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Friday, November 7, 2014

Crescent Point Energy expects to lower 2015 spending, (TSE: CPG.TO)

Crescent Point Energy became the latest Canadian oil producer to reveal plans to trim 2015 capital spending on Friday, as falling crude prices prompted some companies to rein in budgets.The light oil producer has a budget of C$2 billion for 2014 but said on Friday next year's capital expenditure could be slightly lower as a result of volatile crude prices."We are currently in the middle of the 2015 budget process, we haven't finalized anything yet, but given the recent volatility the 2015 budget will be slightly lower than 2014, but not significantly," Crescent Point Chief Executive Officer Scott Saxberg told analysts on a third-quarter earnings call.Despite plans to lower 2015 spending, Crescent Point said it was well-protected in the current price environment and was always on the lookout for merger and acquisition opportunities, particularly in areas where the company already had a presence.

Crescent Point Energy Corp. is a Canada-based oil and gas exploration, development and production company. Shares of CPG traded higher by 1.91% or $0.69/share to $36.79. In the past year, the shares have traded as low as $33.57 and as high as $48.68. On average, 1631930 shares of CPG.TO exchange hands on a given day and today's volume is recorded at 1651013.