- NuVista Energy (NVA) announced record-setting reserves and financial outcomes for its 2022 year-end results
- The company achieved its highest-ever annual production rate of 68,690 barrels of oil equivalent per day (Boe/d), up 31 per cent year-over-year
- Moreover, NuVista’s annual net earnings went up 138 per cent, achieving its best-ever free-adjusted funds’ flow of $464 million
- It ended the year with $41.9 million cash on hand and reduced debt by 64 per cent
- NuVista Energy (NVA) is down 2.21 per cent, trading at $11.95 per share as of 12:32 p.m. EST
NuVista Energy (NVA) announced record-setting reserves and financial outcomes for its 2022 year-end results.
By the end of last year, the company achieved its highest-ever annual production rate of 68,690 barrels of oil equivalent per day (Boe/d). This represented a 31 per cent increase compared to the 2021 annual production rate.
NuVista saw another major year-over-year increase with its annual net earnings of $631 million, 138 per cent more than the 2021 record. Moreover, it reached its best free-adjusted funds flow of $464 million for the year.
Funds go up while debt goes down
NVV shared it ended 2022 with $41.9 million cash on hand, zero drawn out of its $440 million credit facility, and reduced its net debt by 64 per cent.
Regarding its reserves, the company reported proven developed producing reserves of 142.7 million barrels of oil equivalent (MMBoe), a year-over-year increase of 17 per cent. Its total proved and probable reserves reached 604.4 MMBoe.
Furthermore, NVV stated it secured FID approval for a project at its Wembley gas plant to begin by early 2024. It stated this plant will significantly reduce its operating costs, fuel consumption, and emissions.
The company stated its 2022 program initiatives helped deliver “outsize” returns while still focusing on safety and sustainability. It stated it is moving into 2023 financially strong and will continue its program of returning capital to shareholders, reducing debt, as well as progressing the value-adding growth strategy.
NuVista Energy (NVA) is down 2.21 per cent, trading at $11.95 per share as of 12:32 p.m. EST.