Strathcona Resources Ltd. (SCR) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. My name is Lara and I'll be your conference operator today. I would like to welcome everyone to the Q2 2024 conference call of Stress Corner Resources Limited. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. For attendees on the conference call that would like to ask a question, press star then the number one on your telephone keypad. If you would like to withdraw your question, please press star followed by the number two. I now introduce Rob Morgan, President and CEO of Strathcona. You may begin your conference. Thank you and good morning, everyone. Welcome to the second quarter 2024 conference call of Strathcona Resources. As the operator mentioned, my name is Rob Morgan, President and CEO of Strathcona. And with me today is Connor Watrous, our Senior Vice President and CFO of and Angie Lau, our treasurer. Yesterday, Strathcona was pleased to release our second quarter results, second quarter 2024 results, and the news release financial statements and MD&A, which are available on Strathcona's website as well as on CDAR+. We encourage investors to read those documents in full and please take note of the advisories regarding forward-looking information and non-GAAP measures included therein. Production for the second quarter averaged approximately 182,000 BOE per day, with funds from operations of $548 million or $2.56 per share, capital expenditures of $297 million, resulting in free cash flow of $247 million or $1.15 per share. Oil production for the second quarter was consistent with the first quarter at approximately 131,000 barrels per day. Oil sales volumes increased to approximately 135,000 barrels per day in the quarter, Due to a drawdown of inventory ...