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Strathcona Resources Ltd
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April 2024 Corporate Presentation
| Rob Morgan | Page 14 of 11 |
May 16, 2024
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"April 2024 Corporate Presentation"
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(1) 2023 production reflects full-year contribution from legacy Pipestone assets. (2) Assumes WCS diff. equal to 10% x WTI + US$5 / bbl, FX = 1.50 – 0.15% x WTI. AECO / Mcf = US$ WTI / 25. (3) Funds from Operations and FCF are non-GAAP financial measures; see “Specified Financial Measures.” 2024 Capital Program 14 ~$450 ~$450 ~$400 Lloydminster Cold Lake Montney ~$800 ~$250 ~$250 Sustaining Drill-to-Fill Major Expansion 33 147 180 187.5 – 192.5 2023 2024 Legacy Pipestone Legacy Strathcona +5-7% y/o/y +7% y/o/y Flat y/o/y ~71% oil ~78% liquids $800 $500 $0 $400 $800 $1,200 $1,600 $2,000 $2,400 $2,800 $3,200 Funds from Operations Capex 100% of FCF used to repay debt to $2.5 billion, after which shareholder return program expected to be announced $1.0bn of FCF (3) @ ~US$80 WTI Total Capex funded @ ~US$50 WTI Sust. Capex funded @ ~US$40 WTI US$40 WTI US$50 WTI US$60 WTI US$70 WTI US$80 WTI US$90 WTI US$100 WTI (2)(3) 2024E Sources and Uses of Cash (C$mm) Production Guidance (Mboe / d) (1) Strathcona’s 2024 capital budget reflects a disciplined approach to value-added growth, focused on a combination of drilling to fill existing facilities and major expansion projects Capital Budget (C$mm)