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Cardinal Energy Ltd. Announces Second Quarter 2024 Operating and Financial Results
Calgary, Alberta--(Newsfile Corp. - August 1, 2024) - Cardinal Energy Ltd. (TSX: CJ) ("Cardinal" ...
About this update from Cardinal Energy Ltd.
[{"type":"text","content":"\nCardinal Energy Ltd. Announces Second Quarter 2024 Operating and Financial ResultsCalgary, Alberta--(Newsfile Corp. - August 1, 2024) - 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, 2024.FINANCIAL AND OPERATING HIGHLIGHTS FROM THE SECOND QUARTER OF 2024Average production volumes of 22,376 boe/d were 3% higher than the first quarter of 2024, despite shutting in 250 boe/d of subeconomic natural gas, as volumes from the Company's strong first quarter drilling program positively impacted the quarter;Adjusted funds flow(1) increased 55% over the first quarter of 2024 due to increased production, stronger oil prices and reduced net operating expenses;Oil production increased 5%;Cardinal realized oil prices increased 17%;Net operating expenses(1) per boe decreased 10%;Second quarter adjusted funds flow of $81.8 million was allocated as follows:Net debt(1) reduction - 25%;Exploration and evaluation growth capital - 13%;Capital expenditures to maintain production - 24%;Asset retirement obligations (\"ARO\") - 2%;Shareholder returns (dividends) - 36%;Decreased net debt by 17% over the prior quarter to close the second quarter at $99.2 million leading to a net debt to adjusted funds flow ratio(1) of 0.4x. At the end of the second quarter, Cardinal was drawn 39% on its recently expanded $200 million credit facility; Production from seven wells drilled in the first quarter of 2024 added 1,980 boe/d to second quarter 2024 production; andDevelopment capital expenditures(1) were $18.8 million which included one (0.8 net) well drilled at Midale, Saskatchewan and recompletions and reactivations across our asset base. Exploration and evaluation expenditures of $10.8 million were spent on our Saskatchewan steam assisted gravity drainage (\"SAGD\") projects. (1) See non-GAAP and other financial measures.The following table summarizes our second quarter financial and operating highlights: ($000's except shares, per shareand operating amounts)Three months ended June 30Six months ended June 30 20242023% Chg 20242023% ChgFinancialPetroleum and natural gas revenue169,353137,05324309,579272,03014Cash flow from operating activities71,46361,22017110,827102,3098Adjusted funds flow (1)81,82756,19046134,633108,50024  per share - basic0.510...