Market Herald logo

Subscribe

Be the first with the news that moves the market
  • NuVista Energy Ltd. (NVA) has announced record-breaking Q1 results
  • The company will begin returning capital to shareholders with its initial debt target achieved
  • NuVista produced a record 66,600 barrels of oil equivalent per day
  • It reduced its total cash costs to $18.23 barrels of oil equivalent despite inflation
  • Free adjusted funds flow and production results are the highest ever achieved
  • NuVista Energy Ltd. (NVA) is up 5.09 per cent trading at $12.17 per share as of 12:01 p.m. ET

NuVista Energy Ltd. (NVA) has announced record-breaking Q1 financial and operating results.

NuVista is continuing through 2022 with increasing momentum. It is beginning to return capital to shareholders now that its initial debt target has been achieved.

During the quarter NuVista produced a record 66,600 barrels of oil equivalent per day. This is 9.00 per cent and 45 per cent higher than the corresponding figures for the prior quarter and the first quarter of 2021.

The company reduced its total cash costs to $18.23 barrels of oil equivalent for the quarter despite inflation, which is a 3.00 per cent decrease from the last quarter.

The company has net earnings of $70.3 million compared to $15.4 million year-over-year. It also achieved a record $190 million of adjusted funds flow which includes $64 million of free adjusted funds flow.

Free adjusted funds flow and production results for this quarter are the highest ever achieved by NuVista.

The company leveraged its growing adjusted funds flow in a disciplined manner by growing production with new high-return wells to fill and optimize existing facilities while making rapid progress in debt reduction.

The quarter ended with NuVista holding $413 million of net debt. This has passed below the company’s short-term debt target of $400 million.

Additionally, NuVista successfully executed a first-quarter capital expenditure program of $120 million, including the drilling of 14 wells and the completion of 13 wells at its Wapiti Montney development.

NuVista Energy Ltd. (NVA) is up 5.09 per cent trading at $12.17 per share as of 12:01 p.m. ET.

More From The Market Herald
Montney

" Crew Energy (TSX:CR) announces $130 million non-core asset disposition and partial redemption of outstanding senior unsecured notes

Crew Energy (CR) has completed the sale of certain non-core assets at Attachie and Portage in NE British Columbia for gross proceeds of

" McCoy Global (TSX:MCB) announces NCIB

McCoy Global (MCB) has announced a normal course issuer bid to purchase up to 1,420,874 of its common shares.

" Kraken Energy (CSE:UUSA) appoints Matthew Schwab as new CEO

Kraken Energy Corp. (UUSA) has appointed Mr. Matthew C. Schwab, P.Geo., as President, CEO, and Director.
CN - President and CEO, Tracy Robinson.

" Keyera (TSX:KEY) and CN (TSX:CNR) announce agreement for Alberta clean energy terminal

Keyera (KEY) and CN (CNR) will evaluate the creation of a clean energy terminal.