Strathcona Resources (SCR) Corporate presentation summary

Strategic direction and asset overview

• Focused on oil sands and heavy oil production in Alberta and Saskatchewan, with a concentrated asset base and a 67%/33% ownership split between Waterous Energy Fund and public shareholders.

• 2026 estimated production of 125 Mbbls/d, with 1P reserves of 1,226 MMbbls (29-year RLI) and 2P reserves of 2,166 MMbbls (51-year RLI).

• Net asset value after tax estimated at $9bn (1P) and $13bn (2P), translating to $32.05 and $49.46 per share, respectively.

• Transitioned from resource capture and acquisitions to a five-year plan focused on organic growth, targeting 200 Mbbls/d by 2031 (10% CAGR).

Business units and operational performance

• Organized into three business units: Cold Lake (largest reserves, SAGD projects), Lloydminster Thermal (modular SAGD, direct USGC sales), and Lloydminster Conventional (EOR, high margin, low decline).

• Cold Lake: ~64 Mbbls/d, 707 MMbbls 1P reserves, 30-year RLI; Lloydminster Thermal: ~39 Mbbls/d, 419 MMbbls 1P reserves, 29-year RLI; Conventional: ~22 Mbbls/d, 99 MMbbls 1P reserves, 12-year RLI.

• Field operating netbacks in 2025: $37.10/bbl (Cold Lake), $40.02/bbl (Thermal), $38.92/bbl (Conventional).

Capital allocation and growth plan

• $1.9bn capital investment planned over five years, with growth driven by filling existing SAGD facilities and three brownfield expansions (Lindbergh, Tucker, Meota, Plover).

• 2026 capital program includes $1bn total capex: ~$560mm sustaining, ~$440mm growth, with base dividend funded at US$58 WTI.

• Growth projects include Meota Central (two modular CPFs), Plover Lake (pilot expansion and commercial CPF), and Lindbergh Phase 2 (major CPF expansion).