Crescent Point adjusts executive pay cuts spending as proxy battle nears end

CALGARY — Crescent Point Energy is adjusting its executive pay criteria, cutting $25 million from 2018 capital spending and announcing an asset sale to pay down debt as it faces a showdown with a dissident shareholder at its annual meeting on Friday.It reported a surprise net loss of $91 million or 17 cents per share for the three months ended March 31, compared with a net profit of $119 million in the year-earlier period. Analysts had expected a profit of seven cents according to Thomson Reuters.The company has been roundly criticized by Cation Capital Inc., which attributes its poor share performance to unwise spending decisions and overly-generous executive compensation.The dissident shareholder has nominated four directors to be elected to Crescent Point’s 10-director board on Friday, a move opposed by the Calgary-based company.On a conference call to discuss first-quarter results on Thursday, Crescent Point executives said they would not comment on which side is leading so far in shareholder voting.Cation spokesman Dan Gagnier says the vote is “too close to call” and added a media report from an unnamed source suggesting the dissident slate has already been defeated shouldn’t be believed.Crescent Point says its board of directors has added a drilling rate-of-return metric to its pay-for-performance plan to “incorporate feedback and further align compensation with returns and capital allocation.”It added it has a deal to sell $225 million in non-core assets to an unnamed buyer that is expected to close before June 30, and that its spending this year will fall to $1.775 billion.Crescent Point’s operating earnings were $63 million versus $62 million in the first quarter of 2017.It reported production of 178,400 barrels of oil equivalent per day, up from 173,300 boe/d in the same period of last year. read more

Coffey Mining steps up exploration efficiency at MamouDalaba

first_imgCoffey International subsidiary, Coffey Mining, has recently completed a preliminary assessment of the Mamou-Dalaba bauxite project in Guinea, West Africa, on behalf of Canadian-based client Anglo Aluminum Corp. Coffey Mining conducted a first-pass ASTER1 processing to generate plateau outlines and bauxite target ranking followed by site visits to check targets, collect samples, and assess bauxite potential.Geospatial information specialists from Coffey Mining in Brazil were responsible for the ASTER processing, which generated 150 targets with a combined surface area of approximately 181 square km. The results enabled geologists from Coffey Mining in West Africa to visit 30 of these targets.Upon conclusion of the field investigations, 14 targets with a combined surface area of 55 square km were identified as having high-prospectivity for bauxite on the basis of field observations and unverified historical drillhole data referenced on the 1:200,000 Dalaba geological map sheet. Based on the high-prospectivity of these plateaus, Coffey Mining is now working with Anglo Aluminum to develop a program to quickly confirm these bauxite targets through drill testing.Leonardo Dias, geoinformatics manager at Coffey Mining, said that clients with exploration projects are increasingly relying on the remote sensing technology to reduce the time and costs associated to field work covering large areas. “In exploration projects, the main objective is the definition of targets or prospects with economic potential. The process to define these targets requires substantial investments in field campaigns, collection of samples and geological mapping. The use of geospatial technologies such as remote sensing increase the level of precision when defining good targets and reduce the costs related to field activities. The results also enable clients to survey extensive areas in a short period of time.”Coffey Mining manager in West Africa Rob Tyler said that, despite being an ‘ocean apart’, the ability to tap into Coffey’s global resources such as geospatial specialists in Brazil has been essential for his regional operation.“As a global consultancy, we have specialist practices across the globe as it wouldn’t make financial sense to replicate every capability across our operations. In West Africa, we have a team of geologists, engineering geologists, surveyors, technicians and support staff with extensive local experience that can rely on assistance from our different regions to deliver the best value to our clients.”last_img read more

RK Vardar begin road to Cologne with win in Plock

The reigning EHF Champions League winners, RK Vardar Skopje, began the road to Cologne in the best possible way by winning away clash in Polish city of Plock against domestic Wisla 26:22 (13:9). The team of Spanish coach Raul Gonzales had control over the result during the match, except small period of time at the beginning of the second half when domestic goalkeeper Wichary was in series of saves for his team (15:15), afterwards quality was on side of Arpad Sterbik and his team-mates…Orlen Wisła Płock – Vardar Skopje 22:26 (9:13)Orlen Wisła: Borbely, Wichary – Daszek 6, Duarte 1, Krajewski 3, Obradović, Ghionea, T. Gębala, Ivić 4, Tarabochia 3, M. Gębala, Żabić 1, Mihić, De ToledoVardar: Sterbik – Stoiłow 2, Kristopans 4, Ferreira Moraes, Maqueda 1, Karacić 2, Abutović, Canellas 2, Cindrić 2, Cupić 3, Dibirov 3, Sziszkariow 2, Borozan 5, Vojvodić, Marsenić ← Previous Story Ljubomir Vranjes about “Wolff case”: Veszprem aren’t interested, it’s a kind of politics” Next Story → EHF CL derby: PSG Handball conquer Kiel! read more