NuVista Energy’s Record-Setting Reserves and Financial Results
Calgary, Alberta, March 5, 2025 – NuVista Energy Ltd. (“NuVista” or the “Company”), a leading energy producer based in western Canada (TSX: NVA), is thrilled to report impressive reserves and financial results for the three months and year ended December 31, 2024. The Company’s consistent, reliable, and profitable assets have once again fueled substantial growth in their reserve base.
Record-Setting Reserves
NuVista’s reserves grew by approximately 15% compared to the end of 2023, reaching a new record high of 1.2 billion barrels of oil equivalent (Boe). This growth was driven by the successful execution of its development program in the Lower Montney, which contributed to a 20% increase in proved reserves. The Company’s focus on this prolific resource play has resulted in high drilling success rates, short drilling cycle times, and consistent production growth.
Strong Financial and Operating Performance
NuVista reported strong financial results, with funds from operations (FFO) reaching $550 million for the year, a 25% increase compared to 2023. The Company’s operating netback averaged $32.50 per Boe, which is a testament to its efficient operations and strong commodity pricing. NuVista’s debt-to-cash flow ratio remained below 1.0x, underscoring its financial strength and ability to fund its growth initiatives.
Continued Growth and Shareholder Returns
Building on the success of its Lower Montney development, NuVista recently sanctioned the expansion of its Gold Creek area. This expansion project is expected to add approximately 25,000 Boe/d of production to the Company’s portfolio, bringing its total production capacity to 125,000 Boe/d. NuVista remains committed to delivering value to its shareholders and has reaffirmed its annual capital and production guidance for the year.
Impact on Consumers
The record-setting reserves and financial results from NuVista Energy could lead to several positive impacts for consumers. As the Company continues to grow its production capacity, it may contribute to increased supply in the market, potentially leading to stable or decreasing prices for natural gas and natural gas liquids. Additionally, NuVista’s commitment to shareholder returns could translate into dividend growth or share buybacks, benefiting investors.
Impact on the World
The energy sector plays a significant role in the global economy, and NuVista’s strong performance could have far-reaching implications. The continued growth in the Company’s Lower Montney assets and the expansion of its Gold Creek area could contribute to increased global energy supply. This could help alleviate concerns about energy security and potentially stabilize energy prices for consumers around the world. Furthermore, NuVista’s financial success could serve as a beacon for other energy companies, encouraging investment in the sector and driving innovation and efficiency.
Conclusion
NuVista Energy’s record-setting reserves and strong financial and operating results for the year ended December 31, 2024, underscore the repeatable, predictable, and profitable nature of its assets. The Company’s continued success in the Lower Montney and the sanctioning of its Gold Creek area expansion set the stage for continued growth toward 125,000 Boe/d. NuVista’s strong financial position, operational momentum, and commitment to shareholder returns position it well for the future. The positive impacts of these results extend beyond NuVista, with potential benefits for consumers in the form of stable or decreasing energy prices and investors through dividend growth or share buybacks. Additionally, NuVista’s success could serve as a catalyst for the energy sector, driving innovation and investment in the industry and contributing to increased global energy supply.
