NuVista Energy (NVA) Q4 2024 earnings summary

Executive summary

• Achieved record year-end 2024 reserves and strong financial and operating results, with annual average production up 8% year-over-year to 83,084 Boe/d and Q4 production exceeding guidance at 85,635 Boe/d.

• Lower Montney success and Gold Creek expansion sanctioned, supporting growth toward 125,000 Boe/d; reaffirmed 2025 capital and production guidance.

• Recognized in TSX30 for the third consecutive year, ranking sixth overall.

Financial highlights

• Petroleum and natural gas revenues declined 13% year-over-year to $1.22B; Q4 revenues down 23% to $281.5M.

• Adjusted funds flow fell 27% year-over-year to $552.2M ($2.68/share basic); Q4 adjusted funds flow was $137.1M.

• Net earnings for 2024 were $305.7M ($1.48/share basic), down 17% year-over-year; Q4 net earnings rose 11% to $99.2M.

• Free adjusted funds flow totaled $39.6M for the year.

• Net debt at year-end was $232.5M, with a net debt to annualized Q4 adjusted funds flow ratio of 0.4x.

• Repurchased and cancelled 5.9M shares in 2024 for $74.4M; since 2022, 36.5M shares repurchased for $438.3M.

Outlook and guidance

• 2025 annual production guidance reaffirmed at ~90,000 Boe/d, with upside to 92,000 Boe/d if Pipestone Plant starts in Q2; downside to 88,000 Boe/d if delayed to Q4.

• Capital expenditure guidance for 2025 set at ~$450M, with at least $100M allocated to share repurchases and 75% of incremental free adjusted funds flow for additional buybacks.

• Medium-term growth target remains at 125,000 Boe/d, supported by deep inventory and asset quality.