Overview

* Nuvista Q3 petroleum & natural gas revenue declines 14% yr/yr

* Net earnings for Q3 fall to CAD 36.5 mln

* Company announced acquisition by Ovintiv, valuing Nuvista at CAD 3.8 bln

Outlook

* Nuvista maintains Q4 production guidance at ~100,000 Boe/d

* Company expects 2025 average production of ~83,000 Boe/d

* Nuvista to allocate free adjusted funds flow to reduce net debt

Result Drivers

* PRODUCTION RAMP-UP - Completion of Pipestone Gas Plant and facility turnarounds increased production to over 100,000 Boe/d

* CAPITAL EXPENDITURES - Invested C$141.1 mln in net capital expenditures for drilling and well completions

* NETBACK IMPROVEMENT - Strong operating netback at $27.51/Boe, up 38% from Q3 2024

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 C$258.55

Petroleu mln

m &

Natural

Gas

Revenue

Q3 EPS C$0.19

Q3 Net C$36.55

Income mln

Q3 Capex C$141.10

mln

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

* Wall Street's median 12-month price target for Nuvista Energy Ltd ( NUVSF ) is C$18.00, about 0.4% below its November 10 closing price of C$18.07

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 7 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)