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BRIEF-Crescent Point Appoints Craig Bryksa As CEO, Reduces Workforce By 17 Pct

Published 2018-09-05, 06:57 a/m
BRIEF-Crescent Point Appoints Craig Bryksa As CEO, Reduces Workforce By 17 Pct
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Sept 5 (Reuters) - Crescent Point Energy Corp CPG.TO :

* CRESCENT POINT ANNOUNCES STRATEGY UPDATE AND APPOINTMENT OF PRESIDENT AND CEO

* SAYS ROBERT HEINEMANN APPOINTED CHAIRMAN OF THE BOARD

* ANNOUNCE APPOINTMENT OF CRAIG BRYKSA AS PRESIDENT AND CHIEF EXECUTIVE OFFICER ("CEO")

* EXPECTS 2019 CAPITAL EXPENDITURES TO BE APPROXIMATELY $1.55 BILLION TO $1.60 BILLION

* CRESCENT POINT IS ALSO REVIEWING SALE OF CERTAIN INFRASTRUCTURE ASSETS

* CRESCENT POINT IS ALSO REVIEWING SALE OF CERTAIN INFRASTRUCTURE ASSETS

* CRESCENT POINT ENERGY - TARGETING A NET DEBT REDUCTION OF OVER $1.0 BILLION BY YEAR END 2019

* SEES 2019 ANNUAL AVERAGE PRODUCTION OF APPROXIMATELY 176,000 TO 180,000 BOE/D

* FINALIZING RESTRUCTURING THAT INCLUDES AN IMMEDIATE WORKFORCE REDUCTION OF APPROXIMATELY 17 PERCENT OF EMPLOYEES

* PETER BANNISTER HAS STEPPED DOWN AS CHAIRMAN OF BOARD

* CRESCENT POINT ENERGY-EXPECTS REALIGNMENT TO PROVIDE ANNUAL SAVINGS OF OVER $50 MILLION THROUGH REDUCTIONS IN OPERATING & GENERAL & ADMINISTRATIVE EXPENSES

* 2018 GUIDANCE REMAINS UNCHANGED

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