Nuvista Energy sees Q1 production range 77,000-80,000 Boe/d

The company said, “As demonstrated above, we continue to execute according to our plans, with well and facility outperformance in several areas. Production is tracking ahead of plan, and as a result we expect to land near the top of our first quarter 2024 production guidance range of 77,000 – 80,000 Boe/d. We expect volumes to reach over 90,000 Boe/d at some point in the second half of 2024. Our outlook for the full year of 2024 still anticipates excellent well economics with sub one-year payouts, and significant free adjusted funds flow net of capital expenditures despite the temporary significant reduction in natural gas prices. As our adjusted funds flow is primarily driven by condensate pricing, we are making no changes to our capital plans at this time, which allow us to maintain the efficiencies of steady 2-drill-rig execution. We re-affirm our 2024 full year production and capital expenditure guidance ranges of 83,000 – 87,000 Boe/d and $500 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 disciplined production growth towards 115,000 Boe/d. NuVista has top quality assets and a management team focused on relentless improvement. We have the necessary foundation and liquidity to continue adding significant value for our shareholders. We will continue to closely monitor and 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.”