2nd quarter thoughts? What are people's thoughts on the upcoming Q2 results?
My opinion is that is looking like a "treading water" scenario where no debt was paid down, no shares repurchased. WTI averaged about $73.69 for the quarter.
Saving grace may be improved WCS to WTI numbers
1st quarter differential was around $25 less for WCS. For the second quarter it looks like around $16 less for WCS. So even though WTI was down $2 for Q2 compared to Q1, WCS is up by almost $10 relative to WTI.
Looking like Q3 and Q4 2023 are when Cardinal will be much better of if oil price stability remains - perhaps able to eliminate debt by end of the year.
Still don't think they will go out and increase dividend in 2024 - have to be happy with the very nice dividend they now provide.
GLTA