Strathcona Resources (SCR) investor relations material

Strategic focus and asset overview

• Concentrated oil sands and heavy oil operations in Cold Lake and Lloydminster regions of Alberta and Saskatchewan, with 125 Mbbls/d 2026E production and 1,226 MMbbls 1P reserves (29-year RLI).

• Ownership split: ~67% Waterous Energy Fund, ~33% public; TSX: SCR, $9.8bn market cap, $2.1bn debt, $11.9bn enterprise value.

• Three business units: Cold Lake (largest reserves, SAGD projects), Lloydminster Thermal (modular SAGD), Lloydminster Conventional (EOR, low-decline, high-margin).

Growth strategy and capital allocation

• Five-year plan (2026–2031) targets organic production growth from 125 to 200 Mbbls/d (10% CAGR) via $1.9bn capital investment.

• Growth focused on filling existing SAGD facilities and three brownfield expansions: Lindbergh Phase 2, Meota Central, and Plover Lake.

• 2026 capital program: $1bn budget ($560mm sustaining, $440mm growth), with excess FCF allocated to debt, M&A, and shareholder returns.

Operational and financial performance

• Field operating netbacks in 2025: $37–$40/boe for core assets, outperforming oil sands peers and Canadian E&Ps.

• Largest inventory of low breakeven drilling locations in North America (~35 years at <$50 WTI), supporting long-term profitable growth.

• Trading at a ~20% discount to oil sands peers on cash flow, FCF, and NAV metrics; public float and trading liquidity improving post-IPO.