Strathcona Resources (SCR) Corporate presentation summary

Company profile and asset base

• Pure-play oil sands and heavy oil producer focused in Cold Lake and Lloydminster regions of Alberta and Saskatchewan.

• Market capitalization of ~$8.8bn, enterprise value of ~$10.7bn, and quarterly dividend of $0.30/share (~3% yield).

• 2026 estimated production of 125 Mbbls/d (~100% oil) with 1P reserves of 1,226 MMbbls (29-year RLI) and 2P reserves of 2,166 MMbbls (51-year RLI).

• Ownership split: ~60% Waterous Energy Fund, ~40% public.

Strategic evolution and growth plan

• Initial nine years focused on resource capture and returning capital; next five years target organic growth.

• Major acquisitions and divestitures, including Pipestone Energy acquisition (2023) and Montney business sale (2025).

• Five-year plan to grow production from 125 to 200 Mbbls/d organically (10% CAGR).

• Asset base now consolidated and de-risked, with improved operational team and favorable oil macro trends.

Business units and operational highlights

• Three semi-autonomous business units: Cold Lake (largest reserves, SAGD projects), Lloydminster Thermal (small-scale SAGD, modular CPFs), Lloydminster Conventional (polymer/water flood EOR).

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

• Lindbergh Phase 2 is the largest organic growth opportunity.