NuVista Energy Ltd. Announces Third Quarter Financial and Operating Results

Core Insights - NuVista Energy Ltd. reported strong financial and operational results for Q3 and year-to-date 2025, with record production levels and significant cost savings achieved through disciplined execution of its development plan [1][4][6]. Operational Highlights - Daily production for Q3 2025 was 67,680 Boe/d, slightly below guidance of 68,000 – 70,000 Boe/d, but production has ramped up to over 100,000 Boe/d following the commissioning of the Pipestone Gas Plant [3][5]. - The production composition included 31% condensate, 9% natural gas liquids (NGLs), and 60% natural gas, exceeding guidance [3][21]. - The company invested $141.1 million in net capital expenditures during Q3, supporting the drilling of 8 wells and completion of 15 wells, with a total of 29 wells drilled and 43 completed year-to-date [3][4]. Financial Performance - Adjusted funds flow for Q3 was $143.5 million ($0.73/share), a 3% increase from Q3 2024, and $469.7 million ($2.35/share) year-to-date, reflecting a 13% increase [3][14]. - Net earnings for Q3 were $36.5 million ($0.19/share), a 39% decrease from Q3 2024, while year-to-date net earnings reached $229.2 million ($1.15/share), an 11% increase [3][14]. - Operating netback was $27.51/Boe, a 38% increase compared to Q3 2024, and corporate netback was $23.07/Boe, a 27% increase [3][14]. Shareholder Returns - The company has returned over $100 million to shareholders through share buybacks, with an additional $51 million spent in Q3 2025 [6][8]. - Since the inception of the Normal Course Issuer Bid (NCIB) program in 2022, NuVista has repurchased over $580 million in shares, reducing total shares outstanding by approximately 20% [6][8]. Transaction Announcement - NuVista entered into an arrangement agreement with Ovintiv Inc. for the acquisition of all outstanding common shares, valuing NuVista at approximately $3.8 billion, including net debt [8][9]. - The transaction has been unanimously approved by the Board of Directors and is expected to close in Q1 2026, pending regulatory approvals [9][10]. Future Guidance - The company maintains its fourth quarter production guidance of approximately 100,000 Boe/d and an average production guidance of approximately 83,000 Boe/d for 2025 [5][25].