NuVista Energy (NVA) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 production of 67,680 Boe/d, slightly below guidance, but ramped up to over 100,000 Boe/d post-facility commissioning.

• Entered a definitive agreement to be acquired by Ovintiv Canada in a $3.8 billion cash and share transaction, expected to close in Q1 2026.

• Returned over $100 million to shareholders via buybacks in 2025, reducing shares outstanding by 4.9% year-to-date.

Financial highlights

• Q3 2025 petroleum and natural gas revenues were $258.6 million, down 14% year-over-year.

• Adjusted funds flow for Q3 was $143.5 million (up 3% year-over-year), and $469.7 million year-to-date (up 13%).

• Net earnings for Q3 were $36.5 million, down 39% year-over-year; year-to-date net earnings were $229.2 million, up 11%.

• Operating netback rose 38% to $27.51/Boe; corporate netback increased 27% to $23.07/Boe year-over-year.

• Net capital expenditures were $141.1 million in Q3, up 19% year-over-year.

Outlook and guidance

• Q4 2025 production guidance maintained at ~100,000 Boe/d; 2025 average production guidance at ~83,000 Boe/d.

• All incremental adjusted funds flow to be directed to net debt reduction for the remainder of the year.