Cardinal Energy Ends 2021 With $445.1 Million In Revenue, Opens To A 14% Share Price Drop
Cardinal Energy Ltd. (TSX: CJ) released on Monday its Q4 and full-year 2021 financial results, which saw the company post $445.1 million in revenue. This is an increase from 2020’s revenue of $223.2 million.
On the production side, the energy firm’s average production for the year came in at 19,090 boe per day with an operating netback of $29.68 per boe. This figure compares to last year’s 18,442 boe per day average production with an operating netback of $10.46 per boe.
Meanwhile, adjusted funds flow netback for the year ended at $19.02 per boe, also an increase from the previous year’s $6.48 per boe.
Further down, net earnings for 2021 ended at $284.4 million, up from a net loss of $363.2 million last year. This translates to $1.84 earnings per diluted share.
In Q4, the firm earned $140.4 million in revenue compared to Q4 2020’s $66.1 million. Quarterly average production ended at 20,525 boe per day, up from 18,625 boe per day from the year-ago period.
Net earnings for the quarter ended at $39.0 million, down from last year’s $120.0 million.
The firm was able to generate cash flow from operating activities during the year amounting to $125.1 million compared to $43.5 million last year. Adjusted funds flow came in at $132.5 million compared to $43.8 million last year while free funds flow came in at $81.9 million compared to $13.4 million last year.
Specifically for Q4, WTI oil prices averaged approximately US$77/bbl which resulted in a free cash flow of $35.4 million for the quarter.
Cardinal Energy last traded at $7.68 on the TSX, then down as much as 14.32% as the market opened today.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.