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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost 20 cents to $81.07 on the New York Merc, while Brent for May lost 17 cents to $85.78 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.10 to WTI, up from a discount of $15.40. Natural gas for April lost two cents to $1.68. The TSX energy index added a fraction of a point to close at 277.71.

Craig Bryksa's Crescent Point Energy Corp. (CPG) added eight cents to $10.73 on 5.95 million shares, slowing but continuing its recent sprint up from $8.50 over the past five weeks. The run-up preceded an investor day held by Crescent Point yesterday in Calgary. Management talked up the company's new assets, its five-year plan and -- to show that it has "reached a turning point and [is] on a new and exciting trajectory" -- a proposed name change to Veren Inc.

Much of the presentation focused on Crescent Point's "portfolio transformation." Over the past three years, the company has trimmed formerly core positions in Saskatchewan and Utah, while plunking down over $5.5-billion to establish new core areas in Alberta, particularly the Montney and the Duvernay. Its production has gone from 121,000 barrels a day in 2020 to an expected average of 202,000 barrels a day in 2024. By 2028, as laid out in the five-year plan, Crescent Point is aiming to produce 260,000 barrels a day, with about four-fifths coming from its Montney and Duvernay assets. Crescent Point is also forecasting cumulative free cash flow of $4.7-billion (cumulatively over the five-year period) with which to reduce debt and give perks to shareholders. Investors can expect 60 per cent of free cash flow to head their way in the form of dividends and share buybacks, promised management. (The current quarterly dividend of 11.5 cents represents a yield of 4.3 per cent.)

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