07:44 AM EDT, 03/13/2026 (MT Newswires) -- Cardinal Energy (CJ.TO) said overnight Thursday that it swung to a net loss in the fourth quarter of 2025 amid lower oil prices during the period.

The company reported a loss of C$29.9 million, or a loss of $0.18 per share, for the three months ended Dec. 31, 2025, reversing year-ago earnings of $25.8 million, or $0.16 per share.

Analysts estimated a loss of $0.06 per share, according to FactSet.

Petroleum and natural gas revenue slipped 12% to $129.5 million as West Texas Intermediate oil prices dropped 16% year over year, the company said.

Average daily production increased to a record 23,514 barrels of oil equivalent per day (boe/d) from 21,916 boe/d.

Cardinal maintained its 2026 budget of $160 million to generate annual volumes of 25,000-25,500 boe/d amid crude oil price volatility driven by the Middle East conflict.

Should crude oil prices increase to over US$60.00 per barrel that served as the basis for the 2026 budget, the company said it would use the incremental free cash flow to increase its conventional asset expenditures closer to historical averages, support the buildout of the Reford 2 project, and expand future thermal prospect inventory.