EX-99.1 2 cpgq32020fs.htm EX-99.1 Document

Exhibit 99.1
CONSOLIDATED BALANCE SHEETS
As at
September 30,December 31,
(UNAUDITED) (Cdn$ millions)Notes20202019
ASSETS
Cash8.6 56.9
Accounts receivable189.5 295.9
Prepaids and deposits24.1 6.9
Derivative asset18129.2 76.8
Assets held for sale5— 195.0
Total current assets351.4 631.5
Derivative asset18260.5 251.1
Other long-term assets17.4 22.4
Exploration and evaluation4, 5137.2 245.5
Property, plant and equipment5, 64,348.2 7,841.6
Right-of-use asset9104.4 123.5
Goodwill5, 7223.5 230.9
Deferred income tax1,421.6 745.3
Total assets6,864.2 10,091.8
LIABILITIES
Accounts payable and accrued liabilities277.8 479.4
Current portion of long-term debt8229.2 201.0
Other current liabilities50.4 87.0
Liabilities associated with assets held for sale5— 7.9
Total current liabilities557.4 775.3
Long-term debt82,184.5 2,704.1
Other long-term liabilities9.1 10.8
Lease liability9131.2 149.9
Decommissioning liability5, 101,070.1 1,109.0
Total liabilities3,952.3 4,749.1
SHAREHOLDERS’ EQUITY
Shareholders’ capital1116,449.4 16,449.0
Contributed surplus19.8 35.1
Deficit12(14,113.5)(11,636.9)
Accumulated other comprehensive income556.2 495.5
Total shareholders' equity2,911.9 5,342.7
Total liabilities and shareholders' equity6,864.2 10,091.8
Commitments (Note 19)
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
Notes20202019
(Revised)		20202019
(Revised)
REVENUE AND OTHER INCOME
Oil and gas sales
21437.0 769.1 1,244.4 2,606.7 
Purchased product sales
0.1 8.9 12.7 24.4 
Royalties
(55.8)(118.7)(159.3)(378.7)
Oil and gas revenue381.3 659.3 1,097.8 2,252.4 
Commodity derivative gains (losses)14, 18(5.6)87.5 251.0 18.5 
Other income (loss)5— (188.5)306.9 (169.4)
375.7 558.3 1,655.7 2,101.5 
EXPENSES
Operating136.6 177.3 425.7 577.4 
Purchased product0.4 9.3 11.8 24.5 
Transportation24.3 29.9 77.7 95.4 
General and administrative16.8 32.2 64.7 71.8 
Interest1530.3 36.2 76.2 131.9 
Foreign exchange (gain) loss164.5 (17.0)(7.0)(52.7)
Share-based compensation7.1 9.2 (2.2)19.4 
Depletion, depreciation, amortization and impairment4, 6, 9149.9 554.8 4,126.8 1,220.3 
Accretion and financing9, 104.3 7.9 16.0 25.9 
374.2 839.8 4,789.7 2,113.9 
Net income (loss) before tax1.5 (281.5)(3,134.0)(12.4)
Tax expense (recovery)
Current
0.2 — 0.2 0.2 
Deferred
0.8 20.2 (665.5)88.6 
Net income (loss)0.5 (301.7)(2,468.7)(101.2)
Other comprehensive income (loss)
Items that may be subsequently reclassified to profit or loss
Foreign currency translation of foreign operations
(19.4)25.8 60.7 (67.7)
Comprehensive income (loss)(18.9)(275.9)(2,408.0)(168.9)
Net income (loss) per share
Basic
— (0.55)(4.67)(0.18)
Diluted
— (0.55)(4.67)(0.18)
Weighted average shares outstanding
Basic
529,729,877 547,520,668 529,105,944 548,454,848 
Diluted
532,946,298 548,030,677 529,105,944 548,567,813 
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, 201916,449.0 35.1 (11,636.9)495.5 5,342.7 
Redemption of restricted shares1113.1 (13.2)0.1 — 
Common shares repurchased11(12.7)(12.7)
Share-based compensation17(2.1)(2.1)
Net income (loss)(2,468.7)(2,468.7)
Dividends ($0.0150 per share)(8.0)(8.0)
Foreign currency translation adjustment60.7 60.7 
September 30, 202016,449.4 19.8 (14,113.5)556.2 2,911.9 
December 31, 201816,546.9 41.4 (10,567.2)591.7 6,612.8 
Adoption of accounting policy(14.4)(14.4)
Redemption of restricted shares22.0 (22.7)(0.7)
Common shares repurchased(39.4)(39.4)
Share-based compensation15.3 15.3 
Net income (loss)(101.2)(101.2)
Dividends ($0.0300 per share)(16.6)(16.6)
Foreign currency translation adjustment(67.7)(67.7)
September 30, 201916,529.5 34.0 (10,699.4)524.0 6,388.1 
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)Notes2020201920202019
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net income (loss)
0.5 (301.7)(2,468.7)(101.2)
Items not affecting cash
Other (income) loss
1.2 189.4 (302.8)196.9 
Deferred tax expense (recovery)
0.8 20.2 (665.5)88.6 
Share-based compensation
2.0 3.3 (2.7)11.5 
Depletion, depreciation, amortization and impairment
4, 6, 9149.9 554.8 4,126.8 1,220.3 
Accretion
102.6 7.9 10.6 25.9 
Unrealized (gains) losses on derivatives
18116.3 (128.3)(73.0)115.7 
Translation of US dollar long-term debt
16(49.4)38.6 75.8 (114.7)
Other
— — — 0.3 
Realized (gain) loss on cross currency swap maturity
1611.7 1.9 (51.7)(40.5)
Decommissioning expenditures
10(1.3)(5.7)(10.6)(15.5)
Change in non-cash working capital
20(14.8)21.8 (22.8)(40.9)
219.5 402.2 615.4 1,346.4 
INVESTING ACTIVITIES
Development capital and other expenditures
4, 6(102.8)(374.3)(517.2)(948.7)
Capital acquisitions
5— (0.1)(1.4)(2.4)
Capital dispositions
50.9 199.3 509.3 262.7 
Other long-term assets
— — — 18.8 
Deposit on assets held for sale
— 39.9 — 39.9 
Change in non-cash working capital
2015.9 43.5 (90.7)28.9 
(86.0)(91.7)(100.0)(600.8)
FINANCING ACTIVITIES
Issue of shares, net of issue costs
— (0.1)(0.1)(0.7)
Common shares repurchased
11— (14.3)(12.7)(39.4)
Decrease in bank debt, net
20(134.0)(166.9)(341.8)(486.5)
Repayment of senior guaranteed notes
8, 20— — (224.4)(98.2)
Realized gain (loss) on cross currency swap maturity
16, 20(11.7)(1.9)51.7 40.5 
Payments on principal portion of lease liability
9, 20(5.2)(8.7)(24.8)(25.8)
Cash dividends
20(1.3)(5.5)(8.0)(16.6)
Change in non-cash working capital
20— — (4.0)(11.0)
(152.2)(197.4)(564.1)(637.7)
Impact of foreign currency on cash balances
(0.3)0.1 0.4 (0.3)
INCREASE (DECREASE) IN CASH(19.0)113.2 (48.3)107.6 
CASH AT BEGINNING OF PERIOD27.6 9.7 56.9 15.3 
CASH AT END OF PERIOD8.6 122.9 8.6 122.9 
See accompanying notes to the consolidated financial statements.

Supplementary Information:
Cash taxes paid
— (0.1)(0.2)(0.4)
Cash interest paid
(4.3)(21.8)(58.1)(109.8)
CRESCENT POINT ENERGY CORP.
4

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS    
September 30, 2020 (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 October 28, 2020.
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, 2019 except as described in Note 3 - "Changes in Accounting Policies". 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, 2019.
The policies applied in these consolidated financial statements are based on IFRS issued and outstanding as of October 28, 2020, 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$” are to United States ("U.S.") dollars.
a) Use of estimates and judgments
Impact of COVID-19
The COVID-19 pandemic, and actions taken in response, have resulted in a significant contraction in the global economy. This has caused an unprecedented disruption in the oil and gas industry and negatively impacted the demand for and pricing of energy products, including crude oil, NGLs and natural gas produced by the Company.
As there are many variables and uncertainties regarding the COVID-19 pandemic, as well as its impact on the economic environment, including the duration and magnitude of the disruption in the oil and gas industry, it is not possible to precisely estimate the potential impact of the COVID-19 pandemic on the Company's financial condition and operations. There may also be effects that are not currently known as the full impact of the COVID-19 pandemic is still uncertain. This presents various risks and uncertainty, including to management's judgments, estimates and assumptions that affect the application of accounting policies. Further information on the Company's use of estimates and judgments can be found in the notes to the annual consolidated financial statements for the year ended December 31, 2019.
The following outlines changes to and additional use of estimates and assumptions for the period ended September 30, 2020:
Decommissioning Liability
Upon retirement of its oil and gas assets, the Company anticipates incurring substantial costs associated with decommissioning. Estimates of these costs are subject to uncertainty associated with the method, timing and extent of future decommissioning activities. The Company previously recorded the liability using estimated inflation and the relevant risk-free rate to discount cash flows. At September 30, 2020, the Company used a derived inflation from the real-return rate and discounted using the relevant risk-free rate. This change in accounting estimate is applied on a prospective basis.
Saskatchewan gas infrastructure asset disposition
Significant judgments were involved in assessing the economic benefit under the purchase and sale agreement in determining the right to control the assets for the conditions of a sale. Judgments were also involved in forecasting future cash flows to determine the Company's expected utilization of the asset under lease accounting. If one or a combination of the underlying assumptions were materially different than the assumptions used in the Company’s analysis, this could potentially impact the underlying accounting treatment for the transaction.
CRESCENT POINT ENERGY CORP.
5

3. CHANGES IN ACCOUNTING POLICIES
In the current accounting period, the Company adopted the amendment to IFRS 3 Business Combinations and applied IAS 20 Accounting for Government Grants and Disclosure of Government Assistance.
Business Combinations
IFRS 3 Business Combinations was amended in October 2018 to revise the definition of the term 'business'. The amendments narrowed the definitions of a business and outputs and includes an optional concentration test. The adoption of this amendment did not have a material impact on the Company's consolidated financial statements.
Government Grants
The Company may receive government grants which provide immediate financial assistance as compensation for costs or expenditures to be incurred. Government grants are accounted for when there is reasonable assurance that conditions attached to the grants are met and that the grants will be received. The Company recognizes government grants in net income on a systematic basis and in line with recognition of the expense that the grants are intended to compensate.
4.EXPLORATION AND EVALUATION ASSETS
($ millions)
September 30, 2020
December 31, 2019
Exploration and evaluation assets at cost
1,800.0 1,848.1 
Accumulated amortization
(1,662.8)(1,602.6)
Net carrying amount
137.2 245.5 
Reconciliation of movements during the period
Cost, beginning of period
1,848.1 2,325.0 
Accumulated amortization, beginning of period
(1,602.6)(1,852.4)
Net carrying amount, beginning of period
245.5 472.6 
Net carrying amount, beginning of period
245.5 472.6 
Acquisitions through business combinations, net
1.3 7.3 
Additions
116.8 384.9 
Dispositions
(0.2)(101.9)
Transfers to property, plant and equipment
(171.4)(380.6)
Amortization
(58.0)(129.1)
Foreign exchange
3.2 (7.7)
Net carrying amount, end of period
137.2 245.5 
Impairment test of exploration and evaluation ("E&E") assets
There were no indicators of impairment at September 30, 2020.
5.CAPITAL ACQUISITIONS AND DISPOSITIONS
In the nine months ended September 30, 2020, the Company incurred $5.4 million (nine months ended September 30, 2019 - $4.2 million) of transaction costs related to acquisitions through business combinations and dispositions that were recorded as general and administrative expenses.
a) Major Property Dispositions
Saskatchewan gas infrastructure asset disposition
In the nine months ended September 30, 2020, the Company disposed of certain Saskatchewan gas infrastructure assets for consideration of $500.2 million. These assets were classified as held for sale at December 31, 2019, and had a net carrying value of $198.3 million, resulting in a gain of $301.9 million.
CRESCENT POINT ENERGY CORP.
6

b) Minor property acquisitions and dispositions
In the nine months ended September 30, 2020, the Company completed minor property acquisitions and dispositions for net consideration of $7.7 million. These assets had a net carrying value of $1.7 million, resulting in a gain of $6.0 million.
($ millions)Saskatchewan
gas infrastructure		Other minor, net
Dispositions
Consideration
Cash500.2 7.7 
500.2 7.7 
Carrying Value
Exploration and evaluation— 1.1 
Property, plant and equipment(199.4)(25.7)
Goodwill(6.4)(1.0)
Decommissioning liability7.5 23.9 
(198.3)(1.7)
Gain on capital dispositions301.9 6.0 
CRESCENT POINT ENERGY CORP.
7

6.PROPERTY, PLANT AND EQUIPMENT
($ millions)
September 30, 2020
December 31, 2019
Development and production assets
23,505.6 23,038.6 
Corporate assets
120.3 117.2 
Property, plant and equipment at cost
23,625.9 23,155.8 
Accumulated depletion, depreciation and impairment
(19,277.7)(15,314.2)
Net carrying amount
4,348.2 7,841.6 
Reconciliation of movements during the period
Development and production assets
Cost, beginning of period
23,038.6 26,635.3 
Accumulated depletion and impairment, beginning of period
(15,251.0)(16,262.2)
Net carrying amount, beginning of period
7,787.6 10,373.1 
Net carrying amount, beginning of period
7,787.6 10,373.1 
Acquisitions through business combinations, net
0.2 8.7 
Additions
363.2 1,075.7 
Dispositions, net
(30.3)(1,230.9)
Transfers from exploration and evaluation assets
171.4 380.6 
Reclassified as assets held for sale
— (195.0)
Depletion
(487.3)(1,087.4)
Impairment
(3,557.8)(1,466.4)
Foreign exchange
47.6 (70.8)
Net carrying amount, end of period
4,294.6 7,787.6 
Cost, end of period
23,505.6 23,038.6 
Accumulated depletion and impairment, end of period
(19,211.0)(15,251.0)
Net carrying amount, end of period
4,294.6 7,787.6 
Corporate assets
Cost, beginning of period
117.2 114.6 
Accumulated depreciation, beginning of period
(63.2)(57.5)
Net carrying amount, beginning of period
54.0 57.1 
Net carrying amount, beginning of period
54.0 57.1 
Additions
2.8 2.9 
Depreciation
(3.5)(5.9)
Foreign exchange
0.3 (0.1)
Net carrying amount, end of period
53.6 54.0 
Cost, end of period
120.3 117.2 
Accumulated depreciation, end of period
(66.7)(63.2)
Net carrying amount, end of period
53.6 54.0 
Direct general and administrative costs capitalized by the Company during the nine months ended September 30, 2020 were $26.8 million (year ended December 31, 2019 - $40.0 million), including $2.3 million of share-based compensation costs (year ended December 31, 2019 - $4.3 million).
CRESCENT POINT ENERGY CORP.
8

Impairment test of property, plant and equipment
At September 30, 2020, there were no indicators of impairment or impairment recovery.
At March 31, 2020, the significant decrease in forecast benchmark commodity prices and the value of the Company's market capitalization as compared to shareholders' equity were indicators of impairment. As a result, impairment and recovery testing were required and the Company prepared estimates of future cash flows to determine the recoverable amount of the respective assets.
The following table outlines the forecast benchmark commodity prices and the exchange rate used in the impairment calculation of PP&E at March 31, 2020:
2020 (1)
202120222023202420252026202720282029
2030 (3)
WTI ($US/bbl) (2)
29.17 40.45 49.17 53.28 55.66 56.87 58.01 59.17 60.35 61.56 62.79 
Exchange Rate ($US/$Cdn)0.707 0.728 0.745 0.747 0.748 0.750 0.750 0.750 0.750 0.750 0.750 
WTI ($Cdn/bbl) 41.26 55.56 66.00 71.33 74.41 75.83 77.35 78.89 80.47 82.08 83.72 
AECO ($Cdn/mmbtu) (2)
1.74 2.20 2.38 2.45 2.53 2.60 2.66 2.72 2.79 2.85 2.92 
(1)Effective April 1, 2020.
(2)The forecast benchmark commodity prices listed above are adjusted for quality differentials, heat content, distance to market and other factors in performing the impairment tests.
(3)Forecast benchmark commodity prices are assumed to increase by 2.0% in each year after 2030 to the end of the reserve life. Exchange rates are assumed to be constant at 0.750.
At March 31, 2020, the Company determined that the carrying amount of the Southeast Saskatchewan, Southwest Saskatchewan, Northern U.S., and Southern Alberta CGUs exceeded their recoverable amount. The full amount of the impairments were attributed to PP&E and, as a result, impairment losses of $3.56 billion were recorded as a component of DD&A and impairment expense. The impairment loss was due to the significant decrease in forecast benchmark commodity prices used in impairment testing at March 31, 2020 compared to December 31, 2019.
In future periods, the impairment can be reversed up to the original carrying value less any associated DD&A if the estimated recoverable amounts of the CGUs exceed their carrying amount. At September 30, 2020, the after tax impairment losses that can be reversed for the Canada and U.S. operating segments were $5.68 billion and $438.6 million, respectively.
The following table summarizes the impairment expense for the nine months ended September 30, 2020 by CGU:
CGU
($ millions, except %)
Operating segment
Recoverable amount
Discount rate
Impairment
Impairment, net
of tax
Southeast Saskatchewan
Canada
2,500.0 15.00 %1,726.1 1,286.7 
Southwest Saskatchewan
Canada
940.9 15.00 %866.7 646.1 
Northern U.S.
U.S.
465.8 15.00 %549.7 410.0 
Southern Alberta
Canada
489.2 15.00 %415.3 309.6 
Total impairment
4,395.9 3,557.8 2,652.4 
Changes in any of the key judgments, such as a revision in reserves, changes in forecast benchmark commodity prices, foreign exchange rates, capital or operating costs would impact the recoverable amounts of assets and any recoveries or impairment charges would affect net income. The following sensitivities show the resulting impact on income before tax of the changes in discount rate and forecast benchmark commodity price estimates at March 31, 2020, with all other variables held constant:

CGU
Discount Rate
Commodity Prices
($ millions)
Increase 1%
Decrease 1%
Increase 5%
Decrease 5%
Southeast Saskatchewan
(139.3)153.9 255.8 (251.4)
Southwest Saskatchewan
(55.5)61.3 109.8 (108.9)
Northern U.S.
(35.8)39.8 77.7 (79.4)
Southern Alberta
(31.6)35.0 60.8 (64.0)
Increase (decrease)
(262.2)290.0 504.1 (503.7)
The movement in the deferred tax asset was a result of the impairment expense recognized during the nine months ended September 30, 2020. Deferred tax assets are recognized to the extent of expected utilization of tax attributes, based on estimated undiscounted future cashflows included in the Company's independent reserve report.
CRESCENT POINT ENERGY CORP.
9

7.GOODWILL
($ millions)
September 30, 2020December 31, 2019
Goodwill, beginning of period
230.9 244.0 
Saskatchewan gas infrastructure asset disposition
(6.4)— 
Southeast Saskatchewan asset dispositions
— (13.1)
Other dispositions
(1.0)— 
Goodwill, end of period
223.5 230.9 
Goodwill has been assigned to the Canadian operating segment.
8.LONG-TERM DEBT
($ millions)September 30, 2020December 31, 2019
Bank debt (1)
470.8 806.3 
Senior guaranteed notes (2)
1,942.9 2,098.8 
Long-term debt2,413.7 2,905.1 
Long-term debt due within one year
229.2 201.0 
Long-term debt due beyond one year2,184.5 2,704.1 
(1)The Company has London Inter-bank Offered Rate ("LIBOR") loans under its bank credit facilities. The US dollar amounts of the LIBOR loans were fixed for purposes of interest and principal repayments. At September 30, 2020, the total notional amount due upon bank debt maturity was $467.8 million (December 31, 2019 - $824.2 million).
(2)The Company entered into cross currency swaps ("CCS") and a foreign exchange swap concurrent with the issuance of the US dollar senior guaranteed notes to fix the US dollar amount of the notes for the purpose of principal repayment at Canadian dollar notional amounts. At September 30, 2020, the total notional principal due on the maturity of the senior guaranteed notes was $1.66 billion (December 31, 2019 - $1.82 billion) of which $185.3 million (December 31, 2019 - $158.3 million) was due within one year.
Bank debt
The Company has combined facilities of $3.00 billion, including a $2.90 billion syndicated unsecured credit facility with fourteen banks and a $100.0 million unsecured operating credit facility with one Canadian chartered bank. The current maturity dates of the facilities is October 25, 2023. Both of these facilities constitute revolving credit facilities and are extendible annually.
The credit facilities bear interest at the applicable market rate plus a margin based on a sliding scale ratio of the Company's senior debt to earnings before interest, taxes, depletion, depreciation, amortization and impairment, adjusted for payments on lease liability and certain non-cash items including unrealized derivatives, translation of US dollar long-term debt, equity-settled share-based compensation expense and accretion and financing expense ("adjusted EBITDA").
The credit facilities and senior guaranteed notes 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, 2020.
The Company had letters of credit in the amount of $7.6 million outstanding at September 30, 2020 (December 31, 2019 - $6.5 million).
CRESCENT POINT ENERGY CORP.
10

Senior guaranteed notes
The Company has closed private offerings of senior guaranteed notes raising total gross proceeds of US$1.26 billion and Cdn$270.0 million. The notes are unsecured and rank pari passu with the Company's bank credit facilities and carry a bullet repayment on maturity. The senior guaranteed notes have financial covenants similar to those of the combined credit facilities described above. The Company's senior guaranteed notes are detailed below:
Principal
($ millions)		Coupon Rate
Hedged
Equivalent (1)
(Cdn$ millions)
Interest Payment DatesMaturity DateFinancial statement carrying value
September 30, 2020December 31, 2019
US$155.06.03 %— September 24 and March 24March 24, 2020— 201.0 
Cdn$50.05.53 %50.0 October 14 and April 14April 14, 202150.0 50.0 
US$82.05.13 %79.0 October 14 and April 14April 14, 2021109.3 106.3 
US$52.53.29 %56.3 December 20 and June 20June 20, 202169.9 68.1 
Cdn$25.04.76 %25.0 November 22 and May 22May 22, 202225.0 25.0 
US$200.04.00 %199.1 November 22 and May 22May 22, 2022266.5 259.3 
US$61.54.12 %80.3 October 11 and April 11April 11, 202381.9 79.7 
Cdn$80.03.58 %80.0 October 11 and April 11April 11, 202380.0 80.0 
Cdn$10.04.11 %10.0 December 12 and June 12June 12, 202310.0 10.0 
US$270.03.78 %274.7 December 12 and June 12June 12, 2023359.7 350.1 
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, 2024343.1 333.8 
US$82.04.30 %107.0 October 11 and April 11April 11, 2025109.3 106.3 
Cdn$65.03.94 %65.0 October 22 and April 22April 22, 202565.0 65.0 
US$230.04.08 %291.1 October 22 and April 22April 22, 2025306.5 298.2 
US$20.04.18 %25.3 October 22 and April 22April 22, 202726.7 26.0 
Senior guaranteed notes1,659.2 1,942.9 2,098.8 
Senior guaranteed notes due within one year229.2 201.0 
Senior guaranteed notes due beyond one year1,713.7 1,897.8 
(1)Includes underlying derivatives which manage the Company's foreign exchange exposure on its US dollar senior guaranteed notes. The Company considers this to be the economic amount due at maturity instead of the financial statement carrying amount.
Concurrent with the issuance of US$1.23 billion senior guaranteed notes, the Company entered into CCS to manage the Company's foreign exchange risk. The CCS fix the US dollar amount of the notes for purposes of interest and principal repayments at a notional amount of $1.36 billion. Concurrent with the issuance of US$30.0 million senior guaranteed notes, the Company entered a foreign exchange swap which fixed the principal repayment at a notional amount of $32.2 million. See Note 18 - “Financial Instruments and Derivatives” for additional information.
CRESCENT POINT ENERGY CORP.
11

9.LEASES
Right-of-use asset
($ millions)
Office (1)
Fleet VehiclesOtherTotal
Right-of-use asset at cost120.4 17.1 11.6 149.1 
Accumulated depreciation(29.5)(10.8)(4.4)(44.7)
Net carrying amount90.9 6.3 7.2 104.4 
Reconciliation of movements during the period
Cost, beginning of period120.1 17.0 10.9 148.0 
Accumulated depreciation, beginning of period(14.8)(7.0)(2.7)(24.5)
Net carrying amount, beginning of period105.3 10.0 8.2 123.5 
Net carrying amount, beginning of period105.3 10.0 8.2 123.5 
Additions0.2 — 0.7 0.9 
Depreciation(14.7)(3.8)(1.7)(20.2)
Foreign exchange0.1 0.1 — 0.2 
Net carrying amount, end of period90.9 6.3 7.2 104.4 
(1)A portion of the Company's office space is subleased. During the nine months ended September 30, 2020, the Company recorded sublease income of $4.2 million as a component of other income.
Lease liability
($ millions)September 30, 2020December 31, 2019
Lease liability, beginning of period
181.2 223.8 
Additions0.9 5.5 
Dispositions— (3.0)
Financing5.4 8.9 
Payments on lease liability
(30.2)(34.1)
Lease modification— (19.7)
Foreign exchange0.2 (0.2)
Lease liability, end of period157.5 181.2 
Expected to be incurred within one year26.3 31.3 
Expected to be incurred beyond one year131.2 149.9 
Some leases contain variable payments that are not included within the lease liability as they are based on amounts determined by the lessor annually and not dependent on an index or rate. For the nine months ended September 30, 2020, variable lease payments of $1.6 million were included in general and administrative expenses relating to property tax payments on office leases.
During the nine months ended September 30, 2020, the Company recorded $0.5 million in general and administrative expenses related to short-term leases and leases for low dollar value underlying assets.
The undiscounted cash flows relating to the lease liability are as follows:
($ millions)September 30, 2020
1 year
26.9 
2 to 3 years44.9 
4 to 5 years36.2 
More than 5 years
80.4 
Total (1)
188.4 
(1)Includes both the principal and amounts representing interest.
CRESCENT POINT ENERGY CORP.
12

10.DECOMMISSIONING LIABILITY
Upon retirement of its oil and gas assets, the Company anticipates substantial costs associated with decommissioning. The estimated cash flows have been discounted using a risk-free rate of 1.11 percent and a derived inflation rate of 1.29 percent (December 31, 2019 - risk-free rate of 1.75 percent and inflation rate of 2 percent). Refer to Note 2 - "Basis of Preparation" for additional information.
($ millions)
September 30, 2020
December 31, 2019
Decommissioning liability, beginning of period
1,144.0 1,230.7 
Liabilities incurred
11.3 30.7 
Liabilities acquired through capital acquisitions
0.1 0.7 
Liabilities disposed through capital dispositions
(23.6)(223.6)
Liabilities settled
(10.6)(28.7)
Revaluation of acquired decommissioning liabilities
0.2 0.9 
Change in estimated future costs
(34.3)6.2 
Change in discount and inflation rate estimates
(12.1)115.3 
Accretion expense
10.6 23.5 
Reclassified as liabilities associated with assets held for sale
— (7.9)
Foreign exchange
0.2 (3.8)
Decommissioning liability, end of period
1,085.8 1,144.0 
Expected to be incurred within one year
15.7 35.0 
Expected to be incurred beyond one year
1,070.1 1,109.0 
11. SHAREHOLDERS' CAPITAL
Crescent Point has an unlimited number of common shares authorized for issuance.
September 30, 2020
December 31, 2019


Number of
shares
Amount
($ millions)
Number of
shares
Amount
($ millions)
Common shares, beginning of period
529,399,923 16,705.1 550,151,561 16,803.0 
Issued on redemption of restricted shares
2,500,274 13.1 3,321,362 24.7 
Common shares repurchased
(2,165,600)(12.7)(24,073,000)(122.6)
Common shares, end of period
529,734,597 16,705.5 529,399,923 16,705.1 
Cumulative share issue costs, net of tax
— (256.1)— (256.1)
Total shareholders’ capital, end of period
529,734,597 16,449.4 529,399,923 16,449.0 
Normal Course Issuer Bid ("NCIB")    
In January 2020, the Company purchased and cancelled 2.2 million common shares for total consideration of $12.7 million. 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.
On March 5, 2020, 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 36,884,438 common shares, or seven percent of the Company's public float, as at February 28, 2020. The NCIB commenced on March 9, 2020 and is due to expire on March 8, 2021. In response to the current price environment, the Company is deferring share repurchases under its NCIB with flexibility for it to be resumed as market conditions permit. 
CRESCENT POINT ENERGY CORP.
13

12.DEFICIT
($ millions)September 30, 2020
December 31, 2019
Accumulated earnings (deficit)
(6,496.9)(4,028.3)
Accumulated gain on shares issued pursuant to DRIP (1) and SDP (2)
8.4 8.4 
Accumulated tax effect on redemption of restricted shares
12.1 12.1 
Accumulated dividends
(7,637.1)(7,629.1)
Deficit(14,113.5)(11,636.9)
(1)Premium Dividend TM and Dividend Reinvestment Plan.
(2)Share Dividend Plan.
13.CAPITAL MANAGEMENT
($ millions)September 30, 2020
December 31, 2019
Long-term debt (1)
2,413.7 2,905.1 
Adjusted working capital deficiency (2)
65.5 126.1 
Unrealized foreign exchange on translation of US dollar long-term debt(290.0)(265.9)
Net debt2,189.2 2,765.3 
Shareholders’ equity2,911.9 5,342.7 
Total capitalization5,101.1 8,108.0 
(1)Includes current portion of long-term debt.
(2)Adjusted working capital deficiency is calculated as accounts payable and accrued liabilities and long-term compensation liability net of equity derivative contracts, less cash, accounts receivable, prepaids and deposits and long-term investments.
The following table reconciles cash flow from operating activities to adjusted funds flow from operations for the nine months ended September 30, 2020 and September 30, 2019:
($ millions)
September 30, 2020
September 30, 2019
Cash flow from operating activities615.4 1,346.4 
Changes in non-cash working capital
22.8 40.9 
Transaction costs5.4 4.2 
Decommissioning expenditures10.6 15.5 
Adjusted funds flow from operations654.2 1,407.0 
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 and monitors its capital structure and short-term financing requirements using a measure not defined in IFRS, 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. 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 this as a key measure in making decisions regarding financing, capital spending and dividend levels. The Company's net debt to adjusted funds flow from operations ratio at September 30, 2020 was 2.0 times (December 31, 2019 - 1.5 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, 2020. See Note 8 - "Long-term Debt" for additional information regarding the Company's financial covenant requirements.
Crescent Point retains financial flexibility with significant liquidity on its credit facilities and no material near-term debt maturities. The Company is continuously monitoring the commodity price environment and will make further adjustments as needed to protect its balance sheet. The Company actively manages its counterparty exposure and has procedures to mitigate credit losses given the heightened risk exposure in the current environment.
14.COMMODITY DERIVATIVE GAINS (LOSSES)
Three months ended September 30Nine months ended September 30
($ millions)
2020201920202019
Realized gains
58.6 19.0 204.5 20.6 
Unrealized gains (losses)
(64.2)68.5 46.5 (2.1)
Commodity derivative gains (losses)
(5.6)87.5 251.0 18.5 
CRESCENT POINT ENERGY CORP.
14

15.INTEREST EXPENSE
Three months ended September 30Nine months ended September 30
($ millions)
2020
2019 (1)
(Revised)
2020
2019 (1)
(Revised)
Interest expense on long-term debt
24.9 38.3 73.2 117.5 
Unrealized (gain) loss on CCS - interest and interest derivative contracts5.4 (2.1)3.0 14.4 
Interest expense
30.3 36.2 76.2 131.9 
(1)Comparative period revised to reflect current period presentation. Unrealized derivative gain (loss) on interest rate contracts previously included in derivative gains (losses).
16.FOREIGN EXCHANGE GAIN (LOSS)
Three months ended September 30Nine months ended September 30
($ millions)
2020
2019 (1)
(Revised)
2020
2019 (1)
(Revised)
Realized gain (loss) on CCS - principal(11.7)(1.9)51.7 40.5 
Translation of US dollar long-term debt
49.4 (38.6)(75.8)114.7 
Unrealized gain (loss) on CCS - principal and foreign exchange swaps(41.5)57.7 30.6 (99.2)
Other(0.7)(0.2)0.5 (3.3)
Foreign exchange gain (loss)(4.5)17.0 7.0 52.7 
(1)Comparative period revised to reflect current period presentation. Unrealized derivative gain (loss) on CCS and foreign exchange swaps previously included in derivative gains (losses).
17.SHARE-BASED COMPENSATION
Employee Share Value Plan
In April 2020, the Company approved an Employee Share Value Plan ("ESVP") for certain employees and consultants in lieu of grants that would have previously been made under the Restricted Share Bonus Plan. Awards under the ESVP vest on terms of up to three years from the grant date as determined by the Board of Directors and are settled in cash upon vesting based on the prevailing Crescent Point share price and the aggregate amount of dividends paid from the grant date.
The following table reconciles the number of restricted shares, ESVP awards, Performance Share Units ("PSUs") and Deferred Share Units ("DSUs") for the nine months ended September 30, 2020:
Restricted Shares
ESVP
PSUs (1)
DSUs
Balance, beginning of period
3,636,194 — 2,920,444 319,891 
Granted
4,424,218 11,533,292 1,736,055 587,474 
Redeemed
(2,577,797)— (58,432)— 
Forfeited
(649,485)(1,095,802)(251,233)— 
Balance, end of period
4,833,130 10,437,490 4,346,834 907,365 
(1)Based on underlying units before any effect of performance multipliers.
The following tables provide summary information regarding stock options outstanding as at September 30, 2020:
Stock Options
(number of units)		Weighted average exercise price ($)
Balance, beginning of period
2,833,342 7.59 
Granted
3,345,412 1.10 
Forfeited
(102,832)7.16 
Expired
(135,051)8.66 
Balance, end of period
5,940,871 3.92 
CRESCENT POINT ENERGY CORP.
15

Number of stock options outstandingWeighted average exercise price per share for options outstanding ($)Vest yearWeighted average remaining term (years)Number of stock options exercisableWeighted average exercise price per share for options exercisable ($)
303,458 10.0420194.27303,458 10.04 
519,092 7.5520204.79509,276 7.59 
1,198,126 3.9520215.75— — 
1,486,191 5.1420225.46— — 
1,095,838 2.2420236.12— — 
1,338,166 1.1020246.50— — 

The Company estimates the fair value of stock options on the date of the grant using a Black-Scholes option pricing model. The following weighted average assumptions were used to estimate the fair value of the stock options at their grant date:
Nine months ended September 30
20202019
Grant date share price ($)
1.10 3.97 
Exercise price ($)1.10 3.97 
Expected annual dividends ($)0.01 0.04 
Expected volatility (%)51.93 %39.99 %
Risk-free interest rate (%)0.59 %1.65 %
Expected life of stock option (years)4.9 4.9 
Fair value per stock option ($)0.45 1.33 
18.FINANCIAL INSTRUMENTS AND DERIVATIVES
The Company's financial assets and liabilities are comprised of cash, accounts receivable, long-term investments, derivative assets and liabilities, accounts payable and accrued liabilities, and long-term debt.
a) Carrying amount and fair value of financial instruments
The fair value of cash, accounts receivable, and accounts payable and accrued liabilities 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 and long-term investments 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, 2020, the senior guaranteed notes had a carrying value of $1.94 billion and a fair value of $1.76 billion (December 31, 2019 - $2.10 billion and $2.12 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, 2020 and the change in fair value for the nine months ended September 30, 2020:
($ millions)
Commodity contracts (1)
Interest contracts
CCS
contracts (2)
Equity contractsForeign exchange contractsTotal
Derivative assets, beginning of period26.1 2.8 274.0 — 6.6 309.5 
Unrealized change in fair value46.5 (5.6)32.2 (1.1)1.0 73.0 
Derivative assets (liabilities), end of period72.6 

(2.8)

306.2 (1.1)

7.6 

382.5 
Derivative assets, end of period75.6 — 306.4 — 7.7 389.7 
Derivative liabilities, end of period(3.0)(2.8)(0.2)(1.1)(0.1)(7.2)
(1)Includes oil and gas contracts.
(2)Includes mark-to-market on principal and interest.
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, NGLs and natural gas revenues as well as power on electricity consumption. 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, with all other variables held constant:
Impact on Income Before TaxImpact on Income Before Tax
($ millions)Three and nine months ended
September 30, 2020		Three and nine months ended
September 30, 2019
Increase 10%Decrease 10%Increase 10%Decrease 10%
Commodity price
Crude oil(39.5)38.8 (109.3)94.9 
Natural gas(2.5)2.5 (0.1)0.1 
Interest rate risk
The Company is exposed to interest rate risk on 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, 2020, a 1 percent increase or decrease in the interest rate on floating rate debt would amount to an impact on income before tax of $0.4 million and $1.3 million for the three and nine months ended September 30, 2020, respectively (three and nine months ended September 30, 2019 - $2.9 million and $8.6 million, respectively).
The following table summarizes the unrealized gains (losses) on the Company's interest derivative contracts and the resulting impact on income before tax due to the respective changes in the applicable forward interest rates, with all other variables held constant:
Impact on Income Before TaxImpact on Income Before Tax
($ millions)
Three and nine months ended
September 30, 2020		Three and nine months ended
September 30, 2019
Forward interest rates
Increase 50 basis pointsDecrease 50 basis pointsIncrease 50 basis pointsDecrease 50 basis points
Interest rate swaps
4.8 (4.8)1.4 (1.4)
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 enters into various CCS and foreign exchange swaps to hedge its foreign exchange exposure on its US dollar denominated long-term debt. To partially mitigate the foreign exchange risk relating to crude oil sales, the Company has fixed crude oil contracts to settle in Cdn$ WTI.
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:
Impact on Income Before Tax
Impact on Income Before Tax
($ millions)
Exchange Rate
Three and nine months ended
September 30, 2020		Three and nine months ended
September 30, 2019
Cdn$ relative to US$
Increase 10%Decrease 10%Increase 10%
Decrease 10%
US dollar long-term debt
Period End
211.3 (211.3)319.2 (319.2)
Cross currency swaps
Forward
(227.9)227.9 (333.2)333.2 
Foreign exchange swaps
Forward
(5.7)5.7 (50.6)50.6 
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 17 - “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 the cash settled plan.
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:
Impact on Income Before TaxImpact on Income Before Tax
($ millions)
Three and nine months ended
September 30, 2020		Three and nine months ended
September 30, 2019
Share price
Increase 10%Decrease 10%Increase 10%Decrease 10%
Total return swaps
1.4 (1.4)— — 
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 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, 2020, approximately 5 percent (December 31, 2019 - 5 percent) of the Company's accounts receivable balance was outstanding for more than 90 days and the Company's average expected credit loss was 0.81 percent (December 31, 2019 - 0.60 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 arrangements as well as other potential sources of capital.
At September 30, 2020, the Company had available unused borrowing capacity on bank credit facilities of approximately $2.53 billion, including $7.6 million outstanding letters of credit and cash of $8.6 million.
Derivative contracts
The following is a summary of the derivative contracts in place as at September 30, 2020:
Financial WTI Crude Oil Derivative Contracts – Canadian Dollar (1)
SwapThree-way Collar
TermVolume
(bbls/d)		Average Price
($/bbl)		Volume
(bbls/d)		Average
Sold
Call Price
($/bbl)		Average Bought
Put Price
($/bbl)		Average
Sold
Put Price
($/bbl)
2020 October - December58,000 66.36 3,500 82.54 76.86 62.00 
20214,219 56.65 1,986 73.74 68.38 58.38 
(1)The volumes and prices reported are the weighted average volumes and prices for the period.
CRESCENT POINT ENERGY CORP.
18

Financial AECO Natural Gas Derivative Contracts – Canadian Dollar (1)
Average
Volume
(GJ/d)		Average
Swap Price
($/GJ)
Term
2020 November - December16,576 2.38 
2021 January - October23,310 2.38 
(1)The volumes and prices reported are the weighted average volumes and prices for the period.
Financial Interest Rate Derivative Contracts – Canadian Dollar
Notional Principal
($ millions)
Fixed Rate (%)
Term
Contract
October 2020 - March 2023
Swap
50.00.92
October 2020 - August 2023
Swap
50.00.81
October 2020 - August 2023
Swap
50.00.95
October 2020 - September 2023
Swap
50.00.95
October 2020 - August 2024
Swap
100.00.87
Financial Cross Currency Derivative Contracts
Term
Contract
Receive Notional Principal
(US$ millions)
Fixed Rate (US%)
Pay Notional Principal
(Cdn$ millions)
Fixed Rate (Cdn%)
October 2020Swap330.0 1.91 436.6 1.88 
October 2020 - April 2021Swap82.0 5.13 79.0 5.83 
October 2020 - June 2021
Swap
52.5 3.29 56.3 3.59 
October 2020 - May 2022
Swap
170.0 4.00 166.9 5.03 
October 2020 - April 2023
Swap
61.5 4.12 80.3 3.71 
October 2020 - June 2023
Swap
270.0 3.78 274.7 4.32 
October 2020 - June 2024
Swap
257.5 3.75 276.4 4.03 
October 2020 - April 2025
Swap
82.0 4.30 107.0 3.98 
October 2020 - April 2025
Swap
230.0 4.08 291.1 4.13 
October 2020 - April 2027
Swap
20.00 4.18 25.3 4.25 
Financial Foreign Exchange Forward Derivative Contracts
Settlement Date
Contract
Receive Notional Principal
(US$ millions)
Pay Notional Principal
(Cdn$ millions)
October 2020
Swap
12.7 17.0 
May 2022Swap30.0 32.2 
Financial Equity Derivative Contracts
Notional Principal
($ millions)
Number of shares
Term
Contract
October 2020 - April 2021
Swap
5.53,000,000
October 2020 - April 2022
Swap
5.53,000,000
October 2020 - April 2023
Swap
4.72,956,900
CRESCENT POINT ENERGY CORP.
19

19. COMMITMENTS
On January 20, 2020, Crescent Point closed the sale of certain gas infrastructure assets in Saskatchewan. In connection with the sale, the Company entered into a gas handling agreement that includes a long-term volume commitment.
At September 30, 2020, the Company had contractual obligations and commitments as follows:
($ millions)1 year2 to 3 years4 to 5 yearsMore than 5 yearsTotal
Operating (1)
5.0 9.5 12.7 32.0 59.2 
Gas Processing39.3 80.2 82.1 380.1 581.7 
Transportation15.6 25.0 24.4 4.2 69.2 
Total contractual commitments (2)
59.9 114.7 119.2 416.3 710.1 
(1) Includes operating costs on the Company's office space, net of $11.4 million recoveries from subleases.
(2) Excludes contracts accounted for under IFRS 16. See Note 9 - "Leases" for additional information.
20. SUPPLEMENTAL DISCLOSURES
Cash flow statement presentation
Three months ended September 30Nine months ended September 30
($ millions)
2020201920202019
Operating activities
Changes in non-cash working capital:
Accounts receivable
(6.2)(2.9)100.4 (54.3)
Prepaids and deposits
(0.5)(1.9)(17.2)(5.3)
Accounts payable and accrued liabilities
(8.5)21.6 (103.3)17.5 
Other current liabilities
1.0 0.6 1.3 (4.2)
Other long-term liabilities
(0.6)4.4 (4.0)5.4 
(14.8)21.8 (22.8)(40.9)
Investing activities
Changes in non-cash working capital:
Accounts receivable
(0.3)(6.3)7.4 32.3 
Accounts payable and accrued liabilities
16.2 49.8 (98.1)(3.4)
15.9 43.5 (90.7)28.9 
Financing activities
Changes in non-cash working capital:
Accounts payable and accrued liabilities
— — (4.0)(11.0)
CRESCENT POINT ENERGY CORP.
20

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, 2019
5.3 2,905.1 181.2 
Changes from cash flow from financing activities:
Decrease in bank debt, net
(341.8)
Repayment of senior guaranteed notes
(224.4)
Realized gain on cross currency swap maturity
51.7 
Cash dividends paid
(12.0)
Payments on principal portion of lease liability
(24.8)
Non-cash changes:
Cash dividends declared
8.0 
Additions
1.0 
Foreign exchange
23.1 0.1 
September 30, 20201.3 2,413.7 157.5 
December 31, 2018 (3)
16.5 4,276.7 223.8 
Changes from cash flow from financing activities:
Decrease in bank debt, net(486.5)

Repayment of senior guaranteed notes
(98.2)
Realized gain on cross currency swap maturity40.5 

Cash dividends paid
(27.6)
Payments on principal portion of lease liability
(25.8)
Non-cash changes:
Cash dividends declared
16.6 
Financing
6.9 
Additions
2.8 
Lease modification(3.3)
Reclassified as liabilities associated with assets held for sale(3.3)
Foreign exchange
(154.3)(0.2)
September 30, 20195.5 3,578.2 200.9 
(1)Includes current portion of long-term debt.
(2)Includes current portion of lease liability.
(3)Lease liability is as at January 1, 2019.
CRESCENT POINT ENERGY CORP.
21

21. GEOGRAPHICAL DISCLOSURE
The following table reconciles oil and gas sales by country and product type:
Three months ended September 30Nine months ended September 30
($ millions) (1)
2020201920202019
Canada
Crude oil sales
342.0 575.5 960.5 1,872.1 
NGL sales
19.5 20.3 50.4 87.1 
Natural gas sales
15.5 11.0 47.9 44.7 
Total Canada
377.0 606.8 1,058.8 2,003.9 
U.S.
Crude oil sales
54.1 149.5 167.8 552.1 
NGL sales
4.1 6.5 11.2 26.5 
Natural gas sales
1.8 6.3 6.6 24.2 
Total U.S.
60.0 162.3 185.6 602.8 
Total oil and gas sales
437.0 769.1 1,244.4 2,606.7 
(1)Oil and gas sales are reported before realized derivatives.
The following table reconciles non-current assets by country:
($ millions)
September 30, 2020December 31, 2019
Canada
5,595.9 8,121.9 
U.S.
916.9 1,338.4 
Total
6,512.8 9,460.3 
CRESCENT POINT ENERGY CORP.
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Directors
Barbara Munroe, Chair (6)
Laura Cillis (1) (2)
James Craddock (1) (3) (5)
John Dielwart (3) (4)
Ted Goldthorpe (1) (5)
Mike Jackson (1) (2) (5)
Jennifer Koury (2) (4)
Francois Langlois (3) (4) (5)
Myron Stadnyk (2) (3) (4)
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 Environmental, Health & Safety 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
Brad Borggard
Senior Vice President, Corporate Planning and Capital Markets
Mark Eade
Senior Vice President, General Counsel and Corporate Secretary
Garret Holt
Senior Vice President, Corporate Development
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
GLJ Petroleum Consultants Ltd.
Calgary, Alberta
Sproule Associates 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
Brad Borggard
Senior Vice President, Corporate Planning and Capital Markets
(403) 693-0020
Shant Madian
Vice President, Investor Relations and Corporate Communications
(403) 693-0020

CRESCENT POINT ENERGY CORP.
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