Slide 1: Corporate Presentation October 2025
Corporate Presentation October 2025
Slide 2: Company Overview
Company Overview Strathcona is a pure-play oil sands and heavy oil producer with a concentrated asset base in the Cold Lake and Lloydminster regions of Alberta and Saskatchewan Capitalization Ticker TSX:SCR Basic: 214,235,608 Shares Outstanding Dilutive Securities: 0 Market Capitalization ~$8.0bn (a
Slide 3: Where We Have Been And Where We Are Going
Where We Have Been And Where We Are Going Strathcona's first nine years focused on capturing a large resource base and returning the original capital to our shareholders; the next five years will focus on growing this resource organically 2023-2025: Going Public, 2017 – 2022: Resource Capture 2026-2
Slide 4: How We Think About Our Business Today
How We Think About Our Business Today Strathcona is organized across three semi-autonomous business units, each of which presents different capital opportunities across a long-life heavy oil reserves base SCR Cold Lake SCR Lloydminster Thermal SCR Lloydminster Conventional President: Kim Chiu Presid
Slide 5: Our Plan
Our Plan Strathcona plans to invest ~$1.9bn of capital over the next 5 years to grow to 195 Mbbls / d (a 10% CAGR) through a combination of filling existing SAGD facilities and three brownfield SAGD expansions 25 195 Mbbls / d 22 16 25 Brownfield Expansion of Existing Central 9 1 New Small-Scale Pro
Slide 6: 2026 Capital Program
2026 Capital Program 2026 will see Strathcona complete Meota Central Phase 1, begin investing in Plover Lake and Lindbergh Phase 2, and continue executing on drill-to-fill opportunities Capital Budget (C$mm)(1) Sources and Uses of Cash (Unhedged) (C$mm) Total Capital (C$1,000mm) $2,000 $1,800 US$80
Slide 7: Why Strathcona
RESOURCES LTD se STRATHCONA Why Strathcona
Slide 8: Long Life Reserves…
Long Life Reserves… Like its oil sand peers, Strathcona benefits from an exceptionally long reserves life (equal to ~3x its non-oil sands Canadian and U.S. peers), providing a long-term, low-cost option on oil prices Proved (1P) Reserves Life Index (Years)(1) 33 31 29 24 24 16 16 10 9 Oil Sands Oil
Slide 9: …High Margin Production…
…High Margin Production… Strathcona generates better profits per barrel than the median oil sands peer (and well above other Canadian peers) despite smaller projects and higher SORs, driven by premium realized pricing 1H 2025 Field Operating and Corporate Netbacks (C$ / boe) $40.20 $40.01 $38.53 $37
Slide 10: …Decades of Low Breakeven Drilling Inventory…
…Decades of Low Breakeven Drilling Inventory… Strathcona can grow profitably due to the largest inventory of low breakeven drilling locations in North America, with more than 6x the <$50 WTI breakeven inventory of the median U.S. peer Years of Inventory by PV-10 Breakeven (Enverus, Ranked by Years o
Slide 11: …At An Attractive Relative Valuation…
…At An Attractive Relative Valuation… Strathcona is currently trading at a ~20% discount to its oil sands peers on a cash flow, free cash flow and NAV basis; the oil sands remains attractively valued vs U.S. peers on NAV TEV / DACF, TEV / DAFCF, TEV / 1P PV-10 After-Tax(1) 13.9x DAFCF 1.50x NAV 12.5
Slide 12: …And An Improving Public Markets Profile
…And An Improving Public Markets Profile Strathcona’s valuation remains discounted in part due to its small float and low trading volumes; each of these has improved since going public and is set to improve further in coming months Market Capitalization (C$bn)(1) $8.0 Peer Peer Peer Peer Peer Peer P
Slide 13: Our 5-Year Plan
se STRATHCONA RESOURCES LTD Our 5-Year Plan
Slide 14: 2026 – 2031 In Detail
2026 – 2031 In Detail Growth spending is concentrated in 2026-2029 across SCR Cold Lake and SCR Lloydminster Thermal; assuming no reserves replacement, Strathcona will retain a ~24-year 2P RLI in 2031 5 Year Plan (Mbbls / d)(1) Longer-Term Projects (Mbbls / d)(1) 65 260 100 250 90 190 - 200 80 200 1
Slide 15: Building Back What We Sold
Building Back What We Sold Strathcona’s 5-year plan builds a “growth wedge” with roughly the same production and RLI as its divested Montney business at an attractive build multiple and with substantially better margins 2026 – 2031 SCR “Growth Wedge”(1) SCR Montney (Divested May 2025) 75 Mboe / d (1
Slide 16: Where and How We Sell Our Oil
Where and How We Sell Our Oil The majority of Strathcona’s incremental production growth will be sold to the US Gulf Coast via its owned and operated Hamlin Rail Terminal and new firm long-haul pipe capacity Oil Sales by End Market (Mbbls/d)(1) SCR Hamlin Rail Terminal Key Stats 75 195 ▪ ~50 Mbbls /
Slide 17: Meota Central Phase 1 + 2: More Of What Has Worked
Meota Central Phase 1 + 2: More Of What Has Worked Meota Central is Strathcona’s largest undeveloped reservoir, directly offset its existing Meota operations; Strathcona plans to develop it with two small-scale, modular SAGD CPFs Expansion Plan(1) ▪ Two new CPFs targeting Waseca pool, online late-20
Slide 18: Plover: Our Highest Quality Reservoir, Now Ready for Prime Time
Plover: Our Highest Quality Reservoir, Now Ready for Prime Time Plover Lake is a high-quality reservoir which has been under-exploited by prior teams; Strathcona plans to develop it in two phases, targeting a best-in-class SOR Expansion Plan(1) Net Pay (8m Cutoff) ▪ Expansion of pilot facility early
Slide 19: Lindbergh Phase 2: The Rare Shovel-Ready Oil Sands Expansion
Lindbergh Phase 2: The Rare Shovel-Ready Oil Sands Expansion Lindbergh Phase 2 is Strathcona’s largest brownfield SAGD project with the potential to more than double current production, bringing forward the asset’s ultra long-life reserves Expansion Plan(1) Net Pay (8m Cutoff) ▪ Major expansion of c
Slide 20: Advisories
Advisories FORWARD LOOKING INFORMATION of tariffs on Strathcona’s operations and its ability to effectively mitigate the Any forward-looking information contained herein is expressly qualified by this Certain statements contained in this presentation constitute forward-looking impact thereof; the im
Slide 21: Advisories
Advisories OIL AND GAS ADVISORIES assumptions of well performance in making investment decisions in relation to Production and Reserves Information development drilling in certain areas and for determining the success of the performance of wells; however, such type curves and well economics are not
Slide 22: 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 Strathcona. Six Months Ended June 30, 2025 They also provide investors with meaningful metrics to assess Strathcona's performance compared to other companies i
Slide 23: Slide Notes
Slide Notes Slide 2 1) Calculated as $3,169 million of debt, excluding unamortized debt issuance costs (per Q2 2025 Financial Statements) less $2,427 million cash proceeds from Montney asset sales less $902 million value of marketable securities (per Q2 2025 Financial Statements). Refer to “Non-GAAP