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Cardinal Energy (CJ) investor relations material
Cardinal Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Q2 2025 production averaged 21,184 boe/d, 3% above budget, despite drilling only one conventional oil well as focus shifted to the Reford SAGD project.
Adjusted funds flow for Q2 2025 was $49.4 million, primarily allocated to the Reford project and dividends.
Net operating expenses per boe decreased 5% sequentially, reflecting operational efficiencies.
Net debt rose to $227.1 million, with 39% of the $240 million credit facility drawn.
$28.9 million in dividends were paid in Q2, resulting in an 84% total payout ratio.
Financial highlights
Petroleum and natural gas revenue was $127.4 million, down 25% year-over-year.
Adjusted funds flow fell 40% year-over-year to $49.4 million ($0.31 per share basic/diluted).
Net income dropped 62% year-over-year to $15.5 million ($0.10 per share basic).
Development capital expenditures decreased 32% year-over-year to $12.7 million.
Free cash flow for Q2 was $36.7 million, down from $63.1 million a year ago.
Outlook and guidance
First steam at the Reford SAGD project is expected in late Q3 2025, with production ramping up in early Q1 2026 to 6,000 bbl/d.
Four additional conventional wells are planned for H2 2025; development intensity to increase in 2026.
Debt reduction is anticipated to begin in Q4 2025 as Reford capital spending winds down.
Five stratigraphic test wells and further seismic work are planned in 2025 to delineate future thermal projects.
Reford debt reduction: commodity price sensitivity?
2026 conventional drilling: production impact?
Post-Reford, payout ratio sustainability?
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Next Cardinal Energy earnings date
Q3 20257 Nov, 2025
Next Cardinal Energy earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
Cardinal Energy Ltd. is a Canadian enterprise engaged in the acquisition, exploration, and production of petroleum and natural gas. The company's operations are strategically located in the provinces of Alberta, British Columbia, and Saskatchewan, focusing on sectors with low decline oil production. The company is headquartered in Calgary, Alberta, and its shares are listed on the Toronto Stock Exchange.
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