CALGARY, Alberta Dec 7 Canadian light oil and
gas producer Crescent Point Energy Corp said on
Wednesday it will increase its 2017 capital budget 31 percent
from this year to C$1.45 billion ($1.10 billion) and boost
production by 10 percent.
The Calgary-based company, which has core operations in
southwest Saskatchewan, the Williston Basin and the Uinta Basin
in the United States, expects to finish 2017 producing 183,000
barrels of oil equivalent per day.
Crescent Point previously set a preliminary 2017 budget of
The updated guidance is the latest sign of cautious optimism
among Canadian oil and gas producers after more than 2-1/2 years
of weak prices and aggressive cost cutting.
"We've had a very successful 2016 operationally and are
ahead of our budgeted December exit production of approximately
167,000 boepd," Scott Saxberg, Crescent Point's president and
chief executive officer, said in a statement.
The company plans to drill 670 wells next year and has
allocated 51 percent of its budget to the Williston Basin, which
spans the U.S.-Canada border and is Crescent Point's largest
Twenty-five percent of capital expenditures are earmarked
for southwest Saskatchewan, while 18 percent of the budget will
be spent on the Uinta Basin in Utah.
The remainder of the budget will cover infrastructure and
seismic investments in its three core areas, Crescent Point
($1 = 1.3233 Canadian dollars)
(Reporting by Nia Williams; Editing by Tom Brown)