First Quarter (1Q) Update | Capital Expenditure | Capital Expenditure 2025

NuVista Energy – 2025 Capital Program and Operating Momentum

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NuVista enters 2025 with strong operational momentum following a record 2024 and a balance sheet that affords both growth and shareholder returns. The Company has reaffirmed its ~$450 million 2025 capital expenditure program, positioning capital discipline alongside continued development of its high-quality Montney inventory.

Operationally, NuVista continues to run a two-rig drilling program, with consistent utilization driving measurable efficiency gains. Management highlighted that new spud-to-rig release records have been set, reflecting improved drilling performance and operational execution. Completion operations resumed in January 2025 and, despite extreme winter conditions, pumping efficiency has exceeded expectations, with capital costs trending below budget. As a result, NuVista now forecasts a ~3% year-over-year reduction in well costs for 2025.

The 2025 drilling and completion program is concentrated across NuVista’s core areas, including Pipestone, Wapiti, Gold Creek, and Elmworth, with multiple multi-well pads scheduled to come onstream through the year. Early 2025 activity includes:

• A 5-well pad in Bilbo (Wapiti) targeting three Montney benches, including the Lower Montney;

• A 5-well pad at Elmworth expected online in Q2;

• A 4-well pad at Gold Creek, including Lower Montney wells, expected online later in Q2; and

• A 14-well pad in Pipestone slated for Q2 startup, followed by an 8-well pad expected online in Q3.

Importantly, NuVista continues to demonstrate repeatability across the Montney stack, with recent co-developed pads delivering strong results. A six-well pad spanning four zones reached its IP90 milestone averaging ~1,500 Boe/d per well, including ~33% condensate, with the Lower Montney performing in line with other benches.

From a production standpoint, NuVista expects Q1 2025 production of 87,000–88,000 Boe/d, with the majority of annual growth weighted to the second half of the year. A key catalyst is the anticipated Q2 startup of a third-party gas plant at Pipestone, which is expected to unlock ~8,000–10,000 Boe/d of incremental capacity. Assuming a Q2 start-up, NuVista forecasts ~92,000 Boe/d average production in 2025; a delay into Q4 would result in ~88,000 Boe/d, supporting reiterated guidance of ~90,000 Boe/d.

Overall, NuVista’s 2025 plan reflects a disciplined development approach: a steady two-rig program, improving well costs, multi-bench Montney execution, and infrastructure-enabled growth, while preserving flexibility to direct free adjusted funds flow toward share repurchases and balance sheet strength.