CALGARY, Alberta, Jan. 16, 2023 (GLOBE NEWSWIRE) — NuVista Energy Ltd. ("NuVista" or the "Company") (TSX:NVA) is pleased to announce record-setting quarterly production, the achievement of our key net debt target, and the corresponding increase of return of capital to shareholders, as previously promised. Production for the quarter ended December 31, 2022 achieved a new record for NuVista, reaching a field-estimated 74,250 Boe/d, above our fourth quarter guidance range of 72,000 – 74,000 Boe/d. This production included approximately 33% condensate, 8% NGLs, and 59% natural gas as new wells continued to benefit from flush condensate production. With steady execution in the fourth quarter, capital expenditures (1) for 2022 are expected to be at the top of the prior guidance range of $410 – 420 million. Net debt ( 1 ) for year-end 2022 is forecast to be comfortably below the previously announced target of $200 million, with approximately $40 million of cash on hand and nil drawn on NuVista’s $440 million credit facility. As a result, NuVista has now increased the return of capital to shareholders to approximately 75% of free adjusted funds flow (1) , with the remainder continuing to be allocated to the reduction of net debt. […]
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