NUVISTA ENERGY LTD. CONSOLIDATED INTERIM FINANCIAL STATEMENTS
As at, and for the three and six months ended:
June 30, 2022 and 2021
NUVISTA ENERGY LTD.
Consolidated Statements of Financial Position (Unaudited)
June 30 | December 31 | ||||
($Cdn thousands) | Note | 2022 | 2021 | ||
Assets | |||||
Current assets | |||||
Accounts receivable and prepaid expenses | $ | 176,868 | $ | 88,537 | |
Financial derivative assets | 17 | 2,468 | - | ||
179,336 | 88,537 | ||||
Financial derivative assets | 17 | 9,434 | - | ||
Exploration and evaluation assets | 4 | 22,719 | 18,135 | ||
Property, plant and equipment | 5 | 2,298,441 | 2,177,379 | ||
Right-of-use assets | 6 | 103,449 | 107,933 | ||
Total assets | $ | 2,613,379 | $ | 2,391,984 | |
Liabilities | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | $ | 231,288 | $ | 140,002 | |
Current portion of lease liabilities | 10 | 5,602 | 5,300 | ||
Current portion of asset retirement obligations | 11 | 10,200 | 7,075 | ||
Financial derivative liabilities | 17 | 45,571 | 40,317 | ||
292,661 | 192,694 | ||||
Long-term debt | 8 | 56,882 | 196,055 | ||
Senior unsecured notes | 9 | 224,056 | 223,178 | ||
Other liabilities | 16 | 13,834 | 9,577 | ||
Lease liabilities | 10 | 113,920 | 116,730 | ||
Asset retirement obligations | 11 | 77,309 | 113,162 | ||
Financial derivative liabilities | 17 | - | 16,938 | ||
Deferred tax liability | 156,315 | 87,833 | |||
934,977 | 956,167 | ||||
Shareholders' equity | |||||
Share capital | 12 | 1,235,076 | 1,228,275 | ||
Contributed surplus | 69,704 | 68,337 | |||
Retained earnings | 373,622 | 139,205 | |||
1,678,402 | 1,435,817 | ||||
Total liabilities and shareholders' equity | $ | 2,613,379 | $ | 2,391,984 | |
Subsequent events | 12,17 | ||||
Commitments | 20 |
See accompanying notes to the consolidated interim financial statements.
NuVista Energy Ltd. | Q2 2022 Interim Financial Statements | 1 |
NUVISTA ENERGY LTD.
Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss) (Unaudited)
Three months ended | Six months ended June | ||||||||
June 30 | 30 | ||||||||
($Cdn thousands, except per share amounts) | Note | 2022 | 2021 | 2022 | 2021 | ||||
Revenues | |||||||||
Petroleum and natural gas sales | 14 | $ | 463,273 | $ | 187,925 | $ | 845,100 | $ | 339,334 |
Royalties | (71,650) | (10,473) | (104,958) | (21,254) | |||||
Revenue from petroleum and natural gas sales | 391,623 | 177,452 | 740,142 | 318,080 | |||||
Realized loss on financial derivatives | (75,553) | (28,697) | (120,768) | (49,773) | |||||
Unrealized gain (loss) on financial derivatives | 78,922 | (25,284) | 23,586 | (43,417) | |||||
Other income | 11 | 425 | 27 | 6,030 | 886 | ||||
Total revenue, other income and loss on risk management | 395,417 | 123,498 | 648,990 | 225,776 | |||||
contracts | |||||||||
Expenses | |||||||||
Operating | 68,347 | 49,397 | 133,606 | 95,264 | |||||
Transportation | 33,062 | 25,494 | 60,531 | 46,415 | |||||
General and administrative | 4,878 | 5,223 | 9,911 | 10,227 | |||||
Share-based compensation | 16 | 1,632 | 3,180 | 7,490 | 6,586 | ||||
Financing costs | 18 | 10,675 | 11,641 | 22,927 | 24,645 | ||||
Depletion, depreciation and amortization | 5,6 | 46,547 | 44,414 | 94,577 | 73,585 | ||||
Gain on property dispositions | 7 | (408) | - | (1,688) | (35,375) | ||||
164,733 | 139,349 | 327,354 | 221,347 | ||||||
Earnings (loss) before taxes | 230,684 | (15,851) | 321,636 | 4,429 | |||||
Deferred income tax expense (recovery) | 52,730 | (4,910) | 73,427 | (18) | |||||
Net earnings (loss) and comprehensive income (loss) | $ | 177,954 | $ | (10,941) | $ | 248,209 | $ | 4,447 | |
Net earnings (loss) per share | 13 | ||||||||
Basic | $ | 0.78 | $ | (0.05) | $ | 1.08 | $ | 0.02 | |
Diluted | $ | 0.74 | $ | (0.05) | $ | 1.04 | $ | 0.02 |
See accompanying notes to the consolidated interim financial statements.
NuVista Energy Ltd. | Q2 2022 Interim Financial Statements | 2 |
NUVISTA ENERGY LTD.
Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
Six months ended June 30 | |||||
($Cdn thousands) | Note | 2022 | 2021 | ||
Share capital | 12 | ||||
Balance, January 1 | $ | 1,228,275 | $ | 1,220,032 | |
Issued for cash on exercise of stock options | 13,225 | 28 | |||
Contributed surplus transferred on exercise of stock options | 5,732 | 13 | |||
Conversion of restricted share awards | 442 | 937 | |||
Conversion of performance share awards | 1,209 | 1,151 | |||
Repurchase of shares for cancellation | (13,807) | - | |||
Balance, end of period | $ | 1,235,076 | $ | 1,222,161 | |
Contributed surplus | |||||
Balance, January 1 | $ | 68,337 | $ | 62,329 | |
Share-based compensation | 3,803 | 2,741 | |||
Transfer to share capital on exercise of stock options | (5,732) | (13) | |||
Conversion of restricted share awards | (442) | (937) | |||
Conversion of performance share awards | (1,209) | (1,151) | |||
Tax deduction on excess value of share awards | 4,947 | - | |||
Balance, end of period | $ | 69,704 | $ | 62,969 | |
Retained earnings (deficit) | |||||
Balance, January 1 | $ | 139,205 | $ | (125,467) | |
Repurchase of shares for cancellation | (13,792) | - | |||
Net earnings | 248,209 | 4,447 | |||
Balance, end of period | $ | 373,622 | $ | (121,020) | |
Total shareholders' equity | $ | 1,678,402 | $ | 1,164,110 |
See accompanying notes to the consolidated interim financial statements.
NuVista Energy Ltd. | Q2 2022 Interim Financial Statements | 3 |
NUVISTA ENERGY LTD.
Consolidated Statements of Cash Flows (Unaudited)
Three months ended | Six months ended June | ||||||||
June 30 | 30 | ||||||||
($Cdn thousands) | Note | 2022 | 2021 | 2022 | 2021 | ||||
Cash provided by (used in) | |||||||||
Operating activities | |||||||||
Net earnings (loss) | $ | 177,954 | $ | (10,941) | $ | 248,209 | $ | 4,447 | |
Items not requiring cash from operations: | |||||||||
Other income | 11 | (425) | (27) | (6,030) | (886) | ||||
Depletion, depreciation and amortization | 5,6 | 46,547 | 44,414 | 94,577 | 73,585 | ||||
Gain on property dispositions | 7 | (408) | - | (1,688) | (35,375) | ||||
Share-based compensation | 16 | 1,517 | 1,146 | 3,233 | 2,364 | ||||
Unrealized (gain) loss on financial derivatives | (78,922) | 25,284 | (23,586) | 43,417 | |||||
Deferred income tax expense | 52,730 | (4,910) | 73,427 | (18) | |||||
Accretion | 11 | 840 | 486 | 1,560 | 1,175 | ||||
Asset retirement expenditures | 11 | (1,184) | (265) | (6,752) | (4,098) | ||||
Change in non-cash working capital | 19 | 29,019 | 3,170 | 7,160 | 19,897 | ||||
Cash provided by operating activities | 227,668 | 58,357 | 390,110 | 104,508 | |||||
Financing activities | |||||||||
Issuance of share capital on exercise of stock options | 9,004 | 28 | 13,225 | 28 | |||||
Payment on lease liabilities | (1,294) | (1,170) | (2,509) | (1,404) | |||||
Repurchase of shares | (27,599) | - | (27,599) | - | |||||
Decrease of long-term debt | (100,247) | (13,711) | (139,173) | (76,649) | |||||
Cash used in financing activities | (120,136) | (14,853) | (156,056) | (78,025) | |||||
Investing activities | |||||||||
Property, plant and equipment expenditures | 5 | (112,811) | (44,339) | (231,683) | (125,285) | ||||
Exploration and evaluation expenditures | 4 | (2,212) | (5) | (3,304) | (7) | ||||
Proceeds on property dispositions | - | - | - | 93,578 | |||||
Other receivable expenditures | - | 1,116 | - | 3,076 | |||||
Change in non-cash working capital | 19 | 7,491 | (276) | 933 | 2,155 | ||||
Cash used in investing activities | (107,532) | (43,504) | (234,054) | (26,483) | |||||
Change in cash and cash equivalents | - | - | - | - | |||||
Cash and cash equivalents, beginning of period | - | - | - | - | |||||
Cash and cash equivalents, end of period | $ | - | $ | - | $ | - | $ | - | |
Cash interest paid | $ | 2,123 | $ | 2,874 | $ | 14,278 | $ | 14,189 |
See accompanying notes to the consolidated interim financial statements.
NuVista Energy Ltd. | Q2 2022 Interim Financial Statements | 4 |
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NuVista Energy Ltd. published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 11:58:07 UTC.
