EX-99.1 2 cpgq32023fs.htm EX-99.1 Document


Exhibit 99.1
CONSOLIDATED BALANCE SHEETS
As at
September 30, December 31,
(UNAUDITED) (Cdn$ millions)Notes20232022
ASSETS
Cash45.6 289.9
Accounts receivable472.9 327.8
Deposit on acquisition 18.7
Prepaids and deposits75.5 65.5
Derivative asset19119.4 138.9
Assets held for sale5905.4 148.4
Total current assets1,618.8 989.2
Derivative asset1924.9 96.4
Other long-term assets6.6 6.4
Exploration and evaluation4, 5260.5 104.2
Property, plant and equipment5, 78,189.6 7,729.4
Right-of-use asset1067.0 78.1
Goodwill5203.6 203.9
Deferred income tax 278.8
Total assets10,371.0 9,486.4
LIABILITIES
Accounts payable and accrued liabilities501.2 448.2
Dividends payable53.1 99.4
Current portion of long-term debt9388.6 538.7
Derivative liability1948.3 8.7
Other current liabilities8109.9 115.6
Liabilities associated with assets held for sale5153.5 28.4
Total current liabilities1,254.6 1,239.0
Long-term debt92,559.3 902.8
Derivative liability190.9 — 
Other long-term liabilities35.8 40.8
Lease liability1087.7 99.2
Decommissioning liability11482.0 633.9
Deferred income tax240.3 77.3
Total liabilities4,660.6 2,993.0
SHAREHOLDERS’ EQUITY
Shareholders’ capital1216,158.7 16,419.3
Contributed surplus16.4 17.1
Deficit13(11,085.5)(10,563.3)
Accumulated other comprehensive income620.8 620.3
Total shareholders' equity5,710.4 6,493.4
Total liabilities and shareholders' equity10,371.0 9,486.4
Commitments (Note 20)
Subsequent Events (Note 23)
See accompanying notes to the consolidated financial statements.
CRESCENT POINT ENERGY CORP.
1



CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED) (Cdn$ millions, except per share and shares outstanding amounts)Three months ended September 30Nine months ended September 30
Notes2023
2022 Revised (1)
2023
2022 Revised (1)
REVENUE AND OTHER INCOME
Oil and gas sales
22998.7 930.3 2,552.3 2,982.8 
Purchased product sales
9.6 24.1 45.6 73.7 
Royalties
(99.6)(106.5)(269.4)(343.4)
Oil and gas revenue908.7 847.9 2,328.5 2,713.1 
Commodity derivative gains (losses)15, 19(79.1)163.5 (29.2)(446.1)
Other income1.1 28.9 12.5 52.0 
830.7 1,040.3 2,311.8 2,319.0 
EXPENSES
Operating214.2 162.9 566.0 467.9 
Purchased product9.6 24.6 47.7 75.0 
Transportation45.8 33.5 118.3 95.1 
General and administrative16.5 20.6 77.2 59.8 
Interest1643.3 9.4 90.8 47.5 
Foreign exchange (gain) loss17(2.3)7.8 (9.5)14.6 
Share-based compensation22.8 5.3 46.8 28.1 
Depletion, depreciation and amortization4, 7, 10248.9 207.2 646.8 601.8 
Impairment (impairment reversal)745.4 — 45.4 (1,413.6)
Accretion and financing10, 116.9 6.5 20.3 18.0 
651.1 477.8 1,649.8 (5.8)
Net income before tax from continuing operations179.6 562.5 662.0 2,324.8 
Tax expense
Current
 —  — 
Deferred
46.0 147.4 165.2 600.3 
Net income from continuing operations133.6 415.1 496.8 1,724.5 
Net income (loss) from discontinued operations6(943.5)51.3 (877.7)257.0 
Net income (loss)(809.9)466.4 (380.9)1,981.5 
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Foreign currency translation of foreign operations
35.2 86.9 0.5 108.5 
Comprehensive income (loss)(774.7)553.3 (380.4)2,090.0 
Net income (loss) per share
Continuing operations - basic
0.25 0.74 0.92 3.02 
Discontinued operations - basic
(1.77)0.09 (1.62)0.45 
Net income (loss) per share - basic(1.52)0.83 (0.70)3.47 
Continuing operations - diluted0.25 0.73 0.92 2.99 
Discontinued operations - diluted(1.77)0.09 (1.62)0.45 
Net income (loss) per share - diluted(1.52)0.82 (0.70)3.44 
Weighted average shares outstanding
Basic
534,259,825 563,555,121 541,976,513 570,579,943 
Diluted
536,907,203 567,435,208 544,795,179 575,196,393 
(1)Comparative period revised to reflect current period presentation. See Note 6 - "Discontinued Operations" for additional information.
See accompanying notes to the consolidated financial statements.
CRESCENT POINT ENERGY CORP.
2



CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(UNAUDITED)
(Cdn$ millions, except per share amounts)
NotesShareholders’ capitalContributed surplusDeficitAccumulated other comprehensive incomeTotal shareholders’ equity
December 31, 202116,706.9 17.5 (11,848.7)529.6 5,405.3 
Redemption of restricted shares4.6 (4.7)2.4 2.3 
Common shares repurchased for cancellation(207.7)(207.7)
Share-based compensation4.8 4.8 
Stock options exercised1.5 (1.4)0.1 
Net income1,981.5 1,981.5 
Dividends declared ($0.145 per share)(81.8)(81.8)
Foreign currency translation adjustment108.5 108.5 
September 30, 202216,505.3 16.2 (9,946.6)638.1 7,213.0 
December 31, 202216,419.3 17.1 (10,563.3)620.3 6,493.4 
Redemption of restricted shares124.8 (4.8)2.3 2.3 
Common shares repurchased for cancellation12(266.1)(266.1)
Share-based compensation4.7 4.7 
Stock options exercised120.7 (0.6)0.1 
Net income (loss)(380.9)(380.9)
Dividends declared ($0.267 per share)(143.6)(143.6)
Foreign currency translation adjustment0.5 0.5 
September 30, 202316,158.7 16.4 (11,085.5)620.8 5,710.4 
See accompanying notes to the consolidated financial statements.
CRESCENT POINT ENERGY CORP.
3



CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended September 30Nine months ended September 30
(UNAUDITED) (Cdn$ millions)Notes2023202220232022
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Net income (loss)
(809.9)466.4 (380.9)1,981.5 
Items not affecting cash
Other income
(0.1)(27.7)(9.5)(43.4)
Deferred tax expense
303.5 153.4 443.8 601.6 
Share-based compensation
1.6 1.6 4.6 4.6 
Depletion, depreciation and amortization
4, 7, 10320.9 247.2 817.1 706.4 
Impairment (impairment reversal)7773.8 — 773.8 (1,484.9)
Accretion
115.7 5.3 16.7 14.0 
Unrealized (gains) losses on derivatives
1935.4 (349.5)155.5 (117.3)
Translation of US dollar long-term debt
1762.7 76.9 22.7 107.6 
Realized gain on cross currency swap maturity
17(6.8)— (95.9)(63.8)
Decommissioning expenditures
11(10.8)(5.9)(26.6)(16.8)
Change in non-cash working capital
21(27.1)79.3 (136.9)(86.8)
648.9 647.0 1,584.4 1,602.7 
INVESTING ACTIVITIES
Development capital and other expenditures
4, 7(351.9)(324.2)(928.4)(762.5)
Capital acquisitions
5(1.1)(88.2)(2,075.8)(89.4)
Capital dispositions
50.2 244.1 11.2 284.8 
Other long-term assets(0.1)— (0.1)— 
Deposit on acquisition
 — 18.7 — 
Change in non-cash working capital
2125.4 17.3 42.3 25.3 
(327.5)(151.0)(2,932.1)(541.8)
FINANCING ACTIVITIES
Issue of shares, net of issue costs
 — 0.1 — 
Common shares repurchased for cancellation
12(124.5)(75.1)(266.1)(207.7)
Increase (decrease) in bank debt, net
21(96.2)(180.2)2,018.0 (338.5)
Repayment of senior guaranteed notes
21 — (534.1)(281.8)
Realized gain on cross currency swap maturity
17, 216.8 — 95.9 63.8 
Payments on principal portion of lease liability
10, 21(5.6)(5.1)(16.2)(15.3)
Dividends declared
21(71.7)(44.9)(143.6)(81.8)
Change in non-cash working capital
211.5 17.9 (51.0)11.4 
(289.7)(287.4)1,103.0 (849.9)
Impact of foreign currency on cash balances
(0.1)1.0 0.4 1.0 
INCREASE (DECREASE) IN CASH31.6 209.6 (244.3)212.0 
CASH AT BEGINNING OF PERIOD14.0 15.9 289.9 13.5 
CASH AT END OF PERIOD45.6 225.5 45.6 225.5 
See accompanying notes to the consolidated financial statements.

Supplementary Information:
Cash taxes paid
(0.1)— (0.1)— 
Cash interest paid
(33.4)(1.5)(71.1)(40.5)
CRESCENT POINT ENERGY CORP.
4



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS    
September 30, 2023 (UNAUDITED)
1.STRUCTURE OF THE BUSINESS
The principal undertaking of Crescent Point Energy Corp. (the “Company” or “Crescent Point”) is to carry on the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries.
Crescent Point is the ultimate parent and is amalgamated in Alberta, Canada under the Alberta Business Corporations Act. The address of the principal place of business is 2000, 585 - 8th Ave S.W., Calgary, Alberta, Canada, T2P 1G1.
These interim consolidated financial statements were approved and authorized for issue by the Company's Board of Directors on November 1, 2023.
2.BASIS OF PREPARATION
These interim consolidated financial statements are presented under International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). These interim consolidated financial statements have been prepared in accordance with IFRS applicable to the preparation of interim consolidated financial statements, including International Accounting Standard (“IAS”) 34 Interim Financial Reporting and have been prepared following the same accounting policies as the annual consolidated financial statements for the year ended December 31, 2022. Certain information and disclosures included in the notes to the annual consolidated financial statements are condensed herein or are disclosed on an annual basis only. Accordingly, these interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2022.
The policies applied in these consolidated financial statements are based on IFRS issued and outstanding as of November 1, 2023, the date the Board of Directors approved the statements.
The Company’s presentation currency is Canadian dollars and all amounts reported are Canadian dollars unless noted otherwise. References to “US$” and "US dollars" are to United States ("U.S.") dollars.
3.CHANGES IN ACCOUNTING POLICIES
Income Taxes
IAS 12 Income Taxes was amended in May 2021 by the IASB which requires companies, on initial recognition, to recognize deferred tax on transactions that result in equal amounts of taxable and deductible temporary differences. The Company adopted the amendment in 2023 and the adoption did not have an impact on the Company's consolidated financial statements.
4.EXPLORATION AND EVALUATION ASSETS
($ millions)
September 30, 2023December 31, 2022
Exploration and evaluation assets at cost
1,234.8 1,453.4 
Accumulated amortization
(974.3)(1,349.2)
Net carrying amount
260.5 104.2 
Reconciliation of movements during the period
Cost, beginning of period
1,453.4 1,613.3 
Accumulated amortization, beginning of period
(1,349.2)(1,564.5)
Net carrying amount, beginning of period
104.2 48.8 
Net carrying amount, beginning of period
104.2 48.8 
Acquisitions through business combinations
160.4 28.0 
Additions
139.6 134.2 
Dispositions
 (10.9)
Reclassified as assets held for sale(1.8)— 
Transfers to property, plant and equipment
(122.9)(80.8)
Amortization
(18.9)(15.2)
Foreign exchange
(0.1)0.1 
Net carrying amount, end of period
260.5 104.2 
CRESCENT POINT ENERGY CORP.
5



Impairment test of exploration and evaluation assets
There were no indicators of impairment at September 30, 2023.
5.CAPITAL ACQUISITIONS AND DISPOSITIONS
In the nine months ended September 30, 2023, the Company incurred $16.7 million (nine months ended September 30, 2022 - $3.3 million) of transaction costs related to acquisitions through business combinations and dispositions that were recorded as general and administrative expenses.
a) Major property acquisitions and dispositions
Alberta Montney acquisition
On May 10, 2023, the Company closed the acquisition of Montney assets in Alberta for total consideration of $1.70 billion, prior to final closing adjustments.
Oil and gas sales of $316.0 million and oil and gas sales less royalties, transportation and operating expenses of $211.8 million are attributable to the Alberta Montney acquisition from the date of acquisition to September 30, 2023. Had the acquisition occurred on January 1, 2023, estimated oil and gas sales of $566.4 million and oil and gas sales less royalties, transportation and operating expenses of $395.4 million would have been recognized for the period ended September 30, 2023. This pro-forma information is not necessarily indicative of the results should the acquisition have actually occurred on January 1, 2023.
Kaybob Duvernay acquisition
On January 11, 2023, the Company closed the acquisition of certain Kaybob Duvernay assets in Alberta for total consideration of $370.4 million.
Oil and gas sales of $43.4 million and oil and gas sales less royalties, transportation and operating expenses of $29.2 million are attributable to the Kaybob Duvernay acquisition from the date of acquisition to September 30, 2023. Had the acquisition occurred on January 1, 2023, estimated oil and gas sales of $45.9 million and oil and gas sales less royalties, transportation and operating expenses of $31.0 million would have been recognized for the period ended September 30, 2023. This pro-forma information is not necessarily indicative of the results should the acquisition have actually occurred on January 1, 2023.
b) Minor property acquisitions and dispositions
In the nine months ended September 30, 2023, the Company completed minor property acquisitions and dispositions for net consideration received of $9.7 million.
The following table summarizes the major and minor property acquisitions and dispositions:
($ millions)Alberta Montney AcquisitionKaybob Duvernay Acquisition Other minor dispositions, net
Cash(1,703.9)(370.4)9.7 
Consideration (paid) received(1,703.9)(370.4)9.7 
Exploration and evaluation108.3 52.1 — 
Property, plant and equipment1,620.1 323.7 (7.5)
Goodwill— — (0.3)
Decommissioning liability(24.6)(5.4)2.3 
Other long-term assets0.1 — — 
Fair value of net assets acquired (Carrying value of net assets disposed)1,703.9 370.4 (5.5)
Gain on capital dispositions  4.2 
CRESCENT POINT ENERGY CORP.
6



c) Assets held for sale
At December 31, 2022, the Company classified certain non-core assets in its Alberta cash-generating unit ("CGU") as held for sale, which remain held for sale. At September 30, 2023, the Company classified its Northern U.S. CGU, comprised of its North Dakota assets, and additional non-core assets in its Alberta CGU as held for sale. Upon classification, assets held for sale were recorded at the lesser of their carrying value and recoverable amount. The Company completed the disposition of its North Dakota assets in October 2023. See Note 23 - "Subsequent Events" for additional information.
($ millions)
E&E
(Note 4)
PP&E
(Note 7)
Other assets
(Note 10)
Decommissioning liability
(Note 11)
Other liabilities (1)(2)
(Note 10, 19)
Total
North Dakota1.8 630.8 1.0 (14.1)(34.1)585.4 
Non-core Alberta— 271.8 — (105.3)— 166.5 
Assets (liabilities) held for sale1.8 902.6 1.0 (119.4)(34.1)751.9 
(1)Includes crude oil derivative contracts of 5,673 bbls/d at an average swap price of US$75.96 for the term October 2023 to October 2024.
(2)Includes working capital of $9.0 million.
6.DISCONTINUED OPERATIONS
At September 30, 2023, the Company classified the assets in its Northern U.S. CGU as held for sale. The Northern U.S. CGU represents a geographical area of the Company's operations, therefore, its results have been classified as a discontinued operation in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. The Company completed the disposition of its North Dakota assets in October 2023. On completion of the disposition, the cumulative foreign currency translation recognized in accumulated other comprehensive income was reclassified from shareholders' equity to profit or loss. See Note 5 - "Capital Acquisitions and Dispositions" and Note 23 - "Subsequent Events" for additional information.
During the third quarter of 2023, the Company derecognized its U.S. tax pools as a result of the announced North Dakota asset sale, which resulted in a deferred tax charge of $257.5 million.
a) Results from discontinued operations
The following table summarizes the Company's financial results from discontinued operations:
Three months ended September 30Nine months ended September 30
($ millions)2023202220232022
REVENUE AND OTHER INCOME
Oil and gas sales237.6 167.0 547.2 493.7 
Royalties(61.1)(44.4)(139.8)(126.6)
Oil and gas revenue176.5 122.6 407.4 367.1 
Commodity derivative losses(28.5)— (28.5)— 
Other income (loss)(0.1)— 6.2 — 
147.9 122.6 385.1 367.1 
EXPENSES
Operating28.1 22.1 71.9 66.3 
Transportation4.5 2.4 11.2 6.6 
General and administrative0.6 0.8 1.7 2.2 
Share-based compensation0.2 (0.2)0.3 0.1 
Depletion, depreciation and amortization72.0 40.0 170.3 104.6 
Impairment (impairment reversal)728.4 — 728.4 (71.3)
Accretion and financing0.1 0.2 0.4 0.3 
833.9 65.3 984.2 108.8 
Net income (loss) before tax from discontinued operations(686.0)57.3 (599.1)258.3 
Tax expense
Current —  — 
Deferred257.5 6.0 278.6 1.3 
Net income (loss) from discontinued operations(943.5)51.3 (877.7)257.0 
CRESCENT POINT ENERGY CORP.
7



b) Cash flows from discontinued operations
The following table summarizes cash flows from discontinued operations reported in the consolidated statements of cash flows:
Three months ended September 30Nine months ended September 30
($ millions)2023202220232022
Cash provided by (used in) discontinued operations
Operating activities111.8 116.5 311.6 281.5 
Investing activities(66.1)(83.9)(312.8)(169.4)
Increase (decrease) in cash from discontinued operations45.7 32.6 (1.2)112.1 
CRESCENT POINT ENERGY CORP.
8



c) Comparative periods
The following table summarizes the comparative periods that have been revised to reflect current period presentation:
Three months endedThree months endedYear endedYear ended
($ millions, except per share amount)June 30, 2023March 31, 2023December 31, 2022December 31, 2021
REVENUE AND OTHER INCOME
Oil and gas sales791.6 762.0 3,847.0 2,735.3 
Purchased product sales16.2 19.8 100.8 31.7 
Royalties(83.8)(86.0)(435.5)(285.5)
Oil and gas revenue724.0 695.8 3,512.3 2,481.5 
Commodity derivative gains (losses)36.7 13.2 (473.4)(488.9)
Other income2.9 8.5 59.0 97.5 
763.6 717.5 3,097.9 2,090.1 
EXPENSES
Operating182.8 169.0 628.2 546.3 
Purchased product17.6 20.5 102.9 32.6 
Transportation39.7 32.8 131.0 114.6 
General and administrative36.7 24.0 78.4 79.1 
Interest31.5 16.0 63.6 90.6 
Foreign exchange (gain) loss(4.2)(3.0)18.8 (4.4)
Share-based compensation6.5 17.5 38.8 29.9 
Depletion, depreciation and amortization211.5 186.4 807.2 668.2 
Impairment reversal— — (357.3)(2,077.5)
Accretion and financing6.4 7.0 24.5 21.5 
528.5 470.2 1,536.1 (499.1)
Net income before tax from continuing operations235.1 247.3 1,561.8 2,589.2 
Tax expense
Current— — — — 
Deferred56.7 62.5 415.1 715.6 
Net income from continuing operations178.4 184.8 1,146.7 1,873.6 
Net income from discontinued operations33.9 31.9 336.7 490.5 
Net income212.3 216.7 1,483.4 2,364.1 
Other comprehensive income (loss)
Items that may be subsequently reclassified to profit or loss
Foreign currency translation of foreign operations
(34.5)(0.2)90.7 11.9 
Comprehensive income177.8 216.5 1,574.1 2,376.0 
Net income per share
Continuing operations - basic
0.33 0.33 2.03 3.29 
Discontinued operations - basic
0.06 0.06 0.59 0.86 
Net income per share - basic0.39 0.39 2.62 4.15 
Continuing operations - diluted0.33 0.33 2.01 3.26 
Discontinued operations - diluted0.06 0.06 0.59 0.85 
Net income per share - diluted0.39 0.39 2.60 4.11 
CRESCENT POINT ENERGY CORP.
9



7.PROPERTY, PLANT AND EQUIPMENT
($ millions)
September 30, 2023December 31, 2022
Development and production assets
21,853.4 22,340.0 
Corporate assets
130.0 126.2 
Property, plant and equipment at cost
21,983.4 22,466.2 
Accumulated depletion, depreciation and impairment
(13,793.8)(14,736.8)
Net carrying amount
8,189.6 7,729.4 
Reconciliation of movements during the period
Development and production assets
Cost, beginning of period
22,340.0 23,402.9 
Accumulated depletion and impairment, beginning of period
(14,651.8)(15,762.6)
Net carrying amount, beginning of period
7,688.2 7,640.3 
Net carrying amount, beginning of period
7,688.2 7,640.3 
Acquisitions through business combinations
1,945.4 66.0 
Additions
710.2 741.9 
Dispositions
(9.1)(285.8)
Transfers from exploration and evaluation assets
122.9 80.8 
Reclassified as assets held for sale
(754.2)(148.4)
Depletion
(779.1)(911.4)
Impairment reversal (impairment)
(773.8)428.6 
Foreign exchange
0.1 76.2 
Net carrying amount, end of period
8,150.6 7,688.2 
Cost, end of period
21,853.4 22,340.0 
Accumulated depletion and impairment, end of period
(13,702.8)(14,651.8)
Net carrying amount, end of period
8,150.6 7,688.2 
Corporate assets
Cost, beginning of period
126.2 123.2 
Accumulated depreciation, beginning of period
(85.0)(76.2)
Net carrying amount, beginning of period
41.2 47.0 
Net carrying amount, beginning of period
41.2 47.0 
Additions
3.8 2.6 
Depreciation
(6.0)(8.5)
Foreign exchange
 0.1 
Net carrying amount, end of period
39.0 41.2 
Cost, end of period
130.0 126.2 
Accumulated depreciation, end of period
(91.0)(85.0)
Net carrying amount, end of period
39.0 41.2 
Direct general and administrative costs capitalized by the Company during the nine months ended September 30, 2023, were $33.5 million (year ended December 31, 2022 - $49.7 million), including $5.3 million of share-based compensation costs (year ended December 31, 2022 - $14.7 million).
Impairment test of property, plant and equipment
At September 30, 2023, there were no indicators of impairment or impairment reversal.
CRESCENT POINT ENERGY CORP.
10



Assets Held for Sale
At September 30, 2023, the Company classified the assets in its Northern U.S. CGU and certain non-core assets in its Alberta CGU as held for sale. Immediately prior to classifying the assets as held for sale, the Company conducted a review of the assets' recoverable amounts and recorded impairment losses of $728.4 million and $45.4 million, respectively, on Property, Plant & Equipment. The recoverable amount was determined based on the assets' fair value less costs of disposal and based on expected consideration.
8.OTHER CURRENT LIABILITIES
($ millions)
September 30, 2023December 31, 2022
Long-term compensation liability
47.9 49.1 
Lease liability
22.1 24.9 
Decommissioning liability39.9 41.6 
Other current liabilities
109.9 115.6 
9.LONG-TERM DEBT
($ millions)September 30, 2023December 31, 2022
Bank debt2,044.9 — 
Senior guaranteed notes903.0 1,441.5 
Long-term debt2,947.9 1,441.5 
Long-term debt due within one year
388.6 538.7 
Long-term debt due beyond one year2,559.3 902.8 
Bank debt
At September 30, 2023, the Company had combined facilities of $2.76 billion. This includes a $2.26 billion syndicated unsecured credit facility with eleven banks and a $100.0 million unsecured operating credit facility with one Canadian chartered bank, both with a current maturity date of November 26, 2026. Both of these facilities constitute revolving credit facilities and are extendible annually. On May 10, 2023, concurrent with the closing of the Alberta Montney acquisition, Crescent Point implemented an additional $400.0 million syndicated unsecured revolving credit facility with ten banks that matures on May 10, 2025.
The credit facilities have covenants which restrict the Company's ratio of senior debt to adjusted EBITDA to a maximum of 3.5:1.0, the ratio of total debt to adjusted EBITDA to a maximum of 4.0:1.0 and the ratio of senior debt to capital, adjusted for certain non-cash items as noted above, to a maximum of 0.55:1.0. The Company was in compliance with all debt covenants at September 30, 2023.
The Company had letters of credit in the amount of $25.9 million outstanding at September 30, 2023 (December 31, 2022 - $1.8 million).
Senior guaranteed notes
At September 30, 2023, the Company had senior guaranteed notes of US$589.5 million and Cdn$105.0 million outstanding. The notes are unsecured and rank pari passu with the Company's bank credit facilities and carry a bullet repayment on maturity. The senior guaranteed notes have financial covenants similar to those of the combined credit facilities described above.
Concurrent with the issuance of senior guaranteed notes with total principal of US$517.0 million, the Company entered into cross currency swaps ("CCS") to manage the Company's foreign exchange risk. The CCS fix the US dollar amount of the individual tranches of notes for purposes of interest and principal repayments at a notional amount of $606.9 million. See Note 19 - “Financial Instruments and Derivatives” for additional information.
CRESCENT POINT ENERGY CORP.
11



The following table summarizes the Company's senior guaranteed notes:
Principal
($ millions)
Coupon Rate
Hedged
Principal (1)
(Cdn$ millions)
Unhedged
 Principal (2)
(Cdn$ millions)
Interest Payment DatesMaturity DateFinancial statement carrying value
September 30, 2023December 31, 2022
US$61.54.12 %— — October 11 and April 11April 11, 2023 83.2 
Cdn$80.03.58 %— — October 11 and April 11April 11, 2023 80.0 
Cdn$10.04.11 %— — December 12 and June 12June 12, 2023 10.0 
US$270.03.78 %— — December 12 and June 12June 12, 2023 365.5 
Cdn$40.03.85 %40.0 — December 20 and June 20June 20, 202440.0 40.0 
US$257.53.75 %276.4 — December 20 and June 20June 20, 2024348.6 348.5 
US$82.04.30 %67.9 40.6 October 11 and April 11April 11, 2025111.0 111.0 
Cdn$65.03.94 %65.0 — October 22 and April 22April 22, 202565.0 65.0 
US$230.04.08 %262.6 30.5 October 22 and April 22April 22, 2025311.4 311.3 
US$20.04.18 %— 27.1 October 22 and April 22April 22, 202727.0 27.0 
Senior guaranteed notes711.9 98.2 903.0 1,441.5 
Due within one year316.4 —  388.6 538.7 
Due beyond one year395.5 98.2 514.4 902.8 
(1)Includes underlying derivatives which fix the Company's foreign exchange exposure on its US dollar senior guaranteed notes or represents the Canadian dollar principal on Canadian dollar denominated senior guaranteed notes.
(2)Includes the principal balance translated at the period end foreign exchange rate on US dollar senior guaranteed notes that do not have underlying CCS.
10.LEASES
Right-of-use asset
($ millions)
Office (1)
Fleet VehiclesEquipmentTotal
Right-of-use asset at cost121.9 26.0 13.3 161.2 
Accumulated depreciation(62.9)(22.2)(9.1)(94.2)
Net carrying amount59.0 3.8 4.2 67.0 
Reconciliation of movements during the period
Cost, beginning of period121.9 28.5 11.1 161.5 
Accumulated depreciation, beginning of period(55.4)(20.4)(7.6)(83.4)
Net carrying amount, beginning of period66.5 8.1 3.5 78.1 
Net carrying amount, beginning of period66.5 8.1 3.5 78.1 
Additions0.8 — 2.2 3.0 
Reclassified as assets held for sale(0.1)(0.9)— (1.0)
Depreciation(8.2)(3.4)(1.5)(13.1)
Net carrying amount, end of period59.0 3.8 4.2 67.0 
(1)A portion of the Company's office space is subleased. During the nine months ended September 30, 2023, the Company recorded sublease income of $3.0 million (nine months ended September 30, 2022 - $2.5 million) as a component of other income.
CRESCENT POINT ENERGY CORP.
12



Lease liability
($ millions)September 30, 2023December 31, 2022
Lease liability, beginning of period
124.1 141.4 
Additions3.0 3.8 
Reclassified as liabilities associated with assets held for sale(1.1)— 
Financing4.0 5.7 
Payments on lease liability
(20.2)(26.1)
Other (0.7)
Lease liability, end of period109.8 124.1 
Expected to be incurred within one year22.1 24.9 
Expected to be incurred beyond one year87.7 99.2 
Some leases contain variable payments that are not included within the lease liability as the payments are based on amounts determined by the lessor annually and are not dependent on an index or rate. For the nine months ended September 30, 2023, variable lease payments of $1.3 million were included in general and administrative expenses relating to property tax payments on office leases (nine months ended September 30, 2022 - $1.1 million).
During the nine months ended September 30, 2023, the Company recorded $0.6 million in payments related to short-term leases and leases for low dollar value underlying assets in operating and general administrative expenses (nine months ended September 30, 2022 - $0.6 million).
The undiscounted cash flows relating to the lease liability are as follows:
($ millions)September 30, 2023
1 year
23.3 
2 to 3 years39.6 
4 to 5 years33.9 
More than 5 years
29.5 
Total (1)
126.3 
(1)Includes both the principal and amounts representing interest.
11.DECOMMISSIONING LIABILITY
Upon retirement of its oil and gas assets, the Company anticipates incurring substantial costs associated with decommissioning. The estimated cash flows have been discounted using a risk-free rate of 3.81 percent and a derived inflation rate of 1.75 percent (December 31, 2022 - risk-free rate of 3.28 percent and derived inflation rate of 2.09 percent).
($ millions)
September 30, 2023December 31, 2022
Decommissioning liability, beginning of period
675.5 918.8 
Liabilities incurred
15.7 21.6 
Liabilities acquired through capital acquisitions
30.1 3.4 
Liabilities disposed through capital dispositions
(2.4)(46.7)
Liabilities settled (1)
(32.0)(43.1)
Revaluation of acquired decommissioning liabilities (2)
27.1 3.8 
Change in estimates
 (11.4)
Change in discount and inflation rate estimates
(117.8)(163.0)
Accretion
16.7 19.2 
Reclassified as liabilities associated with assets held for sale
(91.0)(28.4)
Foreign exchange
 1.3 
Decommissioning liability, end of period
521.9 675.5 
Expected to be incurred within one year
39.9 41.6 
Expected to be incurred beyond one year
482.0 633.9 
(1)Includes $5.4 million received from government grant programs during the nine months ended September 30, 2023 (year ended December 31, 2022 - $23.0 million).
(2)These amounts relate to the revaluation of acquired decommissioning liabilities at the end of the period using a risk-free discount rate. At the date of acquisition, acquired decommissioning liabilities are fair valued.
CRESCENT POINT ENERGY CORP.
13



12.SHAREHOLDERS' CAPITAL
Crescent Point has an unlimited number of common shares authorized for issuance.
September 30, 2023December 31, 2022


Number of
shares
Amount
($ millions)
Number of
shares
Amount
($ millions)
Common shares, beginning of period
550,888,983 16,675.8 579,484,032 16,963.4 
Issued on redemption of restricted shares
1,391,364 4.8 1,713,730 5.2 
Issued on exercise of stock options445,351 0.7 1,038,321 1.4 
Common shares repurchased for cancellation
(26,239,700)(266.1)(31,347,100)(294.2)
Common shares, end of period
526,485,998 16,415.2 550,888,983 16,675.8 
Cumulative share issue costs, net of tax
 (256.5)— (256.5)
Total shareholders’ capital, end of period
526,485,998 16,158.7 550,888,983 16,419.3 
Normal Course Issuer Bid ("NCIB")    
On March 7, 2023, the Company announced the approval by the Toronto Stock Exchange of its notice to implement a NCIB. The NCIB allows the Company to purchase, for cancellation, up to 54,605,659 common shares, or 10 percent of the Company's public float, as at February 23, 2023. The NCIB commenced on March 9, 2023 and is due to expire on March 8, 2024. The Company's previous NCIB commenced on March 9, 2022 and expired on March 8, 2023.
During the nine months ended September 30, 2023, the Company purchased 26.2 million common shares for total consideration of $266.1 million under its NCIB programs. The total cost paid, including commissions and fees, was recognized directly as a reduction in shareholders' equity. Under the NCIB, all common shares purchased are cancelled.
13.DEFICIT
($ millions)September 30, 2023December 31, 2022
Accumulated earnings (deficit)
(3,081.5)(2,700.6)
Accumulated gain on shares issued pursuant to DRIP (1) and SDP (2)
8.4 8.4 
Accumulated tax effect on redemption of restricted shares
18.1 15.8 
Accumulated dividends
(8,030.5)(7,886.9)
Deficit(11,085.5)(10,563.3)
(1)Premium Dividend TM and Dividend Reinvestment Plan – suspended in 2015.
(2)Share Dividend Plan – suspended in 2015.
14.CAPITAL MANAGEMENT
($ millions)September 30, 2023December 31, 2022
Long-term debt (1)
2,947.9 1,441.5 
Adjusted working capital (surplus) deficiency (2)
45.7 (95.1)
Unrealized foreign exchange on translation of hedged US dollar long-term debt(117.4)(191.7)
Net debt2,876.2 1,154.7 
Shareholders’ equity5,710.4 6,493.4 
Total capitalization8,586.6 7,648.1 
(1)Includes current portion of long-term debt.
(2)Adjusted working capital (surplus) deficiency is calculated as accounts payable and accrued liabilities (including accounts payable classified as liabilities associated with assets held for sale), dividends payable and long-term compensation liability net of equity derivative contracts, less cash, accounts receivable and prepaids and deposits, including deposit on acquisition.
CRESCENT POINT ENERGY CORP.
14



The following table reconciles cash flow from operating activities to adjusted funds flow from operations for the nine months ended September 30, 2023 and September 30, 2022:
($ millions)September 30, 2023September 30, 2022
Cash flow from operating activities1,584.4 1,602.7 
Changes in non-cash working capital
136.9 86.8 
Transaction costs16.7 3.3 
Decommissioning expenditures26.6 16.8 
Adjusted funds flow from operations1,764.6 1,709.6 
Crescent Point's objective for managing its capital structure is to maintain a strong balance sheet and capital base to provide financial flexibility, position the Company to fund future development projects and provide returns to shareholders.
Crescent Point manages its capital structure and short-term financing requirements using a measure not defined in IFRS, or standardized, the ratio of net debt to adjusted funds flow from operations. Net debt to adjusted funds flow from operations is used to measure the Company's overall debt position and to measure the strength of the Company's balance sheet and may not be comparable to similar financial measures disclosed by other issuers. Crescent Point's objective is to manage this metric to be well positioned to execute its business objectives during periods of volatile commodity prices. Crescent Point monitors this ratio and uses it as a key measure in capital allocation decisions including capital spending levels, returns to shareholders including dividends and share repurchases, and financing considerations. The Company's net debt to adjusted funds flow from operations ratio for the trailing four quarters at September 30, 2023 was 1.3 times (December 31, 2022 - 0.5 times).
Crescent Point is subject to certain financial covenants on its credit facilities and senior guaranteed notes agreements and was in compliance with all financial covenants as at September 30, 2023. See Note 9 - "Long-term Debt" for additional information regarding the Company's financial covenant requirements.
Crescent Point retains financial flexibility with liquidity on its credit facilities. The Company continuously monitors the commodity price environment and manages its counterparty exposure to mitigate credit losses and protect its balance sheet.
15.COMMODITY DERIVATIVE GAINS (LOSSES)
Three months ended September 30Nine months ended September 30
($ millions)
2023
2022 (1)
2023
2022 (1)
Realized gains (losses)
(4.9)(120.2)13.0 (546.2)
Unrealized gains (losses)
(74.2)283.7 (42.2)100.1 
Commodity derivative gains (losses)
(79.1)163.5 (29.2)(446.1)
(1)Comparative period revised to reflect current period presentation.
16.INTEREST EXPENSE
Three months ended September 30Nine months ended September 30
($ millions)
2023202220232022
Interest expense on long-term debt
43.8 15.3 89.7 53.1 
Unrealized (gain) loss on interest derivative contracts(0.5)(5.9)1.1 (5.6)
Interest expense
43.3 9.4 90.8 47.5 
17.FOREIGN EXCHANGE GAIN (LOSS)
Three months ended September 30Nine months ended September 30
($ millions)
2023202220232022
Realized gain on CCS - principal6.8 — 95.9 63.8 
Translation of US dollar long-term debt(62.7)(76.9)(22.7)(107.6)
Unrealized gain (loss) on CCS - principal and foreign exchange swaps55.9 63.4 (64.6)20.9 
Other2.3 5.7 0.9 8.3 
Foreign exchange gain (loss)2.3 (7.8)9.5 (14.6)
CRESCENT POINT ENERGY CORP.
15



18.SHARE-BASED COMPENSATION
The following table reconciles the number of restricted shares, Employee Share Value Plan ("ESVP") awards, Performance Share Units ("PSUs") and Deferred Share Units ("DSUs") for the nine months ended September 30, 2023:
Restricted Shares
ESVP
PSUs (1)
DSUs
Balance, beginning of period
2,244,738 5,274,478 2,713,176 1,745,879 
Granted
712,159 1,482,811 879,218 159,169 
Redeemed
(1,391,364)(3,721,568)— (248,920)
Forfeited
(62,305)(354,908)(155,309)— 
Balance, end of period
1,503,228 2,680,813 3,437,085 1,656,128 
(1)Based on underlying units before any effect of performance multipliers.
The following table provides summary information regarding stock options outstanding as at September 30, 2023:
Stock options
(number of units)
Weighted average exercise price ($)
Balance, beginning of period
3,889,130 4.43 
Exercised
(605,592)2.94 
Forfeited
(24,817)2.62 
Balance, end of period
3,258,721 4.72 
Range of exercise prices ($) Number of stock options outstanding Weighted average remaining term for stock options outstanding (years)Weighted average exercise price per share for stock options outstanding ($)Number of stock options exercisableWeighted average exercise price per share for stock options exercisable ($)
1.09 - 1.651,556,593 3.501.09521,227 1.09 
1.66 - 5.16260,708 2.533.93248,839 3.97 
5.17 - 9.86451,889 3.965.99162,599 7.28 
9.87 - 10.06989,531 1.2810.06989,531 10.06 
3,258,721 2.814.721,922,196 6.60 
The volume weighted average trading price of the Company's common shares was $9.67 per share during the nine months ended September 30, 2023.
19.FINANCIAL INSTRUMENTS AND DERIVATIVES
The Company's financial assets and liabilities are comprised of cash, accounts receivable, derivative assets and liabilities, accounts payable and accrued liabilities, dividends payable and long-term debt.
a) Carrying amount and fair value of financial instruments
The fair value of cash, accounts receivable, accounts payable and accrued liabilities and dividends payable approximate their carrying amount due to the short-term nature of those instruments. The fair value of the amounts drawn on bank credit facilities is equal to its carrying amount as the facilities bear interest at floating rates and credit spreads that are indicative of market rates. These financial instruments are classified as financial assets and liabilities at amortized cost and are reported at amortized cost.
Crescent Point's derivative assets and liabilities are transacted in active markets, classified as financial assets and liabilities at fair value through profit or loss and fair valued at each period with the resulting gain or loss recorded in net income.
At September 30, 2023, the senior guaranteed notes had a carrying value of $903.0 million and a fair value of $870.7 million (December 31, 2022 - $1.44 billion and $1.37 billion, respectively).
Derivative assets and liabilities
Derivative assets and liabilities arise from the use of derivative contracts. Crescent Point's derivative assets and liabilities are classified as Level 2 with values based on inputs including quoted forward prices for commodities, time value and volatility factors. Accordingly, the Company's derivative financial instruments are classified as fair value through profit or loss and are reported at fair value with changes in fair value recorded in net income.
CRESCENT POINT ENERGY CORP.
16



The following table summarizes the fair value as at September 30, 2023 and the change in fair value for the nine months ended September 30, 2023:
($ millions)
Commodity (1)
Interest (2)
Foreign exchange (3)
EquityTotal
Derivative assets, beginning of period14.0 6.7 175.0 30.9 226.6 
Unrealized change in fair value(66.2)(1.1)(64.6)(23.6)(155.5)
Reclassified as liabilities associated with assets held for sale24.0 — — — 24.0 
Derivative assets (liabilities), end of period(28.2)5.6 

110.4 7.3 

95.1 
Derivative assets, end of period19.7 5.6 111.7 7.3 144.3 
Derivative liabilities, end of period(47.9)— (1.3)— (49.2)
(1)Includes crude oil, crude oil differential, natural gas and natural gas differential contracts.
(2)Interest payments on CCS.
(3)Includes principal portion of CCS and foreign exchange contracts.
b) Risks associated with financial assets and liabilities
The Company is exposed to financial risks from its financial assets and liabilities. The financial risks include market risk relating to commodity prices, interest rates, foreign exchange rates and equity price as well as credit and liquidity risk.
Commodity price risk
The Company is exposed to commodity price risk on crude oil and condensate, NGLs and natural gas revenues. To manage a portion of this risk, the Company has entered into various derivative agreements.
The following table summarizes the unrealized gains (losses) on the Company's commodity financial derivative contracts and the resulting impact on income before tax due to fluctuations in commodity prices or differentials, with all other variables held constant:
($ millions)September 30, 2023September 30, 2022
Increase 10%Decrease 10%Increase 10%Decrease 10%
Commodity price
Crude oil (1)
(87.7)81.8 (76.1)74.0 
Natural gas(7.8)7.8 (4.1)4.3 
Propane— — (0.1)0.1 
Differential
Crude oil1.0 (1.0)0.1 (0.1)
Natural gas6.1 (6.1)3.8 (3.8)
(1)Includes derivative contracts associated with assets held for sale.
Interest rate risk
The Company is exposed to interest rate risk on amounts drawn on its bank credit facilities to the extent of changes in market interest rates. Based on the Company's floating rate debt position, as at September 30, 2023, a 1 percent increase or decrease in the interest rate on floating rate debt would amount to an impact on income before tax of $5.1 million and $15.3 million for the three and nine months ended September 30, 2023, respectively. At September 30, 2022, the Company was undrawn on its credit facilities and had no floating rate debt outstanding, therefore no exposure to changes in market interest rates.
Foreign exchange risk
The Company is exposed to foreign exchange risk in relation to its US dollar denominated long-term debt, investment in U.S. subsidiaries and in relation to its crude oil sales. Crescent Point utilizes foreign exchange derivatives to hedge its foreign exchange exposure on its US dollar denominated long-term debt. To reduce foreign exchange risk relating to crude oil sales, the Company utilizes a combination of foreign exchange swaps and fixed price WTI crude oil contracts that settle in Canadian dollars.
CRESCENT POINT ENERGY CORP.
17



The following table summarizes the resulting unrealized gains (losses) impacting income before tax due to the respective changes in the period end and applicable foreign exchange rates, with all other variables held constant:
($ millions)
Exchange Rate
September 30, 2023September 30, 2022
Cdn$ relative to US$
Increase 10%Decrease 10%Increase 10%
Decrease 10%
US dollar long-term debt
Period End
275.7 (275.7)126.2 (126.2)
Cross currency swaps
Forward
(267.2)267.2 (127.7)127.7 
Foreign exchange swaps
Forward
65.0 (65.0)5.1 (5.1)
Equity price risk
The Company is exposed to equity price risk on its own share price in relation to certain share-based compensation plans detailed in Note 18 - “Share-based Compensation”. The Company has entered into total return swaps to mitigate its exposure to fluctuations in its share price by fixing the future settlement cost on a portion of its cash settled plans.
The following table summarizes the unrealized gains (losses) on the Company's equity derivative contracts and the resulting impact on income before tax due to the respective changes in the applicable share price, with all other variables held constant:
($ millions)
September 30, 2023September 30, 2022
Share price
Increase 50%Decrease 50%Increase 50%Decrease 50%
Total return swaps
15.5 (15.5)23.6 (23.6)
Credit risk
The Company is exposed to credit risk in relation to its physical oil and gas sales, financial counterparty and joint venture receivables. A substantial portion of the Company's accounts receivable are with customers in the oil and gas industry and are subject to normal industry credit risks. To mitigate credit risk associated with its physical sales portfolio, Crescent Point obtains financial assurances such as parental guarantees, letters of credit, prepayments and third party credit insurance. Including these assurances, approximately 98 percent of the Company's oil and gas sales are with entities considered investment grade.
At September 30, 2023, approximately 3 percent (December 31, 2022 - 4 percent) of the Company's accounts receivable balance was outstanding for more than 90 days and the Company's average expected credit loss was 0.84 percent (December 31, 2022 - 0.93 percent) on a portion of the Company’s accounts receivable balance relating to joint venture receivables.
Liquidity risk
The Company manages its liquidity risk through managing its capital structure and continuously monitoring forecast cash flows and available credit under existing banking facilities as well as other potential sources of capital.
At September 30, 2023, the Company had available unused borrowing capacity on bank credit facilities of approximately $724.2 million, including $25.9 million outstanding letters of credit and cash of $45.6 million.
c) Derivative contracts
The following is a summary of the derivative contracts in place as at September 30, 2023:
Financial WTI Crude Oil Derivative Contracts Canadian Dollar (1)
SwapCollarPut
TermVolume
(bbls/d)
Average Price
($/bbl)
Volumes (bbls/d)Average
Sold
Call Price
($/bbl)
Average Bought
Put Price
($/bbl)
Volume
(bbls/d)
Average Bought
Put Price
($/bbl)
Average
Put Premium
($/bbl)
October 2023 - December 20234,500 104.58 23,000 108.25 94.95 2,500 85.00 2.43 
January 2024 - December 2024— — 12,081 115.69 96.72 — — — 
(1)The volumes and prices reported are the weighted average volumes and prices for the period.

Financial WTI Crude Oil Derivative Contracts US Dollar (1) (2)
Swap
Volume
(bbls/d)
Average Price
(US$/bbl)
Term
October 2023 - December 20238,185 77.13 
January 2024 - October 20244,915 75.38 
(1)The volumes and prices reported are the weighted average volumes and prices for the period.
(2)Included in liabilities associated with assets held for sale.
CRESCENT POINT ENERGY CORP.
18



Financial WTI Crude Oil Differential Derivative Contracts Canadian Dollar (1)
TermVolume
(bbls/d)
ContractBasisFixed Differential
($/bbl)
October 2023 - December 20234,000 Basis Swap
WCS (2)
(22.73)
October 2023 - December 20233,000 Basis Swap
MSW (3)
(4.39)
(1) The volumes and prices reported are the weighted average volumes and prices for the period.
(2) WCS refers to Western Canadian Select crude oil differential.
(3) MSW refers to Mixed Sweet Blend crude oil differential.
Financial AECO Natural Gas Derivative Contracts Canadian Dollar (1)
Swap
Volume
(GJ/d)
Average Price
($/GJ)
Term
October 2023 - December 202331,348 4.13 
January 2024 - October 202431,403 3.33 
(1)The volumes and prices reported are the weighted average volumes and prices for the period.
Financial NYMEX Natural Gas Derivative Contracts US Dollar (1)
SwapCollar
TermVolume
(mmbtu/d)
Average Price
(US$/mmbtu)
Volume (mmbtu/d)Average
Sold
Call Price
(US$/mmbtu)
Average Bought
Put Price
(US$/mmbtu)
October 2023 - December 202320,000 3.13 — — — 
January 2024 - December 2024— — 35,000 4.19 3.00 
(1)The volumes and prices reported are the weighted average volumes and prices for the period.

Financial NYMEX Natural Gas Differential Derivative Contracts US Dollar (1)
TermVolume
(mmbtu/d)
ContractBasisFixed Differential
(US$/mmbtu)
October 2023 - December 202340,000 Basis SwapAECO(1.05)
January 2024 - December 202470,000 Basis SwapAECO(1.08)
January 2025 - December 202529,863 Basis SwapAECO(1.08)
(1)The volumes and prices reported are the weighted average volumes and prices for the period.
Financial Cross Currency Derivative Contracts
TermContract
Receive Notional Principal
(US$ millions)
Fixed Rate (US%)
Pay Notional Principal
(Cdn$ millions)
Fixed Rate (Cdn%)
October 2023Swap646.0 6.95 852.1 6.60 
October 2023Swap634.0 7.08 855.2 6.67 
October 2023 - November 2023Swap167.0 7.11 227.2 6.73 
October 2023 - June 2024Swap257.5 3.75 276.4 4.03 
October 2023 - April 2025Swap52.0 4.30 67.9 3.98 
October 2023 - April 2025Swap207.5 4.08 262.6 4.13 
Financial Foreign Exchange Forward Derivative Contracts
Settlement DateContractReceive CurrencyReceive Notional Principal
($ millions)
Pay
Currency
Pay Notional Principal
($ millions)
October 2023SwapCdn$529.1 US$390.0 
October 2023
Swap (1)
Cdn$43.2 US$32.0 
June 2024SwapCdn$40.5 US$30.0 
December 2024SwapCdn$40.5 US$30.0 
(1)Based on an average floating exchange rate.
CRESCENT POINT ENERGY CORP.
19



Financial Equity Derivative Contracts
Notional Principal
($ millions)
Number of shares
Term
Contract
October 2023 - March 2024
Swap
11.81,549,947
October 2023 - March 2025
Swap
12.01,207,754
20.COMMITMENTS
At September 30, 2023, the Company had contractual obligations and commitments as follows:
($ millions)1 year2 to 3 years4 to 5 yearsMore than 5 yearsTotal
Operating (1)
11.2 11.2 9.7 8.3 40.4 
Gas processing82.8 121.2 97.2 266.0 567.2 
Transportation95.9 183.8 100.5 47.7 427.9 
Capital13.7 14.9 — — 28.6 
Total contractual commitments (2)
203.6 331.1 207.4 322.0 1,064.1 
(1)Includes operating costs on the Company's office space, net of $16.0 million recoveries from subleases.
(2)Excludes contracts accounted for under IFRS 16. See Note 10 - "Leases" for additional information.
21.SUPPLEMENTAL DISCLOSURES
Cash flow statement presentation
Three months ended September 30Nine months ended September 30
($ millions)2023202220232022
Operating activities
Changes in non-cash working capital:
Accounts receivable
(97.3)134.9 (144.5)(81.1)
Prepaids and deposits
(0.5)(2.5)(1.1)(9.6)
Accounts payable and accrued liabilities
40.5 (54.1)15.1 9.9 
Other current liabilities
17.9 — (1.4)(2.0)
Other long-term liabilities
12.3 1.0 (5.0)(4.0)
(27.1)79.3 (136.9)(86.8)
Investing activities
Changes in non-cash working capital:
Accounts receivable
0.2 0.6 (0.4)(2.0)
Accounts payable and accrued liabilities
25.2 16.7 42.7 27.3 
25.4 17.3 42.3 25.3 
Financing activities
Changes in non-cash working capital:
Prepaids and deposits
1.0 — (8.9)— 
Accounts payable and accrued liabilities1.6 10.0 4.2 10.0 
Dividends payable(1.1)7.9 (46.3)1.4 
1.5 17.9 (51.0)11.4 
CRESCENT POINT ENERGY CORP.
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Supplementary financing cash flow information
The Company's reconciliation of cash flow from financing activities is outlined in the table below:
($ millions)
Dividends payable
Long-term debt (1)
Lease liability (2)
December 31, 202143.5 1,970.2 141.4 
Changes from cash flow from financing activities:
Decrease in bank debt, net(338.5)
Repayment of senior guaranteed notes
(281.8)
Realized gain on cross currency swap maturity63.8 
Dividends paid(80.4)
Payments on principal portion of lease liability
(15.3)
Non-cash changes:
Dividends declared81.8 
Additions
0.5 
Other(0.7)
Foreign exchange
43.1 
September 30, 202244.9 1,456.8 125.9 
December 31, 202299.4 1,441.5 124.1 
Changes from cash flow from financing activities:
Increase in bank debt, net2,018.0 
Repayment of senior guaranteed notes
(534.1)
Realized gain on cross currency swap maturity91.8 
Dividends paid(189.9)
Payments on principal portion of lease liability
(16.2)
Non-cash changes:
Dividends declared143.6 
Additions
3.0 
Reclassified as liabilities associated with assets held for sale
(1.1)
Foreign exchange
(69.3)
September 30, 202353.1 2,947.9 109.8 
(1)Includes current portion of long-term debt.
(2)Includes current portion of lease liability.
CRESCENT POINT ENERGY CORP.
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22.OIL AND GAS SALES
The following table reconciles oil and gas sales by country:
Three months ended September 30Nine months ended September 30
($ millions) (1)
2023202220232022
Canada
Crude oil and condensate sales889.4 800.1 2,245.4 2,587.7 
NGL sales45.7 55.6 135.2 173.3 
Natural gas sales63.6 74.6 171.7 221.8 
Total Canada998.7 930.3 2,552.3 2,982.8 
U.S.
Crude oil and condensate sales224.0 140.8 504.7 421.1 
NGL sales8.9 13.8 26.8 43.7 
Natural gas sales4.7 12.4 15.7 28.9 
Total U.S. (2)
237.6 167.0 547.2 493.7 
Total oil and gas sales1,236.3 1,097.3 3,099.5 3,476.5 
(1)Oil and gas sales are reported before realized derivatives.
(2)Discontinued operations.
23.SUBSEQUENT EVENTS
Disposition of North Dakota Assets
On October 24, 2023, Crescent Point completed the disposition of its North Dakota assets for total consideration of approximately $585.4 million, including interim closing adjustments and working capital items.

CRESCENT POINT ENERGY CORP.
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Directors
Barbara Munroe, Chair (6)
James Craddock (2) (3) (5)
John Dielwart (3) (4)
Mike Jackson (1) (5)
Jennifer Koury (2) (5)
Francois Langlois (1) (3) (4)
Myron Stadnyk (1) (2) (4)
Mindy Wight (1) (2)
Craig Bryksa (4)
(1) Member of the Audit Committee of the Board of Directors
(2) Member of the Human Resources and Compensation Committee of the Board of Directors
(3) Member of the Reserves Committee of the Board of Directors
(4) Member of the Environment, Safety and Sustainability Committee of the Board of Directors
(5) Member of the Corporate Governance and Nominating Committee
(6) Chair of the Board serves in an ex officio capacity on each Committee
Officers
Craig Bryksa
President and Chief Executive Officer
Ken Lamont
Chief Financial Officer
Ryan Gritzfeldt
Chief Operating Officer
Mark Eade
Senior Vice President, General Counsel and Corporate Secretary
Garret Holt
Senior Vice President, Strategy & Sustainability
Michael Politeski
Senior Vice President, Finance and Treasurer
Shelly Witwer
Senior Vice President, Business Development
Justin Foraie
Vice President, Operations and Marketing
Head Office
Suite 2000, 585 - 8th Avenue S.W.
Calgary, Alberta T2P 1G1
Tel: (403) 693-0020
Fax: (403) 693-0070
Toll Free: (888) 693-0020
Banker
The Bank of Nova Scotia
Calgary, Alberta
Auditor
PricewaterhouseCoopers LLP
Calgary, Alberta
Legal Counsel
Norton Rose Fulbright Canada LLP
Calgary, Alberta
Evaluation Engineers
McDaniel & Associates Consultants Ltd.
Calgary, Alberta
Registrar and Transfer Agent
Investors are encouraged to contact Crescent Point's Registrar and Transfer Agent for information regarding their security holdings:
Computershare Trust Company of Canada
600, 530 - 8th Avenue S.W.
Calgary, Alberta T2P 3S8
Tel: (403) 267-6800
Stock Exchanges
Toronto Stock Exchange - TSX
New York Stock Exchange - NYSE
Stock Symbol
CPG
Investor Contacts
Shant Madian
Vice President, Capital Markets
(403) 693-0020
Sarfraz Somani
Manager, Investor Relations
(403) 693-0020

CRESCENT POINT ENERGY CORP.
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