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Msg  15207 of 23120  at  12/16/2010 8:49:53 PM  by

petere1


Scotia on Crescent Point Energy Corp.

Crescent Point Energy Corp. (CPG - $43.50) Rating: 1-Sector Outperform Target: $47.00

􀂄 2011 Capex and Guidance Announced
Crescent Point provided its 2011 capital budget and guidance. Capex spending down 13.5% versus 2010.
Crescent Point anticipates spending $800 million in 2011, down 13.5% from 2010 spending of $925 million and
our 2011 estimate of $925 million. The 2010 budget did feature approximately $140 million-plus in land
acquisition activity. 5% YOY organic growth. 2011 production is expected to average 72,500 boe/d (90% oil) and
supports an exit 2011 rate of 75,000 boe/d, suggesting ~5% annual production growth. Payout ratio falls with
reduced capex program. With capital and dividends considered, the effective payout versus cash flow is expected
to come in at 131% in 2011E, versus our prior estimate of 138%. We maintain our 1-Sector Outperform rating and
one-year target price of $47.00 per share, which implies a total return of 14%. Patrick Bryden
Disclosures*: Within the last 12 months, Scotia Capital Inc. and/or its affiliates have undertaken an underwriting
liability with respect to equity or debt securities of, or have provided advice for a fee with respect to, this issuer.
The Head of Equity Research/Supervisory Analyst, in his/her own account or in a related account, owns
securities of this issuer.
Scotia Capital USA Inc. or its affiliates has managed or co-managed a public offering in the past 12 months.
Scotia Capital USA Inc. or its affiliates has received compensation for investment banking services in the past 12
months.


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15227 Re: Scotia on Crescent Point Energy Corp. hivoltage 1 12/17/2010 5:01:41 PM


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