During the quarter ended
- Produced 65,032 Boe/d, slightly above the guidance range of 62,500 – 65,000 Boe/d, and similar to the first quarter level. This was achieved despite planned downtime associated with six maintenance outages at NuVista and midstreamer facilities during the quarter. Production was 26% higher than the second quarter of 2021;
- Achieved a record
$200 million of adjusted funds flow(1) in the second quarter ($0.87 /share, basic(4)), including$84 million of free adjusted funds flow(2). This represents a free adjusted funds flow increase of 30% over the prior quarter; - Achieved net earnings of
$178 million ($0.78 /share, basic) compared to$70.3 million ($0.31 /share, basic) in the prior quarter; - Delivered a corporate netback(3) of
$33.76 /Boe for the quarter, an improvement of 7% and 185% compared to the prior quarter and the second quarter of 2021, respectively; - Closed the quarter with
$57 million drawn on our long term credit facility and a favorable net debt(1) to annualized second quarter adjusted funds flow(1) ratio of 0.4x; - Commenced for the first time in our corporate history the execution of a Normal Course Issuer Bid (“NCIB”) with approval from the TSX received in June. During the second quarter, NuVista repurchased and canceled 2.56 million shares, and subsequent to the quarter have now increased the total to 4.61 million shares at an aggregate cost of
$47.6 million . This represents a total of 2.0% of all shares outstanding, and satisfaction of 25% of the NCIB to date; - Executed a successful second quarter capital expenditure(2) program of
$115 million , including the drilling of 12 (11.5 net) wells and the completion of 16 (16.0 net) wells in our condensate rich Wapiti Montney play; and - Continued to significantly advance our progress in the areas of environmental, social and governance (“ESG”), including continued positive strides in reducing GHG and methane emissions.
Notes:
(1) | Each of "adjusted funds flow", "net debt" and “net debt to annualized second 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 for further information. |
(2) | Each of "free adjusted funds flow" and "capital expenditures" are non-GAAP financial measures that do not have any standardized meanings under IFRS 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 for further information. |
(3) | Each of “corporate netback” and “cash costs” are non-GAAP financial ratios that do not have any standardized meanings under IFRS 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 for further information. |
(4) | “Adjusted funds flow per share" is a supplementary financial measure. Reference should be made to the section entitled “Non-GAAP and Other Financial Measures” in this press release for further information. |
Operations Update
We are pleased to report that production and operational performance exceeded our expectations again this quarter. Production reached the top end of our guidance range at 65,032 Boe/d during a period where planned facility maintenance occurred in all of our development areas. The continued strength in our well results coupled with sound execution on the maintenance projects by ourselves and our mid-stream partners allowed us to successfully navigate through a complex period. Inflationary pressures and supply chain constraints have not moderated throughout the second quarter and early into the third quarter. Our steady and predictable activity level has allowed us to manage these pressures throughout the quarter within budget, as average Drill, Complete and Equip (“DCE”) costs met our expectations which included 15% inflation (10% net of performance efficiency gains). We have also been implementing extra measures to combat inflation and supply change management issues as much as possible. These measures include early purchases of selected tubulars and goods, as well as longer term contracting with selected service providers where appropriate.
We have updated our lookback at payout multiples(5)(6) to include our second quarter activity which includes two new pads. Based on an assumed price forecast of
Activity levels in the
Pad #11 finished drilling and has been successfully completed at the beginning of Q3. Final drill costs for the 5 wells on this pad averaged
With our return to drilling in the Wapiti area we are pleased to see performance at
Notes:
(5) | "Payout multiple" is a non-GAAP financial ratio that does not have any standardized meaning under IFRS 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 for further information. |
(6) | "Payout multiple" is calculated as: (i) the product of operating netbacks (excluding realized gains (losses) on financial derivatives) multiplied by production; divided by (ii) DCET capital invested. |
(7) | Five of the seven wells on this pad have reached IP90 to date. |
(8) | See “Advisories Regarding Oil and Gas Information” in this press release. |
ESG Progress Continues
During the quarter NuVista continued to progress key items in the area of ESG performance improvement, including the previously announced conversion of our credit facility to a sustainability linked loan with specific sustainability performance targets. We have been preparing our 2021 ESG report update, and we look forward to releasing details of our significant progress with that report in August.
Executive Succession
We are pleased to announce the promotion of our Controller,
2022 Guidance Update
As discussed above, NuVista is pleased to note that operations and performance have been strong while both condensate and natural gas prices have continued at highly profitable levels. This results in a material increase to projected adjusted funds flow, tremendous progress in reducing our net debt, and high velocity of capital investment return. Capital spending and inflationary assumptions have been on track to prior estimates thus far.
NuVista’s capital expenditure guidance for 2022 is re-affirmed at a range of
NuVista’s recent well performance has been strong, and all planned outages for the year have been concluded. We have set our third quarter production guidance range at 67,000 to 69,000 Boe/d. Full year 2022 guidance is reaffirmed at 67,000 – 69,000 Boe/d.
Free Adjusted Funds Flow Allocation Framework
Our Board has approved a long term sustainable target net debt to adjusted funds flow of less than 1.0 times in the stress test price environment of
At current strip prices, NuVista anticipates being able to direct approximately 50% of remaining 2022 free adjusted funds flow towards the return of capital to shareholders while at the same time reaching our targeted net debt of
NuVista has top quality assets and a management team focused on relentless improvement. We have the necessary foundation and liquidity to continue adding significant value for our shareholders. We will continue to adjust to this environment in order to maximize the value of our asset base and ensure the long-term sustainability of our business. We would like to thank our staff, contractors, and suppliers for their continued dedication and delivery, and we thank our board of directors and our shareholders for their continued guidance and support. Please note that our corporate presentation is being updated and will be available at www.nuvistaenergy.com on
Financial and Operating Highlights | ||||||||||||
Three months ended | Six months ended | |||||||||||
($ thousands, except otherwise stated) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||
FINANCIAL | ||||||||||||
Petroleum and natural gas revenues | 463,273 | 187,925 | 147 | 845,100 | 339,334 | 149 | ||||||
Cash provided by operating activities | 227,668 | 58,357 | 290 | 390,110 | 104,508 | 273 | ||||||
Adjusted funds flow (1) (4) | 199,833 | 55,452 | 260 | 389,702 | 88,709 | 339 | ||||||
Per share, basic | 0.87 | 0.25 | 248 | 1.70 | 0.39 | 336 | ||||||
Per share, diluted | 0.83 | 0.25 | 232 | 1.63 | 0.38 | 329 | ||||||
Net earnings (loss) | 177,954 | (10,941 | ) | 1,726 | 248,209 | 4,447 | 5,481 | |||||
Per share, basic | 0.78 | (0.05 | ) | 1,660 | 1.08 | 0.02 | 5,300 | |||||
Per share, diluted | 0.74 | (0.05 | ) | 1,580 | 1.04 | 0.02 | 5,100 | |||||
Capital expenditures (2) | 115,023 | 44,344 | 159 | 234,987 | 125,292 | 88 | ||||||
Net proceeds on property dispositions | — | — | — | — | 93,578 | (100 | ) | |||||
Net debt (1) (4) | 349,192 | 547,314 | (36 | ) | ||||||||
OPERATING | ||||||||||||
Daily Production | ||||||||||||
Natural gas (MMcf/d) | 225.1 | 178.3 | 26 | 227.0 | 173.4 | 31 | ||||||
Condensate (Bbls/d) | 21,058 | 16,296 | 29 | 21,367 | 14,472 | 48 | ||||||
NGLs (Bbls/d) | 6,463 | 5,473 | 18 | 6,609 | 5,315 | 24 | ||||||
Total (Boe/d) | 65,032 | 51,485 | 26 | 65,811 | 48,685 | 35 | ||||||
Condensate & NGLs weighting | 42 | % | 42 | % | 43 | % | 41 | % | ||||
Condensate weighting | 32 | % | 32 | % | 32 | % | 30 | % | ||||
Average realized selling prices (6) | ||||||||||||
Natural gas ($/Mcf) | 7.83 | 3.48 | 125 | 6.80 | 3.63 | 87 | ||||||
Condensate ($/Bbl) | 135.67 | 79.00 | 72 | 127.37 | 75.47 | 69 | ||||||
NGLs ($/Bbl) (5) | 73.09 | 28.73 | 154 | 61.00 | 28.76 | 112 | ||||||
Netbacks ($/Boe) | ||||||||||||
Petroleum and natural gas revenues | 78.28 | 40.11 | 95 | 70.94 | 38.50 | 84 | ||||||
Realized loss on financial derivatives | (12.77 | ) | (6.13 | ) | 108 | (10.14 | ) | (5.65 | ) | 79 | ||
Royalties | (12.11 | ) | (2.24 | ) | 441 | (8.81 | ) | (2.41 | ) | 266 | ||
Transportation expenses | (5.59 | ) | (5.44 | ) | 3 | (5.08 | ) | (5.27 | ) | (4 | ) | |
Operating expenses | (11.55 | ) | (10.54 | ) | 10 | (11.22 | ) | (10.81 | ) | 4 | ||
Operating netback (3) | 36.26 | 15.76 | 130 | 35.69 | 14.36 | 149 | ||||||
Corporate netback (3) | 33.76 | 11.84 | 185 | 32.71 | 10.06 | 225 | ||||||
SHARE TRADING STATISTICS | ||||||||||||
High ($/share) | 14.29 | 4.01 | 256 | 14.29 | 4.01 | 256 | ||||||
Low ($/share) | 9.26 | 2.00 | 363 | 6.94 | 0.89 | 680 | ||||||
Close ($/share) | 10.32 | 3.98 | 159 | 10.32 | 3.98 | 159 | ||||||
Average daily volume ('000s) | 1,219 | 1,350 | (10 | ) | 1,396 | 1,413 | (1 | ) | ||||
Common shares outstanding ('000s) | 228,460 | 226,256 | 1 |
(1) | Refer to Note 15 “Capital management” in NuVista's financial statements and to the sections entitled “Adjusted funds flow” and “Liquidity and capital resources” contained in this MD&A. |
(2) | Non-GAAP financial measure that does not have any standardized meaning under IFRS 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”. |
(3) | Non-GAAP ratio that does not have any standardized meaning under IFRS 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”. |
(4) | Capital management measure. Reference should be made to the section entitled “Non-GAAP and Other Financial Measures”. |
(5) | Natural gas liquids (“NGLs”) include butane, propane and ethane revenue and sales volumes, and sulphur revenue. |
(6) | Product prices exclude realized gains/losses on financial derivatives. |
Advisories Regarding Oil And Gas Information
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
This press release contains a number of oil and gas metrics prepared by management, including DCE costs, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate NuVista's performance on a comparable basis with prior periods; however, such measures are not reliable indicators of the future performance of NuVista and future performance may not compare to the performance in previous periods. DCE includes all capital spent to drill, complete, and equip a well.
Any references in this press release to initial production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for NuVista.
Reference to current strip prices for 2022 in this press release reflect
Contingent Resource Locations
This press release discloses NuVista's drilling locations in undeveloped contingent resources (2C) drilling locations. Undeveloped 2C drilling locations are derived from a report prepared by GLJ Ltd., NuVista’s independent qualified reserves evaluator, evaluating NuVista's contingent resources as of
Basis of presentation
Unless otherwise noted, the financial data presented in this press release has been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”) also known as International Financial Reporting Standards (“IFRS”). The reporting and measurement currency is the Canadian dollar. National Instrument 51-101 - "Standards of Disclosure for Oil and Gas Activities" includes condensate within the product type of natural gas liquids. NuVista has disclosed condensate values separate from natural gas liquids herein as NuVista believes it provides a more accurate description of NuVista's operations and results therefrom.
Production split for Boe/d amounts referenced in the press release are as follows:
Reference | Total Boe/d | % Natural Gas | % Condensate | % NGLs | ||||
Q2 2022 production - actual | 65,032 | 58 | % | 32 | % | 10 | % | |
Q2 2022 production guidance | 62,500 - 65,000 | 62 | % | 30 | % | 8 | % | |
Q3 2022 production guidance | 67,000 - 69,000 | 62 | % | 30 | % | 8 | % | |
2022 revised annual production guidance | 67,000 - 69,000 | 62 | % | 30 | % | 8 | % | |
2022 original annual production guidance | 65,000 - 68,000 | 62 | % | 30 | % | 8 | % | |
2023+ production range | 85,000 - 90,000 | 62 | % | 30 | % | 8 | % |
Advisory regarding forward-looking information and statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. The use of any of the words “will”, “expects”, “believe”, “plans”, “potential” and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements, including management's assessment of: NuVista’s future focus, strategy, plans, opportunities and operations; projected adjusted funds flows at current strip prices; our plans to continue to balance debt repayment, increasing adjusted funds flow through disciplined production and growth; guidance with respect to 2022 capital expenditure amounts, spending timing and allocation; guidance with respect to average daily production for 2022; expectations with respect to future net debt to adjusted funds flow ratio; expectations with respect to achieving our sustainable net debt target of less than 1.0 times adjusted funds flow in the stress test price environment of
By their nature, forward-looking statements are based upon certain assumptions and are subject to numerous risks and uncertainties, some of which are beyond NuVista’s control, including the impact of general economic conditions, industry conditions, current and future commodity prices and inflation rates; the impact of ongoing global events, including European tensions and COVID-19, with respect to commodity prices, currency and interest rates, anticipated production rates, borrowing, operating and other costs and adjusted funds flow, the timing, allocation and amount of capital expenditures and the results therefrom, anticipated reserves and the imprecision of reserve estimates, the performance of existing wells, the success obtained in drilling new wells, the sufficiency of budgeted capital expenditures in carrying out planned activities, access to infrastructure and markets, competition from other industry participants, availability of qualified personnel or services and drilling and related equipment, stock market volatility, effects of regulation by governmental agencies including changes in environmental regulations, tax laws and royalties, the ability to access sufficient capital from internal sources and bank and equity markets, that we will complete the announced dispositions on the terms and timing contemplated, that we will be able to execute our 2022 drilling plans as expected and including, without limitation, those risks considered under “Risk Factors” in our Annual Information Form. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. NuVista’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits NuVista will derive therefrom. NuVista has included the forward-looking statements in this press release in order to provide readers with a more complete perspective on NuVista’s future operations and such information may not be appropriate for other purposes. NuVista disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This press release also contains future-oriented financial information and financial outlook information (collectively, "FOFI") about NuVista's prospective results of operations including, without limitation, its ability to repay debt, expectations with respect to future net debt to adjusted funds flow ratios, projected adjusted funds flows at current strip prices, capital expenditures and corporate netbacks, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. NuVista's actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits NuVista will derive therefrom. NuVista has included the FOFI in order to provide readers with a more complete perspective on NuVista's future operations and such information may not be appropriate for other purposes.
These forward-looking statements and FOFI are made as of the date of this press release and NuVista disclaims any intent or obligation to update any forward-looking statements and FOFI, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities law.
Non-GAAP and other financial measures
This press release uses various specified financial measures (as such terms are defined in National Instrument 52-112 – Non-GAAP Disclosure and Other Financial Measures Disclosure ("NI 51-112")) including "non-GAAP financial measures", "non-GAAP ratios”, “capital management measures" and “supplementary financial measures” (as such terms are defined in NI 51-112), which are described in further detail below. Management believes that the presentation of these non-GAAP measures provide useful information to investors and shareholders as the measures provide increased transparency and the ability to better analyze performance against prior periods on a comparable basis.
Non-GAAP financial measures
NI 52-112 defines a non-GAAP financial measure as a financial measure that: (i) depicts the historical or expected future financial performance, financial position or cash flow of an entity; (ii) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity; (iii) is not disclosed in the financial statements of the entity; and (iv) is not a ratio, fraction, percentage or similar representation.
These non-GAAP financial measures are not standardized financial measures under IFRS and might not be comparable to similar measures presented by other companies where similar terminology is used. Investors are cautioned that these measures should not be construed as alternatives to or more meaningful than the most directly comparable IFRS measures as indicators of NuVista's performance. Set forth below are descriptions of the non-GAAP financial measures used in this press release.
(1) Free adjusted funds flow
Free adjusted funds flow is adjusted funds flow less capital and asset retirement expenditures. Refer to NuVista’s MD&A disclosures under the headings "Adjusted funds flow" and "Capital expenditures" for a description of each component of free adjusted funds flow, which components are a capital management measure and a non-GAAP financial measure, respectively. Management uses free adjusted funds flow as a measure of the efficiency and liquidity of its business, measuring its funds available for capital investment to manage debt levels, pay dividends, and return capital to shareholders. By removing the impact of current period capital and asset retirement expenditures, management believes this measure provides an indication of the funds the Company has available for future capital allocation decisions.
The following tables set out our free adjusted funds flows compared to the most directly comparable GAAP measure of cash provided by operating activities less cash used in investing activities for the period:
Three months ended | Six months ended | |||||||
($ thousands) | 2022 | 2021 | 2022 | 2021 | ||||
Cash provided by operating activities | 227,668 | 58,357 | 390,110 | 104,508 | ||||
Cash used in investing activities | (107,532 | ) | (43,504 | ) | (234,054 | ) | (26,483 | ) |
Excess cash provided by operating activities over cash used in investing activities | 120,136 | 14,853 | 156,056 | 78,025 | ||||
Adjusted funds flow | 199,833 | 55,452 | 389,702 | 88,709 | ||||
Capital expenditures | (115,023 | ) | (44,344 | ) | (234,987 | ) | (125,292 | ) |
Asset retirement expenditures | (1,184 | ) | (265 | ) | (6,752 | ) | (4,098 | ) |
Free adjusted funds flow | 83,626 | 10,843 | 147,963 | (40,681 | ) |
(2) Capital expenditures
Capital expenditures are equal to cash used in investing activities, excluding changes in non-cash working capital, other receivable and property dispositions. Any expenditures on the other receivable are being refunded to NuVista and are therefore included under current assets. NuVista considers capital expenditures to be a useful measure of cash flow used for capital reinvestment.
The following table provides a reconciliation between the non-GAAP measure of capital expenditures to the most directly comparable GAAP measure of cash used in investing activities for the period:
Three months ended | Six months ended | |||||||
($ thousands) | 2022 | 2021 | 2022 | 2021 | ||||
Cash used in investing activities | (107,532 | ) | (43,504 | ) | (234,054 | ) | (26,483 | ) |
Changes in non-cash working capital | (7,491 | ) | 276 | (933 | ) | (2,155 | ) | |
Other receivable | — | (1,116 | ) | — | (3,076 | ) | ||
Property dispositions | — | — | — | (93,578 | ) | |||
Capital expenditures | (115,023 | ) | (44,344 | ) | (234,987 | ) | (125,292 | ) |
Non-GAAP ratios
NI 52-112 defines a non-GAAP ratio as a financial measure that: (i) is in the form of a ratio, fraction, percentage or similar representation; (ii) has a non-GAAP financial measure as one or more of its components; and (iii) is not disclosed in the financial statements of the entity. Set forth below is a description of the non-GAAP ratios used in this press release.
These non-GAAP ratios are not standardized financial measures under IFRS and might not be comparable to similar measures presented by other companies where similar terminology is used. Investors are cautioned that these ratios should not be construed as alternatives to or more meaningful than the most directly comparable IFRS measures as indicators of NuVista's performance.
Non-GAAP ratios presented on a "per Boe" basis may also be considered to be supplementary financial measures (as such term is defined in NI 51-112).
(1) Operating netback and corporate netback ("netbacks"), per Boe
NuVista calculated netbacks per Boe by dividing the netbacks by total production volumes sold in the period. Each of operating netback and corporate netback are non-GAAP financial measures. Operating netback is calculated as petroleum and natural gas revenues including realized financial derivative gains/losses, less royalties, transportation and operating expenses. Corporate netback is operating netback less general and administrative, deferred share units, interest and lease finance expense.
Management feels both operating and corporate netbacks are key industry benchmarks and measures of operating performance for NuVista that assists management and investors in assessing NuVista's profitability, and are commonly used by other petroleum and natural gas producers. The measurement on a Boe basis assists management and investors with evaluating NuVista's operating performance on a comparable basis.
(2) Cash costs (“cash costs”), per Boe
NuVista calculated cash costs per Boe by dividing the cash costs by total production volumes sold in the period. Cash costs are a non-GAAP financial measure, calculated as the sum of operating expenses, transportation expenses, general and administrative expenses and financing costs.
Management feels that cash costs are a key industry benchmark and measures of operating performance for NuVista that assists management and investors in assessing NuVista's profitability, and are commonly used by other petroleum and natural gas producers. The measurement on a Boe basis assists management and investors with evaluating NuVista's operating performance on a comparable basis.
(3) Payout Multiple
NuVista calculated payout multiple as: (i) the product of operating netbacks (excluding realized gains (losses) on financial derivatives) multiplied by production; divided by (ii) DCET capital invested. Operating netbacks are a non-GAAP ratio calculated as the sum of petroleum and natural gas revenues less royalties, transportation expenses and operating expenses. See "Operating netback and corporate netback ("netbacks"), per Boe" above for further information.
Management feels that payout multiple is a useful indicator of NuVista's operating performance and cost management and assists management and investors in assessing NuVista's return on capital invested.
Capital management measures
NI 52-112 defines a capital management measure as a financial measure that: (i) is intended to enable an individual to evaluate an entity’s objectives, policies and processes for managing the entity’s capital; (ii) is not a component of a line item disclosed in the primary financial statements of the entity; (iii) is disclosed in the notes to the financial statements of the entity; and (iv) is not disclosed in the primary financial statements of the entity.
Please refer to Note 14 "Capital Management" in NuVista's interim financial statements as at and for the 3 months ended
NuVista calculates annualized first quarter adjusted funds flow ratio by dividing net debt by the annualized adjusted funds flow for the first quarter.
Supplementary financial measures
This press release may contain certain supplementary financial measures. NI 52-112 defines a supplementary financial measure as a financial measure that: (i) is intended to be disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of an entity; (ii) is not disclosed in the financial statements of the entity; (iii) is not a non-GAAP financial measure; and (iv) is not a non-GAAP ratio.
NuVista calculates: (i) "adjusted funds flow per share" by dividing adjusted funds flow for a period by the number of weighted average common shares of NuVista for the specified period; and (ii) "net debt to adjusted funds flow" by dividing the net debt at the end of a period by the adjusted funds flow for such period.
FOR FURTHER INFORMATION CONTACT:
Jonathan A. Wright President and CEO (403) 538-8501 | Ross L. Andreachuk VP, Finance and CFO (403) 538-8539 | Chief Operating Officer (403) 538-1936 |
Source:
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