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Fact Sheet

Financial & Operating Summary

($ thousands, except per share) 2022 2021 2020 2019 2018
Financial
Oil and natural gas revenues 1,745,975 885,290 424,637 585,484 555,849
Adjusted funds flow (1)(3) 892,801 320,974 156,866 265,851 264,448
Per share – basic 3.94 1.42 0.70 1.18 1.39
Net earnings (loss) 631,045 264,672 (197,879) (63,833) 136,245
Per share – basic 2.78 1.17 (0.88) (0.28) 0.71
Total Assets 2,821,666 2,391,984 2,157,830 2,331,361 2,180,874
Net debt (1)(3) 171,805 480,275 598,835 561,975 511,408
Capital expenditures (2) 419,476 288,846 180,442 301,822 340,792
Weighted average common shares outstanding (thousands):
Basic 226,733 226,288 225,683 225,429 190,568
Operating
Production
Natural gas (MMcf/d) 239.6 183.5 185.7 182.3 144.7
Natural gas liquids (Bbls/d) (4) 6,162 5,298 5,420 5,246 3,554
Condensate & oil (Bbls/d) 22,591 16,465 14,067 15,170 12,674
Total (Boe/d) 68,690 52,345 50,443 50,803 40,353
Condensate & oil weighting 33% 31% 28% 30% 31%
Average realized selling prices (5)
Natural gas ($/Mcf) 7.39 4.63 2.43 2.78 3.51
Natural gas liquids ($/Bbl) (4) 54.90 35.38 12.68 14.01 32.83
Condensate & oil ($/Bbl) 118.34 84.35 45.50 67.44 70.92
Working interest reserves (6) (Mboe)
Proved
Developed producing 142,658 121,605 95,505 94,860 83,992
Developed non-producing 16,746 11,773 24,006 15,200 9,490
Undeveloped 180,719 191,547 213,527 243,379 231,098
Total proved 340,123 324,925 333,038 353,438 324,580
Probable 264,290 242,616 256,795 240,311 213,148
Total proved plus probable 604,413 567,541 589,833 593,749 537,728

(1) Refer to Note 16 “Capital management” in NuVista’s financial statements and to the sections entitled “Adjusted funds flow” and “Liquidity and capital resources” contained in the MD&A.
(2) Non-GAAP financial measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled “Non-GAAP and Other Financial Measures.
(3) Capital management measure. Reference should be made to the section entitled “Non-GAAP and Other Financial Measures”.
(4) Natural gas liquids include butane, propane, ethane and sulphur revenue.
(5) Product prices exclude realized gains/losses on financial derivatives.
(6)Working interest reserves are gross working interest reserves and before the deduction of royalties and without including any royalty interest.