NuVista Energy

NuVista Energy Ltd. is a Canadian oil and natural gas company focused on the development of its Montney assets in the Wapiti and Pipestone areas of the Alberta Deep Basin. As of November 2023, NuVista had over 210 million shares outstanding and a market capitalization of approximately $2.75 billion.

NuVista produces oil, natural gas, and natural gas liquids from its Montney assets. As of November 2023, NuVista's production was approximately 80,000 barrels of oil equivalent per day, comprised of 30% high-value condensate. NuVista's major development assets are located in the condensate-rich parts of the Montney formation, providing NuVista exposure to oil-linked pricing.

NuVista is in the development stage with its Montney assets. As of December 2022, NuVista had 306 developed horizontal wells and an inventory of 1,112 undeveloped horizontal drilling locations in the Montney formation, providing over 30 years of drilling inventory at the current development pace. 

NuVista's Montney position consists of over 640,000 net acres of land. The company is targeting a long-term production level of over 100,000 barrels of oil equivalent per day, which NuVista believes can be achieved while filling its existing infrastructure capacity. This represents significant upside potential from current production levels. As of November 2023, NuVista had full-cycle payout on $1.4 Bn of invested capital achieved in Q3 2023 and a total credit capacity of $480 million to support its ongoing Montney development.