Nuvista Energy reports Q3 EPS C$0.50 vs. C$0.95 last year

Produced a record average of 80,382 Boe/d, meeting our guidance expectations and reflecting a 17% increase in production from the third quarter of 2022. The production composition for the third quarter was richer than expected at 33% condensate, 8% NGLs and 59% natural gas, and this included approximately 3,500 Boe/d of planned and unplanned midstream and NuVista downtime. The company said, “We are pleased to provide another operational update that demonstrates excellence in operations and proves the continuing emergence of new opportunities in our expansive resource base. A total of 9 pads will have been brought on production by the end of 2023. Cost and production performance have been strong and predictable. In addition, successful testing of new zones has allowed us to enter the planning stage for additional projects that we expect to underpin growth beyond our existing outlook of 100,000 Boe/d. We achieved a quarterly production record of just over 80,000 Boe/d with peak-day rates of approximately 85,000 Boe/d. Infrastructure capacity in the area has become tight but staged expansions are currently in progress with expected on-stream dates beginning in the second quarter of 2024 and running through to the second quarter of 2025. These are expected to bring our total capacity to over 105,000 Boe/d over that period.