CONSOLIDATED INTERIM FINANCIAL STATEMENTS
As at, and for the three months ended:
March 31, 2023 and 2022
NUVISTA ENERGY LTD.
Consolidated Interim Statements of Financial Position (Unaudited)
March 31 | December 31 | ||||
($Cdn thousands) | Note | 2023 | 2022 | ||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 3 | $ | 65,598 | $ | 41,890 |
Accounts receivable and prepaid expenses | 146,162 | $ | 196,678 | ||
Financial derivative assets | 17 | 24,305 | 37,925 | ||
Other receivable | 11,087 | 7,063 | |||
247,152 | 283,556 | ||||
Financial derivative assets | 17 | 2,374 | 40,633 | ||
Other asset | 9,500 | - | |||
Exploration and evaluation assets | 4 | 25,676 | 18,307 | ||
Property, plant and equipment | 5 | 2,500,802 | 2,380,205 | ||
Right-of-use assets | 6 | 96,724 | 98,965 | ||
Total assets | $ | 2,882,228 | $ | 2,821,666 | |
Liabilities | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | $ | 193,292 | $ | 185,129 | |
Current portion of other liabilities | 16 | 14,909 | 15,375 | ||
Current portion of lease liabilities | 10 | 6,103 | 5,908 | ||
Current portion of asset retirement obligations | 11 | 9,500 | 9,950 | ||
223,804 | 216,362 | ||||
Long-term debt | 8 | - | - | ||
Senior unsecured notes | 9 | 183,631 | 215,392 | ||
Other liabilities | 16 | - | 1,540 | ||
Lease liabilities | 10 | 109,263 | 110,822 | ||
Asset retirement obligations | 11 | 76,367 | 81,731 | ||
Financial derivative liabilities | 17 | 3,384 | - | ||
Deferred tax liability | 279,182 | 260,326 | |||
Total liabilities | 875,631 | 886,173 | |||
Shareholders' equity | |||||
Share capital | 12 | 1,179,915 | 1,183,769 | ||
Contributed surplus | 66,734 | 65,963 | |||
Retained earnings | 759,948 | 685,761 | |||
Total Shareholders' equity | 2,006,597 | 1,935,493 | |||
Total liabilities and shareholders' equity | $ | 2,882,228 | $ | 2,821,666 | |
Subsequent events | 8,9,12,17 | ||||
Commitments | 20 |
See accompanying notes to the consolidated interim financial statements.
NuVista Energy Ltd. | Q1 2023 Consolidated Interim Financial Statements | 2 |
NUVISTA ENERGY LTD.
Consolidated Interim Statements of Earnings and Comprehensive Income (Unaudited)
Three months ended March 31 | |||||
($Cdn thousands, except per share amounts) | Note | 2023 | 2022 | ||
Revenues | |||||
Petroleum and natural gas sales | 14 | $ | 390,163 | $ | 381,827 |
Royalties | (51,496) | (33,308) | |||
Revenue from petroleum and natural gas sales | 338,667 | 348,519 | |||
Realized loss on financial derivatives | 17 | (9,090) | (45,215) | ||
Unrealized loss on financial derivatives | 17 | (55,263) | (55,336) | ||
Other income | 11 | - | 5,605 | ||
Total revenue, other income and gain (loss) on risk management contracts | 274,314 | 253,573 | |||
Expenses | |||||
Operating | 75,041 | 65,259 | |||
Transportation | 26,454 | 27,469 | |||
General and administrative | 5,709 | 5,033 | |||
Share-based compensation | 16 | 1,523 | 5,858 | ||
Financing costs | 18 | 11,279 | 12,252 | ||
Depletion, depreciation and amortization | 5,6 | 61,556 | 48,030 | ||
Gain on property disposition | 7 | (13,592) | (1,280) | ||
167,970 | 162,621 | ||||
Earnings before taxes | 106,344 | 90,952 | |||
Current income tax expense | 6,391 | - | |||
Deferred income tax expense | 19,244 | 20,697 | |||
Total income tax expense | $ | 25,635 | $ | 20,697 | |
Net earnings and comprehensive income | $ | 80,709 | $ | 70,255 | |
Net earnings per share | 13 | ||||
Basic | $ | 0.37 | $ | 0.31 | |
Diluted | $ | 0.36 | $ | 0.30 |
See accompanying notes to the consolidated interim financial statements.
NuVista Energy Ltd. | Q1 2023 Consolidated Interim Financial Statements | 3 |
NUVISTA ENERGY LTD.
Consolidated Interim Statements of Changes in Shareholders' Equity (Unaudited)
Three months ended March 31 | ||||
($Cdn thousands) | Note | 2023 | 2022 | |
Share capital | 12 | |||
Balance, January 1 | $ | 1,183,769 | $ | 1,228,275 |
Issued for cash on exercise of stock options | 716 | 4,221 | ||
Contributed surplus transferred on exercise of stock options | 334 | 1,747 | ||
Conversion of restricted share awards | 164 | 10 | ||
Conversion of performance share awards | 658 | 38 | ||
Repurchase of shares for cancellation | (5,726) | - | ||
Balance, end of period | $ | 1,179,915 | $ | 1,234,291 |
Contributed surplus | ||||
Balance, January 1 | $ | 65,963 | $ | 68,337 |
Share-based compensation | 4,224 | 2,016 | ||
Transfer to share capital on exercise of stock options | (334) | (1,747) | ||
Conversion of restricted share awards | (164) | (10) | ||
Conversion of performance share awards | (658) | (38) | ||
Share-based compensation - tax withholdings settled in cash | (2,685) | - | ||
Tax deduction on excess value of share awards | 388 | 3,673 | ||
Balance, end of period | $ | 66,734 | $ | 72,231 |
Retained earnings | ||||
Balance, January 1 | $ | 685,761 | $ | 139,205 |
Repurchase of shares for cancellation | (6,522) | - | ||
Net earnings | 80,709 | 70,255 | ||
Balance, end of period | $ | 759,948 | $ | 209,460 |
Total shareholders' equity | $ | 2,006,597 | $ | 1,515,982 |
See accompanying notes to the consolidated interim financial statements.
NuVista Energy Ltd. | Q1 2023 Consolidated Interim Financial Statements | 4 |
NUVISTA ENERGY LTD.
Consolidated Interim Statements of Cash Flows (Unaudited)
Three months ended March 31 | ||||
($Cdn thousands) | Note | 2023 | 2022 | |
Cash provided by (used in) | ||||
Operating activities | ||||
Net earnings | $ | 80,709 | $ | 70,255 |
Items not requiring cash from operations: | ||||
Other income | 11 | - | (5,605) | |
Depletion, depreciation and amortization | 5,6 | 61,556 | 48,030 | |
Gain on property disposition | 7 | (13,592) | (1,280) | |
Share-based compensation | 16 | 3,529 | 1,716 | |
Unrealized loss on financial derivatives | 55,263 | 55,336 | ||
Deferred income tax expense | 19,244 | 20,697 | ||
Accretion | 11 | 755 | 720 | |
Asset retirement expenditures | 11 | (9,693) | (5,568) | |
Change in non-cash working capital | 19 | 17,450 | (21,859) | |
Cash provided by operating activities | 215,221 | 162,442 | ||
Financing activities | ||||
Issuance of share capital on exercise of stock options | 716 | 4,221 | ||
Share-based compensation - tax withholdings settled with cash | (2,685) | - | ||
Payment on lease liabilities | (1,364) | (1,215) | ||
Repurchase of shares | (12,248) | - | ||
Decrease of long-term debt | - | (38,926) | ||
Repayment of senior unsecured notes | (32,159) | - | ||
Cash used in financing activities | (47,740) | (35,920) | ||
Investing activities | ||||
Property, plant and equipment expenditures | 5 | (188,501) | (118,872) | |
Exploration and evaluation expenditures | 4 | (7,369) | (1,092) | |
Other asset expenditures | (9,500) | - | ||
Proceeds on property disposition | 7 | 26,000 | - | |
Change in non-cash working capital | 19 | 35,597 | (6,558) | |
Cash used in investing activities | (143,773) | (126,522) | ||
Change in cash and cash equivalents | 23,708 | - | ||
Cash and cash equivalents, beginning of period | 41,890 | - | ||
Cash and cash equivalents, end of period | $ | 65,598 | $ | - |
Cash interest paid | $ | 11,321 | $ | 12,155 |
See accompanying notes to the consolidated interim financial statements. |
NuVista Energy Ltd. | Q1 2023 Consolidated Interim Financial Statements | 5 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
NuVista Energy Ltd. published this content on 09 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2023 21:53:44 UTC.