Business
Cardinal Energy Ltd. Announces Second Quarter 2023 Operating and Financial Results
Calgary, Alberta--(Newsfile Corp. - July 27, 2023) - Cardinal Energy Ltd. (TSX: CJ) ("Cardinal" o...
About this update from Cardinal Energy Ltd.
[{"type":"text","content":"Cardinal Energy Ltd. Announces Second Quarter 2023 Operating and Financial ResultsCalgary, Alberta--(Newsfile Corp. - July 27, 2023) - Cardinal Energy Ltd. (TSX: CJ) (\"Cardinal\" or the \"Company\") is pleased to announce its operating and financial results for the second quarter ended June 30, 2023.FINANCIAL AND OPERATING HIGHLIGHTS FROM THE SECOND QUARTER OF 2023Average production volumes of 21,047 boe/d were negatively impacted by approximately 700 boe/d due to short-term shut-in production associated with forest fires in northern Alberta in the second quarter. All shut-in volumes are now back online with current production at approximately 22,000 boe/d;Adjusted funds flow(1) increased 7% over the first quarter of 2023 due to narrower Western Canadian Select (\"WCS\") differentials;Decreased net debt(1) by 2% over the prior quarter leading to a net debt to adjusted funds flow ratio(1) of 0.3x;Closed the disposition of non-core undeveloped land with minimal production and associated asset retirement obligations (\"ARO\") for proceeds of $10 million;Brought onstream our four Nipisi Clearwater wells that were drilled in the first quarter of 2023 with combined current rates over 975 boe/d, approximately 30% higher than our offsetting 2022 pad initial production rates;Drilled six (4.6 net) successful wells in our Midale, Saskatchewan area and one (1.0 net) well in southern Alberta which are expected to start producing early in the third quarter. (1) See non-GAAP and other financial measures.The following table summarizes our second quarter financial and operating highlights: ($000's except shares, per share and operating amounts)Three months ended June 30Six months ended June 3020232022% Chg20232022% ChgFinancialPetroleum and natural gas revenue137,053228,917(40)272,030403,255(33)Cash flow from operating activities61,220120,210(49)102,309170,253(40)Adjusted funds flow56,190128,337(56)108,500214,888(50) per share - basic0.350.84(58)0.691.42(51) per share - diluted0.350.82(57)0.681.38(51)Earnings27,71998,586(72)44,040155,826(72) per share - basic0.180.64(72)0.281.03(73) per share - diluted0.170.63(73)0.281.00(72)Development capital expenditures (1)29,86725,0181953,35459,965(11)Other capital expenditures (1)490520(6)1,4581,3697Acquisitions, net(10,000)-n/m(9,128)-n/mCapital expenditures (1)20,35725,538(20)45,68461,334(26) Commo...