Nuvista Energy sees 2023 production 76,000-78,000 boe/d

The company said, ” We are extremely well positioned with top-tier assets and highly favorable economics. Our disciplined execution has allowed us to achieve growth in production and adjusted funds flow, while generating positive free adjusted funds flow, even amid the significant moderation of natural gas pricing in the first half of 2023. Due to our high condensate weighting, our execution economics remain very strong. Although the Alberta wildfires did have an impact on our second-quarter production, all production has since been restored and increased, with no damage to our assets or facilities. We have recently achieved a new weekly production record of approximately 85,000 Boe/d. We have well capability to produce more than this figure, but are currently working through some temporary in-field and midstream facility capacity constraints to allow us to push beyond 85,000 Boe/d. Average production for the third quarter is expected in the range of 80,000 – 82,000 Boe/d, including an impact on the quarter of 1,250 Boe/d due to unplanned third party facility outages which were experienced in July. Our full year production guidance range is tightened to 76,000 – 78,000 Boe/d versus the original range of 76,000 – 79,000 Boe/d. Cost inflation remained limited but persistent through the first quarter of 2023, partially offset by improving execution and capital efficiency. Inflation appears to have moderated into the summer, but this will remain somewhat dependent on commodity prices. At this time, we are maintaining our outlook for full year spending by optimizing phasing toward the end of the year, and our 2023 net capital expenditure guidance is unchanged at $425 – $450 million. We intend to continue our track record of carefully directing free adjusted funds flow towards a prudent balance of return to shareholders and debt reduction, while investing in production growth until our existing facilities are filled and debottlenecked to maximum efficiency. NuVista has an exceptional business plan that targets production levels, reaching approximately 100,000 Boe/d in 2025. NuVista possesses top-quality assets, supported by a management team dedicated to continuous improvement. With a strong balance sheet and ample liquidity, we are prepared to deliver significant value for our shareholders. We will continue to adjust to the environment in order to maximize the value of our asset base and ensure the long-term sustainability of our business. We would like to thank our staff, contractors, and suppliers for their continued dedication and delivery, and we thank our Board of Directors and our shareholders for their continued guidance and support.”