Cardinal Energy stock expands Reford 2 capacity to 6,000 bbl/ d

Published on 10/07/2026 at 04:18 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Cardinal Energy stock posted CAD 68.4 million in Q2 net income on July 29, 2026, up 341 percent year over year. Reford 2 capacity is moving to 6,000 bbl/d.

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Cardinal Energy (CA14150G4007) was last at CAD 12.39 on the TSX on October 6, 2026 at 4:00 p.m. ET, down 0.48 percent on the session. The company is expanding its Reford 2 thermal oil project while maintaining a monthly CAD 0.06 dividend.

Reford 2 reaches 6,000 bbl/d

According to BOE Report on September 14, 2026, Cardinal is lifting planned Reford 2 nameplate capacity to 6,000 barrels per day from 4,250 barrels per day. That is a 41.2 percent increase in planned capacity, while first steam remains targeted for summer 2027 and ramp-up for early Q4 2027.

The expansion carries an incremental capital cost of CAD 40 million, according to the same company release published by BOE Report. Cardinal also said it was on pace to exit 2026 undrawn on its CAD 275 million credit facility, a balance-sheet point that gives the project a measurable funding cushion.

Q2 earnings reset the baseline

Cardinal's second-quarter 2026 results provide the latest operating benchmark. Simply Wall St reported Q2 EPS of CAD 0.39, up from CAD 0.097 in Q2 2025, while revenue rose 84 percent to CAD 194.0 million. Net income increased 341 percent to CAD 68.4 million, and the profit margin reached 35 percent from 15 percent.

The quarter also showed why the stock story depends on execution rather than project size alone. Reford 2 is scheduled to contribute at a later stage, while the Q2 cash generation and Reford 1 output provide the current operating base.

Dividend payment comes October 15

Cardinal confirmed a CAD 0.06 per share September dividend payable on October 15, 2026, according to BOE Report. The payment date gives shareholders a near-term corporate event, while the larger Reford 2 design extends the investment case into 2027.

Cardinal's investor page lists Q3 2026 results for November 5, 2026, after market, providing the next scheduled test of production, cash flow and project spending, according to Cardinal Energy.

Stock stays below yearly high

At CAD 12.39 on October 6, 2026, Cardinal Energy's stock was 7.4 percent below its 52-week high of CAD 13.38 and above its 52-week low of CAD 7.51. The market capitalization was CAD 2.2 billion as of October 6, 2026, with 528,732 shares traded during the session.