Cardinal Energy (CJ) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 production of 23,514 boe/d, up 7% year-over-year, driven by the Reford SAGD project entering production and resilient conventional output.

• Annual production for 2025 was 21,870 boe/d, flat year-over-year despite a 24% reduction in conventional development capital expenditures.

• Adjusted funds flow for Q4 was $46.1 million ($0.28 per diluted share); full-year 2025 was $205.1 million ($1.27 per diluted share).

• Net loss of $29.9 million in Q4 2025 versus earnings of $25.8 million in Q4 2024; full-year net income was $20.8 million, down 81% year-over-year.

Financial highlights

• Q4 2025 petroleum and natural gas revenue was $129.5 million, down 12% year-over-year; annual revenue was $533.7 million, also down 12%.

• Cash flow from operating activities was $43.5 million in Q4 (down 18% year-over-year) and $206.8 million for 2025 (down 16%).

• Capital expenditures totaled $77.7 million in 2025, a 25% decrease from 2024.

• Exploration & evaluation expenditures rose 64% to $136.5 million, mainly for the Reford SAGD project.

• Dividends declared in 2025 totaled $116.5 million ($0.72 per share).

Outlook and guidance

• 2026 budget set at $160 million, targeting average annual production of 25,000–25,500 boe/d.

• Reford 2 SAGD project expected online in H2 2027, with development ahead of schedule.

• If oil prices exceed the $60/bbl budget assumption, incremental free cash flow will be allocated to conventional asset spending, Reford 2 build-out, and expanding thermal prospects.