Cardinal Energy Ltd (Alberta) T.CJ

Alternate Symbol(s): CRLFF

Energy Oil & Gas E&P

Cardinal Energy Ltd. is a Canadian oil and natural gas company with operations focused on low decline oil in Western Canada. The Company is engaged in the acquisition, development, optimization and production of crude oil and natural gas in the provinces of Alberta, British Columbia and Saskatchewan. Its operating areas include the Midale, South District, Central District, and North District. Its Midale operating area of over 730 million barrels of original oil in place (OOIP) and its low decline in production of 3,200 barrels of oil equivalent per day (boe/d) (net) is supported by both waterflood and CO2 enhanced oil recovery. Its South District operating area is located east of Calgary in southeastern Alberta and produces medium gravity crude, as well as liquids-rich natural gas. Its Central District operation is located in East Central Alberta, which is focused on producing oil from multiple, large OOIP pools. Its North area includes Grande Prairie, Clearwater and other properties.

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Cardinal Energy Ltd (Alberta) > Dividend increase for 2023

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Comment by Konaboyon Dec 16, 2022 8:30am

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Post# 35175256

RE:RE:RE:RE:RE:Dividend increase for 2023

I'm looking at the 2023 guidance graph, with $270MM FFO. The $112M in current dividend burden does not shrink with WTI below $80, so capex has to give to protect the dividend.

Actually, graph also shows 50% of FFO to SH returns, so there is another ($135-112=) $23M in flex there, but that can get chewed up quickly too, and would probably be the first to come off the table (before capex).

I'm still holding and remaining neutral-positive, but I think that until WTI recovers solidly above $80 and the debt is all gone, we won't see a divvy increase. Happily proven wrong!

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