Strathcona Resources press release (OTCPK:STHRF): Q4 Operating Earnings of $202.1 million ($0.94 / share) Revenue of $1.29B (+15.2% Y/Y). Production of 186,064 boe / d (71% oil and condensate, 77% liquids). Free Cash Flow of $150.8 million ($0.70 / share). Outlook: Strathcona is reducing its 2024 production guidance to 187.5 to 192.5 Mboe per day (from 190 – 195 Mboe per day previously) and increasing its expected oil weighting to 71% (from 70%) and increasing expected total liquids weighting to 78% (from 77%). Oil and total liquids production guidance is unchanged. Strathcona\’s capital budget of $1.3 billion is also unchanged.
Production for the first half of 2024 is expected to be roughly flat versus the fourth quarter of 2023, with growth occurring in the back half of the year, coinciding with the expected in-service date of the Trans Mountain Expansion Pipeline, which is expected to meaningfully improve local heavy oil prices.
