I’ve been saying for a long time now, Crescent Point has been increasingly losing interest in Saskatchewan. Monday’s CAPEX budget solidifies that, as they’re spending 70 per cent of a billion dollar budget in Alberta. They used to easily spend a billion in Saskatchewan per year, and often a lot more. So anyone who relies on Crescent Point should take note, including the province of Saskatchewan.
As recently has February, 2018, Crescent Point had 27 rigs drilling in Saskatchewan. Today that number is 4.
If you want to know why things are slower in Saskatchewan, even with higher oil prices, here’s your first clue.
Hey Brian,
Appreciate you’re posting here, but this is a bit too inside baseball for those of us who aren’t familiar with the oil & gas sector. I’ve never heard of Crescent Point until now. My bad, but maybe you can add some context next time?
Appreciate it Brian, my CPG shares have been underwater since 2016. At one point -70% by early 2020, with pathetic dividends cut to near zero, just catching up to break even again this year.
I thought “CAPEX” was how Batman signs his name?