Nuvista Energy reports Q2 EPS C$0.39 vs. C$0.74 last year

Produced an average of 71,029 Boe/d in the quarter, in line with guidance of 71,000 Boe/d following the impact of the wildfires in the Grande Prairie region of Alberta. This represented a 9% increase in production from the second quarter of 2022. Production benefited from the addition of 12 new wells brought online. Included in this figure is the temporary challenge due to the Alberta wildfires, which resulted in approximately 11,000 Boe/d of shut-in production during the quarter, along with delays in certain capital projects. Second quarter production consisted of 31% condensate, 9% NGLs and 60% natural gas. The company said, “Despite facing temporary production challenges from the Alberta wildfires and moderation in commodity prices, the quality and capacity of our asset base enabled us to continue to deliver strong returns. We continued to invest in a disciplined manner in new high-return wells to fill and optimize existing facilities. New well results continued to be strong, and our most recent Gold Creek pad set a new record for cost and speed of drilling for the Wapiti area. During the quarter, we successfully completed and then renewed our Normal Course Issuer Bid, reaffirming our commitment to returning capital to shareholders. Additionally, NuVista once again increased our future natural gas export pipeline capacity.”