Canada’s NuVista Energy cuts Q2 2021 loss
Canadian Montney producer NuVista Energy on August 4 reported a C$10.9mn (US$8.7mn) net loss in Q2 2021, a marked improvement on its year-ago loss of C$80.4mn.
Adjusted funds flow, however, rose to C$55.45mn from C$15.11mn, NuVista said, largely the result of improved commodity pricing and modestly higher production.
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But the increase in commodity prices compared to NuVista’s lower hedged prices resulted in an unrealised loss of C$25.8mn on financial derivatives in Q2 2021 compared to a loss of C$49.4mn in Q2 2020.
Excluding the unrealised losses, net income in Q2 would have been C$9.4mn, NuVista said.
Total production averaged 51,485 barrels of oil equivalent/day in Q2 2021, a modest 1% increase from 50,922 boe/d in the same period a year ago. Condensate and crude oil production averaged 16,296 barrels/d, up from 14,231 b/d, but natural gas production was off about 5%, at 178.2mn ft3/d versus 187.1mn ft3/d, largely reflecting unplanned midstream curtailments caused by unusually hot weather in June, which affected the operating efficiency of gas plant and pipeline compressors.