CPG plans to allocate around 70% of the budget to its Kaybob Duvernay and Alberta Montney plays, with production from these Alberta assets to grow by roughly 10% by the end of the year.

CPG sees significant excess cash flow of over C$1.0 billion at $80/bbl WTI and projects net debt of C$1.7 billion, or 0.7x funds flow.

Notably, the company recently lowered its development capital expenditures guidance for FY23 by approximately C$100 million on North Dakota asset sales to a range of C$1.05 to C$1.15 billion. 

5-Year Outlook: CPG anticipates production to increase to 180,000 boe/d by 2028, with growth of 5% per year. 

The company expects to see a cumulative after-tax excess cash flow of more than C$4.3 billion in the five-year at $75/bbl WTI.

CPG anticipates net debt improving to about C$500 million, or 0.2x adjusted funds flow, in 2028.

The company expects to return around 60% of excess cash flow to shareholders via dividends and share repurchases.

Price Action: CPG shares are trading higher by 1.92% at $8.51 premarket on the last check Monday.