The following is a summary of the Strathcona Resources Ltd. (STHRF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Strathcona saw steady Q1 2024 production at 185,000 BOE per day.

• Funds from operations reached $456 million or $2.13 per share.

• Major expenses were capital expenditures, amounting to $286 million.

• The company maintained a free cash flow of $158 million or $0.74 per share, consistent with the previous quarter.

• Sales volumes saw a drop, particularly with the Lloydminster Heavy Oil assets due to inventory hold for a US Gulf Coast facility expansion.

Business Progress:

• The Lloydminster's facility in the U.S. Gulf Coast is now fully operational and Strathcona is set to sell inventory at premium rates.

• The company expects Q2 production volumes to remain consistent due to planned and unexpected third-party outages, but maintains its full-year guidance for 2024.

• The company is on schedule to achieving its debt target of $2.5 billion by June 2024.

• More information on the shareholder return strategy will be given along with Q2 results.

• The company is planning for thermal asset expansion in Saskatchewan, starting with a six steam generator at Meota.

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