Dividend Suspended for 3 months Cardinal Energy at Record Low as Reports Q4 Net Loss of $0.13 Per Share, Cuts Capital Budget And Temporarily Suspends Dividend
07:52 AM EDT, 03/18/2020 (MT Newswires) -- Cardinal Energy (CJ.TO) trading at record lows, reported a Q4 2019 net loss of $15.1 million, or $(0.13) per diluted share, compared with net income of $84.7 million, or $0.70 per dilute share, for Q4 2018.
AFFO was $28.8 million, or $0.25 per diluted share, compared with $5.5 million, or $0.13 per share, for the previous corresponding quarter.
Cardinal reported quarterly cash flow of $31.7 million (Q4 2018: $6.97 million).
Average daily production was 20,227 boe/d, 1% lower than Q4 2018's 20,365 boe/d.
Cardinal Energy has also revised its 2020 capital budget to $31 million, of which $22 million has been spent and $9 million is planned for the balance of the year. These funds are necessary to complete scheduled facility turnarounds and to maintain safe operations as well as to maintain the company's base production.
The Board of Directors has suspended the dividend for March, April, May and June after which it will evaluate market conditions and either reinstate a dividend or continue with another temporary suspension.