Strathcona Resources Ltd (SCR)

Strathcona Resources Ltd. Reports First Quarter 2026 Financial and Operating Results and Announces Quarterly DividendMay 6, 2026 5:00 PM
PR Newswire (Canada) CALGARY, AB, May 6, 2026 /CNW/ - Strathcona Resources Ltd. ("Strathcona" or the "Company") (TSX: SCR) today reported its first quarter 2026 financial and operating results. The Board of Directors also declared a quarterly dividend of $0.30 per common share. Q1 2026 HighlightsProduction of 116,542 boe/d (99.7% liquids)Operating Earnings of $194 million ($0.91 / share)(1) Free Cash Flow of $47 million ($0.22 / share)(1)
Three Months Ended(2)($ millions, unless otherwise indicated)March 31, 2026March 31, 2025December 31, 2025



WTI (US$/bbl)71.9371.4259.14WCS Hardisty (C$/bbl)79.2384.3066.89AECO 5A (C$/gj)1.902.052.11



Bitumen (bbls/d)61,37565,01662,538Heavy oil (bbls/d)54,69550,48854,660Condensate and light oil (bbls/d)7820,68265Total oil production (bbls/d)116,148136,186117,263Other NGLs (bbls/d)1511,83726Natural gas (mcf/d)2,268279,5172,558Production (boe/d)116,542194,609117,715Sales (boe/d)118,155194,884116,355% Liquids 99.7 %76.1 %99.7 %



Oil and natural gas sales, net of blending and other income(1)8241,133710Royalties14213899Production and operating – Energy777665Production and operating – Non-energy10815590Transportation and processing9414295General and administrative282524Depletion, depreciation and amortization142216152Interest and finance costs(3)395939Operating Earnings(1)194322146Other items(3)155116245Income (loss) and comprehensive income (loss) ncome39206(99)



Operating Earnings(1)194322146Non-cash items(3)153237167Gain (loss) on risk management and foreign exchange contracts – realized, operating17(1)(75)Funds from Operations(1)364558238Capital expenditures(298)(350)(176)Decommissioning costs(19)(23)(9)Free Cash Flow(1)4718553



Debt, net of cash, marketable securities and cross-currency swap asset / liability(3)  2,0822,4162,100Common shares (millions)214214214(1)A non-GAAP financial measure which does not have a standardized meaning under IFRS® Accounting Standards (the "Accounting Standards"); see "Non-GAAP Measures and Ratios" section of this press release.(2)During the year ended December 31, 2025 the Company entered into three separate asset purchase and sale agreements to dispose of its Montney assets, which has been presented in the Company's condensed consolidated interim financial statements and management's discussion and analysis for the three months ended March 31, 2026 and 2025 as discontinued operations. The financial and operating results for these periods have been presented throughout this press release based on the aggregation of continuing and discontinued operations. The aggregation of continuing and discontinued financial results are non-GAAP measures and do not have a standardized meaning under the Accounting Standards; see "Non-GAAP Measures and Ratios" section of this press release.(3)See "Supplementary Financial Measures" section of this press release. 
Three Months Ended(1)($/boe, unless otherwise indicated)March 31, 2026March 31, 2025December 31, 2025



Oil and natural gas sales, net of blending costs and other income(2)  77.4864.6566.38Royalties13.367.889.24Production and operating – Energy7.194.326.23Production and operating – Non-energy10.178.878.30Transportation and processing8.828.128.80General and administrative2.651.412.23Depletion, depreciation and amortization13.3512.3014.23Interest and finance costs3.703.373.58Operating Earnings(2)18.2418.3813.77Effective royalty rate (%)(2)17.2 %12.2 %13.9 %(1)During the year ended December 31, 2025 the Company entered into three separate asset purchase and sale agreements to dispose of its Montney assets, which has been presented in the Company's condensed consolidated interim financial statements and management's discussion and analysis for the three months ended March 31, 2026 and 2025 as discontinued operations. The financial and operating results for these periods have been presented throughout this press release based on the aggregation of continuing and discontinued operations. The aggregation of continuing and discontinued financial results are non-GAAP measures and do not have a standardized meaning under the Accounting Standards; see "Non-GAAP Measures and Ratios" section of this press release.(2)A non-GAAP financial measure which does not have a standardized meaning under the Accounting Standards; see "Non-GAAP Measures and Ratios" section of this press release.Quarter Review and Near-Term PrioritiesProduction for the first quarter of 2026 of 117 Mboe / d (99.7% liquids) was in-line versus the fourth quarter of 2025. Operating earnings of $194 million ($0.91 / share) reflected a 33% increase versus the prior quarter, largely driven by higher oil prices. Free cash flow of $47 million ($0.22 / share) was roughly flat versus the prior quarter, with higher operating earnings being offset by increased capital expenditures under Strathcona's annual capital program, which is weighted to the first half of 2026.In Cold Lake, production decreased approximately 2% quarter-over-quarter with strong initial performance from new C-East lower-drainage wells ("LDWs") at Tucker being offset by downtime at the Company's Lindbergh property. Downtime at Lindbergh was driven by the mechanical failure of Lindbergh's main fuel gas supply pipeline, which caused the curtailment of steam generation and non-condensable gas ("NCG") volumes during the quarter. The pipeline is in the process of being repaired and is expected to return to full capacity in the third quarter of 2026.In Lloydminster Thermal, capital activity remains focused on the Company's $360 million Meota Central brownfield development project, which is now approximately 91% complete, on-time and on-budget. The Company expects to achieve first steam from Meota Central in the third quarter of 2026 and first oil early in the fourth quarter of 2026, ramping to an expected peak rate of approximately 13 Mbbls / d by mid-2027. Activity is also focused at Edam-Vawn, where the Company has begun steaming the 10-well VAF pad targeting the Waseca formation for the first time. The Company expects to complete the first 5 of 10 wells on the VAF pad in 2026, targeting a per well peak rate of approximately 750 bbls / d.In Lloydminster Conventional, the Company completed its annual winter drilling program at Cactus Lake, Druid and Winter, drilling a total of 46 wells (including 4 multi-lateral horizontal wells). Early results from the program are in-line with expectations on both costs and volumes, with an additional 46 wells planned for later in 2026. Following underperformance at the Company's polymer floods in Cactus Lake and Bodo-Cosine in 2025, current production from each asset has since improved approximately 5% versus the end of 2025, as a result of successful flood conformance projects.OutlookStrathcona's 2026 production guidance of 120 to 130 Mbbls / d and capital budget of $1.0 billion is unchanged, as is its 2026 first half production guidance of 115 to 120 Mbbls / d and year end 2026 exit rate of approximately 135 Mbbls / d (reflecting an approximately 15% exit-to-exit growth rate).At current strip prices1, Strathcona expects to generate approximately $1.0 billion of free cash flow in 2026. Free cash flow will initially be allocated to debt repayment, with share buybacks and M&A to be evaluated opportunistically throughout the year and additional dividends to be evaluated closer to year end.______________________________1 Approximately C$95 / bbl for Western Canada Select and C$2.00 / Mcf for AECO for full-year 2026.Quarterly DividendStrathcona's Board of Directors has declared a quarterly dividend of $0.30 per share to be paid on June 17, 2026 to shareholders of record on June 8, 2026. Payments to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable. Dividends paid by Strathcona are considered "eligible dividends" for Canadian tax purposes.About StrathconaStrathcona is one of North America's fastest growing pure play heavy oil producers with operations focused on thermal oil and enhanced oil recovery. Strathcona is built on an innovative approach to growth achieved through the consolidation and development of long-life assets. Strathcona's common shares (symbol SCR) are listed on the Toronto Stock Exchange (TSX).For more information about Strathcona, visit www.strathconaresources.com.Non-GAAP Measures and RatiosThe financial results for the three months ended March 31, 2026 and 2025, are presented below to reconcile continuing and discontinued operations to total results. Total results in a non-GAAP measure used by Management to assess the historical financial performance of the total business and is not intended to be indicative of future results.
Three Months Ended March 31, 2026Three Months Ended March 31, 2025(1)($ millions, unless otherwise indicated)ContinuingDiscontinuedTotalContinuingDiscontinuedTotal






Revenues and other income





Oil and natural gas sales1,121—1,1211,1762831,459Sale of purchased product4—47—7Royalties(142)—(142)(112)(26)(138)Oil and natural gas revenues983—9831,0712571,328Loss on risk management contracts(71)—(71)(78)—(78)Midstream revenue9—9———Other income ———1—1
921—9219942571,251






Expenses





Purchased product4—48—8Blending costs306—306326—326Production and operating185—18518249231Transportation and processing94—948854142General and administrative28—2819625Interest28—2838—38Transaction related costs———1—1Finance costs11—1112921Depletion, depreciation and amortization   142—14214868216Foreign exchange loss (gain) 4—4(1)—(1)Changes in decommissioning liabilities13—13———Loss on contingent consideration42—42———
857—8578211861,007






Gain on marketable securities———23—23Income before income taxes64—6419671267






Income tax expense25—25431861Income and comprehensive income39—3915353206(1)Comparative period has been revised to reflect current period presentation."Oil and natural gas sales, net of blending and other income" is calculated by deducting purchased product and blending costs from oil and natural gas sales, sales of purchased product, midstream revenue and other income. Management uses this metric to isolate all revenue after accounting for the unavoidable cost of blending. Oil and natural gas sales, net of blending and other income, is also reflected on a per boe basis calculated using sales volumes. This ratio is useful to management when analyzing realized pricing against benchmark commodity prices.
Three Months Ended($ millions, unless otherwise indicated)March 31, 2026March 31, 2025 (1)December 31, 2025



Oil and natural gas sales 1,1211,459937Sales of purchased products4714Other income—12Purchased product(4)(8)(15)Blending costs (306)(326)(236)Midstream revenue9—8Oil and natural gas sales, net of blending and other income  8241,133710(1)Comparative period has been revised to reflect current period presentation."Effective royalty rate" is calculated by dividing royalties by oil and natural gas sales and sale of purchased product, net of blending and purchased product. This metric allows management to analyze the movement of royalty expenses in relation to realized and benchmark commodity prices."Oil and natural gas sales, net of blending" is calculated by deducting purchased product and blending costs from oil and natural gas sales, sales of purchased product, and midstream revenue. Management uses this metric to isolate the revenue associated with the Company's production after accounting for the unavoidable cost of blending. Oil and natural gas sales, net of blending, is also reflected on a per boe basis calculated using sales volumes. This ratio is useful to management when analyzing realized pricing against benchmark commodity prices. A quantitative reconciliation of oil and natural gas sales, net of blending to the most directly comparable GAAP financial measure, Oil and natural gas sales, is presented below."Operating Earnings – Discontinued" is considered a key financial metric for evaluating the profitability of Strathcona's discontinued operations. "Operating Earnings - Continuing" is a GAAP financial measure as it is used by the Chief Operating Decision Makers to evaluate profit or loss and is presented in the condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025. A quantitative reconciliation of Operating Earnings – Discontinued to the most directly comparable GAAP financial measure, Oil and natural gas sales, is presented below.
Three Months Ended March 31, 2026Three Months Ended March 31, 2025(1)($ millions, unless otherwise indicated)  ContinuingDiscontinuedTotalContinuingDiscontinuedTotal






Revenues





Oil and natural gas sales1,121—1,1211,1762831,459Sale of purchased product4—47—7Blending costs(306)—(306)(326)—(326)Purchased product(4)—(4)(8)—(8)Midstream revenue9—9———Oil and natural gas sales, net of blending824—8248492831,132






Expenses





Royalties142—14211226138Production and operating185—18518249231Transportation and processing94—948854142Field operating income403—403467154621






Depletion, depreciation and amortization142—14214868216General and administrative28—2819625Finance costs11—1112921Other income———(1)—(1)Interest28—2838—38Operating Earnings 194—19425171322(1)Comparative period has been revised to reflect current period presentation."Funds from Operations" is used by management to analyze operating performance and provides an indication of the funds generated by Strathcona's principal business to either fund operating activities, re-invest to either maintain or grow the business or make debt repayments. Funds from Operations is derived from Operating Earnings and adjusted for depletion, depreciation and amortization ("DD&A"), finance costs, gains and losses on risk management contracts – realized and gains and losses on foreign exchange - realized, operating."Free Cash Flow" indicates funds available for deleveraging, funding future growth, or shareholder returns. Free Cash Flow is derived from Operating Earnings and adjusted for DD&A, finance costs, gains and losses on risk management contracts – realized and gains and losses on foreign exchange - realized, operating, capital expenditures and decommissioning costs.Quantitative reconciliations of Funds from Operations and Free Cash Flow for both continuing and discontinued operations to the most directly comparable GAAP financial measure, Operating Earnings, are set forth below.
Three Months Ended($ millions, unless otherwise indicated)March 31, 2026March 31, 2025(1)December 31, 2025



Operating Earnings - Continuing194251138Depletion, depreciation and amortization142148152Finance costs111215Gain (loss) on risk management contracts - realized  16(1)(75)Foreign exchange gain - realized, operating1——Funds from Operations - Continuing364410230Capital expenditures(298)(233)(188)Decommissioning costs(19)(8)(9)Free Cash Flow - Continuing4716933(1) Comparative period has been revised to reflect current period presentation. 
Three Months Ended($ millions, unless otherwise indicated)March 31, 2026March 31, 2025(1)December 31, 2025



Operating Earnings - Discontinued—718Depletion, depreciation and amortization—68—Finance costs—9—Funds from Operations - Discontinued   —1488Capital expenditures—(117)12Decommissioning costs—(15)—Free Cash Flow - Discontinued—1620(1) Comparative period has been revised to reflect current period presentation.The following table reconciles Operating Earnings, Funds from Operations and Free Cash Flow for both continuing and discontinued operations:
Three Months Ended($ millions, unless otherwise indicated)March 31, 2026March 31, 2025(1)December 31, 2025



Operating Earnings194322146Depletion, depreciation and amortization142216152Finance costs112115Gain (loss) on risk management contracts - realized   16(1)(75)Foreign exchange gain - realized, operating1——Funds from Operations364558238Capital expenditures(298)(350)(176)Decommissioning costs(19)(23)(9)Free Cash Flow4718553(1) Comparative period has been revised to reflect current period presentation.Supplementary Financial Measures"Interest and finance costs" is an aggregation of interest and finance costs. Management uses this metric to obtain a fulsome understanding of all interest and accretion costs the Company is subject to."Other items" is an aggregation of risk management contracts, foreign exchange, transaction related costs, gain on marketable securities, loss on sale of assets, deferred tax expense (recovery), change in decommissioning liabilities, loss on contingent consideration and impairment from both continuing and discontinued operations. They are presented in such a manner to yield prominence to key financial metrics such as income and comprehensive income, Funds from Operations and Free Cash Flow.
Three Months Ended($ millions, unless otherwise indicated)  March 31, 2026March 31, 2025December 31, 2025



Loss on risk management contracts71781Foreign exchange loss (gain)4(1)(11)Transaction related costs —133Gain on marketable securities—(23)(102)Loss on sale of assets——12Deferred tax expense (recovery)2561(51)Change in decommissioning liabilities13—(13)Loss on contingent consideration42——Impairment——376Other items155116245"Non-cash items" is an aggregation of depletion, depreciation and amortization, and finance costs."Debt, net of cash, marketable securities and cross-currency swap asset / liability" is comprised of debt less cash, marketable securities and cross-currency swap asset / liability, as derived under the Accounting Standards.Presentation of Oil and Gas InformationThis press release contains various references to the abbreviation "boe" which means barrels of oil equivalent. All boe conversions in this press release are derived by converting gas to oil at the ratio of six thousand cubic feet ("mcf") of natural gas to one barrel ("bbl") of crude oil. Boe may be misleading, particularly if used in isolation. A boe conversion rate of 1 bbl : 6 mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio of oil compared to natural gas based on currently prevailing prices is significantly different than the energy equivalency ratio of 1 bbl : 6 mcf, utilizing a conversion ratio of 1 bbl : 6 mcf may be misleading as an indication of value.References in this press release to initial production rates and other short-term production rates, test results and peak rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating aggregate production for the Company or the assets for which such rates are provided. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, the test results should be considered to be preliminary.Product Type Production InformationNational Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities includes condensate within the natural gas liquids product type. The Company has disclosed condensate as combined with light oil and separately from other natural gas liquids in this press release since the price of condensate as compared to other natural gas liquids is currently significantly higher and the Company believes that this presentation provides a more accurate description of its operations and results therefrom. References to "natural gas" in this press release refer to conventional natural gas. References to "liquids" in this press release refer to, collectively, bitumen, heavy oil, condensate and light oil (comprised of condensate and light oil) and other natural gas liquids (comprised of ethane, propane and butane only).The Company's quarterly average daily production volumes for three months ended 2026 and 2025, and the references to "natural gas", "crude oil" and "condensate", reported in this press release consist of the following product types, as defined in NI 51-101 and using a conversion ratio of 6 mcf : 1 bbl where applicable:
Three Months Ended
March 31, 2026March 31, 2025December 31, 2025



Heavy crude oil (bbl/d)54,69550,48854,660Light and medium crude oil (bbl/d)  6950461Total crude oil (bbl/d)54,76450,99254,721Bitumen (bbl/d)61,37565,01662,538NGLs (bbl/d)2432,01530Total liquids (bbl/d)116,163148,023117,289Conventional natural gas (mcf/d)2,268279,5172,558Total (boe/d)116,542194,609117,715Forward-Looking InformationCertain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. The forward-looking information in this press release is based on Strathcona's current internal expectations, estimates, projections, assumptions and beliefs. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable as of the time of such information, but no assurance can be given that these factors, expectations and assumptions will prove to be correct, and such forward-looking information included in this press release should not be unduly relied upon.The use of any of the words "expect", "target", "anticipate", "intend", "estimate", "objective", "ongoing", "may", "will", "project", "believe", "depends", "could" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the generality of the foregoing, this press release contains forward-looking information pertaining to the following: the Company's business strategy and future plans; expected operating strategy; the expectation that the Company's capital expenditures will be weighted to the first half of 2026; the expected repair timeline for the fuel gas supply pipeline at Lindbergh; timeline and budget expectations for the Company's Meota Central brownfield development project, including an expected total installed cost of approximately $360 million, first steam in the third quarter of 2026 and first oil early in the fourth quarter of 2026, ramping to an expected peak rate of approximately 13 Mbbls / d by mid-2027; the Company's expectation of completing the first 5 of 10 wells at Edam-Vawn in 2026, targeting a per well peak rate of approximately 750 bbls / d; the drilling of an additional 46 wells at Cactus Lake, Druid and Winter later in 2026; the Company's 2026 production guidance of 120 to 130 Mbbls / d and capital budget of $1.0 billion, first half 2026 production guidance of 115 to 120 Mbbls / d and year end 2026 exit rate guidance of approximately 135 Mbbls / d; the Company's expectation of generating approximately $1.0 billion of free cash flow in 2026 and the expected uses thereof.  All forward-looking information reflects Strathcona's beliefs and assumptions based on information available at the time the applicable forward-looking information is disclosed and in light of the Company's current expectations with respect to such things as: the success of Strathcona's operations and growth and expansion projects; expectations regarding production growth, future well production rates and reserve volumes; expectations regarding Strathcona's capital program; Strathcona's ability to declare and pay dividends; expectations regarding the impact of tariffs on Strathcona's operations and its ability to effectively mitigate the impact thereof; the outlook for general economic trends, industry trends, prevailing and future commodity prices, foreign exchange rates and interest rates; prevailing and future royalty regimes and tax laws; future well production rates and reserve volumes; fluctuations in energy prices based on worldwide demand and geopolitical events; the impact of inflation; the integrity and reliability of Strathcona's assets; decommissioning obligations; Strathcona's ability to comply with its financial covenants; and the governmental, regulatory and legal environment, including expectations regarding the current and future carbon tax regime and regulations. In addition, certain forward-looking information with respect to the Company's 2026 guidance assumes commodity prices and exchange rates of: US$85 / bbl WTI, US$15 / bbl WCS-WTI differential, 1.36 USD-CAD and C$2.00 / mcf AECO. Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, it cannot assure readers that these expectations will prove to be correct.The forward-looking information included in this press release is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, without limitation: changes in commodity prices; changes in the demand for or supply of Strathcona's products; the continued impact, or further deterioration, in global economic and market conditions, including from inflation and/or certain geopolitical conflicts, such as the conflict in the Middle East, including the closure of the Strait of Hormuz, the ongoing Russia/Ukraine conflict, and other heightened geopolitical risks, including the imposition of tariffs or other trade barriers, and the ability of the Company to carry on operations as contemplated in light of the foregoing; determinations by the Organization of the Petroleum Exporting Countries and other countries as to production levels; unanticipated operating results or production declines; changes in tax or environmental laws, climate change, royalty rates or other regulatory matters; changes in Strathcona's development plans or by third party operators of Strathcona's properties; failure to achieve anticipated results of its operations; competition from other producers; inability to retain drilling rigs and other services; failure to realize the anticipated benefits of the Company's acquisitions, dispositions or corporate reorganizations; failure to execute the Company's growth strategy and objectives; incorrect assessment of the value of acquisitions; delays resulting from or inability to obtain required regulatory approvals; increased debt levels or debt service requirements; inflation; changes in foreign exchange rates; inaccurate estimation of Strathcona's oil and gas reserve and contingent resource volumes; limited, unfavourable or a lack of access to capital markets or other sources of capital; increased costs; a lack of adequate insurance coverage; the impact of competitors; and the other factors discussed under the "Risk Factors" section in Strathcona's Management's Discussion & Analysis and Annual Information Form, each for the year ended December 31, 2025, and from time to time in Strathcona's public disclosure documents, which are available at www.sedarplus.ca. Declaration of dividends, including the Company's quarterly or any special or additional dividends, is at the sole discretion of the board of directors of Strathcona and will continue to be evaluated on an ongoing basis. There are risks that may result in Strathcona changing, suspending or discontinuing its quarterly dividends, including changes to its free cash flow, operating results, capital requirements, financial position, debt levels, market conditions or corporate strategy and the need to comply with requirements under its credit agreement and applicable laws respecting the declaration and payment of dividends. There are no assurances as to the continuing declaration and payment of future dividends or the amount or timing of any such dividends.Management approved the capital budget and production guidance contained herein as of the date of this press release. The purpose of the capital budget and production guidance is to assist readers in understanding Strathcona's expected and targeted financial position and performance, and this information may not be appropriate for other purposes.This earnings release contains information that may constitute future-oriented financial information or financial outlook information (collectively, "FOFI") about Strathcona's prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. Strathcona's actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. Strathcona has included FOFI in order to provide readers with a more complete perspective on Strathcona's future operations and management's current expectations relating to Strathcona's future performance. Readers are cautioned that such information may not be appropriate for other purposes.The foregoing risks should not be construed as exhaustive. The forward-looking information contained in this press release speaks only as of the date of this press release and Strathcona does not assume any obligation to publicly update or revise such forward-looking information to reflect new events or circumstances, except as may be required pursuant to applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement. View original content to download multimedia:https://www.prnewswire.com/news-releases/strathcona-resources-ltd-reports-first-quarter-2026-financial-and-operating-results-and-announces-quarterly-dividend-302764632.htmlSOURCE Strathcona Resources Ltd. Original: Strathcona Resources Ltd. Reports First Quarter 2026 Financial and Operating Results and Announces Quarterly Dividend

PENN Entertainment tops earnings estimates despite revenue shortfallApril 23, 2026 8:47 AM
IH Market News
PENN Entertainment Inc. (NASDAQ:PENN) reported first-quarter results on Thursday that beat profit expectations but came in slightly below revenue forecasts.The company posted adjusted earnings per share of $0.11, more than double the analyst estimate of $0.05. Revenue totaled $1.78 billion, missing the consensus estimate of $1.75 billion, though still representing a 6.4% increase from $1.67 billion a year earlier.Shares rose 1.35% in premarket trading following the release.



Retail segment remains a key driver



The retail division generated $1.4 billion in revenue, with segment adjusted EBITDAR of $471.4 million and a margin of 33.2%.Meanwhile, the interactive segment reported revenue of $358.3 million, including a tax gross-up of $185.8 million, and posted an adjusted EBITDA loss of $10.8 million—an improvement from a loss of $89.0 million in the same quarter last year.



Interactive growth gains momentum



“We are pleased to report another solid quarter. Retail Segment Adjusted EBITDAR grew year-over-year and stable trends are carrying into April,” said Jay Snowden, Chief Executive Officer and President. “In our Interactive segment, continued online casino growth combined with positive trends in Ontario are driving momentum as we prepare for the anticipated July 13 launch of regulated iCasino and online sports betting in Alberta.”The company recorded approximately 15% year-on-year growth in iCasino revenue, with the segment achieving record quarterly revenue in Q1 and record monthly revenue in March.



Profitability improves, but net loss reported



Consolidated adjusted EBITDA rose to $265.8 million from $173.3 million in the prior-year quarter.However, PENN reported a net loss of $2.8 million, or -$0.02 per diluted share, compared with net income of $111.5 million, or $0.68 per share, in the first quarter of 2025.



Balance sheet and liquidity



As of March 31, 2026, the company’s traditional net debt stood at $2.2 billion, with total liquidity of $1.7 billion.Penn Entertainment stock price

Original: PENN Entertainment tops earnings estimates despite revenue shortfall

Strathcona Reports Voting Results from the 2026 Annual Meeting of ShareholdersApril 22, 2026 6:35 PM
PR Newswire (Canada)

CALGARY, AB, April 22, 2026 /CNW/ - Strathcona Resources Ltd. ("Strathcona" or the "Company") (TSX: SCR) today reported its voting results from its annual meeting of shareholders held on April 22, 2026 (the "Meeting"). All matters presented at the Meeting were approved including the election of all nine nominees listed in the management information circular dated March 11, 2026. The complete results of voting for business considered at the Meeting are set out below:







Voting Results1. Election of Directors
    The director nominees listed below were elected. The results of the ballot were as follows:NomineeVotes ForVotes Withheld
NumberPercentNumberPercentAdam Waterous177,419,39496.88 %5,718,4273.12 %Cody Church183,004,36699.93 %133,4550.07 %Andrew Kim178,609,24197.53 %4,528,5802.47 %Steve Fagan181,575,86399.15 %1,561,9580.85 %Connie De Ciancio179,376,74297.95 %3,761,0792.05 %David Roosth181,570,46399.14 %1,567,3580.86 %Navjeet (Bob) Singh Dhillon181,222,77598.95 %1,915,0461.05 %Henry Hager179,415,14197.97 %3,722,6802.03 %Connor Waterous179,031,31997.76 %4,106,5022.24 %2. Appointment of Auditors
    The appointment of Deloitte LLP as the Corporation's auditors was approved. The results of the ballot were as follows:Votes ForVotes WithheldNumberPercentNumberPercent184,034,56099.99 %11,8470.01 %About StrathconaStrathcona is one of North America's fastest growing pure play heavy oil producers with operations focused on thermal oil and enhanced oil recovery. Strathcona is built on an innovative approach to growth achieved through the consolidation and development of long-life assets. Strathcona's common shares (symbol SCR) are listed on the Toronto Stock Exchange (TSX).For more information about Strathcona, visit www.strathconaresources.com.



View original content to download multimedia:https://www.prnewswire.com/news-releases/strathcona-reports-voting-results-from-the-2026-annual-meeting-of-shareholders-302750935.htmlSOURCE Strathcona Resources Ltd.

Original: Strathcona Reports Voting Results from the 2026 Annual Meeting of Shareholders

PENN Entertainment to Report First Quarter Results and Host Conference Call and Webcast on April 23March 30, 2026 2:31 PM
Business Wire
PENN Entertainment, Inc. (Nasdaq: PENN) announced today that it will release its 2026 first quarter financial results at 7:00 a.m. ET on Thursday, April 23, 2026, followed by a conference call and simultaneous webcast at 8:00 a.m. ET. Both the call and webcast are open to the general public.


The conference call number is 785-424-1699 (conference ID: PENN); please call five minutes in advance to ensure that you are connected prior to the presentation. Interested parties may also access the live call at www.pennentertainment.com; allow 15 minutes to register, download, and install any necessary software. Questions and answers will be reserved for call-in analysts and investors. A replay of the call can be accessed for thirty days at www.pennentertainment.com.


About PENN Entertainment

PENN Entertainment, Inc., together with its subsidiaries (“PENN,” or the “Company,” “we,” “our,” or “us”), operates in 27 jurisdictions throughout North America, with a broadly diversified portfolio of casinos, racetracks, and online sports betting and iCasino offerings. PENN’s focus is on organic cross-sell opportunities, reinforced by its market-leading retail casinos, sports media assets and technology, including a proprietary state-of-the-art, fully integrated digital sports betting and iCasino platform, and an in-house iCasino content studio. The Company’s portfolio is further bolstered by its industry-leading PENN Play™ customer loyalty program, offering its over 33 million members a unique set of rewards and experiences.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260330411383/en/
Mike Nieves

SVP, Finance & Treasurer

PENN Entertainment, Inc.

610/373-2400
Joseph N. Jaffoni

JCIR

212/835-8500 or penn@jcir.com


Original: PENN Entertainment to Report First Quarter Results and Host Conference Call and Webcast on April 23

Strathcona Resources Ltd. Receives TSX Approval for Normal Course Issuer BidMarch 12, 2026 5:00 PM
PR Newswire (US)

CALGARY, AB, March 12, 2026 /PRNewswire/ - Strathcona Resources Ltd. ("Strathcona" or the "Company") (TSX: SCR) today announced that the Toronto Stock Exchange ("TSX") has accepted Strathcona's notice to commence a normal course issuer bid ("NCIB") to purchase outstanding common shares representing up to five percent of its issued and outstanding common shares.







Under the NCIB, purchases of common shares may be made through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems, or as otherwise may be permitted under applicable securities laws or by the Alberta Securities Commission or any applicable Canadian Securities Administrator. The actual number of common shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Strathcona. Strathcona believes that, from time to time, the market price of its Common Shares does not reflect the underlying value of its business and the purchase of its Common Shares for cancellation represents an attractive opportunity to enhance long-term shareholder returns. As of March 5, 2026, Strathcona has 214,235,608 common shares outstanding and, therefore, is permitted to purchase up to 10,711,780 of its outstanding common shares pursuant to the NCIB. Common shares purchased under the NCIB will be cancelled.The NCIB will be effected in accordance with the TSX normal course issuer bid rules, which contain restrictions on the number of common shares that may be purchased on a single day, subject to certain exceptions for block purchases, based on the average daily trading volumes of Strathcona's common shares on the applicable exchange. Subject to exceptions for block purchases, Strathcona will limit daily purchases of common shares on the TSX in connection with the NCIB to no more than twenty-five percent (40,615 common shares) of the average daily trading volume of the common shares on the TSX for the six-month period from September 1, 2025 to February 28, 2026 (162,460 common shares) during any trading day. Purchases under the NCIB will be made through open market purchases at market price, as well as by other means as may be permitted under applicable securities laws. Purchases of common shares may commence on March 17, 2026 and will expire on the earlier of March 16, 2027, the date on which the Company has acquired the maximum number of common shares allowable under the NCIB or otherwise decides not to make any further purchases under the NCIB.Strathcona has entered into an automatic purchase plan with a broker which will enable Strathcona to provide standard instructions and purchase common shares on the open market during self-imposed blackout periods. Outside of these black-out periods, common shares may be purchased in accordance with management's discretion.A copy of Strathcona's notice filed with the TSX may be obtained by any shareholder without charge, by contacting Strathcona at info@strathconaresources.com. About StrathconaStrathcona is one of North America's fastest growing pure play heavy oil producers with operations focused on thermal oil and enhanced oil recovery. Strathcona is built on an innovative approach to growth achieved through the consolidation and development of long-life assets. Strathcona's common shares (symbol SCR) are listed on the Toronto Stock Exchange (TSX).For more information about Strathcona, visit www.strathconaresources.com.Website addresses are provided for informational purposes only and no information contained on, or accessible from, such websites is incorporated by reference in this news release unless expressly incorporated by reference.Forward-Looking InformationCertain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. The forward-looking information in this press release is based on Strathcona's current internal expectations, estimates, projections, assumptions and beliefs. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable as of the time of such information, but no assurance can be given that these factors, expectations and assumptions will prove to be correct, and such forward-looking information included in this press release should not be unduly relied upon.The use of any of the words "expect", "target", "anticipate", "intend", "estimate", "objective", "ongoing", "may", "will", "project", "believe", "depends", "could" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the generality of the foregoing, this press release contains forward-looking information pertaining to timing, methods and quantity of any purchases by Strathcona of its common shares under the NCIB.All forward-looking information reflects Strathcona's beliefs and assumptions based on information available at the time the applicable forward-looking information is disclosed and in light of the Company's current expectations with respect to such things as: Strathcona's ability to generate sufficient cash flow to fund debt repayment, dividend payments and share repurchases; the success of Strathcona's operations and growth and expansion projects; expectations regarding Strathcona's capital program and its capital allocation priorities; future well production rates and reserve volumes; fluctuations in energy prices based on worldwide demand and geopolitical events; the integrity and reliability of Strathcona's assets; Strathcona's ability to comply with its financial covenants; and the governmental, regulatory and legal environment. Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, it cannot assure readers that these expectations will prove to be correct.The forward-looking information included in this press release is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, without limitation: changes in commodity prices; changes in the demand for or supply of Strathcona's products; the continued impact, or further deterioration, in global economic and market conditions, including from inflation and/or certain geopolitical conflicts, such as the ongoing Russia/Ukraine conflict and the conflict in the Middle East, and other heightened geopolitical risks; unanticipated operating results or production declines; changes in Strathcona's development plans or by third party operators of Strathcona's properties; increased debt levels or debt service requirements; changes in Strathcona's capital allocation priorities; inaccurate estimation of Strathcona's oil and gas reserve and contingent resource volumes; limited, unfavourable or a lack of access to capital markets or other sources of capital; increased costs; and the other factors discussed under the "Risk Factors" section in Strathcona's Management's Discussion & Analysis and Annual Information Form, each for the year ended December 31, 2025, and from time to time in Strathcona's public disclosure documents, which are available at www.sedarplus.ca.The foregoing risks should not be construed as exhaustive. The forward-looking information contained in this press release speaks only as of the date of this press release and Strathcona does not assume any obligation to publicly update or revise such forward-looking information to reflect new events or circumstances, except as may be required pursuant to applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement.



View original content to download multimedia:https://www.prnewswire.com/news-releases/strathcona-resources-ltd-receives-tsx-approval-for-normal-course-issuer-bid-302712767.htmlSOURCE Strathcona Resources Ltd.

Original: Strathcona Resources Ltd. Receives TSX Approval for Normal Course Issuer Bid

Strathcona Resources Ltd. Reports Fourth Quarter and Full Year 2025 Financial and Operating Results, Year End Reserves, Announces Quarterly Dividend and Board Approval to Commence Normal Course Issuer BidMarch 11, 2026 10:25 PM
PR Newswire (US)

CALGARY, AB, March 11, 2026 /PRNewswire/ - Strathcona Resources Ltd. ("Strathcona" or the "Company") (TSX: SCR) today reported its fourth quarter and full year 2025 financial and operating results as well as its year-end 2025 reserves. The Board of Directors also declared a quarterly dividend of $0.30 per common share and approved a share repurchase program for up to 5% of its outstanding shares, subject to customary TSX approvals.







Q4 2025 Highlights Production of 117,715 boe/d (100% liquids)(1)(2)Operating Earnings of $146 million ($0.68 / share)(1)(3)Free Cash Flow of $53 million ($0.25 / share)(1)(3) FY 2025 HighlightsProduction of 152,163 boe/d (86% liquids)(1)(2)Operating Earnings of $930 million ($4.34 / share)(1)(3)Free Cash Flow of $364 million ($1.70 / share)(1)(3)YE 2025 Reserves HighlightsProved Developed Producing ("PDP"), Proved ("1P") and Proved Plus Probable ("2P") reserves of 241 MMboe, 1,226 MMboe and 2,166 MMboe, reflecting growth from continuing operations of 2%, 5%, and 7% respectivelyPDP finding and development costs ("PDP F&D")(4), including changes in future development costs ("PDP FDC"), of $21.24 / boe, equating to a 2025 PDP Recycle Ratio(4) of 1.8x; excluding approximately $400 million in capital spending on Meota Central and Cold Lake facility expansions which did not contribute to YE 2025 PDP bookings, PDP F&D was approximately $12.25 / boe, equating to a recycle ratio of 3.1x297% organic 2P reserves replacement(4); 51 Year 2P Reserves Life Index(4) (29 Years 1P)1P and 2P after-tax PV-10 net of debt(4) of $32.05 / share and $49.46 / share respectively
Three Months Ended(1)Year Ended(1)($ millions, unless otherwise indicated)December
31, 2025 December
31, 2024September
30, 2025December
31, 2025 December
31, 2024





WTI (US$/bbl)59.1470.2764.9364.8175.72WCS Hardisty (C$/bbl)66.8980.7575.1075.0683.53AECO 5A (C$/gj)2.111.400.601.591.38





Bitumen (bbls/d)62,53859,73261,15761,32759,516Heavy oil (bbls/d)54,66050,99753,94352,65851,107Condensate and light oil (bbls/d)6520,76325010,33919,922Total oil production (bbls/d)117,263131,492115,350124,324130,545Other NGLs (bbls/d)2612,9802346,05111,958Natural gas (mcf/d)2,558256,3863,701130,729243,456Production (boe/d)117,715187,203116,201152,163183,080Sales (boe/d)116,355184,120115,852152,407182,794% Liquids(2) 99.7 %77.2 %99.6 %85.7 %77.8 %





Oil and natural gas sales, net of blending and   other income(3)7101,0258073,6224,255Royalties99209128470663Production and operating – Energy655937237248Production and operating – Non-energy90139104511564Transportation and processing9514492479577General and administrative24282298101Depletion, depreciation and amortization152196151697874Interest and finance costs(4)396037200258Operating Earnings(3)146190236930970Other items(4)245102(337)19366(Loss) income and comprehensive (loss)   Income(99)88573911604





Operating Earnings(3)146190236930970Non-cash items(4)1672171657661,074Loss on risk management and foreign    exchange contracts – realized, operating(75)(2)(18)(102)(107)Funds from Operations(3)2384053831,5941,937Capital expenditures(176)(393)(281)(1,186)(1,296)Decommissioning costs(9)(13)(8)(44)(36)Free Cash Flow(3)53(1)94364605





Debt, net of cash and marketable securities(4)2,0952,462(81)2,0952,462Common shares (millions)214214214214214(1)During the year ended December 31, 2025 the Company entered into three separate asset purchase and sale agreements to dispose of its Montney assets which has been presented in the Company's consolidated financial statements and management's discussion and analysis for the three months and year ended December 31, 2025 and 2024 as discontinued operations. The financial and operating results for these periods have been presented throughout this press release based on the aggregation of continuing and discontinued operations. The aggregation of continuing and discontinued financial results are non-GAAP measures and do not have a standardized meaning under IFRS® Accounting Standards (the "Accounting Standards"); see "Non-GAAP Measures and Ratios" section of this press release.(2)See "Product Type Production Information" section of this press release.(3)A non-GAAP financial measure which does not have a standardized meaning under the Accounting Standards; see "Non-GAAP Measures and Ratios" section of this press release.(4)See "Supplementary Financial Measures" Section of this press release. 
Three Months Ended(1)Year Ended(1)($/boe, unless otherwise indicated)December
31, 2025December
31, 2024September
30, 2025December
31, 2025December
31, 2024





Oil and natural gas sales, net of blending costs and other income(2)66.3860.4975.7465.1263.60Royalties9.2412.3112.028.459.91Production and operating – Energy6.233.463.514.283.71Production and operating – Non-energy8.308.189.799.188.42Transportation and processing8.808.518.638.618.62General and administrative2.231.682.061.761.51Depletion, depreciation and amortization14.2311.5914.2012.5213.06Interest and finance costs3.583.543.443.593.86Operating Earnings(2)13.7711.2222.0916.7314.51Effective royalty rate (%)(2)13.9 %20.3 %15.9 %13.0 %15.6 %(1)During the year ended December 31, 2025 the Company entered into three separate asset purchase and sale agreements to dispose of its Montney assets which has been presented in the Company's consolidated financial statements and management's discussion and analysis for the three months and year ended December 31, 2025 and 2024 as discontinued operations. The financial and operating results for these periods have been presented throughout this press release based on the aggregation of continuing and discontinued operations. The aggregation of continuing and discontinued financial results are non-GAAP measures and do not have a standardized meaning under the Accounting Standards; see "Non-GAAP Measures and Ratios" section of this press release.(2)A non-GAAP financial measure which does not have a standardized meaning under the Accounting Standards; see "Non-GAAP Measures and Ratios" section of this press release.Annual Letter to Strathcona ShareholdersStrathcona has posted a letter to shareholders providing an in-depth review of the Company's 2025 financial and operating performance and year-end reserves, which has been posted on Strathcona's website at strathconaresources.com/investors/reports. Strathcona shareholders are encouraged to review the letter, which provides details regarding the Company's strategy going forward.Quarter Review and Near-Term PrioritiesStrathcona's fourth quarter production of 118 Mboe / d, up 1% quarter-over-quarter, was in-line with expectations, with full year capital expenditures of $1,186 million lower than the Company's 2025 capital budget of $1,200 million. Fourth quarter non-energy production and operating costs of $8.30 / boe reflected a decrease of 15% versus the third quarter, reflecting savings achieved across the portfolio following successful execution of cost improvement initiatives undertaken mid-year. Free cash flow of $53 million for the fourth quarter was impacted by $75 million of realized hedging losses, following the restructuring of the Company's WCS differential swaps at the end of 2025, as previously disclosed. Strathcona's WTI exposure remains unhedged for 2026, with approximately 50% of its WCS Hardisty differential exposure hedged at US$12.00 / bbl, and approximately 80% of its natural gas purchase exposure hedged at C$2.00 / GJ AECO.In Cold Lake, production increased 2% quarter-over-quarter driven by the continued ramp up of Lower Drainage Wells ("LDWs") on the 105 and 108 pads at Orion. Subsequent to year-end, seven LDWs on the C-East pad were brought online at Tucker, which have exceeded expectations thus far with an average rate of over 750 bbls / d per well. Current activity is focused on the 8 well pair D01 West pad at Lindbergh, which began steaming in early 2026 and is expected to ramp to a peak rate of approximately 6,500 bbls / d.In Lloydminster Thermal, in December Strathcona closed on its acquisition of the Vawn thermal project ("Vawn") and undeveloped thermal lands at Plover Lake and Glenbogie. Vawn has since been fully incorporated into Strathcona's existing operations at Edam (located directly adjacent to Vawn, sharing the same reservoir), with both assets now benefiting from shared services and integrated reservoir management. Strathcona expects to be able to meaningfully increase Vawn's production above historical levels of approximately 5 Mbbls / d by year-end 2026 and will provide further details in coming quarters. Current capital activity remains focused on the Meota Central project, which is targeting first oil in the fourth quarter of 2026 and is expected to deliver a peak oil rate of approximately 13 Mbbls / d at a total installed cost of approximately $360 million. The project is currently 85% complete, on time and on budget.In Lloydminster Conventional, production of 21 Mbbls / d reflected a 7% decrease quarter-over-quarter, driven by flood conformance challenges at Strathcona's Cactus Lake and Bodo-Cosine polymer floods. Production has since stabilized following successful conformance work completed over the previous quarter. Current capital activity is concentrated on the Company's annual drilling programs in Winter and Druid, which include a mixture of single and multi-lateral horizontal wells.Selina Project AcquisitionToday Strathcona signed and closed the acquisition of a 50% operated working interest in the Selina Project ("Selina") in Cold Lake for total consideration of $23 million in cash. Strathcona previously held a 50% non-operated working interest in Selina, increasing its working interest to 100% and taking over operatorship. Selina is located near Strathcona's existing Lindbergh thermal project, with approvals from the Alberta Energy Regulatory ("AER") in place for 12,500 bbls / d of production. Strathcona expects to develop Selina over time in a capital-efficient manner by leveraging its existing central processing facility at Lindbergh. Strathcona estimates approximately 160 MMbbls of recoverable oil at Selina, none of which was booked in its reserves or contingent resources at year-end 2025 due to Strathcona previously not holding operatorship.Normal Course Issuer BidStrathcona's Board has approved the filing of a notice with the Toronto Stock Exchange ("TSX") to commence a normal course issuer bid ("NCIB"). Once approved by the TSX, Strathcona may repurchase up to 5% of its issued and outstanding shares (up to a maximum of approximately 10.7 million common shares) over a twelve-month period.Strathcona intends to act opportunistically from time to time to repurchase its shares at what it views as a discount to its intrinsic value, conservatively determined and after applying a margin of safety. For further details regarding the Company's rationale and strategy regarding the NCIB, shareholders are encouraged to review the Company's year-end shareholder letter posted on its website.OutlookStrathcona's 2026 production guidance of 120 to 130 Mbbls/d and capital budget of $1.0 billion is unchanged. Strathcona expects production of 115 to 120 Mbbls / d in the first half of 2026, ramping to an exit rate of approximately 135 Mbbls / d by 2026 year-end.Following the Selina acquisition, Strathcona holds an estimated 3.0 billion of recoverable resources, equating to over 65 years relative to its 2026 production. Strathcona's long-range plan remains to grow production from 125 Mbbls / d in 2026 to 200 Mbbls / d by 2031 and 300 Mbbls / d by 2035 (in each case a 10% compound annual growth rate).Quarterly DividendStrathcona's Board of Directors has declared a quarterly dividend of $0.30 per share to be paid on March 27, 2026 to shareholders of record on March 20, 2026. Payments to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable. Dividends paid by Strathcona are considered "eligible dividends" for Canadian tax purposes.2025 Year End Reserves DetailsThe tables below summarize Strathcona's Year End 2025 reserves which were prepared by McDaniel & Associates Consultants Ltd. ("McDaniel"). A complete filing of our oil and gas reserves and other oil and gas information presented in accordance with National Instrument  51-101 – Standards of Disclosure for Oil and Gas Activities is included in Strathcona's Annual Information Form for the year ended December 31, 2025, which can be found at www.sedarplus.ca and www.strathconaresources.com.Summary of Oil and Gas Reserves (Forecast Prices and Costs) as of December 31, 2025Reserves CategoryLight &Medium Crude OilHeavyCrude OilBitumenGross
(Mbbl)Net
(Mbbl)Gross
(Mbbl)Net
(Mbbl)Gross
(Mbbl)Net
(Mbbl)






Proved





Developed Producing—2101,46493,159139,440103,453Developed Non-Producing——580540——Undeveloped——415,399373,398568,041392,449Total Proved(1)—2517,443467,097707,481495,903Total Probable—1219,899193,777720,159467,720Total Proved Plus Probable(1)—3737,343660,8741,427,640963,623






 Reserves CategoryConventional Natural Gas Natural Gas LiquidsOil EquivalentGross
(MMcf)Net
(MMcf)Gross
(Mbbl)Net
(Mbbl)Gross
(Mboe)Net
(Mboe)






Proved





Developed Producing2,4382,14611241,312196,974Developed Non-Producing33——581540Undeveloped2,4662,195——983,851766,213Total Proved(1)4,9074,343111,225,743963,727Total Probable2,2832,0271—940,440661,837Total Proved Plus Probable(1)7,1906,371222,166,1831,625,564(1)Figures may not add due to rounding.Summary of  Net Present Value of Future Net Revenue Attributable to Oil and Gas Reserves (Forecast Prices and Costs) as of December 31, 2025Reserves CategoryBefore Deducting Income TaxesAfter Deducting Income Taxes0 %5 %10 %15 %20 %Unit Value(2)0 %5 %10 %15 %20 %Unit Value(3)(in $ millions)(1)$/boe(in $ millions)(1)$/boeProved











   Developed Producing5,2214,9284,3423,8443,44722.044,3964,2503,7733,3593,02719.16   Developed      Non-Producing16141210921.65121098715.97   Undeveloped22,94112,5467,4024,5792,9039.6617,2259,1315,1783,0371,7816.76Total Proved(4)28,17817,48711,7558,4346,35912.2021,63313,3918,9606,4044,8159.30Total Probable26,60210,4245,1222,9391,8767.7420,2027,7483,7322,1011,3175.64Total Proved plus     Probable(4)54,78027,91216,87711,3738,23510.3841,83521,13812,6928,5056,1327.81(1)Net present value of future net revenue includes all resource income, including the sale of oil, gas, by-product reserves, processing third party reserves and other income.(2)Calculated using net present value of future net revenue before deducting income taxes, discounted at 10% per year, and net reserves. The unit values are based on net reserves volumes.(3)Calculated using net present value of future net revenue after deducting income taxes, discounted at 10% per year, and net reserves. The unit values are based on net reserves volumes.(4)Figures may not add due to rounding.Forecast Prices and Costs as of December 31, 2025Year
(1)Inflation
(%)(2)Exchange Rate
(Cdn$/US$)
(3)Crude OilNatural GasNatural Gas LiquidsWTI Cushing Oklahoma
40 API
($US/bbl)Canadian Light Sweet Crude
40 API
($Cdn/bbl)Western Canadian Select
20.5 API
($Cdn/bbl)Alberta AECO-C Spot
($Cdn/
mmbtu)Edmonton Pentanes Plus
($Cdn/bbl)Edmonton Butane
($Cdn/bbl)Edmonton Propane
($Cdn/bbl)Ethane Plant Gate
($Cdn/bbl)










2026— %1.3759.9277.5465.133.0080.0136.9525.109.5920272 %1.3665.1083.6070.433.3086.1939.7927.2810.6420282 %1.3570.2890.1776.903.4992.8342.8729.6711.3420292 %1.3571.9392.3278.713.5895.0443.8930.3711.6620302 %1.3573.3794.1780.293.6596.9444.7730.9811.8920312 %1.3574.8496.0681.903.7298.8945.6631.6012.1420322 %1.3576.3497.9883.533.80100.8646.5832.2312.3920332 %1.3577.8799.9385.203.88102.8847.5132.8712.6420342 %1.3579.42101.9386.913.95104.9448.4633.5312.9020352 %1.3581.01103.9788.654.03107.0449.4334.2013.16Escalation of 2% per year thereafter(1)Product sale prices will reflect these reference prices with further adjustments for quality and transportation to point of sale.(2)Inflation rates for forecasting costs only. Prices inflated at 2% after 2026 where applicable.(3)The exchange rate is used to generate the benchmark reference prices in this table.Reconciliation of Changes in Gross Reserves(1)
Light &
Medium
Crude Oil(Mbbl)Heavy Crude
Oil(Mbbl)Bitumen(Mbbl)Conventional
Natural Gas(MMcf)Natural Gas
Liquids(Mbbl)Oil Equivalent(Mboe)






Proved





December 31, 20241,829470,436698,3051,330,420141,6761,533,983Extensions and improved recovery(2)—8,2648,11517—16,382Technical revisions(3)(92)20,19323,849(1,376)10443,824Discoveries(4)——————Acquisitions—41,114———41,114Dispositions(1,642)(1,469)—(1,276,334)(135,891)(351,724)Economic factors(5)(4)(1,870)(404)(103)—(2,296)Production(91)(19,224)(22,384)(47,716)(5,887)(55,540)Infill drilling——————December 31, 2025(6)—517,443707,4814,90711,225,743






Probable





December 31, 20244,549167,287684,5341,044,35090,4241,120,852Extensions and improved recovery(2)—34,54835,5824—70,131Technical revisions(3)(29)(3,484)155(3,371)(399)(4,319)Discoveries(4)——————Acquisitions—24,725———24,725Dispositions(4,520)(2,705)—(1,038,679)(90,024)(270,362)Economic factors(5)—(472)(112)(20)—(587)Production——————Infill drilling——————December 31, 2025(6)—219,899720,1592,2831940,440






Proved Plus Probable





December 31, 20246,378637,7231,382,8402,374,769232,1002,654,835Extensions and improved recovery(2)—42,81243,69721—86,513Technical revisions(3)(121)16,70924,004(4,747)(295)39,505Discoveries(4)——————Acquisitions—65,839———65,839Dispositions(6,162)(4,174)—(2,315,014)(225,915)(622,086)Economic factors(5)(5)(2,342)(515)(123)—(2,883)Production(91)(19,224)(22,384)(47,716)(5,887)(55,540)Infill drilling——————December 31, 2025(6)—737,3421,427,6407,19022,166,183(1)Gross reserves means Strathcona's working interest reserves before calculation of royalties, and before consideration of Strathcona's royalty interests.(2)Additions due to new wells drilled and booked during the year, and any reserve changes due to enhanced oil recovery.(3)Technical revisions include changes in reserves associated with changes in operating costs, capital costs and commodity price offsets.(4)Additions where no reserves were previously booked.(5)Changes to reserves volumes due to changes in price forecasts and/or inflation rates.(6)Figures may not add due to rounding.Undiscounted Future Net Revenue by Reserves CategoriesReserves Category
($ millions)RevenueRoyaltiesOperating CostsDevelopment CostsAbandonment
and
Reclamation CostsFuture Net
Revenue
Before
Income TaxesIncome TaxesFuture Net
Revenue
After
Income
Taxes








Total Proved96,72321,94430,04514,6331,92228,1786,54521,633Total Probable98,38930,10626,86014,23059226,6026,40020,202Total Proved plus Probable195,11252,05056,90528,8632,51454,78012,94541,835About StrathconaStrathcona is one of North America's fastest growing pure play heavy oil producers with operations focused on thermal oil and enhanced oil recovery. Strathcona is built on an innovative approach to growth achieved through the consolidation and development of long-life assets. Strathcona's common shares (symbol SCR) are listed on the Toronto Stock Exchange (TSX).For more information about Strathcona, visit www.strathconaresources.com.Non-GAAP Measures and RatiosThe financial results for the three months and year ended December 31, 2025 and December 31, 2024, are presented below to reconcile continuing and discontinued operations to total results. Total results in a non-GAAP measure used by Management to assess the historical financial performance of the total business and is not intended to be indicative of future results.
Three Months Ended December 31, 2025Three Months Ended December 31, 2024(1)($ millions, unless otherwise indicated)ContinuingDiscontinuedTotalContinuingDiscontinuedTotal






Revenues and other income





Oil and natural gas sales937—9371,0432501,293Sale of purchased products14—1416—16Royalties(99)—(99)(185)(24)(209)Oil and natural gas revenues852—8528742261,100(Loss) gain on risk management contracts(1)—(1)10—10Midstream revenue8—8———Other income 2—2———
861—8618842261,110






Expenses





Purchased product15—1516—16Blending costs236—236268—268Production and operating163(8)15515246198Transportation and processing95—958856144General and administrative24—2421728Interest24—2439—39Transaction related costs25833———Finance costs15—1512921Depletion, depreciation and amortization152—15214155196Impairment376—376———Foreign exchange (gain) loss (11)—(11)48—48Changes in decommissioning liabilities(13)—(13)———
1,101—1,101785173958






Gain on marketable securities102—102———Loss on assets held for sale, net—(12)(12)———(Loss) income before income taxes(138)(12)(150)9953152






Income tax (recovery) expense(48)(3)(51)491564(Loss) income and comprehensive (loss) income(90)(9)(99)503888(1)Comparative periods have been revised to reflect current period presentation. 
Year Ended December 31, 2025Year Ended December 31, 2024(1)($ millions, unless otherwise indicated)ContinuingDiscontinuedTotalContinuingDiscontinuedTotal






Revenues and other income





Oil and natural gas sales4,0965214,6174,3739635,336Sale of purchased product67—6775—75Royalties(435)(35)(470)(567)(96)(663)Oil and natural gas revenues3,7284864,2143,8818674,748Loss on risk management contracts(86)—(86)(44)—(44)Midstream revenue24—24———Other income16—16———
3,6824864,1683,8378674,704






Expenses





Purchased product68—6875—75Blending costs1,034—1,0341,081—1,081Production and operating67276748641171812Transportation and processing368111479364213577General and administrative8810987625101Interest131—131170—170Transaction related costs4427711—1Finance costs561369503888Depletion, depreciation and amortization60790697595279874Impairment376—376———Foreign exchange (gain) loss(34)—(34)68—68Changes in decommissioning liabilities(13)—(13)———
3,3973273,7243,1217263,847






Gain on marketable securities171—171———Gain on sale of assets, net—609609———Loss on settlement of other obligations—(1)(1)—(4)(4)Income before income taxes4567671,223716137853






Income tax expense9022231220940249Income and comprehensive income36654591150797604(1)Comparative periods have been revised to reflect current period presentation."Oil and natural gas sales, net of blending and other income" is calculated by deducting purchased product and blending costs from oil and natural gas sales, sales of purchased product, midstream revenue and other income. Management uses this metric to isolate the revenue associated with the Company's production after accounting for the unavoidable cost of blending. Oil and natural gas sales, net of blending, is also reflected on a per boe basis calculated using sales volumes. This ratio is useful to management when analyzing realized pricing against benchmark commodity prices.
Three Months EndedYear Ended($ millions, unless otherwise indicated)December
31, 2025December
31, 2024September
30, 2025December
31, 2025December
31, 2024





Oil and natural gas sales 9371,2931,0124,6175,336Sales of purchased products1416316775Other income2—816—Purchased product(15)(16)(31)(68)(75)Blending costs (236)(268)(222)(1,034)(1,081)Midstream revenue8—924—Oil and natural gas sales, net of blending and other income 7101,0258073,6224,255"Effective royalty rate" is calculated by dividing royalties by oil and natural gas sales and sale of purchased product, net of blending and purchased product. This metric allows management to analyze the movement of royalty expenses in relation to realized and benchmark commodity prices."Operating Earnings – Discontinued" is considered a key financial metric for evaluating the profitability of Strathcona's discontinued operations. "Operating Earnings - Continuing" is a GAAP financial measure as it is used by the Chief Operating Decision Makers to evaluate profit or loss and is presented in the consolidated financial statements for year ended December 31, 2025 and 2024. A quantitative reconciliation of Operating Earnings – Discontinued to the most directly comparable GAAP financial measure, Oil and natural gas sales, is presented below.
Three Months EndedYear Ended($ millions, unless otherwise indicated)December
31, 2025December
31, 2024(1)September
30, 2025December
31, 2025December
31, 2024(1)





Revenues




Oil and natural gas sales—2503521963





Expenses




Royalties—24—3596Production and operating - Energy(1)2(1)—7Production and operating - Non-energy(7)44(3)76164Transportation and processing—56—111213Depletion, depreciation and amortization—55—90279General and administrative—7(2)1025Finance costs—9—1338Operating Earnings - Discontinued8539186141(1)Comparative periods have been revised to reflect current period presentation."Funds from Operations" is used by management to analyze operating performance and provides an indication of the funds generated by Strathcona's principal business to either fund operating activities, re-invest to either maintain or grow the business or make debt repayments. Funds from Operations is derived from Operating Earnings and adjusted for DD&A, finance costs, gains and losses on risk management contracts – realized and gains and losses on foreign exchange - realized, operating."Free Cash Flow" indicates funds available for deleveraging, funding future growth, or shareholder returns. Free Cash Flow is derived from Operating Earnings and adjusted for DD&A, finance costs, gains and losses on risk management contracts – realized and gains and losses on foreign exchange - realized, operating, capital expenditures and decommissioning costs.Quantitative reconciliations of Funds from Operations and Free Cash Flow for both continuing and discontinued operations to the most directly comparable GAAP financial measure, Operating Earnings, are set forth below.
Three Months EndedYear Ended($ millions, unless otherwise indicated)December
31, 2025December
31, 2024(1)September
30, 2025December
31, 2025December
31, 2024(1)





Operating Earnings - Continuing138137227744829Depletion, depreciation and amortization152141151607595Finance costs1512145650Loss on risk management contracts - realized(75)(5)(20)(100)(107)Foreign exchange (loss) gain - realized, operating—32(2)—Funds from Operations - Continuing2302883741,3051,367Capital expenditures(188)(280)(281)(957)(826)Decommissioning costs(9)(7)(8)(42)(15)Free Cash Flow - Continuing33185306526(1)Comparative periods have been revised to reflect current period presentation. 
Three Months EndedYear Ended($ millions, unless otherwise indicated)December
31, 2025December
31, 2024(1)September
30, 2025December
31, 2025December
31, 2024(1)





Operating Earnings - Discontinued8539186141Depletion, depreciation and amortization—55—90279Finance costs—9—1338Realized loss on deferred premium settlement ————112Funds from Operations - Discontinued81179289570Capital expenditures12(113)—(229)(470)Decommissioning costs—(6)—(2)(21)Free Cash Flow - Discontinued20(2)95879(1)Comparative periods have been revised to reflect current period presentation.The following table reconciles operating earnings, funds from operations and free cash flow from continuing and discontinued operations:
Three Months EndedYear Ended($ millions, unless otherwise indicated)December
31, 2025December
31, 2024(1)September
30, 2025December
31, 2025December
31, 2024(1)





Operating Earnings146190236930970Depletion, depreciation and amortization152196151697874Finance costs1521146988Loss on risk management contracts - realized(75)(5)(20)(100)(107)Foreign exchange (loss) gain - realized, operating—32(2)—Realized loss on deferred premium settlement ————112Funds from Operations2384053831,5941,937Capital expenditures(176)(393)(281)(1,186)(1,296)Decommissioning costs(9)(13)(8)(44)(36)Free Cash Flow53(1)94364605(1)Comparative periods have been revised to reflect current period presentation."Organic Capex" is defined as total property, plant and equipment expenditures, excluding capitalized overhead, expenditures on corporate assets, and capital expenditures on assets acquired during the period. Management uses Organic Capex to evaluate the underlying capital investment in Strathcona's existing asset base, excluding the effects of acquisitions and non-operational capital. This measure provides insight into the Company's capital efficiency.  "Organic Operating Netback" is used to assess the profitability and efficiency of Strathcona's field operations before the impact of acquisitions.A quantitative reconciliation of "Organic Operating Netback" to the most comparable GAAP measure, "Oil and natural gas sales", is set forth below:
Year Ended($ millions, unless otherwise indicated)December 31, 2025

Oil and natural gas sales4,096Sale of purchased product67Purchased product(68)Blending costs(1,034)Midstream revenue24Oil and natural gas sales, net of blending - Continuing3,085

Royalties435Production and operating672Transportation 368Field operating income - Continuing1,610Less: Operating income from properties acquired in the year(14)Organic field operating income1,596

Sales volumes (boe/d)114,763Less: sales volumes from properties acquired in the year (boe/d)(479)Organic sales volumes (boe/d)114,284

Organic operating netback ($/boe)38.49A quantitative reconciliation of "Organic Capex" to the most comparable GAAP measure, "Property, plant and equipment expenditures", is set for below:
Year Ended($ millions, unless otherwise indicated)December 31, 2025

Property, plant and equipment expenditures1,186Less: capitalized overhead(49)Less: expenditures on corporate assets(7)Less: property, plant and equipment expenditures on assets disposed of in the year(229)Organic Capex901Supplementary Financial Measures"PDP F&D" are calculated as Organic Capex plus changes in PDP future development costs (-$72 million in 2025), divided by PDP reserve additions for the year (39 MMbbls in 2025), excluding the impact of acquisitions and dispositions. Management uses PDP F&D costs as a measure of capital efficiency for organic reserves development."PDP Recycle Ratio" is calculated by dividing the Organic Operating Netback by PDP F&D. PDP Recycle Ratio is used to measure the profit per barrel of oil to the cost of finding and developing that barrel of oil."Organic 2P Reserves Replacement" is calculated as 2P reserves additions, excluding acquisitions and dispositions, divided by annual production volumes."Reserves Life Index" calculated by dividing gross reserves by annualized fourth quarter production."1P and 2P after-tax PV-10 net of debt per share" is comprised of before tax present value for 1P and 2P reserves, discounted at 10 per cent, as determined in accordance with NI 51-101, adjusted for debt at the end of the period."Organic 2P Reserves Replacement" is calculated as 2P reserves additions, excluding acquisitions and dispositions, divided by annual production volumes."Interest and finance costs" is an aggregation of interest and finance costs. Management uses this metric to obtain a fulsome understanding of all interest and accretion costs the Company is subject to."Other items" is an aggregation of risk management contracts, foreign exchange, transaction related costs, gain on marketable securities, loss (gain) on sale of assets, loss on settlement of other obligations, deferred tax (recovery) expense, change in decommissioning liabilities and impairment from both continuing and discontinued operations. They are presented in such a manner to yield prominence to key financial metrics such as income and comprehensive income, Funds from Operations and Free Cash Flow.
Three Months EndedYear Ended($ millions, unless otherwise indicated)December
31, 2025December
31, 2024September
30, 2025December
31, 2025December
31, 2024





Loss (gain) on risk management contracts1(10)278644Foreign exchange (gain) loss (11)4817(34)68Transaction related costs 33—19711Gain on marketable securities(102)—(22)(171)—Loss (gain) on sale of assets12—(616)(609)—Loss on settlements of other obligations———14Deferred tax (recovery) expense(51)64238312249Change in decommissioning liabilities(13)——(13)—Impairment376——376—Other items245102(337)19366"Non-cash items" is an aggregation of depletion, depreciation and amortization, finance costs, realized loss on deferred premium settlements and other income – decommissioning government grant."Debt, net of cash and marketable securities" is comprised of debt less cash and marketable securities, as derived under the Accounting Standards.Presentation of Oil and Gas InformationThis press release contains various references to the abbreviation "boe" which means barrels of oil equivalent. All boe conversions in this press release are derived by converting gas to oil at the ratio of six thousand cubic feet ("mcf") of natural gas to one barrel ("bbl") of crude oil. Boe may be misleading, particularly if used in isolation. A boe conversion rate of 1 bbl : 6 mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio of oil compared to natural gas based on currently prevailing prices is significantly different than the energy equivalency ratio of 1 bbl : 6 mcf, utilizing a conversion ratio of 1 bbl : 6 mcf may be misleading as an indication of value.References in this press release to initial production rates and other short-term production rates and test results are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating aggregate production for the Company or the assets for which such rates are provided. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, the test results should be considered to be preliminary.Product Type Production InformationNational Instruments 51-101 – Standards of Disclosure for Oil and Gas Activities includes condensate within the natural gas liquids product type. The Company has disclosed condensate as combined with light oil and separately from other natural gas liquids in this press release since the price of condensate as compared to other natural gas liquids is currently significantly higher and the Company believes that this presentation provides a more accurate description of its operations and results therefrom. References to "natural gas" in this press release refer to conventional natural gas. References to "liquids" in this press release refer to, collectively, bitumen, heavy oil, condensate and light oil (comprised of condensate and light oil) and other natural gas liquids (comprised of ethane, propane and butane only).The Company's quarterly and year-to-date average daily production volumes, and the references to "natural gas", "crude oil" and "liquids", reported in this press release consist of the following product types, as defined in NI 51-101 and using a conversion ratio of 6 mcf : 1 bbl where applicable:
Three Months EndedYear Ended
December
31, 2025December
31, 2024September
30, 2025December
31, 2025December
31, 2024





Heavy crude oil (bbl/d)54,66050,99753,94352,65851,107Light and medium crude oil (bbl/d)6161718263651Total crude oil (bbl/d)54,72151,61453,96152,92151,758Bitumen (bbl/d)62,53859,73261,15761,32759,516NGLs (bbl/d)3033,12646616,12831,229Total liquids (bbl/d)117,289144,472115,584130,376142,503Conventional natural gas (mcf/d)2,558256,3863,701130,729243,456Total (boe/d)117,715187,203116,201152,163183,080The Company's reserve volumes, and the references to "total oil" reported in this press release consist of the following product types as defined by NI 51-101:2025
NI 51-101NI 51-101NI 51-101

Light & Medium OilHeavy OilBitumenTotal Oil Reserves Category(MMbbl)(MMbbl)(MMbbl)(MMbbl)




Proved



Developed Producing (1)—101139241Developed Non-Producing (1)—1—1Undeveloped (1)—415568983Total Proved (1)—5177071,225Probable (1)—220720940Total Proved plus Probable (1)—7371,4282,165(1)Figures may not add due to rounding 
NI 51-101NI 51-101

Natural Gas LiquidsNatural GasTotalReserves Category(MMbbl)(Bcf)(MMboe)



Proved


Developed Producing (1)—2241Developed Non-Producing (1)——1Undeveloped (1)—2984Total Proved (1)—51,226Probable (1)—2940Total Proved plus Probable (1)—72,166(1)Figures may not add due to roundingForward-Looking InformationCertain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. The forward-looking information in this press release is based on Strathcona's current internal expectations, estimates, projections, assumptions and beliefs. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable as of the time of such information, but no assurance can be given that these factors, expectations and assumptions will prove to be correct, and such forward-looking information included in this press release should not be unduly relied upon.The use of any of the words "expect", "target", "anticipate", "intend", "estimate", "objective", "ongoing", "may", "will", "project", "believe", "depends", "could" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the generality of the foregoing, this press release contains forward-looking information pertaining to the following: the Company's business strategy and future plans; the expected peak rate of the 8 well pair D01 West pad at Lindbergh, including the timing thereof; the expectation that Strathcona will be able to meaningfully increase Vawn's production above historical levels and that Strathcona will provide further details in respect of the same in coming quarters; the expected peak oil rate, total installed costs and timing for first oil in respect of the Meota Central project; Strathcona's expectations in respect of the Selina Project, including its ability to leverage its existing central processing facility at Lindbergh to reduce capital costs and the amount of recoverable oil; Strathcona's intention to commence a normal course issuer bid, including the number of shares to be repurchased thereunder and Strathcona's strategy in respect of the same; Strathcona's initial 2026 production guidance of 120 to 130 Mbbls/d and capital budget of $1.0 billion; Strathcona's expected production of 115 to 120 Mbbls / d in the first half of 2026, and its expectation of ramping to an exit rate of approximately 135 Mbbls / d by year-end; and Strathcona's long-range plan to grow existing production from 125 Mbbls / d in 2026 to 200 Mbbls / d by 2031 and 300 Mbbls / d by 2035.All forward-looking information reflects Strathcona's beliefs and assumptions based on information available at the time the applicable forward-looking information is disclosed and in light of the Company's current expectations with respect to such things as: Strathcona's ability to generate sufficient cash flow to fund debt repayment and dividend payments; Strathcona's ability to declare and pay dividends; the success of Strathcona's operations and growth and expansion projects; expectations regarding production growth, future well production rates and reserve volumes; expectations regarding Strathcona's capital program, including the outlook for general economic trends, industry trends, prevailing and future commodity prices, foreign exchange rates and interest rates; the availability of third party services; prevailing and future royalty regimes and tax laws; future well production rates and reserve volumes; fluctuations in energy prices based on worldwide demand and geopolitical events; the impact of inflation; the integrity and reliability of Strathcona's assets; decommissioning obligations; Strathcona's ability to comply with its financial covenants; and the governmental, regulatory and legal environment. In addition, certain forward-looking information with respect to the Company's 2025 guidance assumes commodity prices and exchange rates of: US$70 / bbl WTI, US$12 / bbl WCS-WTI differential, 1.36 USD-CAD and C$2.75 / GJ AECO. Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, it cannot assure readers that these expectations will prove to be correct.The forward-looking information included in this press release is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, without limitation: changes in commodity prices; changes in the demand for or supply of Strathcona's products; the continued impact, or further deterioration, in global economic and market conditions, including from inflation, tariffs and/or certain geopolitical conflicts, such as the ongoing Russia/Ukraine conflict and the conflict in the Middle East, and other heightened geopolitical risks and the ability of the Company to carry on operations as contemplated in light of the foregoing; determinations by the Organization of the Petroleum Exporting Countries and other countries as to production levels; unanticipated operating results or production declines; changes in tax or environmental laws, climate change, royalty rates or other regulatory matters; changes in Strathcona's development plans or by third party operators of Strathcona's properties; competition from other producers; inability to retain drilling rigs and other services; failure to realize the anticipated benefits of the Company's acquisitions; incorrect assessment of the value of acquisitions; delays resulting from or inability to obtain required regulatory approvals, including TSX approval of our normal course issuer bid; increased debt levels or debt service requirements; changes in foreign exchange rates; inaccurate estimation of Strathcona's oil and gas reserve and contingent resource volumes; limited, unfavourable or a lack of access to capital markets or other sources of capital; increased costs; a lack of adequate insurance coverage; the impact of competitors; and the other factors discussed under the "Risk Factors" section in Strathcona's Management's Discussion & Analysis and Annual Information Form, each for the year ended December 31, 2025, and from time to time in Strathcona's public disclosure documents, which are available at www.sedarplus.ca.Declaration of dividends is at the sole discretion of the board of directors of Strathcona and will continue to be evaluated on an ongoing basis. There are risks that may result in Strathcona changing, suspending or discontinuing its quarterly dividends, including changes to its free cash flow, operating results, capital requirements, financial position, debt levels, market conditions or corporate strategy and the need to comply with requirements under its credit agreement and applicable laws respecting the declaration and payment of dividends. There are no assurances as to the continuing declaration and payment of future dividends or the amount or timing of any such dividends.Management approved the capital budget and production guidance contained herein as of the date of this press release. The purpose of the capital budget and production guidance is to assist readers in understanding Strathcona's expected and targeted financial position and performance, and this information may not be appropriate for other purposes.This earnings release contains information that may constitute future-oriented financial information or financial outlook information (collectively, "FOFI") about Strathcona's prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. Strathcona's actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. Strathcona has included FOFI in order to provide readers with a more complete perspective on Strathcona's future operations and management's current expectations relating to Strathcona's future performance. Readers are cautioned that such information may not be appropriate for other purposes.The foregoing risks should not be construed as exhaustive. The forward-looking information contained in this press release speaks only as of the date of this press release and Strathcona does not assume any obligation to publicly update or revise such forward-looking information to reflect new events or circumstances, except as may be required pursuant to applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement.



View original content to download multimedia:https://www.prnewswire.com/news-releases/strathcona-resources-ltd-reports-fourth-quarter-and-full-year-2025-financial-and-operating-results-year-end-reserves-announces-quarterly-dividend-and-board-approval-to-commence-normal-course-issuer-bid-302711731.htmlSOURCE Strathcona Resources Ltd.

Original: Strathcona Resources Ltd. Reports Fourth Quarter and Full Year 2025 Financial and Operating Results, Year End Reserves, Announces Quarterly Dividend and Board Approval to Commence Normal Course Issuer Bid

PENN Entertainment tops profit forecasts as investors look past revenue shortfallFebruary 26, 2026 9:42 AM
IH Market News
PENN Entertainment Inc. (NASDAQ:PENN) reported fourth-quarter results on Thursday that beat earnings expectations despite revenue coming in slightly below forecasts, sending shares higher in premarket trading.The gaming and entertainment company posted adjusted earnings per share of $0.07, outperforming analyst estimates that had called for a loss of $0.07 per share. Revenue totaled $1.81 billion, missing consensus expectations of $1.76 billion but rising 8% year over year from $1.67 billion.Shares gained 4.31% ahead of the market open, as investors focused on improving profitability and operational momentum.PENN’s retail operations remained the primary earnings driver, generating $1.4 billion in revenue and segment adjusted EBITDAR of $456.4 million. Management said adverse weather conditions in December reduced segment adjusted EBITDAR by roughly $7.0 million.The Interactive division reported revenue of $398.7 billion, including a tax gross-up of $182.7 million, while adjusted EBITDA losses narrowed significantly to $39.9 million from $109.8 million in the same quarter last year.“PENN’s diversified retail portfolio delivered a solid quarter during which retail adjusted EBITDAR grew year-over-year, after adjusting for poor weather in December,” said Jay Snowden, Chief Executive Officer and President. “In our Interactive segment, we successfully rebranded our U.S. online sportsbook to theScore Bet and achieved positive adjusted EBITDA in December driven by iCasino momentum, disciplined cost management, and strong online sports betting hold rates.”Looking ahead, PENN expects segment adjusted EBITDAR to grow approximately 20% year over year in 2026.The company also identified more than $10.0 million in annualized corporate overhead cost savings, most of which are expected to be realized during the first half of the year.Management said it plans to reduce lease-adjusted net leverage by more than one turn and traditional net leverage by more than two turns, while continuing to return capital to shareholders when appropriate.As of December 31, 2025, PENN reported total liquidity of $1.1 billion, including $686.6 million in cash and cash equivalents, with traditional net debt standing at $2.2 billion.Penn Entertainment stock price

Original: PENN Entertainment tops profit forecasts as investors look past revenue shortfall

PENN new 52 week low

Read an article today (can't seem to find it now) that it may take a year but it is about 100% undervalued. Bought 200 shares this morning to hold after reading that article. That would put it around $34 in 2025. Said they have 1 Billion in cash, opening 4 new casinos, now can bet in NY and one other state they were not in before. If I can find the article again, I will post the link. Yes, looks bad at the moment, but future could be bright after paying for ESPN BET. Spent $400 million for it, got rid of Barstool, and should eventually begin to pay off.

PENN new 52 week low today. In a few at 17.36 can hold even add some if I wanna!

Next week ER...

PENN $$

PENN chart i loaded at 22.61-23.32 this week looking for breakout over 27 area in next two weeks or so. This has room to run folks could be good for multi month rally into mid to high 30s. Here is my profile on a more active board. https://stocktwits.com/Q42/message/558536320

Lmao idiot! Buy some Sears!!

Penn Entertainment Stock Is Rising. Top Shareholder Wants Board Seats.

You must be smoking cow dung again!

There market cap is 1.5 b and dealt kings is over 10 billion this should have popped hit pieces out so people can load for the hen they announce roll out imho .. easy double here

I disagreed with market applauding this news. Maybe temporarily sounds good with espn. Not long term here. In fact I should have shorted the pop

People really hating on this deal , tells me they want in crazy hit pieces out there

In connection with PENN’s decision to rebrand our online sports betting business from Barstool Sportsbook to ESPN Bet pursuant to the Sportsbook Agreement as discussed above, PENN entered into a stock purchase agreement with David Portnoy (the “Barstool SPA”) on August 8, 2023. Pursuant to the Barstool SPA, PENN sold 100% of the outstanding shares of Barstool to David Portnoy in exchange for a nominal cash consideration ($1.00 dollar) and certain non-compete and other restrictive covenants. Pursuant to the Barstool SPA, PENN has the right to receive 50% of the gross proceeds received by David Portnoy in any subsequent sale or other monetization event of Barstool.

On August 8, 2023, the Company’s Board of Directors approved the sale to David Portnoy and we classified the assets and liabilities to be disposed in connection with the Barstool SPA as held-for-sale which are measured at the lower of (i) the carrying value when we classified the disposal group as held-for-sale and (ii) the fair value of the disposal group, less costs to sell. The classification of the Barstool business as held-for-sale was considered an event or change in circumstance which requires an assessment of the goodwill and intangible assets of the disposal group for impairment each reporting period until disposal. We are currently quantifying the impact of the Barstool SPA to our unaudited Consolidated Financial Statements, however we expect the carrying value of the net assets held-for-sale to be greater than their fair value, less costs to sell, which is expected to result in a material non-cash loss and the corresponding reversal of the net deferred tax liability of approximately $115.9 million that will have a significant impact to income taxes. See Note 11, “Income Taxes.” The pre-tax non-cash loss on disposal is estimated to be between $800.0 million and $850.0 million (inclusive of $705.0 million to $720.0 million in goodwill and intangible assets write offs) to be incurred in the third quarter of 2023. These material adjustments will be reflected in our September 30, 2023 unaudited Consolidated Statements of Operations and unaudited Consolidated Balance Sheets.

CFRA MAINTAINS BUY OPINION ON SHARES OF PENN ENTERTAINMENT, INC.
12:26 pm ET August 9, 2023 (CFRA)
We maintain our 12-month price target of $44, based on 6.8x our EBITDA estimate, below the company's 10-year average forward EV/EBITDA multiple of 8.4x but more in line with its pre-pandemic multiple. We maintain our 2023 and 2024 EPS estimates of $1.75 and $2.00, respectively. PENN posts normalized Q2 EPS of $0.48 vs. $0.15, $0.09 above consensus estimates on revenues of $1.67B vs. $1.63B and $11M above estimates. By segment, Northeast revenues were flat Y/Y, South declined 9%, West declined 15%, Midwest declined 1%, and Interactive grew 66%. PENN announced it is partnering with ESPN to rebrand barstool sports online sportsbook to ESPN Bet for $1.5B over 10 years and $500M in warrants up front with additional performance warrants based on market share gains. We believe the deal can bring the newly branded OSB into the top 3 in market share across the U.S. and Canada over the next five years. PENN will leverage ESPN to acquire new customers and we expect significant market share gains. We see value in shares.

all lights green simple espn deal. gamble down because of summer season. its all RED PANTY NIGHT, GENTS in at 26 VAMOS...

PENN Entertainment Q2 EPS $0.48 Beats $0.42 Estimate, Sales $1.67B Inline

Added another 500 shares after hours, love the news.

My timing was good 😆

Lol..

What are you disagreeing with? I posted the market likes it as the stock hit $32.00 AH

I disagree. Could be good for Penn. but good for Dave

The market is responding favorably

PEmergency Press Conference - I Bought Back Barstool Sports pic.twitter.com/dmUk0eNowx

— Dave Portnoy (@stoolpresidente) August 8, 2023

Dave Portnoy

Emergency Press Conference - I Bought Back Barstool Sports pic.twitter.com/dmUk0eNowx— Dave Portnoy (@stoolpresidente) August 8, 2023

PENN Entertainment and ESPN Enter into Long-Term Exclusive Strategic Alliance for U.S. Online Sports Betting
4:18 pm ET August 8, 2023 (BusinessWire) Print

PENN Entertainment, Inc. ("PENN" or the "Company") (Nasdaq: PENN) today announced that it has entered into a transformative, exclusive U.S. online sports betting ("OSB") agreement with ESPN, Inc. and ESPN Enterprises, Inc (together, "ESPN"). PENN will discuss the ESPN transaction as well as its second quarter 2023 results on its previously scheduled conference call and webcast tomorrow morning at 9:00 a.m. ET. For further information, the Company has posted a presentation to its website regarding the transaction, which can be found here.

ESPN Transaction Highlights:

Exclusive Right to the #1 U.S. Sports Brand: PENN has secured the exclusive right to the ESPN Bet trademark for OSB in the U.S. for an initial 10-year term which may be extended for an additional 10 years upon mutual agreement Launch of ESPN Bet: The online Barstool Sportsbook will be rebranded ESPN Bet in the Fall of 2023; theScore Bet will continue to operate in Canada Deep Integration: ESPN Bet, operated by PENN Interactive, will benefit from exclusive promotional services across ESPN platforms including programming, content, and access to ESPN talent ESPN Becomes a Highly Aligned, Long-Term Strategic Partner: Agreement enables efficient customer acquisition and retention spend across premier sports content Mutually beneficial relationship through ongoing collaboration and warrants PENN has agreed to make $1.5 billion in cash payments to ESPN paid over the initial ten-year term and grant ESPN approximately $500(1) million of warrants to purchase approximately 31.8 million PENN common shares that will vest ratably over 10 years, in exchange for media, marketing services, brand and other rights provided by ESPN Upon ESPN Bet meeting certain U.S. OSB market share performance thresholds, ESPN could receive bonus warrants to purchase up to an additional approximately 6.4 million PENN common shares ESPN will have the option, at its discretion, to designate one non-voting Board observer or, upon completion of year 3 of the agreement, designate a Board member subject to satisfying gaming regulatory approval(s) and a minimum ownership threshold Significant Value Creation Potential: Provides an estimated $500 million to $1.0 billion+ of annual long-term Adjusted EBITDA potential in our Interactive segment Rebranded iCasino Product: Powered by our new promotional engine, our new app will include a separate Hollywood-branded iCasino product in those states where permitted

Barstool Divestiture

PENN Divests Barstool Sports to Founder David Portnoy: PENN sold 100% of the Barstool Sports, Inc. ("Barstool") common stock to David Portnoy in exchange for certain non-compete and other restrictive covenants. PENN also has the right to receive 50% of the gross proceeds received by David Portnoy in any subsequent sale or other monetization event of Barstool

Jay Snowden, Chief Executive Officer and President of PENN, commented, "This transformative, exclusive agreement with ESPN marks another major milestone in PENN's evolution from a pure-play U.S. regional gaming operator to a North American entertainment leader. ESPN Bet will be deeply integrated with ESPN's broad editorial, content, digital and linear product, and sports programming ecosystem. ESPN Bet will also benefit from PENN's operational experience, extensive market access and proprietary technology platform, which successfully debuted in the U.S. this July."

Jimmy Pitaro, Chairman of ESPN, said, "After meeting with Jay and the PENN team, it was clear that they were the right long-term strategic partner to build ESPN Bet into a leading U.S. sports betting platform. We are confident that the combination of our unparalleled audience along with PENN's operational expertise and state-of-the-art technology provides us with a tremendous opportunity to serve the ever-growing number of consumers interested in betting."

Mr. Snowden continued, "In connection with the transaction, we are selling Barstool back to founder David Portnoy. Barstool has been a great partner and we are thankful to Dave Portnoy, Erika Ayers, Dan Katz and their team for helping to rapidly scale our digital footprint across 16 jurisdictions in the U.S. and introducing their audience to our retail and digital products. The divestiture allows Barstool to return to its roots of providing unique and authentic content to its loyal audience without the restrictions associated with a publicly traded, licensed gaming company."

"Our agreement with ESPN will provide us access to the largest ecosystem in sports, with 105 million+ monthly unique digital visitors, an audience of more than 370 million across social platforms, 25 million ESPN+ subscribers, and the nation's #1 fantasy database. PENN's ability to leverage the leading sports media brands in both the U.S. and Canada with ESPN and theScore, combined with our newly launched sports betting app, will allow us to significantly expand our digital footprint and catapult ESPN Bet into a strong podium position in this space. We believe we can achieve substantial adjusted EBITDA in our Interactive Segment over the coming years - and this will translate to very strong free cash flow generation for the Company and value creation for our shareholders," concluded Mr. Snowden.

Been adding since $23, average $23.84. I think earnings will be good next week. Possibly back in to $30s, blowout earnings even higher.

good call price dropped like dave pants on a saturday after dark

crashed to $23's

Message in reply to:
This is one sh’tty stock & Dave Portnoy the thirsty sexual predator is giving company a bad reputation ! I’m shorting this POS down to $20. Penn shares have fallen 40% since the news first broke that Dave was a thirsty sexual predator back in November & shares will go lower in the future as more stories come out in the future about Dave’s thirstiness.

Rip consolidation coming to the industry. DraftKings cleaning it’s act up and FanDuel run very well. Penn better be careful. Doesn’t take much to lose customers and go under in these uncertain times.

Don’t give two titties about your opinion

This is one sh’tty stock & Dave Portnoy the thirsty sexual predator is giving company a bad reputation ! I’m shorting this POS down to $20. Penn shares have fallen 40% since the news first broke that Dave was a thirsty sexual predator back in November & shares will go lower in the future as more stories come out in the future about Dave’s thirstiness.


https://www.wsj.com/amp/articles/dave-portnoy-accusations-prompt-scrutiny-of-barstool-as-penn-national-pursues-acquisition-11647511200

Price levels to watch for on Penn National Gaming - PENN Stock

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This stock is floundering. Might come back in 1-2 years. Not 2022. Never happen. Sorry

Think not

How is that working for you???

$44 is the 200-day MA on the weekly chart. Current rate of descent looks like it gets tested by end of week.

Bust through the roof tomorrow.

PENN sucks! Still not bottoming.

Think not

Think we bottoming in this area

Portnoy going down. Taking Peen along with him. Association. Sorry go Penn. Portnoy has to step aside from all his bizness and see what happens. He’s an egoist. Wack job. Hope he move to Pakistan

Nobody pressed charges on Portnoy. He just needs to stay away from airhead girls that's all!

Penn got hit with the Hurricane shutting down the casinos.

Like I said Penn back to $70’s by year's end.

Tell me you didn't watch the emergency broadcast without telling me you didn't watch the emergency broadcast.

Wish I could be you 10k straight up that will never happen. Easy money for me. Wow

Lol. Mr One Bite will just fine and Penn will be $70 plus by year's end.

Portnoy is in big trouble. I think these sexual allegations will destroy his reputation and since PENN is mentioned with him. Here comes $15.00 SP in next couple of months. This guy is Toxic relight now. I’m contacting the lawyers and joining a ton of shareholders!

Portnoy doing a live "emergency" meeting on sexual assault allegation. Basically a rehash of his 12-minute video he released previously.

He's more lathered up this go around though. Stock price seems to be responding positively to it.

https://twitter.com/i/broadcasts/1yoKMWdOQLzJQ