Crescent Point Energy Corp. built its Montney Shale prospects with a recent purchase, giving it more leverage in Western Canada and helping the independent contend with lower commodity prices and Alberta wildfires during the second quarter.

The Alberta-based producer said the province’s widespread wildfires scorched oil and natural gas production in 2Q2023, knocking it down by 7,000 boe/d. Oil and natural gas prices also fell sharply from their global highs from a year ago, which hit the bottom line. 

However, the company, which reports in Canadian dollars (C$1.00/US75 cents), added long-term opportunities with a $1.7 billion purchase in the Montney, which was completed in May. The purchase from Spartan Delta Corp. added 235,000 net acres, including 38,000 boe/d of natural...