NuVista Energy Ltd. Announces Strong First Quarter 2025 Results and Significant Progress on Our Shareholder Return Strategy

Core Viewpoint - NuVista Energy Ltd. reported strong financial and operational results for Q1 2025, achieving record production levels and reaffirming its annual capital and production guidance while enhancing shareholder returns through share repurchases and a renewed credit facility [1][6]. Financial Highlights - Achieved highest-ever quarterly average production of 89,516 Boe/d, exceeding guidance of 87,000 – 88,000 Boe/d, and representing a 12% increase from Q1 2024 [3][16]. - Generated adjusted funds flow of $191.9 million ($0.94/share), a 42% increase compared to Q1 2024 [3][16]. - Net earnings reached $112.2 million ($0.55/share), reflecting a 214% increase from Q1 2024 [3][16]. - Total revenues from petroleum and natural gas were $371.4 million, a 20$309.0 million in Q1 2024 [16]. Operational Highlights - Executed a net capital expenditure program of $153.4 million, resulting in the drilling and completion of 9 and 24 wells, respectively [3][16]. - Maintained a strong operating netback at$28.41/Boe and a corporate netback at $23.84/Boe, increases of 30$12.86 per share, totaling $45.8 million [3][16]. - The company plans to allocate a minimum of$100 million in 2025 for share repurchases under its normal course issuer bid (NCIB) [5][6]. Financial Position - Strengthened financial position through the amendment and renewal of a three-year covenant-based credit facility, increasing its size to $550 million and extending maturity to May 8, 2028 [9][8]. - Exited Q1 2025 with$2.7 million in available cash and net debt of $267.6 million, maintaining a favorable net debt to annualized adjusted funds flow ratio of 0.3x [8][9]. Production Guidance - Reaffirmed annual production guidance of approximately 90,000 Boe/d, with Q2 2025 production guidance set at 75,000 – 77,000 Boe/d due to planned turnaround operations [13][14]. - Anticipated production growth from the Pipestone area with the commissioning of a third-party gas plant expected late in Q2 2025 [13][14].