Deal Insight
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:
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