Strathcona Resources Ltd. Reports First Quarter 2025 Financial and Operating Results, Announces Quarterly Dividend and Investment in MEG Energy Corp.

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$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]