CPG Stock Jumps 6% As Investors Welcome Major Asset Sale

Crescent Point Energy Corp (TSX:CPG) (NYSE:CPG) has announced it will attempt to cut debt through two major asset sales, boosting CPG stock over 6%.

Crescent has said it will exit the Uinta Basin in Utah, having sold its operations there for approximately $700 million CAD in cash to an unnamed buyer. The Uinta Basin is expected to produce around 20,000 barrels of oil equivalent per day (boepd) next year. Meanwhile, the sale of some assets in southeast Saskatchewan, which accounts for an additional 7,000 boepd, should generate just over $200 million CAD for the firm. It’s ...