A pumpjack draws out oil and gas from a well head as the sun sets near Calgary, Alta., Sunday, Oct. 9, 2022. Canada has the third largest oil reserves in the world and is the world's fourth largest oil producer. THE CANADIAN PRESS/Jeff McIntosh

Crescent Point plans $1.05B to $1.15B in development capital expenditures for 2024

Crescent Point Energy Corp. says it plans to spend $1.05 billion to $1.15 billion on development capital expenditures next year.

Based on the plan, the company says it expects annual average production of 145,000 to 151,000 barrels of oil equivalent per day in 2024.

The company says about 70 per cent of its 2024 budget is expected to be spent on its Kaybob Duvernay and Alberta Montney operations.

The remaining portion of its capital budget will be spent on its long-cycle assets in Saskatchewan.

Crescent Point says the preliminary guidance includes the planned sale of its North Dakota assets, which is expected to close in fourth quarter 2023.

The company announced last month that it has signed a deal to sell its North Dakota assets to a private operator for about $675 million in cash.