NuVista Energy Ltd. Announces Record Year End 2024 Reserves, Financial and Operating Results

Core Viewpoint - NuVista Energy Ltd. reported record-setting reserves and strong financial and operational results for the year ended December 31, 2024, highlighting significant growth in reserves and a commitment to shareholder returns as the company aims for continued production growth towards 125,000 Boe/d in 2025 [1]. Operational and Financial Highlights - Average production in Q4 2024 was 85,635 Boe/d, exceeding guidance of 83,000 – 84,000 Boe/d, with an annual average production of 83,084 Boe/d, an 8% increase from 2023 [4]. - The company executed a capital expenditure program of $498.9 million, including drilling 43 wells and completing 38 wells throughout the year [4]. - Annual adjusted funds flow was $552.2 million ($2.68/share), with Q4 contributing $137.1 million ($0.67/share) [4]. - Free adjusted funds flow for the year was $39.6 million ($0.19/share) [4]. - The company repurchased 5.9 million common shares at an average price of $12.52 per share, totaling $74.4 million, and has repurchased 36.5 million shares since 2022 [4]. - As of December 31, 2024, net debt was $232.5 million, with a favorable net debt to annualized fourth quarter adjusted funds flow ratio of 0.4x [4][8]. Reserves Growth - Reported Proved Developed Producing (PDP) reserves increased by 9% year-over-year to 177.3 MMBoe, with Total Proved plus Probable (TP+PA) reserves rising by 21% to 779.7 MMBoe [9]. - The company replaced 150% of 2024 production on a PDP basis and 550% on a TP+PA basis, reflecting the success of its capital program [9]. - PDP Finding, Development and Acquisition Cost (FD&A) was $11.13/Boe, with a PDP recycle ratio of 1.8x based on the 2024 operating netback [9]. 2025 Guidance and Operations - The company forecasts Q1 2025 production to average 87,000 – 88,000 Boe/d, with annual production expected to average approximately 92,000 Boe/d, assuming the Pipestone Plant starts up in Q2 [13]. - Annual capital expenditure guidance for 2025 is approximately $450 million, with a minimum of $100 million allocated for share repurchases [14][7]. - The company plans to continue its disciplined growth strategy while maintaining a strong balance sheet and low debt levels [15].