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PRESS RELEASE Crescent Point Announces Q2 2021 Results And Upwardly Revises 2021 Production Guidance July 28 , 2021 Calgary , AB CP 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 June 30 , 2021 . KEY HIGHLIGHTS Successfully closed the acquisition of Kaybob Duvernay assets and disposition of southeast Saskatchewan conventional assets , both as previously announced , further enhancing the Company's balance sheet strength and sustainability . • • Reduced net debt by approximately $ 360 million following the closing of the Kaybob Duvernay acquisition . Upwardly revised 2021 production guidance while keeping capital expenditures within the previously indicated range . • • Released third annual sustainability report highlighting Crescent Point's increased commitment to strong ESG performance through its enhanced targets , compensation framework and capital allocation process . Received recognition of improved ESG practices from MSCI Inc. , which upgraded its rating on the Company to " A " from " BBB " . " Our second quarter results demonstrate our continued focus on maximizing excess cash flow generation through our strong capital discipline and successful operational execution " , said Craig Bryksa , President and CEO of Crescent Point . " We also closed two strategic transactions during the quarter , further enhancing our asset portfolio and long - term sustainability . The seamless integration of the Kaybob Duvernay assets and the constructive commodity price environment have set us up for a strong second half of the year and into 2022. We expect to generate significant excess cash flow in the current commodity price environment , allowing for further net debt reduction and return of capital to shareholders . " FINANCIAL HIGHLIGHTS • • • • • Adjusted funds flow totaled $ 387.8 million during second quarter 2021 , or $ 0.66 per share diluted , driven by a strong operating netback of $ 39.87 per boe . For the quarter ended June 30 , 2021 , the Company's development capital expenditures , which included drilling and development , facilities and seismic costs , totaled $ 88.4 million . Crescent Point's net debt as at June 30 , 2021 totaled approximately $ 2.3 billion , including approximately $ 670 million in cash consideration paid for the acquisition of Kaybob Duvernay assets , which closed on April 1 , 2021. Subsequent to the closing of the acquisition , the Company successfully reduced its net debt during the quarter by approximately $ 360 million , or over half of the cash portion of the purchase price of the Kaybob Duvernay assets . This reduction was achieved through significant excess cash flow generation and the proceeds from the previously announced disposition , and is in addition to over $ 135 million of net debt reduction in first quarter 2021 . During second quarter , the Company repaid senior note maturities totaling approximately $ 185 million . Crescent Point's next senior note maturities , totaling approximately $ 225 million , are not due until second quarter 2022. The Company retains significant liquidity and its credit facilities are not due for renewal until October 2023 . As part of its risk management program to protect cash flow generation and returns , 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 for the second half of 2021 at a weighted average price of approximately CDN $ 66 / bbl . The Company also has approximately 20 percent of its oil and liquids production hedged for 2022. Crescent Point plans to remain disciplined in its approach to layering on additional protection in the context of commodity prices . The Company reported net income of $ 2.1 billion for the three month period ending June 30 , 2021 , primarily resulting from a $ 2.5 billion ( $ 1.9 billion after - tax ) reversal of non - cash impairment due to an increase in forward commodity prices and the independent engineers ' price forecast . Crescent Point's second quarter net income also included a gain on sale of over $ 70 million related to the previously announced disposition . Adjusted net earnings from operations during second quarter was $ 117.6 million , or $ 0.20 per share diluted . Subsequent to the quarter , the Company declared a quarterly cash dividend of $ 0.0025 per share payable on October 1 , 2021 . F These are non - GAAP measures . 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 .