NuVista Energy Ltd. Announces Record Year End 2024 Reserves, Financial and Operating Results

CALGARY, Alberta, March 05, 2025  — NuVista Energy Ltd. (“NuVista” or the “Company”) (TSX: NVA) is pleased to announce record-setting reserves and strong financial and operating results for the three months and year ended December 31, 2024. The repeatable, predictable and profitable nature of our assets have once again underpinned significant growth in our reserves. Continued success in the Lower Montney and sanctioning of our Gold Creek area expansion have set the stage for continued growth toward 125,000 Boe/d. We are entering 2025 in a strong financial position with operational momentum and a commitment to shareholder returns. We are pleased to reaffirm our annual capital and production guidance for the year.

Operational and Financial Highlights

During the fourth quarter and year ended December 31, 2024, NuVista:

• Produced an average of 85,635 Boe/d in the fourth quarter, exceeding our guidance range of 83,000 – 84,000 Boe/d. We achieved our highest-ever annual average production of 83,084 Boe/d, an 8% increase from 2023. Annual production composition aligned with guidance, with a volume weighting of 30% condensate, 9% NGLs and 61% natural gas;

• Successfully executed a capital expenditure⁽²⁾ program, investing $498.9 million in well and facility activities, including the drilling of 43 wells and the completion of 38 wells throughout the year. Fourth quarter, capital expenditures totaled $71.1 million, with 9 wells drilled;

• Delivered annual adjusted funds flow⁽¹⁾ of $552.2 million ($2.68/share, basic⁽³⁾), with adjusted funds flow from the fourth quarter contributing $137.1 million ($0.67/share, basic);

• Generated free adjusted funds flow⁽²⁾ of $39.6 million for the year ($0.19/share, basic⁽³⁾);

• Repurchased and cancelled 5.9 million common shares in 2024 at an average price of $12.52 per common share, for a total cost of $74.4 million. Since the inception of the Company’s normal course issuer bid (“NCIB”) in 2022, we have repurchased and cancelled 36.5 million common shares for an aggregate cost of $438.3 million or $12.01 per share;

• Exited the year with $5.4 million drawn on our $450 million credit facility and net debt⁽¹⁾ of $232.5 million, maintaining a favorable net debt to annualized fourth quarter adjusted funds flow⁽¹⁾ ratio of 0.4x;

• Achieved annual net earnings of $305.7 million ($1.48/share, basic), including $99.2 million ($0.48/share, basic) in the fourth quarter;

• Added LNG sales to our natural gas diversification portfolio by gaining exposure to the Japan/Korea marker (“JKM”) through a netback agreement with Trafigura based on 21,000 MMbtu/d of LNG for a period of up to thirteen years commencing January 1, 2027; and

• Recognized as part of the TSX30 for the third consecutive year. The TSX30 recognizes the thirty top-performing companies on the Toronto Stock Exchange (“TSX”) over the prior three-year period (see www.tsx.com/tsx30). We ranked a notable sixth place overall.

Notes:

(1)	Each of “adjusted funds flow”, “net debt” and “net debt to annualized fourth quarter adjusted funds flow” are capital management measures. Reference should be made to the section entitled “Non-GAAP and Other Financial Measures” in this press release.
(2)	Each of “free adjusted funds flow” and “capital expenditures” are non-GAAP financial measures that do not have any standardized meanings under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled “Non-GAAP and Other Financial Measures” in this press release.
(3)	Each of “adjusted funds flow per share” and “free adjusted funds flow per share” are supplementary financial measures. Reference should be made to the section entitled “Non-GAAP and Other Financial Measures” in this press release.

Significant Profitable and Repeatable Reserves Growth

NuVista is pleased to announce the results of our year end 2024 independent reserves evaluation conducted by GLJ Ltd. (“GLJ”) effective as at December 31, 2024 (the “GLJ Report”). NuVista’s proven track record of continuous improvement, along with the substantial depth and quality of our undeveloped resources, reinforces our ability to deliver sustained shareholder returns in our journey to 125,000 Boe/d.

Our GLJ Report includes the following key accomplishments:

• Reported Proved Developed Producing (“PDP”) reserves of 177.3 MMBoe, a year-over-year increase of 9%, or a 12% increase on a per share basis, driven by a successful 2024 development program and 2% positive technical revisions due to new well outperformance;

• Recorded Total Proved plus Probable (“TP+PA”) reserves of 779.7 MMBoe, a year-over-year increase of 21%, or a 24% increase on a per share basis, attributed to the continued success in NuVista’s multi-layer Montney development in Pipestone and successful Lower and Upper Montney delineation in Wapiti;

• Replaced 150% and 550% of 2024 production on a PDP and TP+PA basis⁽¹⁾, respectively, reflecting the success of our 2024 capital program and continued expansion of our undeveloped location inventory;

• Delivered PDP Finding, Development and Acquisition Cost (“FD&A”)⁽¹⁾ of $11.13/Boe that exceeded our expectations due to well outperformance and cost reductions;

• Achieved a PDP recycle ratio⁽¹⁾ of 1.8x based on our 2024 operating netback⁽¹⁾;

• TP+PA FD&A was $6.97/Boe, driven by the planned expansion of our infrastructure to 125,000 Boe/d and a 26% increase in undeveloped TP+PA drilling locations;

• Total developed wells increased by 42 to 395, while the total undeveloped drilling locations increased by 9 to 1,189, which reflects over 25 years of development at the current pace⁽³⁾; and

• PDP, TP, and TP+PA before-tax net present value, discounted at 10% (NPV10)⁽²⁾, are $10.01, $20.56, and $30.11 per share, respectively, at December 31, 2024, reflecting the underlying value of our assets.

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