CALGARY, AB, Aug. 13, 2024 /PRNewswire/ - Strathcona Resources Ltd. ("Strathcona" or the "Company") (TSX:SCR) today reported its second quarter 2024 financial and operational results. The Board of Directors also declared its inaugural base quarterly dividend of $0.25 per share to be paid on September 27, 2024 to shareholders of record on September 16, 2024. Highlights Production of 181,766 boe/d (72% oil and condensate, 78% liquids)(1) Operating Earnings of $306.1 million ($1.43 / share)(2) Free Cash Flow of $247.3 million ($1.15 / share)(2) Three Months Ended Six Months Ended ($ millions, unless otherwise indicated) June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2024 June 30, 2023 WTI (US$ / bbl) 80.57 73.78 76.96 78.76 74.96 WCS Hardisty (C$ / bbl) 91.63 78.76 77.77 84.70 74.03 AECO 5A (C$ / mcf) 1.18 2.45 2.50 1.84 2.83 Bitumen (bbls/d) 59,581 53,825 60,150 59,865 52,469 Heavy oil (bbls/d) 51,111 53,470 51,835 51,473 55,446 Condensate and light oil (bbls/d) 20,120 10,600 19,279 19,700 9,341 Total oil production (bbls/d) 130,812 117,895 131,264 131,038 117,256 Other NGLs (bbls/d) 11,426 7,780 11,738 11,582 8,139 Natural gas (mcf/d) 237,170 108,612 252,720 244,945 111,442 Production (boe/d) 181,766 143,778 185,122 183,444 143,968 Sales (boe/d) 185,841 143,239 182,862 184,351 145,048 % Oil and condensate 72 % 82 % 71 % 71 % 81 % % Liquids(1) 78 % 87 % 77 % 78 % 87 % Oil and natural gas sales, net of blending costs and other income(2) 1,184.8 862.6 1,004.3 2,189.1 1,624.1 Royalties 194.0 106.2 126.2 320.2 219.3 Production and operating – Energy(2) 64.9 79.7 78.8 143.7 168.4 Production and operating - Non-energy(2) 149.5 110.9 135.4 284.9 226.8 Transportation and processing 149.2 104.8 143.4 292.6 232.7 General and administrative 25.2 20.8 22.0 47.2 46.7 Depletion, depreciation and amortization 229.1 170.7 221.8 450.9 333.8 Interest and finance costs 66.8 68.1 67.7 134.5 140.0 Current income tax recovery — — — — (46.9) Operating Earnings(2) 306.1 201.4 209.0 515.1 303.3 Other items(3) 78.9 (72.7) 108.4 187.3 (61.3) Income and comprehensive income 227.2 274.1 100.6 327.8 364.6 Operating Earnings(2) 306.1 201.4 209.0 515.1 303.3 Non-cash items(4) 252.4 188.5 244.1 496.5 369.1 (Loss) gain on risk management contracts and foreign exchange - realized (10.9) (0.7) 2.5 (8.4) (6.3) Funds from Operations(2) 547.6 389.2 455.6 1,003.2 666.1 Capital expenditures (297.4) (231.7) (286.1) (583.5) (460.4) Decommissioning costs (2.9) (4.9) (11.6) (14.5) (16.7) Free Cash Flow(2) 247.3 152.6 157.9 405.2 189.0 Debt 2,435.6 2,898.2 2,642.5 2,435.6 2,898.2 Common shares (millions)(5) 214.2 2,186.7 214.2 214.2 2,186.7 (1) See "Presentation of Oil and Gas Information" section of this press release. (2) A non-GAAP financial measure which does not have a standardized meaning under IFRS; see "Non-GAAP Measures and Ratios" section of this press release. (3) Other items is an aggregation of (gain) loss on risk management contracts, foreign exchange loss (gain), transaction related costs, unrealized loss (gain) on Sable remediation fund and deferred tax expense. (4) Non-cash items is an aggregation of depletion, depreciation and amortization, finance costs, and decommissioning government grant. (5) On October 3, 2023, pursuant to a plan of arrangement under the Business Corporations Act (Alberta), the former holders of shares of Strathcona Resources Ltd., a predecessor of Strathcona, received 0.089278 common shares of Strathcona for each Class A or Class B common share of the predecessor corporation held. Common shares as at June 30, 2024 reflect this exchange ratio. Common shares as at June 30, 2023 are not adjusted for this exchange ratio. Three Months Ended Six Months Ended ($/boe, unless otherwise indicated) June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2024 June 30, 2023 Oil and natural gas sales, net of blending costs and other income(1) 70.05 66.17 60.36 65.24 61.80 Royalties 11.47 8.15 7.58 9.54 8.35 Production and operating – Energy(1) 3.84 6.11 4.74 4.28 6.41 Production and operating - Non-energy(1) 8.84 8.51 8.14 8.49 8.64 Transportation and processing 8.82 8.04 8.62 8.72 8.86 General and administrative 1.49 1.59 1.32 1.40 1.78 Depletion, depreciation and amortization 13.55 13.10 13.33 13.44