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Cardinal Energy Ltd. Announces First Quarter 2025 Operating and Financial Results
Calgary, Alberta--(Newsfile Corp. - May 8, 2025) - Cardinal Energy Ltd. (TSX: CJ) ("Cardinal" or ...
About this update from Cardinal Energy Ltd.
[{"type":"text","content":"Cardinal Energy Ltd. Announces First Quarter 2025 Operating and Financial ResultsCalgary, Alberta--(Newsfile Corp. - May 8, 2025) - Cardinal Energy Ltd. (TSX: CJ) (\"Cardinal\" or the \"Company\") is pleased to announce its operating and financial results for the first quarter ended March 31, 2025.FINANCIAL AND OPERATING HIGHLIGHTS FROM THE FIRST QUARTER OF 2025First quarter 2025 production of 22,005 boe/d increased by 1% compared to the same period in 2024. Crude oil and NGL production both increased by 3% whereas natural gas production decreased by 10% resulting in 90% crude oil and NGL production, a 2% increase year over year;Adjusted funds flow(1) in the first quarter of 2025 was $62.2 million, an increase of 18% from the same period in 2024, leading to free cash flow(1) of $49.1 million, an increase of 141% from the same period in 2024, which assisted in the funding of the Company's steam-assisted gravity drainage (\"SAGD\") project and the corporate dividend;Net operating expenses(1) per boe decreased 7% in the first quarter compared to the same period in 2024 primarily due to lower workover costs and decreased power prices;During the first quarter of 2025, Cardinal issued $105 million principal amount of debentures which allowed the Company to reduce bank debt by 90% from December 31, 2024 levels to $8.3 million, further the completion of the Reford thermal project and continue the assessment of future thermal projects. At the end of the first quarter, Cardinal was drawn 3% on its current $275 million credit facility and had a net debt to adjusted funds flow ratio(1) of 0.7x;In the first quarter, we continued with our disciplined conventional capital program investing $13.8 million of capital expenditures(1) which included the drilling and completion of one (0.8 net) saltwater disposal well and two (0.2 net) non-operated oil wells;As forecasted, in the first quarter of 2025 Cardinal incurred approximately $68 million on our thermal project at Reford, Saskatchewan which is now over 80% complete with progress continuing to be on schedule and on budget; andContinued with our successful shareholder return strategy with a consistent $0.06 per share per month dividend leading to $28.7 million being returned to shareholders in the first quarter of 2025 resulting in a 67% total payout ratio(1), a reduction of 42% from the same pe...