Deal Insight

Crescent Point sells its Uinta Basin assets for US$525 million

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24 September 2019

Crescent Point sells its Uinta Basin assets for US$525 million

Report summary

On 3 September 2019, Crescent Point announced sale of Uinta Basin and non-core Saskatchewan assets in two separate transactions totalling US$697 million (CAD$912 million) in cash. This Deal Insight focuses on the US$525 million Uinta Basin disposal. The Uinta Basin assets cover 300,000 net acres, including 88,000 net acres in the sweet spot of the play. Current production is ~21,000 boe/d of primarily waxy crude. Crescent Point reached a watershed last fall when long-time CEO and president, Scott Saxberg, was replaced by Crescent Point engineer Craig Bryska. Bryska shook things up with plans to reduce debt by more than CAD$1 billion by year-end 2019. To achieve the ambitious goal, Crescent Point stated that it would sell off non-core properties and place greater emphasis on returns (versus growth) over the subsequent 12 to 24 months.

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 9 images and tables including:

  • Executive summary: Table 1
  • Uinta Green River - Green River and Wasatch wells
  • Uinta Basin - Crescent Point and offset operators
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

What's included

This report contains:

  • Document

    Crescent Point sells its Uinta Basin assets for US$525 million

    PDF 1.52 MB

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