G&A ($ million)

 

$35

 

$35

 

Total ($ million) (2)

$610 – $660

$610 – $660




Other Information for 2021 Guidance



Reclamation activities ($ million) (3)

 

$15

 

$15

 

Capital lease payments ($ million)

 

$20

 

$20

 

Annual operating expenses

 

$625 – $645 million

($12.75 – $13.25/boe)

 

$595 – $615 million

($12.45 – $12.95/boe)

 

Royalties

11.5% – 12.5%

11.5% – 12.5%

1)

The revised total annual average production (boe/d) is comprised of ~86% Oil & NGLs and 14% Natural Gas

2)

Land expenditures and net property acquisitions and dispositions are not included. Revised development capital expenditures is allocated as follows: 86% drilling & development and 14% facilities & seismic

3)

Reflects Crescent Point’s portion of its expected total budget

Non-GAAP Financial Measures

Throughout this press release, the Company uses the terms “excess cash flow” and “free cash flow”. These terms do not have any standardized meaning as prescribed by IFRS and, therefore, may not be comparable with the calculation of similar measures presented by other issuers.

Excess cash flow is calculated as free cash flow less dividends. Free cash flow is calculated as adjusted funds flow from operations less capital expenditures, payments on lease liability, asset retirement obligations and other cash items (excluding net acquisitions and dispositions). Management utilizes free cash flow and excess cash flow as key measures to assess the ability of the Company to finance dividends, potential share repurchases, debt repayments and returns-based growth.

Adjusted funds flow from operations is calculated based on cash flow from operating activities before changes in non-cash working capital, transaction costs and decommissioning expenditures funded by the Company. Transaction costs are excluded as they vary based on the Company’s acquisition and disposition activity and to ensure that this metric is more comparable between periods. Decommissioning expenditures are discretionary and are excluded as they may vary based on the stage of Company’s assets and operating areas. Management utilizes adjusted funds flow from operations as a key measure to assess the ability of the Company to finance dividends, operating activities, capital expenditures and debt repayments.

Management believes the presentation of the Non-GAAP measures above provide useful information to investors and shareholders as the measures provide increased transparency and the ability to better analyze performance against prior periods on a comparable basis.

Forward-Looking Statements and Other Matters

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and “forward-looking information” for the purposes of Canadian securities regulation (collectively, “forward-looking statements”). The Company has tried to identify such forward-looking statements by use of such words as “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may”, “intend”, “projected”, “sustain”, “continues”, “strategy”, “potential”, “projects”, “grow”, “take advantage”, “estimate”, “well-positioned” and other similar expressions, but these words are not the exclusive means of identifying such statements.

In particular, this press release contains forward-looking statements pertaining, among other things, to: the direction of proceeds from the disposition of the Assets; the benefits of disposing of the Assets, including to the Company’s ARO; characteristics of the Assets; the annual net operating income generated by, and production from, the Assets; development capital required to sustain production with the Assets; non-development capital and development capital allocations and directions; ESG commitments; acquisition and disposition strategy priorities; Crescent Point’s revised 2021 guidance, which incorporates the Transaction, generating significant excess cash flow of approximately $500 to $625 million at US$55/bbl to US$65/bbl WTI; the Company’s 2021 guidance, including: total annual average production, capital expenditures (including development capital expenditures and capitalized G&A), reclamation activities, capital lease payments, annual operating expenses, and royalties); and the allocations of development capital expenditures to drilling & development and facilities & seismic.

All forward-looking statements are based on Crescent Point’s beliefs and assumptions based on information available at the time the assumption was made. The Company believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. By their nature, such forward-looking statements are subject to a number of risks, uncertainties and assumptions, which could cause actual results or other expectations to differ materially from those anticipated, expressed or implied by such statements, including those material risks discussed in the Company’s Annual Information Form for the year ended December 31, 2020 under “Risk Factors” and our Management’s Discussion and Analysis for the year ended December 31, 2020, and for the quarter ended March 31, 2021, under the headings “Risk Factors” and “Forward-Looking Information”.

Additional information on these and other factors that could affect Crescent Point’s operations or financial results are included in Crescent Point’s reports on file with Canadian and U.S. securities regulatory authorities. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed herein or otherwise. Crescent Point undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so pursuant to applicable law. All subsequent forward-looking statements, whether written or oral, attributable to Crescent Point or persons acting on the Company’s behalf are expressly qualified in their entirety by these cautionary statements.

Product Type Production Information

The current production associated with disposed Assets reported in this Press Release consist of the following product types, as defined in NI 51-101 and using a conversion ratio of 6 Mcf : 1 Bbl where applicable: Light & Medium Crude Oil (85%), NGLs (8%) and Conventional Natural Gas (7%).

Barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf : 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of oil, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

www.crescentpointenergy.com

Crescent Point shares are traded on the Toronto Stock Exchange and New York Stock Exchange under the symbol CPG.

SOURCE Crescent Point Energy Corp.

Related Links

http://www.crescentpointenergy.com

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Energy

Eccentex Hires John Cunningham to Drive Growth in Energy and Utilities

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LOS ANGELES, June 21, 2021 /PRNewswire/ — Eccentex, a leading low-code platform and omnichannel software company, announced today the appointment of John Cunningham as Director of Business Development for Energy and Utilities.

John’s focus is to work with our strategic partners to design new innovative solutions for asset-intensive industries that create cost-reduction opportunities and agile development capabilities. AppBase is a flexible platform, hosted on Microsoft Azure, that provides organizations with increasingly necessary case management and omnichannel tools that not only improve the end user experience but also the employee’s as well.

“Experience has taught me,” said John, “that it is often disparate systems failing the organization that lead to massive inefficiencies for large organizations, especially within Energy, Telco, Utilities, and so on. The fractured legacy approach burns away at IT’s time and doesn’t provide executives with a good picture of what’s going on internally. Eccentex’s technology bridges these gaps for businesses and equips everyone from the front to back office with the crucial information they need to create more efficient workflows and better customer experiences.”

John brings four decades of enterprise sales and operations experience to Eccentex. In his sales leadership and C-level roles, John has excelled at growing revenue opportunities and closing large deals across industries. He started with Unisys and was recognized as the highest achieving Sales Executive and Manager for three years in a row. Recently he was working with LGR Telecommunications where he was responsible for Sales and Solution Development across Australasia in the Pacific, Asia, as well as Latin and South America.

Eccentex resources (stolen from strongDM resources)

About Eccentex

Eccentex delivers software for customer service, customer journey automation and back-office automation. Eccentex’s flexible, unified AppBase Platform – empowers people to rapidly deploy, easily extend, and change applications to meet strategic business needs.

Over its history, Eccentex has delivered award-winning capabilities in case management and business process automation (BPM) powered by automation and form management, to help the world’s leading brands and governments achieve breakthrough results.

Media contact:

Maksim Gill
[email protected]
1 (866) 432-2368

SOURCE Eccentex

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Energy

Waddington Europe Earns Coveted Zero Waste Award

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HARTSVILLE, S.C., June 21, 2021 /PRNewswire/ — Waddington Europe, a division of Novolex®, has been awarded a 4-star rating at the Zero Waste Awards.

The leading European thermoforming packaging specialists achieved Zero Waste to Landfill status last year across all three of its manufacturing sites, which are located in Arklow Co. Wicklow in Ireland and Milton Keynes and Bridgwater in the United Kingdom. The certification was awarded to Waddington Europe following a rigorous auditing process by Valpak, the official third-party auditor accredited to evaluate facility compliance with the Zero Waste to Landfill criteria. 

In recognition of this achievement, Waddington Europe was awarded a 4-star rating at the Zero Waste Awards.

“We take our environmental responsibilities very seriously. A huge amount of work and commitment has gone into making Waddington Europe’s target of ‘Zero Waste to Landfill’ a reality,” said Eduardo Gomes, Managing Director of Waddington Europe. “We worked with experts and market leaders to review our processes and waste streams to ensure anything that could be recycled was being recycled. We are absolutely delighted that our efforts have also been awarded 4 stars at the Zero Waste Awards.”

Set up in 2010, the Zero Waste Awards program has more than 500 members and is the UK’s premier recognition for businesses and organizations that are committed to increasing the amount of waste they reduce, reuse and recycle.

Organizers of the awards said the overall objective “is to build a community of sustainable businesses, providing a platform for winners to collaborate and work together to reduce their environmental impact.”

More information about the awards can be found at www.zerowasteawards.com.

About Novolex
Novolex develops and manufactures diverse packaging products for multiple industries in the foodservice, delivery and carryout, food processing and industrial markets that touch nearly every aspect of daily life. The Novolex family of brands provides customers with innovative food and delivery packaging and performance solutions products for their business needs today while investing in research and development to engineer more sustainable choices for the future. With more than 10,000 employee families, Novolex operates 55 manufacturing facilities in North America and Europe, including two world-class plastic film recycling centers. To learn more about Novolex, visit www.Novolex.com.

Media Contact for Novolex
Phil Rozenski
[email protected] 
1-800-845-6051 

Media Contacts for Waddington Europe UK and EU
Naomi Chatterley
[email protected]          
+44-7738 114775

SOURCE Novolex

Related Links

http://www.Novolex.com

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Energy

Inna Braverman, Founder and CEO of Eco Wave Power Will be Speaking at the 2021 Qatar Economic Forum, Powered by Bloomberg

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STOCKHOLM, June 21, 2021 /PRNewswire/ — Eco Wave Power is pleased to announce that tomorrow, 22nd of June, Inna Braverman, Founder and CEO of Eco Wave Power will be participating in the Qatar Economic Forum, powered by Bloomberg.

The Qatar Economic Forum will continue for three days from the 21st to the 23rd of June, 2021, and Inna will take part in the Industry Roundtable Discussions session, under the title “Next Steps in Sustainability: Achieving Reliability in Renewable Energy”. The session will take place on the Tuesday, 22nd of June, at 5:45 PM Doha time (UTC+3).

For the full agenda please visit the following link: https://www.qatareconomicforum.com/agenda/

Other participants in the sustainability roundtable are Abigail Ross Hopper– President and CEO of the Solar Energy Industries Association, Danielle Merfeld– VP and Global Chief Technology Officer in GE Renewable Energy, Dr. Shawn Qu– CEO of Canadian Solar Inc, Sujay Shah– Managing Director and Global Head, Cleantech Coverage- Stanadtd Chartered Bank, Keith Mangan– Managing Director of BlackRock and Fauziah Marzuki– Head of LNG- BloombergNEF.

The Forum will also host leading speakers, among which: The Rt. Hon. Boris Johnson MP-Prime Minister of the United Kingdom, Steven T. Mnuchin– 77th Secretary of the Treasury of The United States of America, David Beckham, Börje Ekholm- President and CEO of Ericsson Group,  Ruth Porat– Chief Financial Officer of Alphabet and Google, Patrick Pouyanné- Chairman and CEO of TotalEnergies and other business leaders, heads of state and policy innovators.  

His Highness Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar, will deliver the opening speech.

Recently, Eco Wave Power was also featured in a Bloomberg video under the title “Wave Power Can be the Next Big Thing in Renewable Energy”, which is available in the following link: https://www.bloomberg.com/news/videos/2021-03-03/wave-power-could-be-the-next-big-thing-in-renewable-energy-video

About the Qatar Economic Forum

The event, which will take place during 21-23 June, welcomes a global delegation of more than 2,000 government leaders, chief executives, influential voices, and decision-makers in the fields of finance, economics, investment, technology, energy, education, sports and climate in an effort to identify opportunities, present solutions and rethink the global economic landscape through the lens of the Middle East. Anchored in Doha, the invite-only forum will draw on Qatar’s ability to link Asia with Africa and beyond, driving dynamic conversations around the importance of deeper collaboration and connectivity as a mean for advancing economic opportunity.

The forum agenda will be centered around six main pillars over the course of three days: “Technology Advanced” takes a closer look at permanent changes to the human-technology nexus; “A Sustainable World” will explore the intersection of capitalism and climate; “Markets and Investing” poses the question of whether investors, in their inexorable pursuit of growth opportunities, can shape a more resilient global economy; “Power and Trade Flows” gathers global power brokers to share their vision of the road ahead; “The Changing Consumer” examines the future of commerce; and “A More Inclusive World” will offer ideas for healing fissures in a post-pandemic society.

Produced by Bloomberg Live, the forum will come to life in a 360º cross-platform experience, with live-streaming on the Bloomberg Terminal and news coverage across Bloomberg’s global media platforms including Bloomberg TV, and bloomberg.com. For the latest updates on speakers and the full agenda, please visit: QatarEconomicForum.com.

About Eco Wave Power Global AB (publ)

Eco Wave Power Global (EWPG) is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. EWPG´s mission is to assist in the fight against climate change by enabling commercial power production from ocean and sea waves.

EWPG is recognized as a “Pioneering Technology” by the Israeli Ministry of Energy and was labelled as an “Efficient Solution” by the Solar Impulse Foundation. EWPG´s project in Gibraltar has received funding from the European Union Regional Development Fund and the European Commission’s Horizon 2020 framework program. The company has also received the “Climate Action Award” from the United Nations.

EWPG’s common shares (ECOWVE) are traded on Nasdaq First North Growth Market.

FNCA is the company’s Certified Advisor (+46 8-528 00 399, [email protected]).

Read more about Eco Wave Power Global AB (publ) at: www.ecowavepower.com.

For more information, please contact:

Inna Braverman, CEO 
[email protected]
+97235094017

Aharon Yehuda, CFO
[email protected]

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/ewpg-holding-ab–publ-/r/inna-braverman–founder-and-ceo-of-eco-wave-power-will-be-speaking-at-the-2021-qatar-economic-forum-,c3371253

The following files are available for download:

SOURCE EWPG Holding AB

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Meritor Receives PACCAR 10 PPM Quality Award

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TROY, Mich., June 21, 2021 /PRNewswire/ — Meritor, Inc. (NYSE: MTOR) today announced that it has received PACCAR’s 10 PPM Quality Award at six of its plants. The award recognizes suppliers that have outperformed PACCAR’s “10 parts per million” quality standard, or the equivalent of 10 defective parts for every million components shipped to PACCAR.

For 2020, Meritor received the award at six of its sites: Franklin, Kentucky, U.S.; Manning, South Carolina, U.S.; Monterrey, Mexico; Laurinburg, North Carolina, U.S.; Lindesberg, Sweden; and Osasco, Brazil. The Franklin and Manning plants both achieved a defect level of 0 PPM.

“We’re honored that our commitment to quality in 2020 was recognized by PACCAR during a challenging time for our industry,” said Linda Taliaferro, vice president of Global Quality for Meritor. “The award reinforces our commitment to meet PACCAR’s rigorous expectations not only for quality, but also for safety, performance and reliability.”

PACCAR’s 10 PPM Quality Awards recognized 369 suppliers across 27 countries.

About Meritor
Meritor, Inc. is a leading global supplier of drivetrain, mobility, brakingaftermarket and electric powertrain solutions for commercial vehicle and industrial markets. With more than a 110-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world. Meritor is based in Troy, Michigan, United States, and is made up of more than 8,600 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 19 countries. Meritor common stock is traded on the New York Stock Exchange under the ticker symbol MTOR. For important information, visit the company’s website at www.meritor.com.

SOURCE Meritor, Inc.

Related Links

http://www.meritor.com

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