Canada’s NuVista Energy reports weaker Q2 earnings
Canadian producer NuVista Energy said August 9 it had lower net earnings in Q2 2023 compared to a year ago, as weaker commodity prices offset higher natural gas and condensate production.
Net earnings for the quarter fell to C$87.13mn (US$64.8mn) from C$177.9mn in Q2 2022, while adjusted funds flow declined to C$145.5mn from C$199.8mn. Free adjusted funds flow fell to C$20.8mn from C$83.6mn as capital expenditures rose to C$125.1mn from C$115mn.
Natural gas production averaged 256.6mn ft3/day, up from 225.1mn ft3/day a year ago, despite Alberta wildfires which shut-in about 11,000 barrels of oil equivalent (boe)/day of production in May. Total production averaged 71,029 boe/day, a 9% increase from 65,032 boe/day in Q2 2022 but down slightly from the Q1 2023 average of 71,209 boe/day.
NuVista’s average realised natural gas price in the second quarter declined to C$3.29/’000 ft3 from C$7.83/’000 ft3 in the same period last year.