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PRESS RELEASE CP Crescent Point Announces Q3 2021 Results October 28 , 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 September 30 , 2021 . KEY HIGHLIGHTS Generated over $ 180 million of excess cash flow , or over $ 580 million year - to - date , further enhancing balance sheet strength . • • Successfully commenced Kaybob Duvernay drilling program , with completions expected in fourth quarter 2021 . Entered into farm - in agreement with a Kaybob Duvernay operator and completed partner wells 20 percent below budget . • • Net debt to adjusted funds flow expected to be at 1.0 times in early 2022 , based on current forward strip commodity prices . Recently accelerated shareholder returns by increasing quarterly dividend to $ 0.03 per share , as previously announced . Excess cash flow generation of approximately $ 925 million expected in 2022 , after dividends , at US $ 75 / bbl WTI . " Our third quarter and year - to - date results continue to demonstrate the success of our operational , financial and strategic execution , " said Craig Bryksa , President and CEO of Crescent Point . " We are focused on continually enhancing the business and shareholder returns through our key pillars of balance sheet strength and sustainability . Our recently increased dividend also demonstrates our commitment to returning capital to shareholders , with a goal to increase such returns over time . " FINANCIAL HIGHLIGHTS • • • • • Adjusted funds flow totaled $ 393.9 million or $ 0.67 per share diluted during third quarter , supported by a strong operating netback of $ 44.15 per boe . Crescent Point's adjusted funds flow generation continues to benefit from its improved cost structure , high liquids weighting and strong market access that positively impacted realized pricing in the quarter . In particular , the Company's liquids product streams in its North Dakota and Kaybob Duvernay assets currently trade at a premium to WTI . For the quarter ended September 30 , 2021 , the Company's development capital expenditures , which included drilling and development , facilities and seismic costs , totaled $ 187.1 million . Crescent Point's net debt as at September 30 , 2021 totaled approximately $ 2.1 billion , reflecting over $ 180 million of net debt reduction in the quarter . Since the closing of the Kaybob Duvernay acquisition in second quarter 2021 , the Company has reduced its net debt by approximately $ 550 million , or over 80 percent of the cash portion of the purchase price . As part of its risk management program to reduce cash flow volatility , Crescent Point maintains an active and diversified hedging portfolio . The Company currently has approximately 45 percent of its oil and liquids production , net of royalty interest , hedged for 2022 utilizing a portfolio of swaps and collars that provide a combination of price protection with upside participation . 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 $ 77.5 million for the three month period ended September 30 , 2021. Crescent Point's third quarter net income included approximately $ 44 million in non - recurring charges primarily related to a re - evaluation of the Company's tax pools in addition to costs incurred related to the closure of its U.S. corporate office . During the quarter , the Company's Board of Directors approved and declared a fourth quarter dividend increase to $ 0.03 per share , payable on January 4 , 2022 to shareholders of record on December 15 , 2021. This equates to an annualized dividend of $ 0.12 per share , an increase of $ 0.11 per share from the prior level . OPERATIONAL HIGHLIGHTS • Crescent Point's average third quarter production was 132,186 boe / d , comprised of over 80 percent oil and liquids . The Company's production reflects the recent disposition of non - core assets , a conservative 2021 program with expenditures below sustaining capital requirements and the timing of several high impact multi - well pads that were brought onstream during the first half of the year . In the Kaybob Duvernay , the Company initiated its first multi - well pad drilling program during third quarter with strong operational execution to date . These wells are expected to be completed during fourth quarter 2021. Crescent Point plans to further enhance economics in the Kaybob Duvernay , which are already highly competitive , through a combination of realizing potential cost efficiencies and improved productivity from modifications to the completions design of the prior operator . 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 .