Cardinal Energy (CJ) investor relations material

Financial and operational overview

• Market capitalization stands at $2.1 billion with 176 million shares outstanding and an annual dividend of $0.72 per share.

• 2026 production guidance is 25,000–25,500 boe/d, with 93% oil and liquids weighting.

• 2026 budgeted capital expenditures are $205 million, with $15 million allocated to asset retirement obligations.

• Estimated annual conventional production decline is -10%, significantly lower than the peer average of 25%.

• Insider ownership is 22.3%, and tax pools total $1.2 billion.

Strategic positioning and growth

• Recognized as the lowest decline conventional oil producer in Canada, supporting stable long-term output.

• Over $670 million has been returned to shareholders via dividends since inception.

• Growth strategy leverages modular small-scale SAGD assets, reducing corporate break-even prices.

• Portfolio of thermal projects could potentially double corporate production.

• Focus on net asset value and reserve growth while maintaining a long reserve life index.

Asset base and development

• Operating areas span Saskatchewan, North, Central, and South Alberta, with a focus on long-life assets.

• Saskatchewan thermal oil trend led by Reford 1 (>6,500 bbl/d) and Reford 2 (first steam in 2027).

• Multiple enhanced oil recovery (EOR) and waterflood projects support low decline rates.

• Central and Southern Alberta assets target medium gravity crude with horizontal and multi-lateral drilling.