MANAGEMENT’S DISCUSSION AND ANALYSIS

MANAGEMENT'S DISCUSSION AND ANALYSIS

Management's discussion and analysis ("MD&A") is dated March 6, 2019 and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2018 for a full understanding of the financial position and results of operations of Crescent Point Energy Corp. (the "Company" or "Crescent Point").

The audited consolidated financial statements and comparative information for the year ended December 31, 2018 have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standard Board ("IASB").

STRUCTURE OF THE BUSINESS

The principal undertaking of Crescent Point is to carry on the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries. Amounts in this report are in Canadian dollars unless noted otherwise. References to "US$" are to United States ("U.S.") dollars.

Results of Operations

Production

Crude oil (bbls/d) NGLs (bbls/d) Natural gas (mcf/d) Total (boe/d) Crude oil and NGLs (%) Natural gas (%) Total (%)

2018 140,298

19,805 108,376 178,166

90 10 100

2017 139,996

18,250 106,599 176,013

90 10 100

% Change -- 9 2 1 -- -- --

The following is a summary of Crescent Point's production by area:

Production By Area (boe/d) Williston Basin Southwest Saskatchewan Uinta Basin Other Total

2018 102,624

39,913 22,640 12,989 178,166

2017 103,070

41,737 18,040 13,166 176,013

% Change -- (4) 25 (1) 1

Total production remained relatively consistent in 2018 compared to 2017, as the impact of non-core dispositions in Canada and natural declines was largely offset by new production added through the Company's capital development program and growing production in the United States. Natural gas liquids ("NGLs") volumes increased mainly due to additional wells drilled in the year and processing efficiencies realized through expanded infrastructure.

The Company's weighting to crude oil and NGLs remained consistent with the comparative period.

In the year ended December 31, 2018, the Company drilled 755 (605.4 net) wells, focused primarily in the Williston Basin, southwest Saskatchewan and the Uinta Basin.

Exhibit 1

Production

bbls/d or boe/d

200,000 175,000 150,000 125,000 100,000

90%

90%

90%

89%

90%

90%

90%

90%

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

Crude oil (bbls/d) Natural gas (boe/d)

NGLs (bbls/d) Liquids production as a % of total production

CRESCENT POINT ENERGY CORP.

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Marketing and Prices

Average Selling Prices (1) Crude oil ($/bbl) NGLs ($/bbl) Natural gas ($/mcf) Total ($/boe)

2018 69.43 33.66

2.25 59.78

2017 59.05 27.80

2.61 51.43

% Change 18 21 (14) 16

(1) The average selling prices reported are before realized derivatives and transportation.

Benchmark Pricing

Crude Oil Prices WTI crude oil (US$/bbl) (1) WTI crude oil (Cdn$/bbl)

Crude Oil Differentials LSB crude oil (Cdn$/bbl) (2) FOS crude oil (Cdn$/bbl) (3) Wax crude oil (US$/bbl) (4) UHC crude oil (US$/bbl) (5)

Natural Gas Prices AECO daily spot natural gas (Cdn$/mcf) (6) AECO monthly index natural gas (Cdn$/mcf) NYMEX natural gas (US$/mmbtu) (7)

Foreign Exchange Rate Exchange rate (US$/Cdn$)

2018

64.78 83.91

(10.75) (25.65)

(8.97) (2.39)

1.50 1.53 3.08

0.772

2017 % Change

50.95

27

66.08

27

(4.04) (13.73)

(4.75) 0.15

166 87 89

(1,693)

2.15

(30)

2.42

(37)

3.11

(1)

0.771

--

(1) WTI refers to the West Texas Intermediate crude oil price. (2) LSB refers to the Light Sour Blend crude oil price. (3) FOS refers to the Fosterton crude oil price, which typically receives a premium to Western Canadian Select ("WCS") prices. (4) Wax crude oil is based on posted yellow wax prices in Salt Lake City. Black wax pricing is relatively consistent with yellow wax. (5) UHC refers to the Sweet at Clearbrook crude oil price. (6) AECO refers to the Alberta Energy Company natural gas price. (7) NYMEX refers to the New York Mercantile Exchange natural gas price.

WTI benchmark price increased 27 percent in 2018, reflecting geopolitical fears and potential supply disruptions. U.S. sanctions on Iran and OPEC cuts from Saudi Arabia and Russia, as well as declines in Venezuela helped ease global oil supply and bring back balance to the market.

Canadian natural gas prices weakened in 2018 with the AECO daily benchmark price decreasing 30 percent compared to 2017. The decrease was due to increased production of liquid rich plays in northeast British Columbia and northwest Alberta, which came with an increase in natural gas production flooding the Alberta market with limited increases in export capacity.

U.S. natural gas prices remained relatively consistent with the average NYMEX benchmark price decreasing only 1 percent due to increased LNG exports throughout 2018.

CRESCENT POINT ENERGY CORP.

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Exhibit 2

Crude Oil Stream Exposure - 2018

LSB FOS Wax (1) UHC Other

12% 9% 13%

21%

45%

Crude Oil Stream Exposure - 2017

13% 5% 10%

21%

51%

(1) Utah production is priced at a negotiated discount to WTI.

The Company's crude oil production is exposed to differentials primarily based on the geography and quality of its production base. For the year ended December 31, 2018, 45 percent of the Company's crude oil production was in southeast Saskatchewan and was exposed to LSB crude oil pricing. 21 percent of the Company's crude oil production was in southwest Saskatchewan, weighted to medium crude oil, and was exposed to FOS crude oil pricing. 13 percent of the Company's crude oil production was in the Uinta Basin, priced at a negotiated discount to WTI that is primarily based on yellow and black wax posted prices. 9 percent of the Company's crude oil production was in North Dakota, exposed to UHC crude oil pricing. The remainder of the Company's crude oil production was exposed to Alberta-indexed crude oil pricing.

Canadian crude oil differentials widened in 2018 due to increased oil supply in Western Canada and lack of adequate pipeline and rail capacity. In the U.S., yellow and black wax differentials widened due to increased production in the Uinta Basin and periodic, temporary outages in the Salt Lake City refining complex. The Company's 2018 corporate oil differential widened with these market differentials. However, Crescent Point's realized pricing was stronger than Canadian index prices due to the quality and location of its production. Additionally, the Company was not affected by the Alberta government's mandatory production curtailment.

For the year ended December 31, 2018, the Company's average selling price for crude oil increased 18 percent from 2017, primarily as a result of a 27 percent increase in the US$ WTI benchmark price, partially offset by a wider corporate oil price differential. Crescent Point's corporate oil differential relative to Cdn$ WTI for the year ended December 31, 2018 was $14.48 per bbl compared to $7.03 per bbl in 2017.

The Company's average selling price for NGLs in 2018 increased 21 percent from $27.80 per bbl to $33.66 per bbl. Average selling prices for NGLs were impacted by the strengthening of propane, butane and condensate prices resulting from the increases in crude oil prices and offshore propane exports.

The Company's average selling price for natural gas in 2018 decreased 14 percent from $2.61 per mcf to $2.25 per mcf, primarily as a result of the 30 percent decrease in the AECO benchmark price, partially offset by growth in U.S gas production which is exposed to NYMEX pricing.

CRESCENT POINT ENERGY CORP.

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Exhibit 3

$/bbl

100.00 75.00 50.00 25.00

Crude Oil Prices - Canadian Operations Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

WTI crude oil (Cdn$) FOS crude oil (Cdn$)

LSB crude oil (Cdn$) Crescent Point average Canadian crude oil selling price (Cdn$)

Exhibit 4

70.00

Crude Oil Prices - US Operations

$/bbl

50.00

30.00

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

WTI crude oil (US$) UHC crude oil (US$)

Yellow wax crude oil (US$) Crescent Point average US crude oil selling price (US$)

Exhibit 5

$/mmbtu or $/mcf

Natural Gas Prices

4.00 3.00 2.00 1.00 0.00

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

AECO daily spot natural gas (Cdn$/mcf) Crescent Point average natural gas selling price (Cdn$/mcf)

Henry Hub NYMEX (US$/mmbtu)

CRESCENT POINT ENERGY CORP.

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US$/Cdn$

Exhibit 6

Exchange Rate

0.84

0.81

0.78

0.75

0.72

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

Average exchange rate

Derivatives Management of cash flow variability is an integral component of Crescent Point's business strategy. Crescent Point regularly monitors changing business and market conditions and reviews such conditions with the Board of Directors to establish risk management guidelines used by management in carrying out the Company's strategic risk management program. Crescent Point proactively manages the risk exposure inherent in movements in the price of crude oil, natural gas and power, and in fluctuations in the US/Cdn dollar exchange rate and interest rates through the use of derivatives with investment-grade counterparties. The Company's crude oil and natural gas derivatives are referenced to WTI and the AECO monthly index, respectively, unless otherwise noted. Crescent Point utilizes a variety of derivatives, including swaps, collars and put options to protect against downward commodity price movements while providing the opportunity for some upside participation during periods of rising prices. This reduces the volatility of the selling price of crude oil and natural gas production and provides a measure of stability to the Company's cash flow. For commodities, Crescent Point's risk management program allows for hedging a forward profile of up to 3? years and up to 65 percent of net royalty interest production, unless otherwise approved by the Board of Directors. With the ongoing volatility of price differentials between WTI and western Canadian crude prices, Crescent Point also hedges price differentials as a part of its risk management program. The Company uses a combination of financial derivatives and fixed differential physical contracts to hedge these price differentials. For price differential hedging, Crescent Point's risk management program allows for hedging a forward profile of up to 3? years, and up to 35 percent net of royalty interest production. In addition, the Company can deliver crude oil through its various rail terminals to provide access to diversified markets and pricing. See Note 25 - "Financial Instruments and Derivatives" in the annual consolidated financial statements for the year ended December 31, 2018 for additional information on the Company's derivatives. The Company has not designated any of its risk management activities as accounting hedges under IFRS 9, Financial Instruments, and, accordingly, has recorded its derivatives at fair value with changes in fair value recorded in net income. IFRS 9, Financial Instruments, gives guidelines for accounting for financial derivatives not designated as accounting hedges. Financial derivatives that have not settled during the current period are fair valued. The change in fair value from the previous period represents a gain or loss that is recorded in net income. As such, if benchmark oil and natural gas prices rise during the period, the Company records a loss based on the change in price multiplied by the volume of oil and natural gas hedged. If prices fall during the period, the Company records a gain. The prices used to record the actual gain or loss are subject to an adjustment for volatility and the resulting gain (asset) or loss (liability) is discounted to a present value using a risk free rate adjusted for counterparty credit risk. Crescent Point's underlying physical reserves are not fair valued each quarter, hence no gain or loss associated with price changes is recorded; the Company realizes the benefit/detriment of any price increase/decrease in the period in which the physical sales occur. The Company's financial results should be viewed with the understanding that the estimated future gain or loss on financial derivatives is recorded in the current period's results, while the estimated future value of the underlying physical sales is not.

CRESCENT POINT ENERGY CORP.

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The following is a summary of the realized derivative gains (losses) on crude oil and natural gas derivative contracts:

($ millions, except volume amounts) Average crude oil volumes hedged (bbls/d) (1) Crude oil realized derivative gain (loss) (1)

per bbl Average natural gas volumes hedged (GJ/d) (2)

Natural gas realized derivative gain

per mcf Average barrels of oil equivalent hedged (boe/d) (1) Total realized derivative gains (losses) (1)

per boe

2018 79,066 (276.7)

(5.40) 33,973

16.9 0.43 84,432 (259.8) (4.00)

2017 57,196

89.5 1.75 41,356 11.7 0.30 63,729 101.2 1.58

% Change 38

(409) (409)

(18) 44 43 32 (357) (353)

(1) The crude oil realized derivative gain in 2017 includes realized derivative gains and losses on financial price differential contracts. The average crude oil volumes hedged and average barrels of oil equivalent hedged do not include the hedged volumes related to financial price differential contracts.

(2) GJ/d is defined as gigajoules per day.

The Company recorded a total realized derivative loss of $259.8 million for the year ended December 31, 2018, compared to a total realized derivative gain of $101.2 million in 2017.

The Company's realized derivative loss for crude oil was $276.7 million for the year ended December 31, 2018, compared to a realized derivative gain of $89.5 million in 2017. The realized derivative loss in 2018 was largely attributable to the increase in the Cdn$ WTI benchmark price, partially offset by the increase in the Company's average derivative crude oil price. During the year ended December 31, 2018, the Company's average derivative crude oil price increased by 6 percent or $3.95 per bbl, from $70.37 per bbl in 2017 to $74.32 per bbl in 2018.

Crescent Point's realized derivative gain for gas was $16.9 million for the year ended December 31, 2018, compared to $11.7 million in 2017. The increased realized derivative gain in 2018 was largely attributable to the decrease in the AECO monthly index price, partially offset by the decrease in the Company's average derivative gas price and gas volumes hedged. During the year ended December 31, 2018, the Company's average derivative gas price decreased by 9 percent or $0.27 per GJ, from $3.09 per GJ in 2017 to $2.82 per GJ in 2018.

Exhibit 7

$ millions

100.0 50.0 0.0 -50.0

-100.0 -150.0

Crude Oil Realized Derivatives

$0.69

$1.70

$3.86

$0.74

$(3.15)

$(7.03)

$(1.92) $(9.62)

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

Crude oil realized derivative gain (loss)

Crude oil realized derivative gain (loss) per bbl

The following is a summary of the Company's unrealized derivative gains (losses):

($ millions) Crude oil Natural gas Interest Power Cross currency Foreign exchange Total unrealized derivative gains (losses)

2018 216.1 (12.7)

(4.0) --

236.7 3.3

439.4

2017 (20.1) 25.6

7.4 0.6 (175.3) (1.8) (163.6)

% Change (1,175) (150) (154) (100) (235) (283) (369)

CRESCENT POINT ENERGY CORP.

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The Company recognized a total unrealized derivative gain of $439.4 million for the year ended December 31, 2018 compared to an unrealized derivative loss of $163.6 million in 2017, primarily due to a $216.1 million unrealized derivative gain on crude oil contracts compared to a $20.1 million unrealized derivative loss in 2017. The unrealized crude oil derivative gain for the year ended December 31, 2018 was primarily attributable to the maturity of out-of-the-money contract months and the decrease in the Cdn$ WTI and US$ WTI forward benchmark prices at December 31, 2018 compared to December 31, 2017.

The total unrealized derivative gain was also attributable to a $236.7 million unrealized derivative gain on cross currency swaps ("CCS") compared to a $175.3 million unrealized derivative loss in 2017. The unrealized CCS derivative gain for the year ended December 31, 2018 was primarily the result of the weaker forward Canadian dollar at December 31, 2018 compared to December 31, 2017. The unrealized CCS derivative loss for the year ended December 31, 2017 was primarily the result of the stronger forward Canadian dollar at December 31, 2017 compared to December 31, 2016.

Exhibit 8

Change in Commodity Risk Management Net Asset (Liability) (1) December 31, 2017 to December 31, 2018

Change in Cross Currency Risk Management Net Asset December 31, 2017 to December 31, 2018

$ millions $ millions

400.0

200.0

259.8

147.0

0.0

78.1

(2.6)

-200.0 -400.0

(53.8) (134.5)

DCehcaenmgebeinr 3p1ri,c2e0a1n7d vNoelawtitlirtaynsSacettitolends pFoosreitiiognnsDeexccehmanbgeer 31, 2018

600.0 400.0 200.0

198.0

114.6

210.4

(88.3)

434.7

0.0

ChDaencgeeminbefor r3w1a,r2d0e1x7changNe erawtetransacStioenttsled pDoesciteiomnbser 31, 2018

(1) Includes oil and gas contracts.

Oil and Gas Sales

($ millions) (1) Crude oil sales NGL sales Natural gas sales Total oil and gas sales

2018 3,555.3

243.3 88.9

3,887.5

2017 3,017.2

185.2 101.5 3,303.9

% Change 18 31 (12) 18

(1) Oil and gas sales are reported before realized derivatives.

Crude oil sales increased 18 percent in the year ended December 31, 2018, from $3.02 billion in 2017 to $3.56 billion in 2018, primarily due to the 18 percent increase in realized prices.

NGL sales increased 31 percent in the year ended December 31, 2018 compared to 2017, primarily due to the 21 percent increase in realized NGL prices, and the 9 percent increase in NGL production.

Natural gas sales decreased 12 percent in the year ended December 31, 2018 compared to 2017, primarily due to the 14 percent decrease in realized natural gas prices, driven by the decrease in the AECO daily benchmark price, partially offset by the 2 percent increase in natural gas production.

CRESCENT POINT ENERGY CORP.

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Exhibit 9

$ millions

1,200.0 1,000.0

800.0 600.0 400.0

Oil and Gas Sales

97%

96%

97%

97%

97%

98%

98%

96%

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

Crude oil sales Natural gas sales

NGL sales Liquids sales as a % of total oil and gas sales

Royalties

($ millions, except % and per boe amounts) Royalties As a % of oil and gas sales Per boe

2018 592.4

15 9.11

2017 472.2

14 7.35

% Change 25 1 24

Royalties increased 25 percent in the year ended December 31, 2018 compared to 2017, largely due to the 18 percent increase in oil and gas sales. Royalties as a percentage of oil and gas sales increased by 1 percent for the year ended December 31, 2018 primarily due to growing revenues in the United States with higher associated royalty burdens.

Exhibit 10

$ millions

200.0 150.0 100.0

50.0 0.0

Royalties

14%

15%

15%

13%

15%

14%

16%

16%

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

Royalties

Royalties as a % of oil and gas sales

Operating Expenses

($ millions, except per boe amounts) Operating expenses Per boe

2018 853.8 13.13

2017 807.2 12.56

% Change 6 5

Operating expenses per boe increased 5 percent in the year ended December 31, 2018 compared to 2017. Overall maintenance activity levels increased in 2018 in conjunction with stronger commodity prices, resulting in higher labour, trucking, chemical and repairs and maintenance costs. In addition, increases in Saskatchewan power rates contributed to higher operating costs.

CRESCENT POINT ENERGY CORP.

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