Cardinal Energy Reports Q3 Production Up 21% to 25,127 boe/d
Cardinal Energy reported $117.8 million in adjusted funds flow and $57.9 million in free cash flow for the quarter ended September 30, 2026. Revenue was $215.6 million, and net debt fell 10% quarter over quarter to $154.9 million. The company reaffirmed its monthly dividend of $0.06 per share.
Cardinal Energy Ltd. announced its operating and financial results for the third quarter ended September 30, 2026, reporting production of 25,127 boe/d, a 21% increase compared to the same period in 2025. The company achieved $117.8 million in adjusted funds flow and $57.9 million in free cash flow, representing increases of 149% and 176% respectively, driven by production growth and higher WTI oil prices. Revenue for the quarter reached $215.6 million, exceeding the FactSet estimate of $212.1 million.
Cardinal also reported a 10% quarter-over-quarter decrease in net debt to $154.9 million and reaffirmed its commitment to its monthly dividend of $0.06 per share. Additionally, the company noted that its Reford 2 SAGD project expansion is on track for a summer 2027 startup with an increased nameplate capacity of 6,000 bbl/d.