Page 1

PRESS RELEASE Crescent Point Announces Q1 2021 Results May 12 , 2021 Calgary , AB Crescent Point Crescent Point Energy Corp. ( " Crescent Point " or the " Company " ) ( TSX and NYSE : CPG ) is pleased to announce its operating and financial results for the quarter ended March 31 , 2021 . KEY HIGHLIGHTS • • Reduced net debt by over $ 135 million in first quarter , driven by continued excess cash flow generation . Successfully closed accretive acquisition of Kaybob Duvernay assets , further enhancing free cash flow profile . • • Expect to generate significant excess cash flow of approximately $ 525 to $ 650 million in 2021 at US $ 55 / bbl to US $ 65 / bbl WTI . Increased target for emissions intensity reduction to 50 percent by 2025 , demonstrating strong environmental stewardship . “ Our first quarter results continued to demonstrate our strong operational execution " , said Craig Bryksa , President and CEO of Crescent Point . " Against the backdrop of a rising oil price environment , we have remained disciplined and focused on enhancing balance sheet strength and the sustainability of our business . The Kaybob Duvernay assets strengthen our expected free cash flow outlook , accelerate our deleveraging profile and improve our environmental performance , positioning our company to create significant value for our shareholders in 2021 and beyond . " FINANCIAL HIGHLIGHTS • • • • • Adjusted funds flow totaled $ 262.7 million during first quarter 2021 , or $ 0.49 per share diluted , driven by a strong operating netback of $ 35.06 per boe . For the quarter ended March 31 , 2021 , the Company's development capital expenditures , which included drilling and development , facilities and seismic costs , totaled $ 119.2 million . Net debt as at March 31 , 2021 equated to approximately $ 2.0 billion , reflecting $ 135.8 million of net debt reduction in the quarter or over $ 750 million since the beginning of 2020. Subsequent to the quarter , on April 1 , 2021 , Crescent Point closed its acquisition of Kaybob Duvernay assets , which included a net cash payment of approximately $ 670 million funded through the Company's credit facilities . Crescent Point retains significant liquidity with no material near - term senior note maturities . The Company's credit facilities are not due for renewal until October 2023 . As part of its risk management program to protect against commodity price volatility , the Company maintains an active hedging portfolio . Crescent Point currently has over 40 percent of its oil and liquids production , net of royalty interest , hedged through the remainder of 2021. These hedges primarily consist of swaps with an average price of approximately CDN $ 65 / bbl . The Company plans to remain disciplined in its approach to layering on additional protection in the context of commodity prices . Subsequent to first quarter , the Company declared a quarterly cash dividend of $ 0.0025 per share payable on July 2 , 2021 . OPERATIONAL HIGHLIGHTS • • • • Crescent Point's average production in first quarter 2021 was 119,384 boe / d , comprised of over 90 percent oil and liquids . The Company plans to continue advancing its southeast and southwest Saskatchewan assets through a 2021 development program focused on a combination of low - risk , high - return infill drilling and waterflood development . Crescent Point also expects to continue advancing its North Dakota resource play by focusing on maximizing efficiencies through multi - well pad development . These assets are expected to continue to generate significant excess cash flow in the current commodity price environment . During second quarter 2020 , the Company established an emissions intensity reduction target of 30 percent by 2025 , relative to its 2017 baseline . Crescent Point is currently on track to exceed this target as a result of its proactive development planning , enhanced gas conservation efforts and success reducing flaring . Consequently , the Company has substantially increased its target for emissions intensity reduction to 50 percent by 2025. This target is expected to be achieved through a number of internal initiatives , including significantly reducing the Company's methane emissions . Crescent Point expects to release its third annual sustainability report in 2021 , which will highlight the Company's continued commitment to strong environmental , social and governance ( " ESG " ) practices and will include additional environmental targets . As part of its continued focus on decline mitigation , the Company successfully converted approximately 30 producing wells to water injection in first quarter 2021. Crescent Point expects to convert a total of over 135 wells in 2021 as part of its waterflood program . In addition , the Company successfully advanced its plans to pilot other enhanced oil recovery techniques during the All financial figures are approximate and in Canadian dollars unless otherwise noted . This press release contains forward - looking information and references to non - GAAP financial measures . Significant related assumptions and risk factors , and reconciliations are described under the Non - GAAP Financial Measures and Forward - Looking Statements sections of this press release , respectively .