NuVista Energy Ltd. Presents at CIBC 6th Annual Unlock the Rock: Stampede Energy Conference, Jul-07-2014
Jun 18 14
NuVista Energy Ltd. Presents at CIBC 6th Annual Unlock the Rock: Stampede Energy Conference, Jul-07-2014 . Venue: The Westin Calgary, 320 4th Avenue SW, Calgary, Alberta, Canada.
NuVista Energy Ltd. Announces Increased Montney Egress Capacity
May 20 14
NuVista Energy Ltd. announced that it has signed an agreement with SemCAMS ULC for transportation and processing of 30 MMcf/d of raw gas from the company’s condensate rich Montney play in the Wapiti area of Alberta. The agreement is underpinned by take-or-pay terms for a period of 10 years. To provide the capacity, SemCAMS will construct a 34 km x 8-inch diameter pipeline loop of their Northwest Wapiti Pipeline which will expand their existing pipeline capacity by 30 MMcf/d of raw gas. The existing Northwest Wapiti Pipeline and the loop which will be constructed both connect to NuVista's Elmworth (North) Development Block in which the company has continued to experience expanding drilling success and running room. When added to the company’s existing extended SemCAMS contract at Elmworth, this agreement will expand NuVista's total Elmworth block egress capacity to 47 MMcf/d of raw gas for 10 years. The existing and future expanded volumes flow to the SemCAMS operated Kaybob South 3 (K3) gas plant for processing. The pipeline is expected to be in service in mid 2015. In order to deliver to this contract, NuVista will be constructing a compressor station in the Elmworth Development Block to augment the existing compression capacity to at least 47 MMcf/d. Long lead equipment for the 100% NuVista owned compressor has already been ordered and the development wells which will be required to be drilled to fill this capacity are already accounted for in the company’s planned 2014 and 2015 planned capital spending programs.
NuVista Energy Ltd. Announces Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2014; Provides Capital Expenditure Guidance for 2014; Reaffirms Production Guidance for the Fourth Quarter and Fiscal Year of 2014; Provides Production Guidance for the Second Quarter of 2014; Revises Production Guidance for 2015
May 13 14
NuVista Energy Ltd. announced consolidated earnings and production results for the first quarter ended March 31, 2014. For the quarter, the company reported funds from operations of $30,893,000 or $0.23 per basic and diluted share against $11,629,000 or $0.10 per basic and diluted share a year ago. The increase in funds from operations is largely due to an increased contribution of higher netback Wapiti Montney volumes and stronger commodity pricing. Net loss was $4,358,000 or $0.02 per basic and diluted share against $4,061,000 or $0.03 per basic and diluted share a year ago. Adjusted net earnings were $2,667,000 or $0.02 per basic and diluted share against adjusted net loss of $8,621,000 or $0.07 per basic and diluted share a year ago. Capital expenditures were $126,569,000 against $68,789,000 a year ago. Net debt was $146.5 million at the end of the quarter.
The company also announced operating results for the first quarter ended March 31, 2014. For the quarter, the company reported Total oil equivalent of 17,823 Boe/d against 14,903 Boe/d a year ago.
The company increased capital spending for 2014 to a range of $300 to $315 million.
For the second quarter of 2014, the company anticipated a production range of 13,000 to 14,000 Boe/d after accounting for an expected total outage impact of 5,000 to 6,000 Boe/d in the quarter.
The company revised production guidance for the fiscal 2015. For the period, all facets of Bilbo compressor station and the Keyera Simonette projects are expected to be operational by 2015, and as a result, the company is increasing it’s prior guidance from 23,000 to a range of 23,500 to 25,000 Boe/d for 2015.
The company reaffirmed production guidance for the fourth quarter of 2014 and also for the fiscal year of 2014. For the fiscal year of 2014, it anticipated having approximately 35 total wells on production by the end of 2014 and annual production and cash flow guidance of 17,500 to 18,500 Boe/d for the full year of 2014 with cash flow of approximately $130 to $140 million.
For the fourth quarter of 2014, it still anticipated to an average of 20,000 to 21,000 Boe/d despite of the minor delay in the major pipeline.