Canadian E&P NuVista Energy (NVA) has temporarily curtailed production in the Wapiti area of the Alberta Deep Basin due to unscheduled maintenance at a third-party plant, the company announced Dec. 18.

The curtailment will impact December volumes. Before the incident, NuVista’s production was in line with fourth-quarter 2024 guidance. October and November production averaged 90,000 boe/d.

Revised guidance for the fourth quarter is now 83,000 boe/d to 84,000 boe/d, down from the original 89,000 boe/d to 91,000 boe/d. Full-year estimated production range was previously 83,500 boe/d to 86,000 boe/d.

That amounts to a 7% reduction in fourth-quarter production guidance, a Jefferies Securities analyst said.

“Long-term plan remains intact, as NVA expects to achieve 2024 exit production,” analyst Anthony Linton said in a Dec. 18 research report. “We've updated our estimates to reflect revised 4Q24 guidance while our 2025 estimates are unchanged.”

The facility is currently being restarted. By the end of the year, production levels will return above 90,000 boe/d, the company said.

Linton said with a restart underway, “our estimates for 25/26 are unchanged and reflect production of [90,700 boe/d] and [102,600 boe/d], respectively, in-line with NVA's five-year plan."

“We forecast NVA generating [free cash flow] of $274 [million] (~10% yield) and $224 [million] (~9% yield) in 25/26, respectively, under current strip pricing.”

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