Nuvista Energy Ltd T.NVA

Alternate Symbol(s): NUVSF

Energy Oil & Gas E&P

NuVista Energy Ltd. is an oil and natural gas company, which is engaged in the exploration for, and the development and production of, oil and natural gas reserves in the Western Canadian Sedimentary Basin. Its primary focus is on the scalable and repeatable condensate rich Montney formation in the Alberta Deep Basin (Wapiti Montney). Its core operating areas of Wapiti and Pipestone in the Montney formation are located near the City of Grande Prairie, Alberta, approximately 600 kilometers northwest of Calgary. Its Montney Formation is a shale gas and shale oil resource. The Montney formation in the Wapiti area is a thick (200m+) section of hydrocarbon-charted fine-grained reservoir found at depths ranging from 2,500-3,500m.

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Nuvista Energy Ltd

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Post by Carjackon Jul 18, 2022 4:46pm

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Post# 34832631

Prairie energy beat first one to report

Second Quarter Highlights:

Record average royalty production of 25,992 BOE per day, a 9% increase over Q1 2022 and 32% over Q2 2021 with oil royalty production reaching a record 12,220 barrels per day.
Total revenues increased to $198.1 million, 42% over Q1 2022 and 184% over Q2 2021, comprised of royalty production revenues of $190.2 million and other revenues of $7.9 million.
Generated record quarterly funds from operations of $159.6 million ($0.67 per common share basic and diluted), 52% above Q1 2022 and 182% above Q2 2021 driven by royalty production growth and strong commodity pricing.
Declared a second quarter dividend of $28.7 million ($0.12 per common share), representing a payout ratio of 18%, with excess cash flow allocated to $15.6 million of royalty acquisitions and the balance to retiring bank debt.
Net debt totaled $453.9 million, down 20% or $115.0 million from March 31, 2022 as excess funds from operations were used to retire indebtedness incurred in connection with acquisitions completed during the second half of 2021.
PrairieSky completed $15.6 million of royalty acquisitions in the quarter adding approximately 360 BOE per day (86% natural gas) of incremental gross overriding royalties in Central Alberta and Northeast British Columbia, as well as adding undeveloped land in the Clearwater oil play.