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BRIEF-Nuvista Energy - Reduced Capital Spending Program For 2020 Effective Immediately To Remain In Line With Forecast Adjusted Funds Flow

Published 2020-03-16, 08:13 a/m
© Reuters.  BRIEF-Nuvista Energy - Reduced Capital Spending Program For 2020 Effective Immediately To Remain In Line With Forecast Adjusted Funds Flow
NVA
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March 16 (Reuters) - Nuvista Energy Ltd NVA.TO :

* NUVISTA ENERGY - REDUCED CAPITAL SPENDING PROGRAM FOR 2020 EFFECTIVE IMMEDIATELY TO REMAIN APPROXIMATELY IN LINE WITH FORECAST ADJUSTED FUNDS FLOW

* NUVISTA ENERGY LTD - FULL YEAR CAPITAL SPENDING HAS BEEN REDUCED FROM PRIOR GUIDANCE RANGE OF $300 - $330 MILLION TO NO MORE THAN $240 MILLION

* NUVISTA ENERGY LTD - Q1 CAPITAL SPENDING HAS BEEN REDUCED FROM $150 MILLION TO $135 MILLION

* NUVISTA ENERGY LTD - Q2 CAPITAL HAS BEEN REDUCED FROM $50 MILLION TO $30 MILLION

* NUVISTA ENERGY LTD - PRODUCTION FOR 2020 IS EXPECTED TO BE IN RANGE OF 54,000 - 57,000 BOE/D

* NUVISTA ENERGY LTD - CREDIT FACILITY DRAWINGS WILL BE MANAGED TO APPROXIMATELY $340 MILLION BY YEAR END 2020

* NUVISTA ENERGY LTD - WILL CONTINUE TO MONITOR COMMODITY PRICES AND WILL FINALIZE OUR POST-SPRING BREAKUP CAPITAL PROGRAM LATE IN Q2

* NUVISTA ENERGY LTD - HAVE FLEXIBILITY TO REDUCE 2020 SPENDING FURTHER, TO BELOW $200 MILLION IF COMMODITY PRICES EXHIBIT FURTHER SIGNS OF WEAKNESS

* NUVISTA ENERGY - FORECASTS TO BE ABOUT $400 MILLION DRAWN ON $550 MILLION CREDIT FACILITY AT MARCH END, AFTER Q1 WINTER DRILLING SEASON PEAK SPENDING PERIOD

* NUVISTA ENERGY LTD - AMOUNT OF BANK DEBT DRAWN IS EXPECTED TO BE REDUCED TO APPROXIMATELY $340 MILLION BY YEAR END 2020

* NUVISTA ENERGY LTD - IN AGGREGATE, 60% OF PROJECTED 2020 LIQUIDS PRODUCTION IS PROTECTED AT A WTI FLOOR PRICE OF C$77.24/BBL

* NUVISTA ENERGY LTD - BACKUP PLAN IS IN PLACE TO ENSURE MINIMUM CREWS FOR SAFE OPERATIONS IN EVENT OF CORONAVIRUS ESCALATION

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