NuVista Energy (NVA) Q3 2024 earnings summary

Executive summary

• Net earnings for Q3 2024 were $59.8 million, down from $110.3 million in Q3 2023; nine-month net earnings were $206.6 million, compared to $278.2 million last year.

• Revenue from petroleum and natural gas sales for Q3 2024 was $301.4 million, a decrease from $360.4 million in Q3 2023.

• Adjusted funds flow for Q3 2024 was $139.5 million, down from $202.0 million in Q3 2023.

• The company remains focused on condensate and natural gas development in the Montney formation.

Financial highlights

• Q3 2024 petroleum and natural gas sales: $301.4 million (Q3 2023: $360.4 million); nine months: $933.8 million (2023: $1,032.6 million).

• Net earnings per share (basic): $0.29 for Q3 2024 (Q3 2023: $0.51); nine months: $1.00 (2023: $1.28).

• Adjusted funds flow: $139.5 million for Q3 2024 (Q3 2023: $202.0 million); $415.1 million for nine months (2023: $554.96 million).

• Net debt at September 30, 2024: $261.9 million, up from $183.6 million at December 31, 2023.

• Capital expenditures on property, plant, and equipment: $423.2 million for nine months ended September 30, 2024.

Segment performance

• Natural gas revenue for Q3 2024: $52.6 million; condensate: $230.2 million; NGL: $18.6 million.

• For nine months, natural gas: $195.9 million; condensate: $683.4 million; NGL: $54.5 million.