CALGARY, AB, May 14, 2024 /CNW/ - Strathcona Resources Ltd. ("Strathcona" or the "Company") (TSX:SCR) today reported its first quarter 2024 financial and operational results. Highlights Production of 185,122 boe/d (71% oil and condensate, 77% liquids)(1) Operating Earnings of $209.0 million ($0.98 / share)(2) Free Cash Flow of $157.9 million ($0.74 / share)(2) Three Months Ended ($ millions, unless otherwise indicated) March 31, 2024 March 31, 2023 December 31, 2023 WTI (US$ / bbl) 76.96 76.13 78.32 WCS Hardisty (C$ / bbl) 77.77 69.31 76.85 AECO 5A (C$ / mcf) 2.50 3.22 2.30 Bitumen (bbls/d) 60,150 51,097 59,845 Heavy oil (bbls/d) 51,835 57,443 52,736 Condensate and light oil (bbls/d) 19,279 8,068 19,184 Total oil production (bbls/d) 131,264 116,608 131,765 Other NGLs (bbls/d) 11,738 8,501 11,906 Natural gas (mcf/d) 252,720 114,304 254,361 Production (boe/d) 185,122 144,160 186,064 Sales (boe/d) 182,862 146,877 184,360 % Oil and condensate 71 % 81 % 71 % % Liquids(1) 77 % 87 % 77 % Oil and natural gas sales, net of blending costs and other income(2) 1,004.3 761.5 1,003.7 Royalties 126.2 113.1 134.9 Production and operating - Energy 78.8 88.7 72.5 Production and operating - Non-energy 135.4 115.9 133.3 Transportation and processing 143.4 127.9 135.7 General and administrative 22.0 25.9 24.5 Depletion, depreciation and amortization 221.8 163.1 227.5 Interest and finance costs 67.7 71.9 73.2 Current income tax (recovery) — (46.9) — Operating Earnings(2) 209.0 101.9 202.1 Other items(3) 108.4 (11.4) (61.6) Income and comprehensive income 100.6 90.5 263.7 Operating Earnings(2) 209.0 101.9 202.1 Non-cash items(4) 244.1 180.6 249.1 Gain (loss) on risk management and foreign exchange contracts - realized 2.5 (5.6) 19.6 Funds from Operations(2) 455.6 276.9 470.8 Capital expenditures (286.1) (228.7) (306.2) Decommissioning costs (11.6) (12.1) (13.8) Free Cash Flow(2) 157.9 36.1 150.8 Debt 2,642.5 3,041.7 2,665.0 (1) See "Presentation of Oil and Gas Information" and "Product Type Production Information" sections of this press release. (2) A non-GAAP financial measure which does not have a standardized meaning under IFRS; see "Non-GAAP Measures and Ratios" section of this press release. (3) Other items is an aggregation of loss/(gain) on risk management contracts, foreign exchange loss/(gain), transaction related costs (recoveries), unrealized loss/(gain) on Sable remediation fund, and deferred tax expense. (4) Non-cash items is an aggregation of depletion, depreciation and amortization, finance costs, and decommissioning government grant. Three Months Ended ($/boe) March 31, 2024 March 31, 2023 December 31, 2023 Oil and natural gas sales, net of blending costs and other income(1) 60.36 57.53 59.16 Royalties 7.58 8.55 7.95 Production and operating - Energy 4.74 6.71 4.27 Production and operating - Non-energy 8.14 8.77 7.86 Transportation and processing 8.62 9.68 8.00 General and administrative 1.32 1.96 1.44