CRESCENT POINT ENERGY $44.59 (Toronto symbol CPG; Shares outstanding: 395.7 million; Market cap: $17.6 billion; TSINetwork Rating: Extra Risk; Div. yield: 6.2%; www.crescentpointenergy.com) continues to add to its production in southeastern Saskatchewan’s Bakken light-oil area.
The Bakken, which covers parts of Montana, North Dakota and Saskatchewan, could contain more than 500 billion barrels of oil.
Oil was first discovered in the Bakken region in 1951, but it has always been hard to extract from the shale rock. However, modern techniques, such as horizontal (or slant) drilling, have made it easier for companies like Crescent Point to access the oil.
Crescent Point has just bought privately held CanEra Energy for $1.1 billion, including 12.9 million Crescent Point shares, cash of $192 million and the assumption of $348 million of CanEra’s debt.
CanEra produces an average of 10,000 barrels of oil equivalent a day (including natural gas) and has lots of exploration and development potential. Crescent Point now plans to end 2014 with output of over 145,000 barrels a day, up from 7.4% from 135,000 in 2013.
The acquisition will immediately add to Crescent Point’s cash flow per share. It will also lower the percentage of cash flow that Crescent Point pays out as dividends to under 48% from 52%.
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