Canada's Cardinal Energy Q4 revenue falls on lower oil prices

Cardinal Energy (Alberta)

12/03/2026 22:12

Overview

Canada oil and gas producer's Q4 petroleum and natural gas revenue fell 12% yr/yr on weaker oil prices

Q4 adjusted funds flow dropped 29% yr/yr as commodity prices declined

Quarterly production rose 7% yr/yr as Reford SAGD project began production phase

Outlook

Cardinal Energy maintains 2026 budget with C$160 mln in capital spending

Company expects 2026 average annual production of 25,000-25,500 boe/d

Result Drivers

REFORD SAGD RAMP-UP - Record Q4 production driven by Reford SAGD project moving into production phase, with volumes arriving earlier than expected

WEAKER OIL PRICES - Revenue and adjusted funds flow declined as lower WTI benchmark prices and wider differentials reduced realized pricing

Company press release: ID:nNFC3gvsPN

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Petroleum and Natural Gas Revenue
C$129.5 mln
Q4 Cash Flow from Operating Activities
C$43.49 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the oil & gas exploration and production peer group is "buy."

Wall Street's median 12-month price target for Cardinal Energy Ltd (Alberta) is C$9.50, about 9% below its March 12 closing price of C$10.44

The stock recently traded at 39 times the next 12-month earnings vs. a P/E of 20 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)