Strathcona Resources (SCR) Q4 2025 earnings summary

Executive summary

• Q4 2025 production averaged 117,715 boe/d (99.7% liquids), with operating earnings of $146 million and free cash flow of $53 million.

• Full year 2025 production was 152,163 boe/d (85.7% liquids), operating earnings reached $930 million, and free cash flow totaled $364 million.

• Year-end proved plus probable (2P) reserves grew 7% to 2,166 MMboe, with a 297% organic 2P reserves replacement and a 51-year 2P reserves life index.

• Quarterly dividend of $0.30/share declared and a normal course issuer bid for up to 5% of shares approved.

Financial highlights

• Q4 oil and natural gas sales, net of blending and other income, were $710 million; full year totaled $3,622 million.

• Q4 operating earnings were $146 million, down from $190 million in Q4 2024; full year operating earnings were $930 million, down from $970 million in 2024.

• Q4 free cash flow was $53 million, impacted by $75 million in realized hedging losses; full year free cash flow was $364 million.

• Net debt at year-end was $2,095 million.

Outlook and guidance

• 2026 production guidance is 120–130 Mbbls/d, with a capital budget of $1.0 billion.

• Production expected at 115–120 Mbbls/d in H1 2026, ramping to 135 Mbbls/d by year-end.

• Long-range plan targets production growth to 200 Mbbls/d by 2031 and 300 Mbbls/d by 2035 (10% CAGR).