Strathcona Resources Ltd. Reports Second Quarter 2026 Financial and Operating Results and Announces Quarterly Dividend

About this update from Strathcona Resources Ltd.

CALGARY, AB, Aug. 5, 2026 /CNW/ -- Strathcona Resources Ltd. ("Strathcona" or the "Company") (TSX: SCR) today reported its second quarter 2026 financial and operating results. The Board of Directors also declared a quarterly dividend of $0.30 per common share. Q2 2026 Highlights Quarter Review and Near-Term Priorities Production for the second quarter of 2026 of 117 Mboe / d (99.7% liquids) was flat versus the first quarter. Operating Earnings of $376 million ($1.76 / share) reflected a 94% increase versus the prior quarter, largely driven by higher oil prices. Free Cash Flow of $296 million ($1.38 / share) was a record, with higher Operating Earnings combining with lower capital expenditures. In Cold Lake, production improved 2% quarter-over-quarter, driven by the repair of Lindbergh's fuel gas supply line which forced a production curtailment in the first quarter due to reduced steam rates. Production was further supported by a stronger than expected ramp up of the Company's new 8 well pair D01 West pad at Lindbergh, which achieved a peak rate of approximately 7,000 bbls / d at a steam-oil-ratio of less than 2.0x in late June. Taken together, the restored fuel gas supply and strong D01 West performance contributed to production of over 20 Mbbls / d from Lindbergh in June, reflecting an approximately 50% increase versus the first quarter of 2026. In Lloydminster Thermal, the Company achieved first steam at its Meota Central project on June 6, 2026. The project was completed at a total installed cost of approximately $345 million (3% under budget) over the course of 18 months (2 months, or 9% ahead of budget) with zero lost time incidents during approximately 370,000 man-hours of work during construction. Meota Central achieved first oil in late July, with production currently ramping up as expected, targeting a peak rate of approximately 13,000 bbls / d by mid-2027. In Lloydminster Conventional, production improved approximately 1% quarter-over-quarter, driven by continued recovery of base production at the Company's Cactus Lake and Bodo-Cosine polymer floods following improved flood conformance. Current capital activity is focused on the Company's annual drilling program in Druid, comprised of 25 wells including 4 multi-lateral horizontals and the Company's first test well in the Waseca formation. Early results from the Waseca test are encouraging, with...

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