Core Viewpoint - Strathcona Resources Ltd. intends to initiate a take-over bid for MEG Energy Corp., offering a combination of Strathcona shares and cash for MEG shares, representing a total consideration of $23.27 per MEG share, which includes a 9.3% premium based on MEG's closing price on May 15, 2025 [1][2][3] Offer Details - The offer consists of 0.62 Strathcona shares and $4.10 in cash for each MEG share [1] - The total consideration reflects 82.4% in Strathcona shares and 17.6% in cash [1] - The offer will not be subject to any financing condition, with cash expected to be funded through a bridge financing commitment [2][17] Strategic Rationale - The merger aims to create Canada's fifth-largest oil producer and fourth-largest SAGD producer, combining two heavy oil "pure plays" with similar netbacks and reserve life indexes [8] - Strathcona anticipates significant accretion per share for both MEG and Strathcona shareholders across key metrics, including funds flow per share and production per share [8] - Identified annual synergy opportunities amount to $175 million, including $50 million in overhead reductions and $100 million in operating synergies [8] Shareholder Dynamics - Post-offer, Strathcona expects approximately 379 million shares outstanding, with ownership distribution of 56.5% for Strathcona shareholders, 37.8% for MEG shareholders, and 5.6% for Waterous Energy Fund III [3] - Waterous Energy Fund, holding 79.6% of Strathcona shares, plans to increase its investment through the purchase of an additional 21.4 million Strathcona shares [2][3] Background and Previous Proposals - Strathcona acquired approximately 23.4 million MEG shares, representing about 9.20% of MEG's outstanding shares as of May 5, 2025 [7] - A previous formal combination proposal was made to MEG's board on April 28, 2025, but was dismissed [9][10] Regulatory and Approval Process - The formal offer to purchase and take-over bid circular is expected to be filed within two weeks [11] - The offer will be open for acceptance for at least 105 days, subject to certain conditions [15][16] Financial Advisors - Scotiabank and TD Securities are acting as exclusive financial advisors to Strathcona [26]

Core Insights - Strathcona Resources Ltd. reported strong financial and operational results for Q1 2025, with record production and operating earnings despite flat WTI prices [1][5][10] - The company declared a quarterly dividend of $0.30 per share, reflecting a 15% increase compared to the previous quarter [10][11] - Strathcona has made a strategic investment in MEG Energy Corp., acquiring 23.4 million shares, representing approximately 9.20% of MEG's current shares outstanding [12] Financial Performance - Total oil production reached 194,609 barrels of oil equivalent per day (boe/d), a 5% increase from Q1 2024 [2][5] - Operating earnings were reported at $322.4 million, a 70% increase from the prior quarter [5][23] - Funds from operations amounted to $558.1 million, up from $455.6 million in Q1 2024 [2][23] Production and Operational Highlights - Bitumen production was 65,016 barrels per day, up from 60,150 barrels per day in Q1 2024 [1][39] - The company achieved a total oil production of 136,186 barrels per day, with 70% being oil and condensate [1][39] - Significant production growth was driven by strong performance at Cold Lake, particularly from the Tucker area [5][6] Capital Expenditures and Cash Flow - Capital expenditures for the quarter were $350.6 million, in line with expectations [5][23] - Free cash flow was reported at $184.0 million, compared to $157.9 million in Q1 2024 [2][23] - The company expects decommissioning costs to average approximately $5 million per quarter for the remainder of 2025 [5] Strategic Initiatives - Strathcona is focused on the construction of the new Meota Central processing facility, which is currently 22% complete and on schedule [7] - The company has entered into agreements to sell substantially all of its Montney assets for approximately $2.84 billion [8][9] - An expanded credit facility of approximately $3.255 billion has been approved, enhancing the company's liquidity position [9]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39394 Montrose Environmental Group, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | 46-4195044 | | --- | ...

Montrose Environmental Group (MEG) Q1 2025 Earnings Call May 08, 2025 08:30 AM ET Speaker0 Please note this event is being recorded. I would now like to turn the conference over to Adrienne Griffin, Senior Vice President, Investor Relations and Treasury. Please go ahead. Speaker1 Thank you, operator. Welcome to our first quarter twenty twenty five earnings call. Joining me on the call are Vijay Mantafergata, our President and Chief Executive Officer and Alan Dix, our Chief Financial Officer. During our prep ...

WELCOME TO THE Q1 2025 EARNINGS CALL May 8, 2025 © 2025 Montrose Environmental Group, Inc. • Proprietary and Confidential 2 Key Updates OPERATING CASH FLOW $5.5M $27.5M Increase over Q1 2024 REVENUE $177.8M 14.5% Increase over Q1 2024 CONSOLIDATED ADJUSTED EBITDA1 $19.0M 10.7% of Revenue © 2025 Montrose Environmental Group, Inc. • Proprietary and Confidential 4 • • • • • • • © 2025 Montrose Environmental Group, Inc. • Proprietary and Confidential 5 ✓ • • ✓ ✓ • ✓ ✓ ✓ ✓ • • ✓ • Consolidated Adjusted EBITDA1 R ...

Montrose Environmental (MEG) reported $177.83 million in revenue for the quarter ended March 2025, representing a year-over-year increase of 14.5%. EPS of $0.07 for the same period compares to $0.16 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $167.97 million, representing a surprise of +5.87%. The company delivered an EPS surprise of +158.33%, with the consensus EPS estimate being -$0.12.While investors scrutinize revenue and earnings changes year-over-year and how they compa ...

Montrose Environmental (MEG) came out with quarterly earnings of $0.07 per share, beating the Zacks Consensus Estimate of a loss of $0.12 per share. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 158.33%. A quarter ago, it was expected that this company would post earnings of $0.31 per share when it actually produced earnings of $0.29, delivering a surprise of -6.45%.Over the last four quart ...

Exhibit 99.1 Montrose Environmental Group Reports Record First Quarter Results, Increases 2025 Guidance, and Announces Inaugural Stock Repurchase Program First Quarter 2025 Highlights (comparisons to first quarter 2024) Increased 2025 Guidance Strategic Capital Allocation Update Little Rock, Arkansas (May 7, 2025) – Montrose Environmental Group, Inc. (the "Company," "Montrose" or "MEG") (NYSE: MEG) is on a mission to help protect the air we breathe, the water we drink, and the soil that feeds us, and aims t ...

First Quarter 2025 Highlights (comparisons to first quarter 2024) Highest-ever first quarter revenue of $177.8 million, an increase of $22.5 million, or 14.5% Net loss of $19.4 million, or $0.64 net loss per diluted share attributable to common stockholders (LPS), and Adjusted Net Income1 of $5.8 million, or $0.07 Diluted Adjusted Net Income per share1 (Adj EPS) Highest-ever first quarter Consolidated Adjusted EBITDA1 of $19.0 million, an increase of $2.1 million, or 12.5% Highest-ever first quarter operati ...

Group 1: Company Overview - Montrose Environmental Group is focused on enhancing environmental stewardship while supporting economic development, with a recent contract worth $4 million AUD for environmental services in Australia's Bowen Basin [1][2] - The company employs approximately 3,400 people across over 100 locations globally, combining local knowledge with an integrated approach to deliver innovative solutions [4] Group 2: Industry Context - The global demand for steel is increasing, prompting Montrose to assist the industry in transitioning to more sustainable practices [2] - Montrose's expertise in environmental consulting, including risk assessments and regulatory compliance, positions it as a trusted partner for responsible mining operations [3][4] Group 3: Project Details - The project in Bowen Basin includes advanced environmental baseline and impact assessments, crucial for the mine's development and sustainability [1] - Montrose aims for fast-tracked delivery over the coming year, reinforcing its role in advancing sustainable development in resource-intensive industries [1][3]