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Cardinal Energy (CJ) investor relations material
Cardinal Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 production averaged 20,772 boe/d, reflecting a focus on completing the Reford SAGD project.
Adjusted funds flow was $47.3 million, down 28% year-over-year, mainly due to lower commodity prices and slightly reduced production.
Net operating expenses per boe decreased 1% to $24.05/boe compared to Q3 2024.
$29.5 million was returned to shareholders via dividends in Q3 2025.
Financial highlights
Petroleum and natural gas revenue was $127.0 million, down 14% year-over-year.
Net income for Q3 2025 was $13.8 million, a 45% decrease from Q3 2024.
Cash flow from operating activities was $55.5 million, down 34% year-over-year.
Development capital expenditures were $26.3 million, a 21% reduction from Q3 2024.
Total payout ratio increased to 118% from 94% in Q3 2024.
Outlook and guidance
Reford SAGD project is expected to drive higher production in Q4 2025 and into 2026.
Additional Reford production at US$65 WTI is projected to add ~$100 million in adjusted funds flow in 2026.
2026 budget announcement is deferred pending greater clarity on commodity prices.
Plans to reinvest in conventional business units in 2026 to offset 2025 production declines.
Second thermal project could be sanctioned in early 2026, subject to market conditions.
Reford's impact on 2026 leverage and dividend
How do Q1 2025 debentures support future growth?
Midale CO2 EOR's production increase impact
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Next Cardinal Energy earnings date
Q4 202517 Mar, 2026
Next Cardinal Energy earnings date
Q4 202517 Mar, 2026
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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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