NuVista Energy (NVA) Q1 2025 earnings summary

Executive summary

• Achieved record quarterly average production of 89,516 Boe/d, a 12% increase year-over-year, surpassing guidance.

• Net earnings rose 214% year-over-year to $112.2 million ($0.55/share).

• Adjusted funds flow increased 42% to $191.9 million ($0.94/share).

• Repurchased and cancelled 3.6 million shares for $45.8 million; since 2022, 40.5 million shares repurchased.

• Renewed and amended credit facility, increasing to $550 million and extending maturity to May 2028.

Financial highlights

• Petroleum and natural gas revenues: $371.4 million, up 20% year-over-year.

• Free adjusted funds flow: $35.0 million ($0.17/share).

• Operating netback: $28.41/Boe (up 30%); corporate netback: $23.84/Boe (up 28%).

• Net capital expenditures: $153.4 million; net debt: $267.6 million (net debt/annualized adjusted funds flow: 0.3x).

• Cash provided by operating activities: $232.7 million.

Outlook and guidance

• Reaffirmed annual production guidance of ~90,000 Boe/d for 2025.

• Q2 2025 production guidance: 75,000–77,000 Boe/d due to planned turnarounds.

• Expect production to reach ~100,000 Boe/d in Q4 2025 after Pipestone Plant commissioning.

• Annual net capital expenditure guidance maintained at ~$450 million.

• Forecasting over $200 million in free adjusted funds flow for 2025 at US$60/Bbl WTI and US$3.50/MMBtu NYMEX.