Strathcona Resources Ltd. · TSX:SCR
Strathcona Resources — Corporate Update (July 2026)
36 slides from Strathcona Resources's corporate update, Jul 9, 2026
Slide 1: SCR Lloydminster Thermal Field Tour
SCR Lloydminster Thermal Field Tour July 9, 2026
Slide 2: Agenda
Agenda Adam Waterous 1 Introduction Executive Chairman Ryan Tracy 2 Business Overview President, SCR Lloydminster Thermal Chad MacDonald 3 Geoscience Manager, Geosciences – SCR Lloydminster Thermal Brandon Thomas Manager, Reservoir – SCR Lloydminster Thermal Doug Fisher 4 Development Process Manager
Slide 3: Introduction
Introduction Adam Waterous Executive Chairman
Slide 4: Three Takeaways For Today
Three Takeaways For Today 1 SCR Lloydminster Thermal is a Uniquely Positioned Oil Sands Business ▪ Operating in Saskatchewan (SK) means lower costs, lower royalties and quicker approvals ▪ “Small-Scale SAGD” approach drives faster cycle times with substantially lower capex risk ▪ SCR is the dominant
Slide 5: Business Overview
Business Overview Strathcona’s Lloydminster Thermal business is composed of four small-scale SAGD assets, two of which are planned to undergo multi-phase brownfield expansions and one greenfield project Key Statistics(1) Meota Current Mbbl/d ~34 Production ▪ Core producing asset (~21 Mbbls / d YTD)
Slide 6: Why We Love Saskatchewan
Why We Love Saskatchewan While SCR’s Lloydminster Thermal projects target smaller pools than the Alberta oil sands, they benefit from cost-effective, modular central processing facilities and a favorable royalty regime Alberta Saskatchewan Thermal Thermal Typical Alberta CPF (SCR Lindbergh) Current
Slide 7: An Exclusive Club
An Exclusive Club Strathcona has a dominant land position in the Lloydminster thermal fairway, controlling an estimated 70% of all remaining identified thermal resource in Saskatchewan SK Thermal Operators(3) SCR Lloydminster Thermal Resource vs. Peers Glenbogie North ~50% of ~20% of Current Saskatc
Slide 8: Smaller Projects, Bigger Profits
Smaller Projects, Bigger Profits Strathcona’s Lloydminster Thermal business benefits from premium realized pricing and low royalties, driving competitive netbacks versus larger Alberta oil sands peers (1)(2)(3) (4) 2025 EBITDA Netback vs. Peers (Oil Sands Assets Only, $ / bbl) P&L Breakdown ($ / bbl
Slide 9: Repeatable Returns
Repeatable Returns SCR Lloydminster Thermal projects benefit from both a fast, low-risk build process and high margin cash flows once on stream, leading to durable returns (1) Illustrative Project Cash Flow Profile @ US$70 WTI (Meota Central) 1 Build 2 Payback 3 Profit ▪ Modular, pre-fabricated CPF,
Slide 10: Business Overview
Business Overview Ryan Tracy President, SCR Lloydminster Thermal
Slide 11: We Have The Right Team
We Have The Right Team SCR Lloydminster Thermal functions as a semi-autonomous business within Strathcona, led by a lean, focused team with significant experience operating Saskatchewan thermal projects Ryan Tracy President, SCR Lloydminster Thermal ▪ 18 Years industry experience ▪ 12 Years of Saska
Slide 12: Meota: The Template for the Future
Meota: The Template for the Future Meota is SCR Lloydminster Thermal’s core producing asset, with current production across four formations and significant growth planned for the future Overview (1) Key Stats ▪ Core producing asset with stacked pay across four distinct formations: Current Production
Slide 13: Edam-Vawn: Bringing Two Halves Together
Edam-Vawn: Bringing Two Halves Together Edam-Vawn is SCR Lloydminster Thermal’s second largest producing asset, which was recently transformed through the acquisition of Vawn in 2025, driving meaningful operational efficiencies (1) Overview Net Pay (8m Cutoff) ▪ Second largest producing asset, with
Slide 14: Plover Lake: Our Largest, Highest Quality Reservoir
Plover Lake: Our Largest, Highest Quality Reservoir Plover Lake is a high-quality reservoir which has been under-exploited by prior teams; Strathcona plans to develop it in multiple phases, targeting a best-in-class SOR Overview (1) Net Pay (8m Cutoff)(2) ▪ Largest, highest quality thermal resource
Slide 15: Glenbogie: Long-Term Potential Unlocked
Glenbogie: Long-Term Potential Unlocked Glenbogie is a long-term greenfield opportunity for SCR Lloydminster Thermal, developing a large, contiguous asset base with comparable resource quality to our existing producing properties Overview (1) Net Pay, 8m Cutoff (2) ▪ High quality greenfield opportun
Slide 16: Our Plan
Our Plan SCR Lloydminster Thermal has an ambitious plan to grow to 150 Mbbls / d by 2035 (a 16% CAGR) through a series of brownfield and greenfield expansions, all utilizing the same modular, pre-fab facilities 19 150 50 1 New Small-Scale Modular Central 2 CPFs to develop large, Processing Facility,
Slide 17: We Have Done This Before
We Have Done This Before Meota Central was the fifth major Saskatchewan thermal project developed by the SCR Lloydminster Thermal team, each of which was completed on time and on budget Historical SCR Lloyd Thermal Projects (All Developed by Current SCR Lloyd Thermal Team) $450 Edam Meota West Meota
Slide 18: Geoscience
Geoscience Chad MacDonald Manager, Geosciences
Slide 19: Continuing to Find More Oil Under Our Existing Assets
Continuing to Find More Oil Under Our Existing Assets SCR Lloydminster Thermal’s delineation programs over the past four years have significantly grown the “size of the prize” at Meota and Edam-Vawn Meota 8m Pay Contour Meota Original Oil in Place (MMbbls)(1) 659 624 41 41 79 58 347 37 365 371 90% i
Slide 20: Awaking a Sleeping Giant at Plover Lake
Awaking a Sleeping Giant at Plover Lake Plover Lake represents the largest single thermal play in Saskatchewan, with significant “built-in” delineation and infrastructure due to legacy primary production in the area Plover Lake 8m Pay Contour Plover Lake OOIP(1) Bodo-Cosine (SCR Lloyd. 918 Conventio
Slide 21: Development Process
Development Process Brandon Thomas Doug Fisher Manager, Reservoir Manager, Development Josh Gauthier Manager, Production
Slide 22: High Confidence Production Predictions
High Confidence Production Predictions Strathcona’s proprietary iterative geomodelling and reservoir engineering predictions have (1) resulted in projects delivering +/- 3% of their forecasted cumulative oil (2) Geomodel Properties Forecast vs. Actuals: Peak Rate per Well Forecast vs. Actuals: Steam
Slide 23: A Detailed Full Life Plan For Every Well Pair
A Detailed Full Life Plan For Every Well Pair The long-range plan forecast is built “bottoms up” on a well-by-well basis through end of life based on the detailed geomodel and reservoir model, and re-forecasted every month with updated data (1) Illustrative Long-Range Plan, by Well Pair (Meota West
Slide 24: Adding More Oil Than Steam
Adding More Oil Than Steam The combined SCR Lloydminster Thermal development plan is expected to meaningfully reduce steam-oil ratios, leading to lower energy opex and breakevens for the business (1) SCR Lloydminster Thermal SOR (x) 4.0x (0.6x) 25% Reduction (0.1x) in iSOR (0.3x) Meota iSOR(1): 4.1x
Slide 25: Operational Excellence
Operational Excellence James King Ryan Cross Manager, Facilities Manager, Drilling, Completions and Construction Greg Nohnychuk Manager, Operations
Slide 26: More Modular Equals More Repeatable
More Modular Equals More Repeatable Lloydminster thermal projects have become more modular and pre-fabricated over time, significantly reducing the risk of cost overruns on future projects (1) Central Processing Facility Evolution Illustrative New Project Capex Breakdown (Meota Central) Husky Pikes
Slide 27: Drilling Longer for Less
Drilling Longer for Less Over the past four years SCR Lloydminster Thermal has reduced drilling and completion costs per meter by approximately 25%, in part by drilling longer laterals Average Lateral Length Per Well (meters)(1) Average Drilling and Completion Cost Per Well (C$mm)(1) 1,162 $7.0 $5,0
Slide 28: One Operator Is More Efficient Than Two
One Operator Is More Efficient Than Two The consolidation of Edam and Vawn in late 2025 has already contributed to significant cost and revenue synergies, with further benefits anticipated post the planned 2027 pipeline interconnect Cash Flow Uplift From Consolidation (Annual, C$mm) Edam-Vawn Steam
Slide 29: Marketing
Marketing Adam Lonseth Manager, Rail and Risk Management
Slide 30: Hamlin: A Different Approach to Crude-by-Rail
Hamlin: A Different Approach to Crude-by-Rail Strathcona’s owned and operated Hamlin rail terminal is the only crude-by-rail terminal in Canada which delivers better netbacks than pipelines, while insulating SCR from differential volatility Unit Train Route (CN) 2017 – 2026 All-In Net Realized Price
Slide 31: Strathcona Resources Ltd.
NS STRATHCONA “= RESOURCES LTD
Slide 32: Forward Looking Information
FORWARD LOOKING INFORMATION Certain statements contained in this presentation constitute forward-looking reserve volumes; expectations regarding Strathcona’s capital program, projects required to reach 150 Mbbls/d; concurrent multi-project execution risk, information within the meaning of applicable
Slide 33: Oil and Gas Advisories
OIL AND GAS ADVISORIES Production and Reserves Information performance of wells; however, such type curves and well economics are not In respect of 2025, Strathcona’s reserves have been evaluated in accordance necessarily determinative of the production rates and performance of existing with Canadia
Slide 34: Non-GAAP Financial Measures and Ratios
Non-GAAP Financial Measures and Ratios Non-GAAP financial measures and ratios are used internally by management to assess the performance of The following table summarizes ”Oil and natural gas sales, net of blending”, “Realized Price”, “Field Operating Income”, Strathcona. They also provide investor
Slide 35: Slide Notes
Slide Notes Slide 4 (1) Refer to “Oil and Gas Advisories” for description of “identified thermal resource” (2) Forecasted production and timeline for growth projects based on Strathcona internal estimates, as of July 2026. Refer to "Oil and Gas Advisories" with respect to expected 10-year growth pla
Slide 36: Slide Notes
Slide Notes Slide 16 Note: Forecasted production, capital costs, and timeline for SCR growth projects based on Strathcona internal estimates, as of July 2026. Refer to "Oil and Gas Advisories" with respect to expected 10-year growth plan, including timing and the projects and expected additional pro