NuVista Energy Ltd. 2023 Guidance

2023 NuVista Energy Ltd. has firmed up our plans and although we intend to continue with the steady three drilling rig program, we have adjusted our estimates to include minor changes to maximize value in this volatile but higher commodity price environment. Capital budget inflation through 2023 is estimated at approximately 5-10% assuming strip commodity prices (approximately 5% after efficiency gains), but obviously could be higher or lower depending on the economic and commodity price environment as it unfolds. We have also included additional tuck-in land and maintenance capital in the amount of approximately $15 million. As a result, the capital expenditure guidance for 2023 is set at a range of $425 – $450 million. Approximately 80% of our overall capital forecast will continue to be directed towards well capital (DCET), a high percentage which leads to high full cycle returns.

Production guidance for 2023 is premised on the continued filling of existing facilities with pads across all operating areas with the activity level as described above. Annual production guidance for 2023 is set at a range of 79,000 – 83,000 Boe/d. NuVista is delivering the short term production increases the world needs, while delivering exceptional value to shareholders and conducting early planning of the long term carbon reduction projects which the world seeks. Based on current strip prices, free adjusted funds flow for 2023 is expected to be approximately $440 million.