# EDGAR Filing Document

**Accession Number:** 0002068441
**File Stem:** 0001104659-25-075362
**Filing Date:** 2025-8
**Character Count:** 242660
**Document Hash:** cebbf43db90be787cb49ef0a33b6412e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-075362.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001104659-25-075362

**CONFORMED SUBMISSION TYPE**: F-10/A

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Strathcona Resources Ltd.
- **CENTRAL INDEX KEY:** 0002068441
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 981702093
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 549300ZPS06QWKX6NG96

**FILING VALUES:**
- **FORM TYPE:** F-10/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287662
- **FILM NUMBER:** 251196000

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 421 -- 7TH AVENUE S.W. SUITE 1900
- **CITY:** CALGARY
- **PROVINCE COUNTRY:** A0
- **ZIP:** T2P 4K9
- **BUSINESS PHONE:** (877) 316-6006

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 421 -- 7TH AVENUE S.W. SUITE 1900
- **CITY:** CALGARY
- **PROVINCE COUNTRY:** A0
- **ZIP:** T2P 4K9

**As filed with the Securities and Exchange Commission on August 7, 2025**

**Registration No. 333-287662**

**UNITED STATES**<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**AMENDMENT NO. 2**

**TO**

**FORM F-10**

**REGISTRATION STATEMENT UNDER<br> THE SECURITIES ACT OF 1933**

**STRATHCONA RESOURCES LTD.**

(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alberta, Canada** | &nbsp;&nbsp;**1311** | &nbsp;&nbsp;**Not Applicable** |
| &nbsp;&nbsp;(Province or other Jurisdiction | &nbsp;&nbsp;(Primary Standard Industrial | &nbsp;&nbsp;(I.R.S. Employer |
| &nbsp;&nbsp;of Incorporation or Organization) | &nbsp;&nbsp;Classification Code Number) | &nbsp;&nbsp;Identification No.) |

---

**421 – 7th Avenue S.W., Suite 1900**

**Calgary, Alberta** 

**Canada T2P 4K9**

**(403) 930-3000**

(Address and telephone number of Registrant's principal executive offices)

**Puglisi & Associates**

**850 Library Avenue, Suite 204**

**Newark, Delaware 19711**

**(302) 738-6680**

(Name, address and telephone number of agent for service in the United States)

*Copies to:*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Ryan J. Dzierniejko**<br> **Christopher M. Barlow**<br> **John Zelenbaba**<br> **Skadden, Arps, Slate, Meagher & Flom LLP**<br> **One Manhattan West**<br> **New York, New York, United States 10001-8602**<br> **(212) 735-3712** | &nbsp;&nbsp; **Connor Waterous**<br> **Strathcona Resources Ltd.**<br> **421 – 7th Avenue S.W., Suite 1900**<br> **Calgary, Alberta**<br> **Canada T2P 4K9**<br> **(403) 930-3000** | &nbsp;&nbsp; **Olga Kary**<br> **Kristopher Simard**<br> **Blake, Cassels & Graydon LLP**<br> **855** - **2nd Street S.W.**<br> **Suite 3500, Bankers Hall East Tower**<br> **Calgary, Alberta, Canada T2P 4J8**<br> **(403) 260-9600** |

---

**Approximate date of commencement of proposed sale of the securities to the public: Pursuant to Rule 162 under the Securities Act of 1933 (the "Securities Act"), the offer described herein will commence as soon as practicable after the date of this Registration Statement. The offer cannot, however, be completed prior to the time this Registration Statement becomes effective. Accordingly, any actual exchange of securities pursuant to the offer will occur only after this Registration Statement is effective, subject to the conditions set forth in this Registration Statement.**

**Province of Alberta, Canada**

(Principal jurisdiction regulating this offering)

It is proposed that this filing shall become effective (check appropriate box):

A. □ Upon filing with the Commission, pursuant to Rule 467(a) (if in connection with an offering being made contemporaneously in the United
States and Canada).

B. 🗹 At some future date (check the appropriate box below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. □ pursuant to Rule 467(b) on (*date*) at (*time*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. □ pursuant to Rule 467(b) on (*date*) at (*time*) because the securities regulatory authority in the review jurisdiction has
issued a receipt or notification of clearance on (*date*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. □ pursuant to Rule 467(b) as soon as practicable after notification of the Commission by the Registrant or the Canadian securities regulatory
authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 🗹 after the filing of the next amendment to this Form (if preliminary material is being filed).

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus offering procedures, check the following box. □

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registration Statement shall become effective as provided in Rule 467 under the Securities Act or on such date as the United States Securities and Exchange Commission (the "SEC"), acting pursuant to Section 8(a) of the Securities Act, may determine.**

**PART I**

**INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS**

**Item 1. Home Jurisdiction Document.**

This Amendment No. 2 amends and supplements the registration statement on Form F-10 (as amended, the "Registration Statement") filed by Strathcona Resources Ltd. (the "Registrant") on May 30, 2025.

The Registration Statement relates to the offer to purchase (the "Offer") by the Registrant for all of the issued and outstanding common shares (the "Common Shares") of MEG Energy Corp. (the "Company"), other than any Common Shares owned directly or indirectly by the Registrant and its affiliates, together with the associated rights to purchase Common Shares issued and outstanding under the amended and restated shareholder rights plan agreement, dated as of May 25, 2017, between the Company and Computershare Trust Company of Canada, including any Common Shares that may become issued and outstanding after the date of the Offer but prior to the expiry time of the Offer.

The Offer is subject to the terms and conditions set forth in the Registrant's Offer to Purchase and Circular dated May 30, 2025 (the "Offer and Circular") and the related letter of transmittal (the "Letter of Transmittal"), copies of which are attached hereto as Exhibits 1.1 and 1.2, respectively.

The information set forth in the Offer and Circular and the Letter of Transmittal, including all schedules, exhibits and annexes thereto, is hereby expressly incorporated herein by reference in response to all items of information required to be included in, or covered by, a Registration Statement on Form F-10, and is supplemented by the information specifically provided herein.

Deloitte LLP ("Deloitte") is independent of Strathcona Resources Ltd. (the "Registrant") within the meaning of the rules of professional conduct of the Chartered Professional Accountants of Alberta ("Local Canadian Rules") for the years ended December 31, 2024 and December 31, 2023. However, a close family member of a Deloitte covered person (within the meaning of the auditor independence rules of the SEC) served in an accounting role at the Company until December 2024. While permissible under the Local Canadian Rules, this was impermissible under the auditor independence rules of the SEC.

Although the close family member was in an accounting role, they did not make significant judgments and decisions with respect to accounting, and were not part of the executive team or included in senior management meetings and they only served in the role intermittently throughout the period. The individual had minimal decision-making authority with respect to the Registrant's consolidated financial statements, and all work prepared was reviewed by senior-level management within the Registrant's finance organization. Additionally, there was limited interaction between the close family member and the Deloitte audit team.

The Deloitte covered person and the audit engagement partner for the Registrant are geographically in the same office, but they are members of separately managed and operated audit practices. Additionally, the Deloitte covered person has never provided services to or consulted on matters with respect to the audit of the Registrant, and has had very limited interactions with the audit engagement partner. Lastly, the audit engagement is subject to an engagement quality review by Deloitte which takes into consideration the audit team's objectivity and professional skepticism.

After careful consideration of the facts and circumstances and the applicable independence rules, Deloitte has concluded that (i) the aforementioned matter does not impair Deloitte's ability to exercise objective and impartial judgment in connection with its audits of the Registrant's consolidated financial statements, and (ii) a reasonable investor with knowledge of all relevant facts and circumstances would conclude that Deloitte has been and is capable of exercising objective and impartial judgment on all issues encompassed within its audits of the Registrant's consolidated financial statements. After considering these matters, the Registrant's management and Board of Directors concur with Deloitte's conclusions.

Except as specifically provided herein, this Amendment No. 2 does not modify any of the information previously reported in the Registration Statement.

**Item 2. Additional Information.**

See the financial statements included or incorporated by reference in the Offer and Circular.

**Item 3. Informational Legends.**

See "Notice to Shareholders in the United States" in the Offer and Circular.

**Item 4. Incorporation of Certain Information by Reference.**

See "Documents Incorporated by Reference" in the Offer and Circular. The Offer and Circular provides that copies of the documents incorporated therein by reference may be obtained on request without charge from the Chief Financial Officer of Strathcona Resources Ltd. at Suite 1900, 421 – 7th Avenue S.W., Calgary, Alberta, Canada T2P 4K9, Telephone: (403) 930-3000, and are also available electronically at www.sedarplus.ca.

**Item 5. List of Documents filed with the SEC.**

See "Documents Filed as Part of the Registration Statement" in the Offer and Circular.

 

*The information contained herein may change. The Registrant may not complete the Offer and issue the Common Shares issuable pursuant to the Offer until the registration statement is effective. This document does not constitute an offer or a solicitation to any person in any state in which such offer or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state.* 

**PART II**

**INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS**

**Indemnification of Directors and Officers**

Under the *Business Corporations Act* (Alberta) (the "ABCA"), the Registrant may indemnify a director or officer of the Registrant, a former director or officer of the Registrant or a person who acts or acted at the Registrant's request as a director or officer of a body corporate of which the Registrant is or was a shareholder or creditor, and the director's or officer's heirs and legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the director or officer in respect of any civil, criminal, administrative, investigative or other action or proceeding in which the director or officer is involved by reason of being or having been a director or officer of the Registrant or such body corporate, if (i) the director or officer acted honestly and in good faith with a view to the best interests of the Registrant, and (ii) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the director or officer had reasonable grounds for believing that the director's or officer's conduct was lawful. The Registrant may with the approval of the Court of King's Bench of Alberta indemnify the aforementioned persons in respect of an action by or on behalf of the Registrant or such body corporate to procure a judgment in its favor, to which the person is made a party by reason of being or having been a director or an officer of the Registrant or body corporate, against all costs, charges and expenses reasonably incurred by the person in connection with the action if the person fulfills the conditions set out in (i) and (ii) above. Pursuant to the ABCA, a director or officer of the Registrant, a former director or officer of the Registrant or a person who acts or acted at the Registrant's request as a director or officer of a body corporate of which the Registrant is or was a shareholder or creditor, and the director's or officer's heirs and legal representatives, is entitled to indemnity from the Registrant in respect of all costs, charges and expenses reasonably incurred by the person in connection with the defense of any civil, criminal, administrative, investigative or other action or proceeding in which the person is involved by reason of being or having been a director or officer of the Registrant or such body corporate, if the person seeking indemnity was not judged by a court or competent authority to have committed any fault or omitted to do anything that the person ought to have done and fulfills the conditions set out in (i) and (ii) above.

The by-laws of the Registrant provide that, subject to the provisions of the ABCA, the Registrant shall indemnify a director or officer of the Registrant, a former director or officer of the Registrant, or a person who acts or acted at the Registrant's request as a director or officer of a body corporate of which the Registrant is or was a shareholder or creditor, and such person's heirs and legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by them in respect of any civil, criminal, administrative, investigative or other action or proceeding to which they are involved by reason of being or having been a director or officer of the Registrant or such body corporate, if (i) they acted honestly and in good faith with a view to the best interests of the Registrant, and (ii) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, they had reasonable grounds for believing that their conduct was lawful. The by-laws of the Registrant also provide that the Registrant may also indemnify such persons in such other circumstances as the ABCA or law permits.

The Registrant has indemnity agreements with, and has directors' and officers' liability insurance for the benefit of, each of its directors and officers. The terms and conditions of such agreements are consistent with the provisions of the ABCA and the Registrant's by-laws and the terms and conditions of such insurance are standard for the Registrant's industry.

**Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.**

**Exhibits**

The following exhibits have been filed as part of the Registration Statement:

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| [1.1\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d1_exh1x1.htm) | [Offer to Purchase and Circular, dated May 30, 2025.](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d1_exh1x1.htm) |
| [1.2\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d1_exh1x2.htm) | [Form of Letter of Transmittal.](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d1_exh1x2.htm) |
| [1.3\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d1_exh1x3.htm) | [Form of Notice of Guaranteed Delivery.](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d1_exh1x3.htm) |
| [1.4\*\*](https://www.sec.gov/Archives/edgar/data/1254045/000110465925049922/tm2515268d1_425.htm) | [News release, dated May 15, 2025 (incorporated by reference to the Registrant's filing pursuant to Rule 425 on May 16, 2025).](https://www.sec.gov/Archives/edgar/data/1254045/000110465925049922/tm2515268d1_425.htm) |
| [1.5\*\*](https://www.sec.gov/Archives/edgar/data/1254045/000110465925050142/tm2515268d3_425.htm) | [Conference Call Transcript, dated May 16, 2025 (incorporated by reference to the Registrant's filing pursuant to Rule 425 on May 19, 2025).](https://www.sec.gov/Archives/edgar/data/1254045/000110465925050142/tm2515268d3_425.htm) |
| [1.6\*\*](https://www.sec.gov/Archives/edgar/data/1254045/000110465925051183/tm2515268d5_425.htm) | [Video Transcript, dated May 16, 2025 (incorporated by reference to the Registrant's filing pursuant to Rule 425 on May 21, 2025).](https://www.sec.gov/Archives/edgar/data/1254045/000110465925051183/tm2515268d5_425.htm) |
| [1.7\*\*](https://www.sec.gov/Archives/edgar/data/1254045/000110465925051184/tm2515268d4_425.htm) | [News Article, dated May 16, 2025 (incorporated by reference to the Registrant's filing pursuant to Rule 425 on May 21, 2025).](https://www.sec.gov/Archives/edgar/data/1254045/000110465925051184/tm2515268d4_425.htm) |
| [1.8\*\*](https://www.sec.gov/Archives/edgar/data/1254045/000110465925054514/tm2515268d7_425.htm) | [Newspaper Advertisement, dated May 30, 2025 (incorporated by reference to the Registrant's filing pursuant to Rule 425 on May 30, 2025).](https://www.sec.gov/Archives/edgar/data/1254045/000110465925054514/tm2515268d7_425.htm) |
| [1.9\*\*](https://www.sec.gov/Archives/edgar/data/1254045/000110465925054512/tm2515268d8_425.htm) | [News release, dated May 30, 2025 (incorporated by reference to the Registrant's filing pursuant to Rule 425 on May 30, 2025).](https://www.sec.gov/Archives/edgar/data/1254045/000110465925054512/tm2515268d8_425.htm) |
| [1.10\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925061152/tm2515268d11_425.htm) | [Corporate Presentation, dated June 19, 2025 (incorporated by reference to the Registrant's filing pursuant to Rule 425 on June 20, 2025).](https://www.sec.gov/Archives/edgar/data/2068441/000110465925061152/tm2515268d11_425.htm) |
| [1.11\*\*](https://www.sec.gov/Archives/edgar/data/1254045/000110465925065470/tm2519808d1_425.htm) | [News release, dated July 2, 2025 (incorporated by reference to the Registrant's filing pursuant to Rule 425 on July 3, 2025).](https://www.sec.gov/Archives/edgar/data/1254045/000110465925065470/tm2519808d1_425.htm) |
| [3.1\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex3-1.htm) | [The Annual Information Form of the Registrant dated March 4, 2025, for the year ended December 31, 2024.](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex3-1.htm) |
| [3.2\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex3-2.htm) | [The audited annual consolidated financial statements of the Registrant for the year ended December 31, 2024, together with the notes thereto and the independent auditors report thereon.](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex3-2.htm) |
| [3.3\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex3-3.htm) | [The management's discussion and analysis of financial condition and results of operations of the Registrant for the year ended December 31, 2024.](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex3-3.htm) |
| [3.4\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex3-4.htm) | [The unaudited condensed interim consolidated financial statements of the Registrant for the three months ended March 31, 2025, together with the notes thereto.](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex3-4.htm) |
| [3.5\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex3-5.htm) | [The management's discussion and analysis of financial condition and results of operations of the Registrant for the three months ended March 31, 2025, together with the notes thereto.](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex3-5.htm) |
| [3.6\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex3-6.htm) | [The management information circular of the Registrant dated March 4, 2025, in connection with the annual meeting of shareholders of the Registrant held on April 16, 2025.](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex3-6.htm) |
| [3.7\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex3-7.htm) | [The material change report of the Registrant, dated May 22, 2025.](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex3-7.htm) |
| [3.8\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925056487/tm2515114d9_ex3-8.htm) | [The material change report of the Registrant, dated June 4, 2025.](https://www.sec.gov/Archives/edgar/data/2068441/000110465925056487/tm2515114d9_ex3-8.htm) |
| [3.9\*](tm2522841d1_ex3-9.htm) | [The unaudited condensed interim consolidated financial statements of the Registrant for the three and six months ended June 30, 2025, together with the notes thereto.](tm2522841d1_ex3-9.htm) |
| [3.10\*](tm2522841d1_ex3-10.htm) | [The management's discussion and analysis of financial condition and results of operations of the Registrant for the three and six months ended June 30, 2025, together with the notes thereto.](tm2522841d1_ex3-10.htm) |
| [5.1\*](tm2522841d1_ex5-1.htm) | [Consent of Deloitte LLP.](tm2522841d1_ex5-1.htm) |
| [5.2\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex5-2.htm) | [Consent of McDaniel & Associates Consultants Ltd.](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex5-2.htm) |
| [6.1\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114-1_f10.htm#tPOA) | [Powers of Attorney (included in Part III of this Registration Statement).](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114-1_f10.htm#tPOA) |
| [107\*\*](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex-filingfees.htm) | [Filing fee table.](https://www.sec.gov/Archives/edgar/data/2068441/000110465925054551/tm2515114d2_ex-filingfees.htm) |

---

**\* Filed herewith.**

**\*\* Previously filed.**

**PART III**

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS**

Item 1. Undertaking

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish promptly, when requested to do so by the SEC staff, information relating to the securities registered pursuant to this Form F-10 or to transactions in such securities.

Item 2. Consent to Service of Process

Concurrently with the initial filing of the Registration Statement on Form F-10, the Registrant has filed with the SEC a written irrevocable consent and power of attorney on Form F-X.

Any change to the name or address of the Registrant's agent for service shall be communicated promptly to the SEC by amendment to the Form F-X referencing the file number of the Registration Statement.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-10 and has duly caused this Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Calgary, Province of Alberta, Country of Canada, on August 7, 2025.

---

| | |
|:---|:---|
| **STRATHCONA RESOURCES LTD.** | **STRATHCONA RESOURCES LTD.** |
| By: | /s/ Connor Waterous |
| Name: | Connor Waterous |
| Title: | Chief Financial Officer |

---

Pursuant to the requirements of the Securities Act, this Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Signature** | &nbsp;&nbsp;**Title** | &nbsp;&nbsp;**Date** |
| &nbsp;&nbsp;*/s/ Connie De Ciancio* | &nbsp;&nbsp; Director and Chief Commercial Officer<br> (*Principal Executive Officer*) | &nbsp;&nbsp;August 7, 2025 |
| &nbsp;&nbsp;Connie De Ciancio | &nbsp;&nbsp; Director and Chief Commercial Officer<br> (*Principal Executive Officer*) |  |
| &nbsp;&nbsp;*/s/ Connor Waterous* | &nbsp;&nbsp; Chief Financial Officer<br> (*Principal Financial and Accounting Officer*) | &nbsp;&nbsp;August 7, 2025 |
| &nbsp;&nbsp;Connor Waterous | &nbsp;&nbsp; Chief Financial Officer<br> (*Principal Financial and Accounting Officer*) |  |
| &nbsp;&nbsp;*\** | &nbsp;&nbsp;Director and Vice Chairman of the Board of Directors | &nbsp;&nbsp;August 7, 2025 |
| &nbsp;&nbsp;Steve Fagan | &nbsp;&nbsp;Director and Vice Chairman of the Board of Directors | &nbsp;&nbsp;August 7, 2025 |
| &nbsp;&nbsp; <br> *\** | &nbsp;&nbsp;Director and Executive Chairman of the Board of Directors | &nbsp;&nbsp; <br> August 7, 2025 |
| &nbsp;&nbsp;Adam Waterous |  |  |
| &nbsp;&nbsp;*\** | &nbsp;&nbsp;Director | &nbsp;&nbsp;August 7, 2025 |
| &nbsp;&nbsp;Cody Church |  |  |
| &nbsp;&nbsp;\* | &nbsp;&nbsp;Director | &nbsp;&nbsp;August 7, 2025 |
| &nbsp;&nbsp;Navjeet (Bob) Singh Dhillon |  | &nbsp;&nbsp;August 7, 2025 |
| &nbsp;&nbsp;*\** | &nbsp;&nbsp;Director | &nbsp;&nbsp;August 7, 2025 |
| &nbsp;&nbsp;Henry Hager |  |  |
| &nbsp;&nbsp;*\** | &nbsp;&nbsp;Director | &nbsp;&nbsp;August 7, 2025 |
| &nbsp;&nbsp;Andrew Kim |  |  |
| &nbsp;&nbsp;*\** | &nbsp;&nbsp;Director | &nbsp;&nbsp;August 7, 2025 |
| &nbsp;&nbsp;David Roosth |  | &nbsp;&nbsp;August 7, 2025 |

---

---

| | |
|:---|:---|
| \* By: | /s/ Connor Waterous |
|  | Connor Waterous |
|  | Attorney-in-fact |

---

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of Section 6(a) of the Securities Act, this Amendment No. 2 to the Registration Statement has been signed by the undersigned, solely in its capacity as the duly authorized representative of the Registrant in the United States, on August 7, 2025.

---

| | |
|:---|:---|
| **PUGLISI & ASSOCIATES** | **PUGLISI & ASSOCIATES** |
| (Authorized Representative in the United States) | (Authorized Representative in the United States) |
| By: | /s/ Donald J. Puglisi |
| Name: | Donald J. Puglisi |
| Title: | Managing Director |

---

## Exhibit 3.9

**Exhibit 3.9**

![](tm2522841d1_ex3-9sp1img01.jpg)

**CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024**

**CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION**

Cdn$ millions (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **As at** | **Note** | **June 30, 2025** | December 31, 2024 |
| **Assets** |  |  |  |
| Current |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | **15** | **280.0** | 348.2 |
| &nbsp;&nbsp;&nbsp;Inventory |  | **39.0** | 47.8 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and deposits |  | **61.9** | 30.0 |
| &nbsp;&nbsp;&nbsp;Cross-currency swap asset | **7, 15** | **—** | 28.6 |
| &nbsp;&nbsp;&nbsp;Other assets |  | **—** | 4.5 |
| &nbsp;&nbsp;&nbsp;Risk management asset | **15** | **14.4** | 47.0 |
| &nbsp;&nbsp;&nbsp;Marketable securities | **4, 15** | **902.9** |  |
| &nbsp;&nbsp;&nbsp;Subscription receipt funds in escrow | **13** | **661.7** |  |
| &nbsp;&nbsp;&nbsp;Assets held for sale | **3** | **1965.0** |  |
| Total current assets |  | **3924.9** | 506.1 |
| Property, plant and equipment | **3, 5** | **8597.8** | 10456.4 |
| Other assets |  | **21.0** | 15.0 |
| **Total assets** |  | **12543.7** | 10977.5 |
| **Liabilities** |  |  |  |
| Current |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **6** | **836.7** | 918.7 |
| &nbsp;&nbsp;&nbsp;Deferred revenue |  | **40.1** | 57.4 |
| &nbsp;&nbsp;&nbsp;Cross-currency swap liability | **7, 15** | **1.5** |  |
| &nbsp;&nbsp;&nbsp;Lease and other obligations | **3, 8** | **28.8** | 64.5 |
| &nbsp;&nbsp;&nbsp;Decommissioning provision | **3, 9** | **41.2** | 40.9 |
| &nbsp;&nbsp;&nbsp;Risk management liability | **15** | **19.5** | 44.6 |
| &nbsp;&nbsp;&nbsp;Subscription receipt obligation | **13** | **661.7** |  |
| &nbsp;&nbsp;&nbsp;Liabilities associated with assets held for sale | **3** | **162.6** |  |
| Total current liabilities |  | **1792.1** | 1126.1 |
| Debt | **7** | **3150.4** | 2461.6 |
| Lease and other obligations | **3, 8** | **54.8** | 282.5 |
| Decommissioning provision | **3, 9** | **208.2** | 249.8 |
| Deferred tax liability |  | **1116.2** | 990.7 |
| Risk management liability | **15** | **88.8** | 43.1 |
| **Total liabilities** |  | **6410.5** | 5153.8 |
| **Equity** |  |  |  |
| Share capital | **14** | **3590.2** | 3590.5 |
| Contributed surplus |  | **49.9** | 49.9 |
| Retained earnings |  | **2493.1** | 2183.3 |
| Total equity |  | **6133.2** | 5823.7 |
| **Total liabilities and equity** |  | **12543.7** | 10977.5 |

---

*Commitments and contingencies (Note 16)*

*Subsequent events (Note 3)*

*See accompanying notes to the condensed consolidated interim financial statements.*

#### 1 \| STRATHCONA RESOURCES LTD.
**CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**

Cdn$ millions, except per share amounts (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **For the Three and Six Months Ended June 30,** | **Note** | **2025** | 2024<sup>(1)</sup> | **2025** | 2024<sup>(1)</sup> |
| **Revenues and other income** |  |  |  |  |  |
| Oil and natural gas sales | **10** | **974.7** | 1231.1 | **2151.0** | 2271.9 |
| Sale of purchased products |  | **14.4** | 13 | **21.7** | 15 |
| Royalties |  | **(95.9)** | (168.2) | **(208.3)** | (268.1) |
| Oil and natural gas revenues |  | **893.2** | 1075.9 | **1964.4** | 2018.8 |
| Gain (loss) on risk management contracts | **15** | **19.4** | 2.1 | **(58.6)** | (37.6) |
| Midstream revenue |  | **6.6** |  | **6.6** |  |
| Other income | **4** | **4.9** | (0.1) | **6.1** |  |
|  |  | **924.1** | 1077.9 | **1918.5** | 1981.2 |
| **Expenses** |  |  |  |  |  |
| Purchased product |  | **14.4** | 13 | **22.0** | 15 |
| Blending costs |  | **250.1** | 287.4 | **576.3** | 582 |
| Production and operating |  | **180.7** | 172.9 | **363.1** | 344 |
| Transportation |  | **94.2** | 98.3 | **182.2** | 185.1 |
| General and administrative |  | **21.1** | 19 | **40.3** | 35.8 |
| Interest | **7** | **45.8** | 43.7 | **84.2** | 89.1 |
| Transaction related costs |  | **14.2** | 0.3 | **14.8** | 0.4 |
| Finance costs | **11** | **14.8** | 12.5 | **27.1** | 23.9 |
| Depletion, depreciation and amortization | **5** | **155.7** | 157.2 | **303.3** | 303 |
| Foreign exchange (gain) loss | **12** | **(39.5)** | 6.9 | **(40.5)** | 27.3 |
| Unrealized loss on Sable remediation fund |  | **—** |  | **—** | 0.1 |
|  |  | **751.5** | 811.2 | **1572.8** | 1605.7 |
| Gain on marketable securities | **4, 15** | **24.6** |  | **47.3** |  |
| **Income before income taxes** |  | **197.2** | 266.7 | **393.0** | 375.5 |
| Income tax expense |  | **38.9** | 63.9 | **81.9** | 100.5 |
| **Income and comprehensive income from continuing operations** |  | **158.3** | 202.8 | **311.1** | 275 |
| Income and comprehensive income from discontinued operations, net of tax | **3** | **72.6** | 24.4 | **125.1** | 52.8 |
| **Income and comprehensive income** |  | **230.9** | 227.2 | **436.2** | 327.8 |
| **Net income per share** | **14** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Continuing operations, basic and diluted |  | **0.74** | 0.95 | **1.45** | 1.28 |
| &nbsp;&nbsp;&nbsp;Discontinued operations, basic and diluted | **3** | **0.34** | 0.11 | **0.59** | 0.25 |
| &nbsp;&nbsp;&nbsp;Net income per share, basic and diluted |  | **1.08** | 1.06 | **2.04** | 1.53 |

---

(1) Comparative periods have been revised to reflect current period presentation, see Note 3 - Discontinued
Operations for additional information.

*See accompanying notes to the condensed consolidated interim financial statements.*

#### 2 \| STRATHCONA RESOURCES LTD.
**CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY**

Cdn$ millions (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Share<br> Capital** | **Contributed<br> Surplus** | **Retained<br> Earnings** | **Total Equity** |
| Balance as at December 31, 2023 |  | 3590.5 | 49.9 | 1686.7 | 5327.1 |
| Income and comprehensive income |  |  |  | 327.8 | 327.8 |
| **Balance as at June 30, 2024** |  | **3590.5** | **49.9** | **2014.5** | **5654.9** |
| Balance as at December 31, 2024 |  | 3590.5 | 49.9 | 2183.3 | **5823.7** |
| Share issue costs | **14** | (0.3) |  |  | **(0.3)** |
| Dividends | **14** |  |  | (126.4) | **(126.4)** |
| Income and comprehensive income |  |  |  | 436.2 | **436.2** |
| **Balance as at June 30, 2025** |  | **3590.2** | **49.9** | **2493.1** | **6133.2** |

---

*See accompanying notes to the condensed consolidated interim financial statements.*

#### 3 \| STRATHCONA RESOURCES LTD.
**CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS**

Cdn$ millions (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **For the Three and Six Months Ended June 30,** | **Note** | **2025** | 2024 | **2025** | 2024 |
| **Cash flow from (used in) operating activities** |  |  |  |  |  |
| Net income |  | **230.9** | 227.2 | **436.2** | 327.8 |
| Items not involving cash | **17** | **164.0** | 320.1 | **516.2** | 675.0 |
| Decommissioning costs | **9** | **(3.3)** | (2.9) | **(26.8)** | (14.5) |
| Changes in non-cash working capital | **17** | **(19.5)** | (24.7) | **(36.6)** | (59.8) |
|  |  | **372.1** | 519.7 | **889.0** | 928.5 |
| **Cash flow from (used in) financing activities** |  |  |  |  |  |
| Draw (repayment) of debt | **7, 12** | **290.1** | (198.3) | **751.8** | (278.4) |
| Lease and other obligations | **8** | **(102.1)** | (19.4) | **(150.2)** | (38.6) |
| Debt issuance costs |  | **(2.9)** |  | **(4.8)** | (11.4) |
| Cash dividends paid | **14** | **(64.3)** |  | **(120.0)** |  |
| Share issue costs | **14** | **—** |  | **(0.3)** |  |
| Subscription receipts | **13** | **661.7** |  | **661.7** |  |
| Changes in non-cash working capital | **17** | **6.4** |  | **6.4** |  |
|  |  | **788.9** | (217.7) | **1144.6** | (328.4) |
| **Cash flow from (used in) investing activities** |  |  |  |  |  |
| Property, plant and equipment expenditures | **5** | **(377.6)** | (297.4) | **(728.2)** | (583.5) |
| Property acquisition | **5** | **(48.8)** |  | **(48.3)** |  |
| Purchase of marketable securities | **4, 15** | **(104.9)** |  | **(564.0)** |  |
| Subscription receipts funds in escrow | **13** | **(661.7)** |  | **(661.7)** |  |
| Changes in non-cash working capital | **17** | **32.0** | (4.6) | **(31.4)** | (16.6) |
|  |  | **(1161.0)** | (302.0) | **(2033.6)** | (600.1) |
| **Change in cash** |  | **—** |  | **—** |  |
| **Cash, beginning of period** |  | **—** |  | **—** |  |
| **Cash, end of period** |  | **—** |  | **—** |  |
| **Cash interest paid** |  | **36.5** | 33.2 | **86.3** | 94.6 |

---

*See accompanying notes to the condensed consolidated interim financial statements.*

#### 4 \| STRATHCONA RESOURCES LTD.
**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

**1. DESCRIPTION OF BUSINESS**

Strathcona Resources Ltd. ("**Strathcona**" or the "**Company**") is a corporation that exists under, and is governed by, the provisions of the Business Corporations Act (Alberta) (the "**ABCA**"). Strathcona's Common Shares are listed on the TSX under the trading symbol "SCR".

At June 30, 2025, approximately 79.6% of the Company's shares were owned by certain entities comprising Waterous Energy Fund and its affiliates (collectively, "**WEF**").

Strathcona is engaged in the exploration, acquisition, development and production of petroleum and natural gas reserves in western Canada. The condensed consolidated interim financial statements (the "**financial statements**") include the results of Strathcona Resources Ltd. and its wholly owned subsidiaries.

The Company's head office is located at Suite 1900, 421 – 7 Avenue SW, Calgary, Alberta, Canada, T2P 4K9.

**2. BASIS OF PREPARATION**

***Preparation***

These financial statements have been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting, using the same accounting policies as those set out in Note 3 of the audited annual consolidated financial statements for the year ended December 31, 2024 which were prepared in accordance with IFRS® Accounting Standards (the "**Accounting Standards**"). Certain disclosures, which are normally required to be included in the notes to the audited annual consolidated financial statements, have been condensed or omitted. The financial statements should be read in conjunction with the Company's audited annual consolidated financial statements and notes thereto for the year ended December 31, 2024.

In these financial statements, all amounts are expressed in Canadian dollars ("**CAD**" or "**C$**") unless otherwise indicated, which is the Company's functional and presentation currency. Strathcona's operations are presented herein as continuing operations. The Company's Montney Segment has been classified and presented as discontinued operations. See Note 3 - Discontinued Operations for additional information.

In preparing these financial statements, the Company applied the same accounting policies and key sources of estimation uncertainty as those that were applied to the Company's audited annual consolidated financial statements for the year ended December 31, 2024 except as follows:

***Assets held for sale***

The Company classifies assets as held for sale when the carrying amount will be principally recovered through a sale transaction rather than through continuing development or use. This condition is met when the sale is highly probable and the asset is available for immediate sale in its present condition. For the sale to be highly probable management must be committed to a plan to sell the asset and an active program to locate a buyer and complete the plan must have been initiated. The asset must be actively marketed for sale at a price that is reasonable in relation to its current fair value and the sale should be expected to be completed within one year from the date of classification. However, certain events or circumstances beyond the Company's control may extend the period to complete the sale beyond one year.

Where the Company determines that a component of the Company is classified as held for sale and (a) represents a separate major line of business or geographical area of operations (b) is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or (c) is a subsidiary acquired exclusively with a view to resale. The Company classifies that component as a discontinued operation.

Immediately before the property, plant and equipment is classified as held for sale it is assessed for indicators of impairment or impairment reversal and is measured at the lower of its carrying amount and fair value less costs of disposal, with any impairment loss or reversal of impairment recognized in the condensed consolidated statement of income. Non-current assets held for sale and their associated liabilities are classified and presented as current assets and liabilities within the condensed consolidated statement of financial position. Assets held for sale are not depleted, depreciated or amortized.

**5 \| STRATHCONA RESOURCES LTD.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

***Financial instruments***

i) Marketable securities

Marketable securities are listed equity shares and are included in current assets. The Company's marketable securities are classified as financial assets at fair value through profit or loss and are reported at fair value based on changes to quoted share prices. Changes in fair value, and any dividends earned, are recorded through income at each reporting period.

***New Accounting Policies***

The Company has adopted all published standards, interpretations or amendments to accounting standards, issued by the International Accounting Standards Board, that are effective for annual periods beginning on or after January 1, 2025, there was no material impact to the financial statements.

These financial statements were authorized for issue by the Board of Directors (the "**Board**") on August 7, 2025.

**3. DISCONTINUED OPERATIONS**

During the three months ended June 30, 2025 the Company entered into three separate asset purchase and sale agreements to dispose of its Montney segment. The Montney segment represents a separate major line of business and geographical area of operations, therefore, its results have been classified as discontinued operations in accordance with IFRS 5 *Non-Current Assets Held for Sale and Discontinued Operations*.

**Groundbirch Asset Sale**

On June 1, 2025, the Company completed the disposition of assets located primarily in the Groundbirch area in Northeast British Columbia (the "**Groundbirch Asset Sale**") for aggregate proceeds of $291.6 million, inclusive of interim closing adjustments, paid in common shares of Tourmaline Oil Corp. An associated gain on sale of assets of $138.3 million was recognized on close of the transaction.

**Kakwa and Grande Prairie Asset Sales**

On May 14, 2025, the Company entered into asset purchase and sale agreements pursuant to which the Company agreed to sell assets primarily located in the Kakwa and Grande Prairie areas in Northwest Alberta (the **"Kakwa and Grande Prairie Asset Sales**"). On July 2, 2025, the Company completed the Kakwa and Grande Prairie Asset Sales for total cash consideration of $2,426.7 million, inclusive of interim closing adjustments. The carrying value of the associated assets and liabilities at June 30, 2025 is $1,802.4 million.

The following table summarizes the carrying value of the Kakwa and Grande Prairie assets held for sale and liabilities associated with assets held for sale as at June 30, 2025:

---

| | |
|:---|:---|
|  | **Disposal group** |
| **Assets held for sale** |  |
| &nbsp;&nbsp;&nbsp;Balance as at December 31, 2024 | **—** |
| &nbsp;&nbsp;&nbsp;Reclassified from property, plant and equipment, net | **2119.1** |
| &nbsp;&nbsp;&nbsp;Disposition of assets held for sale | **(154.1)** |
| **Balance as at June 30, 2025** | **1965.0** |
| **Liabilities associated with assets held for sale** |  |
| &nbsp;&nbsp;&nbsp;Balance as at December 31, 2024 | **—** |
| &nbsp;&nbsp;&nbsp;Reclassified from lease and other obligations | **137.5** |
| &nbsp;&nbsp;&nbsp;Reclassified from decommissioning provision | **25.9** |
| &nbsp;&nbsp;&nbsp;Disposition of liabilities associated with assets held for sale | **(0.8)** |
| **Balance as at June 30, 2025** | **162.6** |
| **Disposal group, June 30, 2025** | **1802.4** |

---

**6 \| STRATHCONA RESOURCES LTD.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

***Financial performance and cash flow information***

The following table summarizes the Company's financial results from discontinued operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **For the Three and Six Months Ended June 30,** | **2025** | 2024 | **2025** | 2024 |
| **Revenues and other income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Oil and natural gas sales | **234.7** | 241.2 | **517.4** | 499.2 |
| &nbsp;&nbsp;&nbsp;Royalties | **(8.7)** | (25.8) | **(34.5)** | (52.1) |
| Oil and natural gas revenues | **226.0** | 215.4 | **482.9** | 447.1 |
| **Expenses** |  |  |  |  |
| Production and operating | **39.2** | 41.5 | **88.0** | 84.6 |
| Transportation and processing | **56.3** | 50.9 | **110.7** | 107.5 |
| General and administrative | **6.4** | 6.2 | **11.9** | 11.4 |
| Transaction related costs | **4.6** |  | **4.6** |  |
| Finance costs | **4.9** | 10.6 | **13.3** | 21.5 |
| Depletion, depreciation and amortization | **21.6** | 71.9 | **89.7** | 147.9 |
|  | **133.0** | 181.1 | **318.2** | 372.9 |
| Gain on sale of assets, net (Note 5) | **5.3** |  | **5.3** |  |
| Loss on settlement of other obligations | **(1.3)** |  | **(1.3)** |  |
| **Net income before tax from discontinued operations** | **97.0** | 34.3 | **168.7** | 74.2 |
| Income tax expense | **24.4** | 9.9 | **43.6** | 21.4 |
| **Net Income from discontinued operations** | **72.6** | 24.4 | **125.1** | 52.8 |
| **Net Income from discontinued operations per share** | **0.34** | 0.11 | **0.59** | 0.25 |

---

The following table summarizes the cash flows from discontinued operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **For the Three and Six Months Ended June 30,** | **2025** | 2024 | **2025** | 2024 |
| **Cash flow from (used in) discontinued operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating activities | **118.9** | 116.7 | **265.5** | 243.5 |
| &nbsp;&nbsp;&nbsp;Financing activities | **(95.3)** | (10.2) | **(134.0)** | (20.4) |
| &nbsp;&nbsp;&nbsp;Investing activities | **(133.7)** | (115.2) | **(250.2)** | (242.9) |
| **Change in cash from discontinued operations** | **(110.1)** | (8.7) | **(118.7)** | (19.8) |
| **Capital expenditures related to discontinued operations** | **133.7** | 115.2 | **250.2** | 242.9 |

---

**7 \| STRATHCONA RESOURCES LTD.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

**4. MARKETABLE SECURITIES**

---

| | | |
|:---|:---|:---|
| **As at** | **June 30, 2025** | **June 30, 2025** |
| Balance as at December 31, 2024 |  | **—** |
| Additions |  | **855.6** |
| Gain on marketable securities | | **47.3** |
| Balance, end of period | | **902.9** |

---

Marketable securities represent equity interests in publicly-traded companies that the Company has acquired either through open market transactions or as consideration in the Groundbirch Asset Sale (Note 3).

During the three and six months ended June 30, 2025, the Company recognized a gain on marketable securities of $24.6 million and $47.3 million, respectively (for the three and six months ended June 30, 2024 - nil). The Company recognized dividend income for the three and six months ended June 30, 2025 of $4.7 million and $5.8 million, respectively (for the three and six months ended June 30, 2024 - nil).

**5. PROPERTY, PLANT AND EQUIPMENT**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Oil and <br> natural gas<br> properties** | **Exploration<br> and <br> evaluation<br> assets** | **Corporate <br> assets** | **Right of <br> use assets** | **Total** |
| **Cost** |  |  |  |  |  |
| Balance as at December 31, 2024 | 12979.7 | 117.3 | 57.5 | 312.2 | **13466.7** |
| Additions | 729.0 |  |  | 3.1 | **732.1** |
| Acquisition | 53.1 |  |  |  | **53.1** |
| Change in decommissioning provision (Note 9) | (3.6) |  |  |  | **(3.6)** |
| Reclassified to assets held for sale (Note 3) | (2742.9) |  |  | (177.5) | **(2920.4)** |
| **Balance as at June 30, 2025** | **11015.3** | **117.3** | **57.5** | **137.8** | **11327.9** |
| **Accumulated Depletion, Depreciation, Amortization** |  |  |  |  |  |
| Balance as at December 31, 2024 | (2866.2) |  | (42.3) | (101.8) | **(3010.3)** |
| Depletion, depreciation and amortization | (363.8) |  | (3.4) | (20.9) | **(388.1)** |
| Impairment (Note 3) | (133.0) |  |  |  | **(133.0)** |
| Reclassified to assets held for sale (Note 3) | 747.5 |  |  | 53.8 | **801.3** |
| **Balance as at June 30, 2025** | **(2615.5)** | **—** | **(45.7)** | **(68.9)** | **(2730.1)** |
| Net book value, December 31, 2024 | 10113.5 | 117.3 | 15.2 | 210.4 | 10456.4 |
| **Net book value, June 30, 2025** | **8399.8** | **117.3** | **11.8** | **68.9** | **8597.8** |

---

For the three and six months ended June 30, 2025, $13.8 million and $26.0 million, respectively of direct and incremental overhead charges were capitalized (for the three and six months ended June 30, 2024 – $13.2 million and $24.1 million, respectively).

The calculation of depletion for the six months ended June 30, 2025 includes $10.8 billion of estimated future development costs required to bring the Company's estimated proved plus probable reserves on production (December 31, 2024 – $11.5 billion). Depletion for the six months ended June 30, 2025 includes an adjustment related to oil inventory of $4.9 million (June 30, 2024 – $2.6 million).

At June 30, 2025, the Company evaluated its cash-generating units ("**CGUs**") for continuing operations for indicators of impairment and determined that no indicators were present.

**8 \| STRATHCONA RESOURCES LTD.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

**Acquisition of Hardisty Rail Terminal**

On April 4, 2025 the Company completed the acquisition of the Hardisty Rail Terminal ("**HRT**") for cash consideration of $48.3 million and the assumption of $4.8 million in working capital. HRT, located in Hardisty Alberta, is the largest crude-by-rail terminal in Western Canada. The Company applied the optional IFRS 3 concentration test to the acquisition which resulted in the acquisition being accounted for as an asset acquisition.

**Assets Held for Sale**

At June 30, 2025 certain of the Company's Montney assets remain held for sale. Upon classification, assets held for sale were recorded at the lesser of their carrying value and fair value less costs to sell resulting in an impairment of $133.0 million. See Note 3 for additional information.

**6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As at** | **June 30, 2025** | **June 30, 2025** | December 31, 2024 | December 31, 2024 |
| Accrued liabilities |  | **552.7** |  | 633.7 |
| Trade payables |  | **257.0** |  | 256.1 |
| Other liabilities | | **27.0** | | 28.9 |
| Accounts payable and accrued liabilities | | **836.7** | | 918.7 |

---

**7. DEBT**

---

| | | |
|:---|:---|:---|
| **As at** | **June 30, 2025** | December 31, 2024 |
| Revolving Credit Facility - due Mar 28, 2028<sup>(1)</sup> | **2250.5** | 1766.9 |
| Term Credit Facility - due Mar 28, 2028<sup>(1)</sup> | **238.1** |  |
| Senior Notes - due Aug 1, 2026 | **680.4** | 719.2 |
| Unamortized debt issuance costs | **(18.6)** | (24.5) |
| Debt | **3150.4** | 2461.6 |

---

(1) The Company periodically borrows from its
 Revolving Credit Facility in US dollars ()"**USD**" or "**US$** ")
 and the Term Credit Facility is denominated in USD. The Company enters into cross-currency
 interest rate swap ()"**CCS**") contracts concurrent with the applicable borrowing
 dates to take advantage of an interest rate arbitrage that results from the relationship
 between CAD and USD interest rates and forward foreign exchange curves. Foreign currency
 risk associated with these borrowings are offset at the time of borrowing using CCS contracts
 (see Note 15). Debt on the balance sheet includes the CAD equivalent of USD borrowings, translated
 at the period end exchange rate, which does not include the offsetting impact of CCS contracts.
 At June 30, 2025, the CCS contracts had a liability value of $1.5 million (December 31,
 2024 - $28.6 million asset) and total debt includes an unrealized gain of $1.5 million (December 31,
 2024 - unrealized loss of $28.6 million) related to USD borrowings on the Credit Facilities.
 Unrealized gains or losses on USD borrowings and offsetting unrealized gains or losses on
 CCS contracts are included in foreign exchange gains or losses on the Condensed Consolidated
 Interim Statements of Income and Comprehensive Income (see Note 12).

***Bank Credit Facilities***

*(a)* *Covenant-Based Revolving Credit Facility and Term Credit Facility* 

As at June 30, 2025, the Company had a covenant-based revolving credit facility of $3.0 billion (December 31, 2024 - $2.5 billion) with a syndicate of Canadian, U.S. and international financial institutions (the "**Revolving Credit Facility**") and a US$175.0 million covenant-based term facility (December 31, 2024 - $nil) (the "**Term Credit Facility**" and together with the Revolving Credit Facility, the "**Credit Facilities**"). The agreement governing the Credit Facilities (the "**Credit Agreement**") includes an accordion feature which permits the Company to increase the available Credit Facilities by up to an additional $250.0 million, subject to the satisfaction of certain conditions.

The Credit Facilities have a maturity date of March 28, 2028, provided that the maturity date will be May 1, 2026 if the Senior Notes (as defined below) remain outstanding and have not been refinanced or legally defeased at such date. There are no mandatory payments on either the Revolving Credit Facility or the Term Credit Facility. Borrowings under the Revolving Credit Facility may be drawn and repaid from time to time by the Company in Canadian or U.S. dollars. Borrowings under the Term Credit Facility were made in a single upfront draw in U.S. dollars and amounts repaid by the Company may not be re-borrowed. The Credit Facilities are not subject to annual or semi-annual reviews.

**9 \| STRATHCONA RESOURCES LTD.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

The Credit Facilities bear interest at the applicable prime lending rate, base rate, Canadian Overnight Repo Rate Average ("**CORRA**") or Secured Overnight Financing Rate ("**SOFR**") plus applicable margins. The applicable margin charged by the lenders is dependent on the Company's Senior Debt to Adjusted EBITDA ratio (as defined below) for the most recently completed quarter. The Credit Facilities are guaranteed by the Company's subsidiaries, and are secured by a security interest in substantially all of the existing and future assets of the Company and its subsidiaries, including by way of a floating charge debenture granted by the Company and each of its subsidiaries.

As at June 30, 2025, the Company had letters of credit outstanding under the Revolving Credit Facility of $1.8 million (December 31, 2024 - $1.6 million).

*(b)* *Availability under bank credit facilities* 

Availability under the Company's Credit Facilities is calculated as follows:

---

| | | |
|:---|:---|:---|
| **As at** | **June 30, 2025** | December 31, 2024 |
| Revolving Credit Facility capacity | **3005.0** | 2500.0 |
| Term Credit Facility capacity<sup>(1)</sup> | **238.1** |  |
| Credit Facilities debt<sup>(1)</sup> | **(2488.6)** | (1766.9) |
| Unrealized loss (gain) on US borrowings | **(1.5)** | 28.6 |
| Letters of credit outstanding | **(1.8)** | (1.6) |
| Availability | **751.2** | 760.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) CAD equivalent converted at the period
 end exchange rate.

*(c)* *Financial Covenants* 

The Credit Agreement has three financial covenants which are calculated quarterly (as set out below).

&nbsp;&nbsp;&nbsp;&nbsp;(i) Total Debt to Adjusted EBITDA Ratio
 – All debt excluding the Financing Agreement (see Note 8), capital leases and letters
 of credit constituting debt ()"**Total Debt** "), each as defined in the Credit
 Agreement shall not exceed 4.0 times trailing 12-month net income before non-cash items,
 income taxes, interest expense and extraordinary and non-recurring losses, adjusted for material
 acquisitions or dispositions as if they occurred on the first day of the calculation period
 ()"**Adjusted EBITDA** "). For the purposes of Adjusted EBITDA, lease payments
 are deducted from the calculation if a lease would have been considered an operating lease
 before the adoption of IFRS 16.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Senior Debt to Adjusted EBITDA Ratio
 – Total Debt excluding permitted junior debt (e.g. Senior Notes), as defined in the
 Credit Agreement, shall not exceed 3.5 times trailing 12-month Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Interest Coverage Ratio – Trailing
 12-month Adjusted EBITDA, shall not be less than 3.5 times cash interest expense, as defined
 in the Credit Agreement.

As at June 30, 2025, the Company was in compliance with such financial covenants.

***Senior Notes***

As at June 30, 2025, Strathcona had $680.4 million (December 31, 2024 - $719.2 million) of senior unsecured notes outstanding, in aggregate principal amount of US$500.0 million, due August 1, 2026 (the "**Senior Notes**"). The Senior Notes bear interest at 6.875% per annum, payable semi-annually in arrears on February 1 and August 1 of each year. The Senior Notes are redeemable at Strathcona's option, in whole or in part, at the following redemption prices:

---

| | |
|:---|:---|
| **Date** | **Price** |
| August 1, 2024 | **101.719%** |
| August 1, 2025 and thereafter | **100.000%** |

---

The Senior Notes have no financial maintenance covenants.

**10 \| STRATHCONA RESOURCES LTD.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

***Demand Letter of Credit Facility***

As at June 30, 2025, the Company had a $200.0 million (December 31, 2024 - $100.0 million) demand letter of credit facility with a financial institution (the "**LC Facility**"). The LC Facility is supported by an account performance security guarantee issued by Export Development Canada in favor of the financial institution. The Company and its subsidiaries have indemnified Export Development Canada for the amount of any payment made by Export Development Canada to the financial institution pursuant to such account performance security guarantee; however, the obligations under such indemnity are unsecured. The letters of credit outstanding under the LC Facility do not impact the Company's borrowing capacity under the Revolving Credit Facility. As at June 30, 2025, the Company had letters of credit in the amount of $68.7 million (December 31, 2024 - $70.3 million) outstanding under the LC Facility.

***Interest Expense***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **For the Three and Six Months Ended June 30,** | **2025** | 2024 | **2025** | 2024 |
| Credit Facilities interest | **33.2** | 38.9 | **59.8** | 79.9 |
| Senior Notes interest | **11.9** | 11.8 | **24.2** | 23.4 |
| Realized loss (gain) on interest rate swaps | **0.7** | (7.0) | **0.2** | (14.2) |
| Interest expense | **45.8** | 43.7 | **84.2** | 89.1 |

---

**8. LEASE AND OTHER OBLIGATIONS**

---

| | | |
|:---|:---|:---|
| **As at** | **June 30, 2025** | December 31, 2024 |
| Lease obligations, beginning of period | **234.6** | 258.8 |
| Leases acquired through acquisitions | **8.3** |  |
| Additions | **3.1** | 16.8 |
| Accretion (Note 11) | **11.0** | 24.1 |
| Settlements | **(31.9)** | (69.5) |
| Foreign exchange | **(4.0)** | 4.4 |
| Reclassified to liabilities associated with assets held for sale (Note 3) | **(137.5)** |  |
| Lease obligations, end of period | **83.6** | 234.6 |
| Other obligations, beginning of period | **112.4** | 147.4 |
| Additions | **—** | 112.4 |
| Accretion (Note 11) | **4.6** | 15.4 |
| Settlements | **(118.3)** | (167.2) |
| Loss on settlement | **1.3** | 4.4 |
| Other obligations, end of period | **—** | 112.4 |
| Lease and other obligations, end of period | **83.6** | 347.0 |
| Lease and other obligations current portion | **28.8** | 64.5 |
| Lease and other obligations long-term portion | **54.8** | 282.5 |

---

At the beginning of 2024, other obligations included an asset-backed financing agreement on certain processing facility interests with a maturity date of January 1, 2031. This asset-backed financing arrangement gave the Company the option to repurchase the processing facilities interest at any time at specified prices. On July 15, 2024, Strathcona exercised this repurchase option for $157.6 million.

On August 9, 2024 Strathcona entered into a new asset-backed financing agreement backed by its interest in certain processing facility interests (the "**Financing Agreement**") for $112.4 million, which consideration was provided by way of the lender's concurrent assumption of premiums on bought calls from Strathcona. The asset-backed financing agreement had a maturity date of July 31, 2029. This asset-backed financing arrangement gave the Company the option to repurchase the processing facilities interest at any time at specified prices. On June 30, 2025, Strathcona exercised this repurchase option and settled the liability for $67.4 million.

#### 11 \| STRATHCONA RESOURCES LTD.
**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

The processing facility interests backing the Financing Agreement are associated with assets classified as held for sale, as such, amounts related to this agreement have been presented as discontinued operations (Note 3).

**9. DECOMMISSIONING PROVISION**

---

| | | |
|:---|:---|:---|
| **As at** | **June 30, 2025** | December 31, 2024 |
| Balance, beginning of period | **290.7** | 351.3 |
| Additions | **1.4** | 8.5 |
| Liabilities acquired | **1.2** |  |
| Liabilities disposed | **—** | (0.5) |
| Settlements – government grant<sup>(1)</sup> | **—** | 0.2 |
| Settlements – other | **(26.8)** | (35.7) |
| Changes in estimates | **(5.4)** | (61.4) |
| Accretion (Note 11) | **14.2** | 28.3 |
| Reclassified to liabilities associated with assets held for sale (Note 3) | **(25.9)** |  |
| Balance, end of period | **249.4** | 290.7 |
| Current portion | **41.2** | 40.9 |
| Long-term portion | **208.2** | 249.8 |

---

(1) Relates to amounts granted to the Company through the Site Rehabilitation Program (Alberta), Dormant Sites
Reclamation Program (British Columbia) and the Accelerated Site / Closure Program (Saskatchewan) to pay service companies to complete
abandonment and reclamation work.

As at June 30, 2025, the uninflated and undiscounted estimated cash flows required to settle the obligation, for both continuing and discontinued operations, were $1,048.5 million (December 31, 2024 – $1,040.6 million), which have been inflated at a rate of 2.00% (December 31, 2024 – 2.00%) and discounted using a credit adjusted rate of 10.00% (December 31, 2024 – 10.00%). The expected timing of payment of the cash flows required for settling the obligations are substantially expected to be incurred between 2026 and 2084.

**10. OIL AND NATURAL GAS SALES**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **For the Three and Six Months Ended June 30,** | **2025** | 2024 | **2025** | 2024 |
| Bitumen blend | **548.6** | 703.3 | **1270.3** | 1327.0 |
| Heavy oil, blended and raw | **424.3** | 527.5 | **878.4** | 944.0 |
| Light oil and condensate | **0.9** | 0.3 | **1.1** | 0.5 |
| Other natural gas liquids | **0.1** |  | **0.1** |  |
| Natural gas | **0.8** | 0.1 | **1.1** | 0.4 |
| Oil and natural gas sales - continuing operations | **974.7** | 1231.2 | **2151.0** | 2271.9 |
| Oil and natural gas sales - discontinued operations (Note 3) | **234.7** | 241.1 | **517.4** | 499.2 |
| Oil and natural gas sales - continuing and discontinued operations | **1209.4** | 1472.3 | **2668.4** | 2771.1 |

---

**11. FINANCE COSTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **For the Three and Six Months Ended June 30,** | **2025** | 2024 | **2025** | 2024 |
| Accretion of lease obligations (Note 8) | **5.5** | 6.1 | **11.0** | 12.3 |
| Accretion of other obligations (Note 8) | **1.9** | 5.0 | **4.6** | 9.9 |
| Accretion of decommissioning provision (Note 9) | **6.9** | 7.0 | **14.2** | 14.1 |
| Amortization of debt issuance costs | **5.4** | 5.0 | **10.6** | 9.1 |
| Finance costs - continuing and discontinued operations (Note 3) | **19.7** | 23.1 | **40.4** | 45.4 |

---

#### 12 \| STRATHCONA RESOURCES LTD.
**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

**12. FOREIGN EXCHANGE (GAIN) LOSS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **For the Three and Six Months Ended June 30,** | **2025** | 2024 | **2025** | 2024 |
| Realized (gain) loss – foreign exchange | **4.2** | (0.5) | **4.0** | 1.5 |
| Unrealized (gain) loss – Senior Notes | **(39.0)** | 6.9 | **(38.8)** | 21.8 |
| Unrealized (gain) loss – Credit Facilities<sup>(1)</sup> | **(1.9)** | (20.6) | **(30.1)** | 29.5 |
| Unrealized loss (gain) – cross-currency swaps<sup>(1)</sup> | **1.9** | 20.9 | **30.1** | (28.6) |
| Unrealized (gain) loss – other | **(4.7)** | 0.2 | **(5.7)** | 3.1 |
| Foreign exchange (gain) loss | **(39.5)** | 6.9 | **(40.5)** | 27.3 |

---

(1) Strathcona enters into CCS contracts, which offset foreign currency risk on USD denominated debt drawn
under the Credit Facilities. At maturity, the realized gains and losses relating to USD borrowings will be offset by the realized gains
and losses on CCS contracts. See Note 7.

**13. SUBSCRIPTION RECEIPTS**

On May 30, 2025, Strathcona formally commenced an offer to acquire all of the issued and outstanding common shares of MEG Energy Corp. not already owned by Strathcona (the "**MEG Transaction**"). In connection with the MEG Transaction, on June 27, 2025, the Company entered into a subscription receipt agreement with affiliates of Waterous Energy Fund III ("**WEF III**"), a related party of the Company, under which 21.4 million subscription receipts of the Company were issued to WEF III at a price of $30.92 per receipt, for aggregate gross proceeds of $661.7 million (the "**Subscription Receipt Agreement**"). The subscription receipts were issued into escrow and will convert into common shares of the Company upon successful completion of the MEG transaction. If the MEG transaction is not completed, the proceeds will be returned to WEF III.

Under the terms of the Subscription Receipt Agreement, the Company is obligated to make a dividend equivalent payment ("**DEP**") to WEF III in the event that dividends are declared on the Company's common shares prior to either their conversion to common shares or termination of the subscription receipts. The DEP is recorded in the same manner as dividends on common shares, with a charge to retained earnings and a corresponding liability recognized in accounts payable and accrued liabilities. As at June 30, 2025, the Company has recorded a DEP of $6.4 million (or $0.30 per subscription receipt).

**14. SHARE CAPITAL**

*(a)* *Share Capital* 

---

| | |
|:---|:---|
|  | **Total Common Shares** |
|  | **Shares** |
| Balance, June 30, 2024 and December 31, 2024 | 214.2 |
| Issuance - share pass-through | 19.5 |
| Cancellation - share pass-through | (19.5) |
| Share issue costs |  |
| Balance as at June 30, 2025 | **214.2** |

---

***Share Pass-Through***

On January 31, 2025, two of the limited partnerships comprising WEF (the "**Limited Partnerships**"), completed a share pass-through transaction resulting in the disposition of 24,010,576 common shares by the Limited Partnerships to their limited partners (the "**Pass-through Transaction**"). Following completion of the Pass-through Transaction, the ownership of the issued and outstanding common shares by entities comprising WEF collectively decreased from approximately 90.8% to approximately 79.6%.

The Pass-through Transaction was comprised of a series of re-organizational steps, including the issuance by Strathcona of 19,534,409 common shares to limited partners of the Limited Partnerships upon the dissolution of the Limited Partnerships. Notwithstanding such issuance, the number of issued and outstanding common shares remained the same following the completion of the Pass-Through Transaction.

#### 13 \| STRATHCONA RESOURCES LTD.
**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

*(b)* *Net Income (Loss) per Share* 

Basic and diluted per share amounts are calculated as net income divided by the weighted average number of common shares outstanding. At June 30, 2025 and 2024, the Company had no dilutive instruments outstanding.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **For the Three and Six Months Ended June 30,** | **2025** | 2024 | **2025** | 2024 |
| Weighted average common shares (millions) – basic and diluted | **214.2** | 214.2 | **214.2** | 214.2 |

---

*(c)* *Dividends* 

During the three and six months ended June 30, 2025, excluding the DEP, Strathcona declared and paid total dividends of $64.3 million ($0.30 per common share) and $120.0 million ($0.56 per common share), respectively ($nil - in the three and six months ended June 30, 2024).

On August 7, 2025, the Board declared a quarterly dividend of $0.30 per common share to be paid on September 22, 2025 to all shareholders of record on September 12, 2025.

**15. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT**

At June 30, 2025, the Company's financial instruments include accounts receivable, risk management contracts, CCS contracts, marketable securities, accounts payable and accrued liabilities and debt.

The estimated fair values of the financial instruments have been determined based on the Company's assessment of available market information. These estimates may not necessarily be indicative of the amounts that could be realized or settled in a market transaction. The fair values of the financial instruments, other than the Company's risk management contracts and debt approximate their carrying amounts due to the short-term maturity of these instruments.

The Company's risk management contracts, CCS contracts and marketable securities are classified as Level 1 in the fair value hierarchy. For purposes of estimating the fair value of risk management contracts and CCS contracts, the Company uses quoted market prices in active markets for identical assets or liabilities. For marketable securities, the Company uses quoted share prices to determine fair value.

The Company's Senior Notes are classified as Level 1 in the fair value hierarchy. At June 30, 2025, the fair value of the Company's Senior Notes was $681.8 million. The fair value of all other debt approximates its carrying amount given the indexed rates of interest.

The Company's activities expose it to a variety of financial risks that arise as a result of its exploration, development, production and financing activities. These risks include credit risk, liquidity risk and market risk. There have been no significant changes in the Company's risk management policies during the six months ended June 30, 2025.

***Credit risk***

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. This will arise principally from outstanding receivables related to oil and natural gas customers, counterparties related to financial derivative contracts and joint interest partners.

On entering into any business contract, the extent to which the arrangement exposes the Company to credit risk is considered. The Company's policy to mitigate credit risk associated with these balances is to establish relationships with reputable counterparties, review the financial capacity of its counterparties, may request prepayment and, in certain circumstances, the Company may seek enhanced credit protection from a counterparty or purchase accounts receivable insurance. Receivables from oil and natural gas sales are generally collected on or about the 25<sup>th</sup> day of the month following production. Joint operations receivables are typically collected within one to three months of the invoice being issued.

The Company's maximum exposure to credit risk at June 30, 2025 is in respect of accounts receivable and risk management assets, net of expected credit losses provision. As at June 30, 2025, $2.6 million of accounts receivable were past due, all of which were considered collectable (December 31, 2024 – $1.2 million).

#### 14 \| STRATHCONA RESOURCES LTD.
**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

The following table provides a summary of the Company's maximum exposure to credit risk:

---

| | | |
|:---|:---|:---|
| **As at** | **June 30, 2025** | December 31, 2024 |
| Oil and natural gas sales | **243.8** | 325.5 |
| Joint interest partners | **8.3** | 5.1 |
| Other | **30.3** | 20.0 |
|  | **282.4** | 350.6 |
| Allowance for credit losses | **(2.4)** | (2.4) |
| Accounts receivable | **280.0** | 348.2 |
| Cross-currency swap asset | **—** | 28.6 |
| Risk management asset | **14.4** | 47.0 |
| Total credit exposure | **294.4** | 423.8 |

---

The oil and gas industry has a pre-arranged monthly clearing day for payment of revenues from all buyers of oil and natural gas; this occurs on or about the 25<sup>th</sup> day following the month of sale. As a result, the Company's oil and natural gas sales receivables are current. All other accounts receivable are generally contractually due within 30 days.

The Company had two external customers exceeding 10% of total oil and natural gas sales that accounted for approximately 23% or $622.4 million of the Company's revenue for the six months ended June 30, 2025 (June 30, 2024 – four external customers for 52% or $1,453.1 million). Included in accounts receivable at June 30, 2025 was $243.8 million of accrued sales revenue for June 2025 production (December 31, 2024 - $325.5 million for December 2024 production). At June 30, 2025, one external customer accounted for approximately or $59.4 million of the total accounts receivable balance (December 31, 2024 – one external customer for 10% or $31.3 million).

Credit risk related to joint interest receivables is mitigated by obtaining partner approval of significant capital expenditures prior to expenditure and in certain circumstances may require cash deposits in advance of incurring financial obligations on behalf of joint interest partners. The Company may have the ability to withhold production from joint interest partners in the event of non-payment or may be able to register security on the assets of joint interest partners.

***Liquidity risk***

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company regularly prepares and updates budgets and forecasts in order to monitor its liquidity and ability to meet its financial obligations and commitments, including the ability to comply with financial covenants. As of the date of these financial statements, management's forecasts for Strathcona indicate that financial covenants for the next twelve months will be met under the Credit Facilities and that the Company has sufficient resources to manage a working capital deficit when required.

At June 30, 2025, the Company had availability under the Credit Facilities of $751.2 million after considering letters of credit outstanding. At December 31, 2024, availability under the Revolving Credit Facility was $760.1 million, see Note 7.

Future liquidity depends on the ability of Strathcona to access debt markets, availability under credit facilities, availability of additional equity, cash flow from operations and the ability to comply with financial covenants. Various industry risk factors, including uncertainty around improvements in global commodity prices and pipeline and transportation capacity constraints in Western Canada, may adversely affect Strathcona's future liquidity.

At June 30, 2025, the Company had working capital surplus of $407.0 million (December 31, 2024 - working capital deficit of $545.6 million).

#### 15 \| STRATHCONA RESOURCES LTD.
**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

The following tables detail the cash flows and contractual maturities of the Company's financial liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As at June 30, 2025** | **Total** | **<1 year** | **1-3 years** | **4-5 years** | **> 5 years** |
| Credit Facilities<sup>(1)</sup> (Note 7) | **2490.1** |  | 2490.1 |  |  |
| Senior Notes<sup>(2)</sup> (Note 7) | **750.6** | 46.8 | 703.8 |  |  |
| Accounts payable and accrued liabilities | **836.7** | 836.7 |  |  |  |
| Risk management contract liability | **108.3** | 19.5 | 88.8 |  |  |
| Lease obligations<sup>(3)</sup> - continuing operations (Note 8) | **108.3** | 34.6 | 33.1 | 11.1 | 29.5 |
| Discontinued operations<sup>(3)</sup> (Note 3) | **192.9** | 31.1 | 61.9 | 55.0 | 44.9 |
| Total | **4486.9** | 968.7 | 3377.7 | 66.1 | 74.4 |

---

(1) Contractual amount reflects contracted settlement price on CCS contracts and excludes future interest
payments on borrowings.

(2) Amounts represent repayment of the Senior Notes ($680.4 million) and associated interest payments ($70.2
million) based on the foreign exchange rate in effect on June 30, 2025.

(3) Amounts relate to undiscounted payments for lease obligations. See Note 8.

The Company holds certain marketable securities that will fluctuate in value as a result of trading on financial markets. Based upon the Company's marketable securities as at June 30, 2025, a 10% increase (decrease) in the market price of the securities held, would have resulted in an increase (decrease) to the income and comprehensive income of $90.3 million and $90.3 million, respectively.

***Market risk***

Market risk is the risk that the future fair value or cash flows of a financial instrument will fluctuate due to changes in market prices. Market risk is composed of commodity price risk, foreign exchange risk and interest rate risk.

As at June 30, 2025, the following table summarizes the fair values of the Company's risk management contracts (excluding cross-currency interest rate swaps):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| <br>**As at** | **Commodity** | **Foreign Exchange** | **Interest Rate** | **Total** |
| Risk management asset – current | **14.4** | **—** | **—** | **14.4** |
| Risk management liability – current | **(12.1)** | **(0.5)** | **(6.9)** | **(19.5)** |
| Risk management liability – long-term | **(31.2)** | **(27.1)** | **(30.5)** | **(88.8)** |
| Total (liability) asset | **(28.9)** | **(27.6)** | **(37.4)** | **(93.9)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**As at** | **Commodity** | **Foreign Exchange** | **Interest Rate** | **Total** |
| Risk management asset – current | 47.0 |  |  | 47.0 |
| Risk management liability – current |  | (43.0) | (1.6) | (44.6) |
| Risk management liability – long-term |  | (14.1) | (29.0) | (43.1) |
| Total asset (liability) | 47.0 | (57.1) | (30.6) | (40.7) |

---

The Company's gain (loss) risk management contracts was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **For the Three and Six Months Ended June 30,** | **2025** | 2024 | **2025** | 2024 |
| Loss on risk management contracts - realized | **(4.6)** | (11.4) | **(5.5)** | (6.9) |
| Gain (loss) on risk management contracts - unrealized | **24.0** | 13.5 | **(53.1)** | (30.7) |
| Total gain (loss) on risk management contracts | **19.4** | 2.1 | **(58.6)** | (37.6) |

---

#### 16 \| STRATHCONA RESOURCES LTD.
**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

*Commodity price risk*

The Company's operational results and financial condition are largely dependent on the commodity price received for oil and natural gas production. Commodity prices may be impacted by global and regional factors including supply and demand fundamentals, inventory levels, exchange rates, global pandemic or natural disasters and respective responses from various levels of government, economic and geopolitical factors. Changes in commodity prices could have a significant positive or negative impact on Strathcona's net income.

The following table summarizes the Company's risk management contracts as at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Term** | **Contract<sup>(1)</sup>** | **Index** | **Currency** | **Volume** | **Units** | **Price** |
| Jul 1, 2025 - Sep 30, 2025 | Swap | WCS | USD | 50000 | bbl/d | $(12.93) |
| Oct 1, 2025 - Dec 31, 2026 | Swap | WCS | USD | 50000 | bbl/d | $(14.40) |
| Jul 1, 2025 - Sep 30, 2025 | Swap | ARV | USD | 23500 | bbl/d | $(3.46) |
| Jul 1, 2025 - Dec 31, 2025 | 3-Way (Sold Put) | WTI | USD | 50000 | bbl/d | $50.00 |
| Jul 1, 2025 - Dec 31, 2025 | 3-Way (Bought Put) | WTI | USD | 50000 | bbl/d | $60.00 |
| Jul 1, 2025 - Dec 31, 2025 | 3-Way (Sold Call) | WTI | USD | 50000 | bbl/d | $80.10 |

---

(1) For swap contracts, Strathcona receives the fixed price and pays the index. A 3-way option structure is a risk management strategy
involving the purchase of a put option to establish a price floor, offset by the sale of a lower-strike put and a higher-strike call to
reduce the net premium cost.

The fair value of the Company's risk management contracts as at June 30, 2025 are sensitive to fluctuations in commodity prices. With all other variables held constant, a 10% increase in commodity prices could increase the unrealized loss on risk management contracts by $18.8 million, impacting income before income taxes. A 10% decrease in commodity prices could reduce the unrealized loss on risk management contracts by $21.1 million, impacting income before income taxes.

*Foreign exchange risk*

The Company is exposed to fluctuations of the CAD to USD exchange rate given commodity pricing is directly influenced by USD denominated benchmark pricing. In addition, the Company borrows from Credit Facilities in USD and the Senior Notes are denominated in USD.

The following table summarizes the Company's foreign exchange contracts on revenues as at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Term** | **Contract** | **Bought Put - <br> USD per Month** | **Bought Put <br> Price - <br> CAD/USD** | **Sold Call - USD<br> per Month** | **Sold Call -<br> CAD/USD** |
| Sep 1, 2025 - Jun 30, 2026 | Collar | 100.0 million | 1.2500 | 130.0 million | 1.4500 |

---

The following table summarizes the Company's foreign exchange contract on the Senior Notes as at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiry** | **Contract** | **USD** | **CAD/USD Strike** | **CAD/USD Strike** |
| Jul 31, 2026 | Sold Put Option | 500.0 million |  | 1.3775 |

---

Foreign exchange risk on USD denominated borrowings on the Credit Facilities is offset by entering into CCS contracts at the time of a USD borrowing. As part of the CCS, the CAD/USD foreign exchange rate at the beginning and end of the SOFR borrowing term is fixed so the Company does not have any foreign exchange risk on its USD borrowings. As at June 30, 2025, the Company had CCS contracts outstanding totaling:

---

| | | |
|:---|:---|:---|
| **Notional (US$)** | **Maturity Date** | **Contract Price** |
| 175.0 million | July 28, 2025 | CAD/USD 1.3695 |

---

**17 \| STRATHCONA RESOURCES LTD.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

The carrying amounts of the Company's USD denominated monetary assets and liabilities exposed to fluctuations in the CAD/USD foreign currency exchange rate are as follows:

---

| | | |
|:---|:---|:---|
| **As at** | **June 30, 2025** | December 31, 2024 |
| (US$) |  |  |
| Assets | **99.1** | 110.7 |
| Liabilities | **(646.3)** | (622.7) |
| Net liabilities | **(547.2)** | (512.0) |

---

With all other variables held constant, a $0.01 change in the CAD/USD foreign exchange rate at June 30, 2025 would result in a change in USD denominated monetary assets and liabilities and change income before income taxes by $5.5 million (December 31, 2024 – $5.1 million).

*Interest rate risk*

The Company is exposed to movements in floating interest rates on the Revolving Credit Facility and other liabilities. At June 30, 2025, the following risk management contracts were in place to fix interest rates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Notional (C$)** | **Term<sup>(1)</sup>** | **Contract** | **Index** | **Contract Price** |
| 1,500.0 million | Oct 1, 2024 - Apr 30, 2030 | Swap | CORRA | 2.9453% |

---

(1) The swap contracts have a term to April 30, 2030. The counterparties have an option to terminate
the swap effective May 1, 2028, which is exercisable on April 28, 2028.

At June 30, 2025, an increase or decrease to interest rates of 50 basis points would result in a $5.0 million impact on annualized interest expense (December 31, 2024 - $1.2 million), impacting income before income taxes. The Company is not exposed to interest rate risk on the Senior Notes and other obligations as they bear a fixed interest rate.

*Capital management*

The Company's policy is to maintain a strong capital base for the objectives of maintaining financial flexibility, creditor and market confidence and to sustain the future development of the business. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying petroleum and natural gas assets. The Company considers its capital structure to include equity, long-term debt and working capital.

**16. COMMITMENTS AND CONTINGENCIES**

As at June 30, 2025, the Company is committed to the following non-cancellable payments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** | **< 1 year** | **1-3 years** | **4-5 years** | **> 5 years** |
| Transportation and processing | **788.4** | 138.9 | 208.2 | 153.7 | 287.6 |
| Capital | **135.8** | 135.8 |  |  |  |
| Other | **33.6** | 23.8 | 8.3 | 1.5 |  |
| Discontinued operations | **1040.2** | 153.5 | 293.5 | 237.9 | 355.3 |
| Total | **1998.0** | 452.0 | 510.0 | 393.1 | 642.9 |

---

**18 \| STRATHCONA RESOURCES LTD.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

**17. SUPPLEMENTAL CASH FLOW INFORMATION**

***Changes in non-cash working capital***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **For the Three and Six Months Ended June 30,** | **2025** | 2024 | **2025** | 2024 |
| Source (use) of cash: |  |  |  |  |
| Accounts receivable | **79.2** | (20.4) | **68.2** | (45.9) |
| Inventory | **3.5** | 9.3 | **4.1** | (0.3) |
| Prepaid expenses and deposits | **(18.9)** | (7.7) | **(31.9)** | (7.0) |
| Other assets - Sable remediation fund | **—** |  | **4.5** |  |
| Accounts payable and accrued liabilities | **(23.9)** | 0.9 | **(84.4)** | (11.4) |
| Deferred revenue | **(21.0)** | (11.4) | **(22.1)** | (11.8) |
|  | **18.9** | (29.3) | **(61.6)** | (76.4) |
| Related to operating activities | **(19.5)** | (24.7) | **(36.6)** | (59.8) |
| Related to financing activities | **6.4** |  | **6.4** |  |
| Related to investing activities | **32.0** | (4.6) | **(31.4)** | (16.6) |

---

***Items not involving cash***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **For the Three and Six Months Ended June 30,** | **2025** | 2024 | **2025** | 2024 |
| Depletion, depreciation and amortization | **177.3** | 229.1 | **393.0** | 450.9 |
| Unrealized (gain) loss on risk management contracts (Note 15) | **(24.0)** | (13.5) | **53.1** | 30.7 |
| Unrealized (gain) loss on foreign exchange (Note 12) | **(43.7)** | 7.4 | **(44.5)** | 25.8 |
| Unrealized gain on marketable securities (Note 4) | **(24.6)** |  | **(47.3)** |  |
| Unrealized loss on Sable remediation fund | **—** |  | **—** | 0.1 |
| Finance costs (Note 11) | **19.7** | 23.1 | **40.4** | 45.4 |
| Settlements – government grant (Note 9) | **—** | 0.2 | **—** | 0.2 |
| Loss on settlement of other obligations (Note 8) | **1.3** |  | **1.3** |  |
| Gain on sale of assets, net (Note 3) | **(5.3)** |  | **(5.3)** |  |
| Deferred tax expense | **63.3** | 73.8 | **125.5** | 121.9 |
|  | **164.0** | 320.1 | **516.2** | 675.0 |

---

**19 \| STRATHCONA RESOURCES LTD.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

**18. SEGMENT INFORMATION**

The Chief Operating Decision Makers ("**CODMs**") of the Company review and evaluate the Company's performance, and have identified two operating segments based on the similarity of services and goods provided and economic characteristics exhibited by the operating segments. The two operating segments are:

&nbsp;&nbsp;&nbsp;&nbsp;· Cold Lake, which includes the development and production of bitumen in the Cold Lake region of Northern
Alberta; and

&nbsp;&nbsp;&nbsp;&nbsp;· Lloydminster, which includes the development and production of heavy oil through enhanced oil recovery
and thermal steam-assisted gravity drainage ()"**SAGD**") methods in Southeast Alberta and Southwest Saskatchewan.

The Company reports activities not directly attributable to an operating segment under Corporate and Midstream, which includes the Hardisty Rail Terminal (Note 5).

The following tables present the financial performance by reportable segment and include a measure of segment profit or loss regularly reviewed by management for the noted periods ended June 30, 2025 and 2024. Certain comparative information related to finance costs and general and administrative costs have been allocated by segment to conform with current period presentation. For the year ended December 31, 2024, Field Operating Earnings was used by the CODMs to evaluate segment profit or loss. Operating Earnings was used by the CODMs commencing for the period ended March 31, 2025.

**20 \| STRATHCONA RESOURCES LTD.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cold Lake** | **Cold Lake** | **Lloydminster** | **Lloydminster** | **Corporate and<br> Midstream** | **Corporate and<br> Midstream** | **Consolidated<sup>(1)</sup>** | **Consolidated<sup>(1)</sup>** |
| **For the Three Months Ended June 30,** | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| **Segment revenues** |  |  |  |  |  |  |  |  |
| Oil and natural gas sales | **548.7** | 703.2 | **426.0** | 527.9 | **—** |  | **974.7** | 1231.1 |
| Sale of purchased product | **—** | 5.8 | **5.0** |  | **9.4** | 7.2 | **14.4** | 13.0 |
| Midstream sales | **—** |  | **—** |  | **6.6** |  | **6.6** |  |
| Royalties | **(61.7)** | (120.9) | **(34.2)** | (47.3) | **—** |  | **(95.9)** | (168.2) |
| Oil, natural gas, and midstream sales | **487.0** | 588.1 | **396.8** | 480.6 | **16.0** | 7.2 | **899.8** | 1075.9 |
| **Segment expenses** |  |  |  |  |  |  |  |  |
| Purchased product | **—** | 5.8 | **5.0** |  | **9.4** | 7.2 | **14.4** | 13.0 |
| Blending costs | **208.4** | 245.0 | **41.7** | 42.4 | **—** |  | **250.1** | 287.4 |
| Production and operating | **78.6** | 86.5 | **96.7** | 86.4 | **5.4** |  | **180.7** | 172.9 |
| Transportation | **21.8** | 22.1 | **72.4** | 76.2 | **—** |  | **94.2** | 98.3 |
| Depletion, depreciation and amortization | **37.7** | 42.3 | **114.3** | 111.0 | **3.7** | 3.9 | **155.7** | 157.2 |
| General and administrative | **7.9** | 7.0 | **13.2** | 12.0 | **—** |  | **21.1** | 19.0 |
| Finance costs | **0.7** | 0.8 | **0.8** | 1.1 | **13.3** | 10.6 | **14.8** | 12.5 |
| Other income |  |  |  |  | **(4.9)** | 0.1 | **(4.9)** | 0.1 |
| Interest |  |  |  |  | **45.8** | 43.7 | **45.8** | 43.7 |
|  | **355.1** | 409.5 | **344.1** | 329.1 | **72.7** | 65.5 | **771.9** | 804.1 |
| **Operating earnings** | **131.9** | 178.6 | **52.7** | 151.5 | **(56.7)** | (58.3) | **127.9** | 271.8 |
| Gain on risk management contracts |  |  |  |  | **(19.4)** | (2.1) | **(19.4)** | (2.1) |
| Transaction related costs |  |  |  |  | **14.2** | 0.3 | **14.2** | 0.3 |
| Foreign exchange (gain) loss |  |  |  |  | **(39.5)** | 6.9 | **(39.5)** | 6.9 |
| Gain on marketable securities |  |  |  |  | **(24.6)** |  | **(24.6)** |  |
| **Income before income taxes** |  |  |  |  |  |  | **197.2** | 266.7 |
| Deferred tax expense |  |  |  |  |  |  | **38.9** | 63.9 |
| **Income and comprehensive income from continuing operations** |  |  |  |  |  |  | **158.3** | 202.8 |
| Income and comprehensive income from discontinued operations, net of tax |  |  |  |  |  |  | **72.6** | 24.4 |
| **Income and comprehensive income** |  |  |  |  |  |  | **230.9** | 227.2 |

---

(1) Comparative periods have been revised to reflect current period presentation, see Note 3 - Discontinued
Operations for additional information.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cold Lake** | **Cold Lake** | **Lloydminster** | **Lloydminster** | **Corporate and<br> Midstream** | **Corporate and<br> Midstream** | **Consolidated** | **Consolidated** |
| **For the Three Months Ended June 30,** | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Capital expenditures - continuing operations | **97.6** | 79.3 | **146.3** | 98.0 | **—** | 1.6 | **243.9** | 178.9 |
| Decommissioning costs - continuing operations<sup>(1)</sup> | **—** |  | **—** |  | **3.3** | 1.5 | **3.3** | 1.5 |

---

(1) Decommissioning costs include amounts granted to the Company through the Site Rehabilitation Program (Alberta),
Dormant Sites Reclamation Program (British Columbia) and the Accelerated Site Closure Program (Saskatchewan) to pay service companies
to complete abandonment and reclamation work.

**21 \| STRATHCONA RESOURCES LTD.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

All amounts are expressed in Cdn$ millions unless otherwise noted (unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cold Lake** | **Cold Lake** | **Lloydminster** | **Lloydminster** | **Corporate and <br> Midstream** | **Corporate and <br> Midstream** | **Consolidated<sup>(1)</sup>** | **Consolidated<sup>(1)</sup>** |
| **For the Six Months Ended June 30,** | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| **Segment revenues** |  |  |  |  |  |  |  |  |
| Oil and natural gas sales | **1270.4** | 1327.0 | **880.6** | 944.9 | **—** |  | **2151.0** | 2271.9 |
| Sale of purchased product | **2.4** | 6.8 | **9.9** |  | **9.4** | 8.2 | **21.7** | 15.0 |
| Midstream sales | **—** |  | **—** |  | **6.6** |  | **6.6** |  |
| Royalties | **(131.1)** | (178.0) | **(77.2)** | (90.1) | **—** |  | **(208.3)** | (268.1) |
| Oil, natural gas, and midstream sales | **1141.7** | 1155.8 | **813.3** | 854.8 | **16.0** | 8.2 | **1971.0** | 2018.8 |
| **Segment expenses** |  |  |  |  |  |  |  |  |
| Purchased product | **2.7** | 6.8 | **9.9** |  | **9.4** | 8.2 | **22.0** | 15.0 |
| Blending costs | **489.4** | 496.8 | **86.9** | 85.2 | **—** |  | **576.3** | 582.0 |
| Production and operating | **172.5** | 178.3 | **185.2** | 165.7 | **5.4** |  | **363.1** | 344.0 |
| Transportation | **43.0** | 43.7 | **139.2** | 141.4 | **—** |  | **182.2** | 185.1 |
| Depletion, depreciation and amortization | **80.9** | 85.2 | **214.9** | 210.1 | **7.5** | 7.7 | **303.3** | 303.0 |
| General and administrative | **15.0** | 13.0 | **25.3** | 22.8 | **—** |  | **40.3** | 35.8 |
| Finance costs | **1.5** | 1.6 | **1.7** | 2.3 | **23.9** | 20.0 | **27.1** | 23.9 |
| Other income |  |  |  |  | **(6.1)** |  | **(6.1)** |  |
| Interest |  |  |  |  | **84.2** | 89.1 | **84.2** | 89.1 |
|  | **805.0** | 825.4 | **663.1** | 627.5 | **124.3** | 125.0 | **1592.4** | 1577.9 |
| **Operating earnings** | **336.7** | 330.4 | **150.2** | 227.3 | **(108.3)** | (116.8) | **378.6** | 440.9 |
| Loss on risk management contracts |  |  |  |  | **58.6** | 37.6 | **58.6** | 37.6 |
| Transaction related costs |  |  |  |  | **14.8** | 0.4 | **14.8** | 0.4 |
| Foreign exchange loss (gain) |  |  |  |  | **(40.5)** | 27.3 | **(40.5)** | 27.3 |
| Gain on marketable securities |  |  |  |  | **(47.3)** |  | **(47.3)** |  |
| Unrealized loss on Sable remediation fund |  |  |  |  | **—** | 0.1 | **—** | 0.1 |
| **Income before income taxes** |  |  |  |  |  |  | **393.0** | 375.5 |
| Deferred tax expense |  |  |  |  |  |  | **81.9** | 100.5 |
| **Income and comprehensive income from continuing operations** |  |  |  |  |  |  | **311.1** | 275.0 |
| Income and comprehensive income from discontinued operations, net of tax |  |  |  |  |  |  | **125.1** | 52.8 |
| **Income and comprehensive income** |  |  |  |  |  |  | **436.2** | 327.8 |

---

(1) Comparative periods have been revised to reflect current period presentation, see Note 3 - Discontinued
Operations for additional information.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cold Lake** | **Cold Lake** | **Lloydminster** | **Lloydminster** | **Corporate and<br> Midstream** | **Corporate and<br> Midstream** | **Consolidated** | **Consolidated** |
| **For the Six Months Ended June 30,** | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Capital expenditures - continuing operations | **186.7** | 138.6 | **292.1** | 193.7 | **—** | 2.8 | **478.8** | 335.1 |
| Decommissioning costs - continuing operations<sup>(1)</sup> | **—** |  | **—** |  | **24.7** | 4.3 | **24.7** | 4.3 |

---

(1) Decommissioning costs include amounts granted to the Company through the Site Rehabilitation Program (Alberta),
Dormant Sites Reclamation Program (British Columbia) and the Accelerated Site Closure Program (Saskatchewan) to pay service companies
to complete abandonment and reclamation work.

**22 \| STRATHCONA RESOURCES LTD.**

## Exhibit 3.10

**Exhibit 3.10**

![](tm2522841d1_ex3-10img001.jpg)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

The following management's discussion and analysis ("**MD&A**") of the financial condition and results of operations for Strathcona Resources Ltd. (the "**Company**" or "**Strathcona**") is dated August 7, 2025 and should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements (and related notes) as at and for the three and six months ended June 30, 2025 and 2024 (the "**interim financial statements**") and the Company's audited consolidated financial statements as at and for the years ended December 31, 2024 and 2023 (the "**annual financial statements**"). The interim financial statements have been prepared in accordance with IFRS® Accounting Standards (the "**Accounting Standards**") as issued by the International Accounting Standards Board, in Canadian dollars, except where indicated otherwise. The interim financial statements, annual financial statements, and MD&A of Strathcona have been prepared by management, reviewed by the Audit Committee of the Company's Board of Directors and were approved by the Company's Board of Directors.

This MD&A contains forward looking information; see "Forward-Looking Information" in this MD&A for further information. The following MD&A also contains financial measures that do not have a standardized meaning under the Accounting Standards and may not be comparable to similar financial measures disclosed by other issuers; see "Specified Financial Measures" in this MD&A for further information. This MD&A contains certain oil and gas metrics and measures; see "Advisories Regarding Oil & Gas Information" at the end of this MD&A.

All dollar amounts are referenced in Canadian dollars and, in the case of amounts presented in tabular form, in millions of Canadian dollars, in each case except when noted otherwise. All per unit figures are based on commodity sales volumes, net of blending. Sales volumes differ from production volumes as a result of changes in oil inventory.

**DESCRIPTION OF BUSINESS**

Strathcona is a corporation that exists under, and is governed by, the provisions of the Business Corporations Act (Alberta) (the "**ABCA**"). Strathcona's common shares are listed on the TSX under the trading symbol "SCR".

At June 30, 2025, approximately 79.6% of the Company's common shares were owned by certain entities comprising Waterous Energy Fund and its affiliates (collectively "**WEF**").

**RECENT DEVELOPMENTS**

During the three months ended June 30, 2025 the Company entered into three separate asset purchase and sale agreements to dispose of its Montney segment. The Montney segment represents a separate major line of business and geographical area of operations, therefore, its results have been classified as discontinued operations in accordance with IFRS 5 *Non-Current Assets Held for Sale and Discontinued Operations.*

**Groundbirch Asset Sale**

On June 1, 2025 the Company completed the disposition of assets located primarily in the Groundbirch area in Northeast British Columbia (the "**Groundbirch Asset Sale**") for aggregate proceeds of $291.6 million, inclusive of interim closing adjustments, paid in common shares of Tourmaline Oil Corp. An associated gain on sale of assets of $138.3 million was recognized on close of the transaction.

**Kakwa and Grande Prairie Asset Sales**

On May 14, 2025, the Company entered into asset purchase and sale agreements pursuant to which the Company agreed to sell assets primarily located in the Kakwa and Grande Prairie areas in Northwest Alberta (the **"Kakwa and Grande Prairie Asset Sales**"). On July 2, 2025, the Company completed the Kakwa and Grande Prairie Asset Sales for total cash consideration of $2,426.7 million, inclusive of interim closing adjustments. The carrying value of the associated assets and liabilities at June 30, 2025 was $1,802.4 million.

Based on preliminary accounting, the total combined estimated gain on sale of assets for the three disposition packages is expected to be approximately $760 million, before final closing adjustments.

#### 1 \| STRATHCONA RESOURCES LTD.
The Company continues to assess the preferred use of proceeds from the sale of the Montney assets, including the potential payment of a distribution to Strathcona's shareholders. Any such distribution will be at the sole discretion of the board of directors of Strathcona. There are numerous factors that the board of directors may consider in determining whether or not to proceed with any such distribution, including, among others, factors such as Strathcona's free cash flow, operating results, capital requirements, financial position, debt levels, market conditions, corporate strategy, requirements under the Company's debt arrangements, the success of the MEG Offer (as defined below) and applicable laws.

**Offer to Acquire MEG Energy Corp.**

On May 30, 2025, Strathcona formally commenced an offer (the "**MEG Offer**") to acquire all of the issued and outstanding common shares (the "**MEG Shares**") of MEG Energy Corp. ("**MEG**") not already owned by the Company or its affiliates, together with the associated rights issued and outstanding under the shareholder rights plan of MEG. Upon acceptance of the MEG Offer, each holder of MEG Shares whose MEG Shares are taken up by Strathcona will be entitled to receive, for each MEG Share, 0.62 of a Common Share and $4.10 in cash, subject to the terms and conditions of the MEG Offer, as set forth in the MEG Offer to Purchase and accompanying Take-Over Bid Circular dated May 30, 2025, available on Strathcona's website and under the Company's profile on SEDAR+ at www.sedarplus.ca. The MEG Offer is open for acceptance until 5:00 p.m. (Mountain Time) on Monday, September 15, 2025, unless extended, accelerated or withdrawn by the Company in accordance with its terms.

In connection with the MEG Offer, on May 29, 2025, certain limited partnerships comprising Waterous Energy Fund III ("**WEF III**") committed to subscribe for and purchase 21.4 million subscription receipts of the Company ("**Subscription Receipts**") at a price of $30.92 per Strathcona Subscription Receipt (the "**WEF III Equity Investment**"). On June 27, 2025, the Company entered into a subscription receipt agreement with WEF III (the "**Subscription Receipt Agreement**") relating to the WEF III Equity Investment and issued 21.4 million Subscription Receipts to WEF III for aggregate gross proceeds of $661.7 million which were placed into escrow. See "Subscription Receipts" section in this MD&A.

If the MEG Offer is successful and the Company completes a second stage transaction to acquire all of the MEG Shares not already owned or acquired pursuant to the MEG Offer, the Company expects to issue approximately 145 million common shares (or 143 million common shares assuming all treasury settled incentive awards of MEG are settled in cash), for MEG Shares deposited or otherwise acquired thereunder. The Company anticipates that an aggregate of approximately 381 million common shares (or 379 million common shares, assuming all treasury-settled incentive awards of MEG are settled in cash) will be issued and outstanding following completion of the MEG Offer or second stage transaction, if applicable, and the WEF III Equity Investment. The Company expects to fund aggregate cash consideration of approximately $957.8 million (or approximately $947.1 million assuming all treasury settled incentive awards of MEG are settled in cash) payable under the MEG Offer or second stage transaction, if applicable, through a combination of a draw down on the Credit Facilities (as defined in the "Capital Resources" section of this MD&A) and using the proceeds from the WEF III Equity Investment.

If the MEG Offer is successful and a second stage transaction, if applicable, is completed, WEF, following completion of the WEF III Equity Investment, is expected to own, or control or direct, approximately 51% of the issued and outstanding common shares.

On June 6, 2025, the TSX approved the conditional listing of 147.9 million common shares issuable pursuant to the MEG Offer and 21.4 million common shares issuable upon the conversion of the Subscription Receipts issued pursuant to the WEF III Equity Investment.

On June 20, 2025, the Company received a No-Action Letter from the Commissioner of Competition (the "**Commissioner**") under the Competition Act (Canada) (the "**Competition Act**") indicating that the Commissioner does not, at that time, intend to challenge the MEG Offer by making an application to the Competition Tribunal under Section 92 of the Competition Act, while reserving the Commissioner's statutory right to challenge the transaction before the Competition Tribunal at any time within one year of the MEG Offer being completed.

On July 3, 2025, the waiting period under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the "**HSR Act**") expired in respect of the MEG Offer and Strathcona is therefore entitled under the HSR Act to complete the MEG Offer.

#### 2 \| STRATHCONA RESOURCES LTD.
**GUIDANCE**

Strathcona's 2025 production guidance is unchanged at the mid-point but is now set within a revised range of 152 to 158 Mboe per day, compared to the prior range of 150 to 160 Mboe per day. The Company's 2025 capital budget of $1.2 billion remains unchanged.

---

| | | |
|:---|:---|:---|
|  | **2025 Guidance<sup>(1)</sup>** | **Revised 2025 Guidance<sup>(2)</sup>** |
| Production (Mboe/d) | 150 – 160 | **152 – 158** |
| Capital expenditures ($ millions) | 1200 | **1200** |

---

(1) As announced on May 15, 2025 and disclosed
 in the Company's MD&A for the three months ended March 31, 2025 and 2024.

(2) Does not reflect any potential future acquisitions
 or divestments.

#### 3 \| STRATHCONA RESOURCES LTD.
**PRESENTATION OF CONTINUING AND DISCONTINUED OPERATIONS**

The financial results for the three and six months ended June 30, 2025 and June 30, 2024, are presented below to reconcile continuing and discontinued operations to total results. Total results is a non-GAAP measure which does not have a standardized meaning under the Accounting Standards and may not be comparable to similar financial measures disclosed by other issuers. Total results is used by Management to assess the historical financial performance of the total business and is not intended to be indicative of future results of the Company.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024<sup>(1)</sup>** | **Three Months Ended June 30, 2024<sup>(1)</sup>** | **Three Months Ended June 30, 2024<sup>(1)</sup>** |
| ($ millions, unless otherwise indicated) | Continuing | Discontinued | **Total** | Continuing | Discontinued | **Total** |
| **Revenues and other income** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Oil and natural gas sales | 974.7 | 234.7 | **1209.4** | 1231.1 | 241.2 | **1472.3** |
| &nbsp;&nbsp;&nbsp;Sale of purchased product | 14.4 |  | **14.4** | 13.0 |  | **13.0** |
| &nbsp;&nbsp;&nbsp;Royalties | (95.9) | (8.7) | **(104.6)** | (168.2) | (25.8) | **(194.0)** |
| &nbsp;&nbsp;&nbsp;Oil and natural gas revenues | 893.2 | 226.0 | **1119.2** | 1075.9 | 215.4 | **1291.3** |
| &nbsp;&nbsp;&nbsp;Gain on risk management contracts | 19.4 |  | **19.4** | 2.1 |  | **2.1** |
| &nbsp;&nbsp;&nbsp;Midstream revenue | 6.6 |  | **6.6** |  |  | **—** |
| &nbsp;&nbsp;&nbsp;Other income (loss) | 4.9 |  | **4.9** | (0.1) |  | **(0.1)** |
|  | 924.1 | 226.0 | **1150.1** | 1077.9 | 215.4 | **1293.3** |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased product | 14.4 |  | **14.4** | 13.0 |  | **13.0** |
| &nbsp;&nbsp;&nbsp;Blending costs | 250.1 |  | **250.1** | 287.4 |  | **287.4** |
| &nbsp;&nbsp;&nbsp;Production and operating | 180.7 | 39.2 | **219.9** | 172.9 | 41.5 | **214.4** |
| &nbsp;&nbsp;&nbsp;Transportation and processing | 94.2 | 56.3 | **150.5** | 98.3 | 50.9 | **149.2** |
| &nbsp;&nbsp;&nbsp;General and administrative | 21.1 | 6.4 | **27.5** | 19.0 | 6.2 | **25.2** |
| &nbsp;&nbsp;&nbsp;Interest | 45.8 |  | **45.8** | 43.7 |  | **43.7** |
| &nbsp;&nbsp;&nbsp;Transaction related costs | 14.2 | 4.6 | **18.8** | 0.3 |  | **0.3** |
| &nbsp;&nbsp;&nbsp;Finance costs | 14.8 | 4.9 | **19.7** | 12.5 | 10.6 | **23.1** |
| &nbsp;&nbsp;&nbsp;Depletion, depreciation and amortization | 155.7 | 21.6 | **177.3** | 157.2 | 71.9 | **229.1** |
| &nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss | (39.5) |  | **(39.5)** | 6.9 |  | **6.9** |
|  | 751.5 | 133.0 | **884.5** | 811.2 | 181.1 | **992.3** |
| &nbsp;&nbsp;&nbsp;Gain on marketable securities | 24.6 |  | **24.6** |  |  | **—** |
| &nbsp;&nbsp;&nbsp;Gain on sale of assets, net |  | 5.3 | **5.3** |  |  | **—** |
| &nbsp;&nbsp;&nbsp;(Loss) on settlement of other obligations |  | (1.3) | **(1.3)** |  |  | **—** |
| **Income before income taxes** | 197.2 | 97.0 | **294.2** | 266.7 | 34.3 | **301.0** |
| &nbsp;&nbsp;&nbsp;Income tax expense | 38.9 | 24.4 | **63.3** | 63.9 | 9.9 | **73.8** |
| **Income and comprehensive income** | 158.3 | 72.6 | **230.9** | 202.8 | 24.4 | **227.2** |

---

(1) Comparative
 periods have been revised to reflect current period presentation, see the "Recent Developments"
 and "Discontinued Operations" sections of this MD&A.

#### 4 \| STRATHCONA RESOURCES LTD.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2024<sup>(1)</sup>** | **Six Months Ended June 30, 2024<sup>(1)</sup>** | **Six Months Ended June 30, 2024<sup>(1)</sup>** |
| ($ millions, unless otherwise indicated) | Continuing | Discontinued | **Total** | Continuing | Discontinued | **Total** |
| **Revenues and other income** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Oil and natural gas sales | 2151.0 | 517.4 | **2668.4** | 2271.9 | 499.2 | **2771.1** |
| &nbsp;&nbsp;&nbsp;Sale of purchased product | 21.7 |  | **21.7** | 15.0 |  | **15.0** |
| &nbsp;&nbsp;&nbsp;Royalties | (208.3) | (34.5) | **(242.8)** | (268.1) | (52.1) | **(320.2)** |
| &nbsp;&nbsp;&nbsp;Oil and natural gas revenues | 1964.4 | 482.9 | **2447.3** | 2018.8 | 447.1 | **2465.9** |
| &nbsp;&nbsp;&nbsp;Loss on risk management contracts | (58.6) |  | **(58.6)** | (37.6) |  | **(37.6)** |
| &nbsp;&nbsp;&nbsp;Midstream revenue | 6.6 |  | **6.6** |  |  | **—** |
| &nbsp;&nbsp;&nbsp;Other income | 6.1 |  | **6.1** |  |  | **—** |
|  | 1918.5 | 482.9 | **2401.4** | 1981.2 | 447.1 | **2428.3** |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased product | 22.0 |  | **22.0** | 15.0 |  | **15.0** |
| &nbsp;&nbsp;&nbsp;Blending costs | 576.3 |  | **576.3** | 582.0 |  | **582.0** |
| &nbsp;&nbsp;&nbsp;Production and operating | 363.1 | 88.0 | **451.1** | 344.0 | 84.6 | **428.6** |
| &nbsp;&nbsp;&nbsp;Transportation and processing | 182.2 | 110.7 | **292.9** | 185.1 | 107.5 | **292.6** |
| &nbsp;&nbsp;&nbsp;General and administrative | 40.3 | 11.9 | **52.2** | 35.8 | 11.4 | **47.2** |
| &nbsp;&nbsp;&nbsp;Interest | 84.2 |  | **84.2** | 89.1 |  | **89.1** |
| &nbsp;&nbsp;&nbsp;Transaction related costs | 14.8 | 4.6 | **19.4** | 0.4 |  | **0.4** |
| &nbsp;&nbsp;&nbsp;Finance costs | 27.1 | 13.3 | **40.4** | 23.9 | 21.5 | **45.4** |
| &nbsp;&nbsp;&nbsp;Depletion, depreciation and amortization | 303.3 | 89.7 | **393.0** | 303.0 | 147.9 | **450.9** |
| &nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss | (40.5) |  | **(40.5)** | 27.3 |  | **27.3** |
| &nbsp;&nbsp;&nbsp;Unrealized loss on Sable remediation fund |  |  | **—** | 0.1 |  | **0.1** |
|  | 1572.8 | 318.2 | **1891.0** | 1605.7 | 372.9 | **1978.6** |
| &nbsp;&nbsp;&nbsp;Gain on marketable securities | 47.3 |  | **47.3** |  |  | **—** |
| &nbsp;&nbsp;&nbsp;Gain on sale of assets, net |  | 5.3 | **5.3** |  |  | **—** |
| &nbsp;&nbsp;&nbsp;(Loss) on settlement of other obligations |  | (1.3) | **(1.3)** |  |  | **—** |
| **Income before income taxes** | 393.0 | 168.7 | **561.7** | 375.5 | 74.2 | **449.7** |
| &nbsp;&nbsp;&nbsp;Income tax expense | 81.9 | 43.6 | **125.5** | 100.5 | 21.4 | **121.9** |
| **Income and comprehensive income** | 311.1 | 125.1 | **436.2** | 275.0 | 52.8 | **327.8** |

---

(1) Comparative
 periods have been revised to reflect current period presentation, see the "Recent Developments"
 and "Discontinued Operations" sections of this MD&A.

#### 5 \| STRATHCONA RESOURCES LTD.
**PRODUCTION VOLUMES**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,<br> 2025** | June 30, <br> 2024<sup>(1)</sup> | March 31,<br> 2025<sup>(1)</sup> | **June 30,<br> 2025** | June 30,<br> 2024<sup>(1)</sup> |
| Bitumen (bbl/d) | **56628** | 59581 | 65016 | **60799** | 59865 |
| Heavy oil (bbl/d) | **51479** | 51111 | 50488 | **50986** | 51473 |
| Condensate and light oil (bbl/d) | **123** | 26 | 19 | **71** | 37 |
| Total oil production (bbl/d) | **108230** | 110718 | 115523 | **111856** | 111375 |
| Other NGLs (bbl/d) | **44** | 2 | 3 | **23** | 2 |
| Natural gas (mcf/d) | **3911** | 1231 | 2000 | **2961** | 1242 |
| Total (boe/d) - continuing operations | **108926** | 110925 | 115859 | **112373** | 111584 |
| Total (boe/d) - discontinued operations | **72442** | 70841 | 78750 | **75579** | 71860 |
| Total (boe/d) | **181368** | 181766 | 194609 | **187952** | 183444 |
| % liquids - continuing operations | **99.4%** | 99.8% | 99.7% | **99.6%** | 99.8% |

---

(1) Comparative
 periods have been revised to reflect current period presentation, see the "Recent Developments"
 and "Discontinued Operations" sections of this MD&A.

Production volumes from continuing operations decreased 2% (or 1,999 boe per day) for the three months ended June 30, 2025 to an average of 108,926 boe per day compared to 110,925 boe per day for the same period of 2024. The decrease was primarily due to a planned turnaround at Tucker within the Cold Lake segment.

Production volumes from continuing operations increased 1% (or 789 boe per day) for the six months ended June 30, 2025 to an average of 112,373 boe per day compared to 111,584 boe per day for the same period of 2024. The increase is primarily due to the performance of new Tucker wells drilled as part of the Company's capital program, partially offset by decreased volumes from a planned turnaround at Tucker within the Cold Lake segment.

Production volumes from continuing operations decreased 6% (or 6,933 boe per day) during the three months ended June 30, 2025 to an average of 108,926 boe per day compared to 115,859 boe per day for the three months ended March 31, 2025. The decrease was primarily due to a planned turnaround at Tucker within the Cold Lake segment.

#### 6 \| STRATHCONA RESOURCES LTD.
**SALES VOLUMES**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> | March 31,<br> 2025<sup>(1)</sup> | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> |
| Bitumen (bbl/d) | **56427** | 59333 | 64794 | **60587** | 59877 |
| Heavy oil (bbl/d) | **54094** | 55434 | 50985 | **52549** | 52368 |
| Condensate and light oil (bbl/d) | **123** | 26 | 19 | **71** | 37 |
| Total oil production (bbl/d) | **110644** | 114793 | 115798 | **113207** | 112282 |
| Other NGLs (bbl/d) | **44** | 2 | 3 | **23** | 2 |
| Natural gas (mcf/d) | **3911** | 1231 | 2000 | **2961** | 1242 |
| Total (boe/d) - continuing operations | **111340** | 115000 | 116134 | **113723** | 112491 |
| Total (boe/d) - discontinued operations | **72466** | 70841 | 78750 | **75591** | 71860 |
| Total (boe/d) | **183806** | 185841 | 194884 | **189314** | 184351 |

---

(1) Comparative periods have been revised to
 reflect current period presentation, see the "Recent Developments" and "Discontinued
 Operations" sections of this MD&A.

Sales volumes typically trend with production volumes, except in cases of an inventory build or draw. Strathcona carries inventory on rail cars in transit to the US Gulf Coast, on pipelines and in storage tanks.

In the fourth quarter of 2024 and the first quarter of 2025, the Company had a build up of heavy oil inventory related to volumes transported by rail due to weather conditions which resulted in congestion at major rail hubs. This inventory was sold in the second quarter with inventory volumes associated with continuing operations at June 30, 2025 having been reduced.

#### 7 \| STRATHCONA RESOURCES LTD.
**BUSINESS ENVIRONMENT**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, <br> 2025** | June 30, <br> 2024 | March 31, <br> 2025 | **June 30, <br> 2025** | June 30, <br> 2024 |
| **Benchmark Pricing** |  |  |  |  |  |
| US$/bbl unless otherwise indicated |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;WTI<sup>(1)</sup> | **63.74** | 80.57 | 71.42 | **67.58** | 78.76 |
| &nbsp;&nbsp;&nbsp;WCS Hardisty<sup>(2)</sup> | **53.46** | 66.96 | 58.75 | **56.11** | 62.30 |
| &nbsp;&nbsp;&nbsp;WCS USGC<sup>(3)</sup> | **61.00** | 74.69 | 67.74 | **64.37** | 72.29 |
| &nbsp;&nbsp;&nbsp;WTI-WCS Hardisty differential | **(10.28)** | (13.61) | (12.67) | **(11.47)** | (16.46) |
| &nbsp;&nbsp;&nbsp;WTI-WCS USGC differential | **(2.74)** | (5.88) | (3.68) | **(3.21)** | (6.48) |
| &nbsp;&nbsp;&nbsp;NYMEX-AECO differential (US$/MMbtu)<sup>(4)</sup> | **(2.10)** | (0.95) | (2.41) | **(2.25)** | (0.91) |
| &nbsp;&nbsp;&nbsp;Condensate differential<sup>(5)</sup> | **(0.29)** | (3.43) | (1.53) | **(0.91)** | (3.80) |
| &nbsp;&nbsp;&nbsp;Average Exchange rate (C$/US$) | **1.3840** | 1.3684 | 1.4348 | **1.4094** | 1.3586 |
| CAD$/bbl unless otherwise indicated |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;WTI<sup>(1)</sup> | **88.19** | 110.25 | 102.47 | **95.33** | 107.03 |
| &nbsp;&nbsp;&nbsp;WCS Hardisty<sup>(2)</sup> | **73.96** | 91.63 | 84.30 | **79.13** | 84.70 |
| &nbsp;&nbsp;&nbsp;WCS USGC<sup>(3)</sup> | **84.40** | 102.20 | 97.19 | **90.80** | 98.24 |
| &nbsp;&nbsp;&nbsp;AECO 5A (C$/gj)<sup>(6)</sup> | **1.60** | 1.12 | 2.05 | **1.83** | 1.74 |
| &nbsp;&nbsp;&nbsp;Condensate par at Edmonton | **87.77** | 105.56 | 100.28 | **94.02** | 101.87 |
| &nbsp;&nbsp;&nbsp;AESO weighted average pool price (C$/MWh)<sup>(7)</sup> | **41.26** | 45.35 | 41.21 | **41.24** | 73.16 |
| &nbsp;&nbsp;&nbsp;CORRA (%)<sup>(8)</sup> | **2.75** | 4.95 | 3.05 | **2.90** | 4.99 |

---

(1) Calendar month average of West Texas Intermediate ()"**WTI** ")
 oil.

(2) Western Canadian Select ()"**WCS** ").

(3) United States Gulf Coast ()"**USGC** ").

(4) New York Mercantile Exchange ()"**NYMEX**") Futures Last
 Day differential / Relates to the Alberta Energy Company ()"**AECO**") 7A Index.

(5) Condensate / WTI differential at Edmonton.

(6) AECO hub pricing.

(7) Alberta Electric System Operator ()"**AESO**") weighted
 average pool prices.

(8) Canadian Overnight Repo Rate Average ()"**CORRA** ").

WTI crude oil prices declined during the second quarter of 2025, with average prices decreasing by 11% compared to the first quarter of 2025. Early in the quarter, oil benchmarks experienced downward pressure due to subdued demand and increased supply, as global crude inventories exceeded typical seasonal levels and OPEC+ indicated intentions to raise production beginning in July. Additionally, decelerating economic growth in China and renewed concerns regarding the U.S.–China trade relationship further dampened market sentiment.

The WTI–WCS Hardisty differential continued to narrow during the second quarter of 2025, remaining at historically tight levels. This sustained strength in Canadian heavy oil pricing was supported by the full-period operation of the Trans Mountain Pipeline Expansion, which alleviated transportation constraints that previously led to significant price discounts at Hardisty. Maintenance activities and scheduled oil sands turnarounds in the first half of 2025 reduced bitumen production volumes, temporarily tightening supply and contributing to the narrower differential. Western Canadian crude inventories remained below the five-year range, driven by robust refinery demand and improved transportation capacity, thereby supporting WCS prices. Globally, OPEC+ production cuts and stricter sanctions on other heavy crude producers elevated the value of heavy sour crude relative to lighter grades.

At the U.S. Gulf Coast, the WTI–WCS differential also narrowed in the second quarter of 2025. The reduction in Venezuelan and Mexican heavy crude supplies, coupled with low Gulf Coast inventories and strong refining demand, resulted in WCS achieving a stronger price position relative to WTI.

AECO 5A natural gas prices decreased in the second quarter of 2025, primarily due to a mild winter and ample storage levels.

#### 8 \| STRATHCONA RESOURCES LTD.
**REVENUE AND REALIZED PRICES**

**Oil and Natural Gas Sales – Net of Blending**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> | March 31,<br> 2025<sup>(1)</sup> | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> |
| Bitumen blend | **548.6** | 703.2 | 721.7 | **1270.3** | 1327.0 |
| Heavy oil, blended and raw | **424.3** | 527.5 | 454.1 | **878.4** | 944.0 |
| Condensate and light oil | **0.9** | 0.3 | 0.2 | **1.1** | 0.5 |
| Other natural gas liquids | **0.1** |  |  | **0.1** |  |
| Natural gas | **0.8** | 0.1 | 0.3 | **1.1** | 0.4 |
| Midstream revenue | **6.6** |  |  | **6.6** |  |
| Oil and natural gas sales | **981.3** | 1231.1 | 1176.3 | **2157.6** | 2271.9 |
| Loss on purchased product | **—** |  | (0.3) | **(0.3)** |  |
| Bitumen – blending cost | **(208.4)** | (244.9) | (281.0) | **(489.4)** | (496.7) |
| Heavy oil – blending cost | **(41.7)** | (42.5) | (45.2) | **(86.9)** | (85.3) |
| Oil and natural gas sales, net of blending - continuing operations<sup>(2)</sup> | **731.2** | 943.7 | 849.8 | **1581.0** | 1689.9 |
| Oil and natural gas sales, net of blending - discontinued operations<sup>(2)</sup> | **234.7** | 241.2 | 282.7 | **517.4** | 499.2 |
| Oil and natural gas sales, net of blending<sup>(2)</sup> | **965.9** | 1184.9 | 1132.5 | **2098.4** | 2189.1 |

---

(1) Comparative periods have been revised to
 reflect current period presentation, see the "Recent Developments" and "Discontinued
 Operations" sections of this MD&A.

(2) A non-GAAP financial measure which does not
 have a standardized meaning under the Accounting Standards; see "Specified Financial
 Measures" section of this MD&A.

Oil and natural gas sales, net of blending from continuing operations, decreased 23% (or $212.4 million) for the three months ended June 30, 2025 to $731.2 million compared to $943.7 million in the same period of 2024. This decrease was primarily due to weaker oil benchmark pricing and lower sales volumes, partially offset by decreased blending costs due to lower condensate benchmark pricing.

Oil and natural gas, net of blending from continuing operations, decreased 6% (or $108.9 million) for the six months ended June 30, 2025 to $1,581.0 million compared to $1,689.9 million for the same period in 2024. This decrease was primarily due to weaker oil benchmark pricing, partially offset by decreased blending costs due to lower condensate benchmark pricing.

Oil and natural gas sales, net of blending from continuing operations, decreased 14% (or $118.6 million) for the three months ended June 30, 2025 to $731.2 million compared to $849.8 million in the three months ended March 31, 2025. This decrease was primarily due to lower sales volumes and weaker oil benchmark pricing, partially offset by decreased blending costs due to lower condensate benchmark pricing.

#### 9 \| STRATHCONA RESOURCES LTD.
**Average Realized Prices**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> | March 31,<br> 2025<sup>(1)</sup> | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> |
| Bitumen blend ($/bbl)<sup>(2)(3)</sup> | **66.24** | 84.83 | 75.55 | **71.18** | 76.17 |
| Heavy oil, blended and raw ($/bbl)<sup>(2)(3)</sup> | **77.68** | 96.15 | 89.11 | **83.24** | 90.10 |
| Condensate and light oil ($/bbl) | **89.83** | 123.36 | 117.99 | **88.80** | 75.26 |
| Realized oil ($/bbl) | **71.94** | 92.23 | 83.80 | **76.79** | 85.09 |
| Other natural gas liquids ($/bbl) | **16.65** |  |  | **19.10** |  |
| Natural gas ($/mcf) | **12.68** | 5.36 | 10.00 | **2.04** | 10.62 |
| Midstream revenue ($/bbl) | **0.67** |  |  | **0.33** |  |
| Combined ($/boe) - continuing operations | **72.18** | 90.17 | 81.32 | **76.82** | 82.54 |
| Combined ($/boe) - discontinued operations | **35.60** | 37.42 | 39.89 | **37.82** | 38.17 |
| Combined ($/boe) | **57.75** | 70.06 | 64.58 | **59.27** | 65.24 |

---

(1) Comparative periods have been revised to
 reflect current period presentation, see the "Recent Developments" and "Discontinued
 Operations" sections of this MD&A.

(2) Realized prices are calculated using oil
 and natural gas sales and sale of purchased product, net of blending and purchased product.

(3) A non-GAAP financial measure which does not
 have a standardized meaning under the Accounting Standards; see "Specified Financial
 Measures" section of this MD&A.

For three and six months ended June 30, 2025, combined realized price from continuing operations decreased 20% (or $17.98 per boe) and 7% (or $5.72 per boe) compared to the same periods of 2024. Combined realized price from continuing operations decreased 11% (or $9.14 per boe) for the three months ended June 30, 2025 compared to the three months ended March 31, 2025. These decreases were primarily due to lower average WTI benchmark prices, partially offset by narrower WCS Hardisty and USGC differentials and reduced condensate prices, which lowered per barrel blend costs.

**ROYALTIES**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> | March 31,<br> 2025<sup>(1)</sup> | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> |
| Crown royalties | **75.5** | 117.9 | 83.7 | **159.2** | 192.1 |
| Freehold royalties | **5.7** | 7.8 | 6.7 | **12.4** | 16.0 |
| Gross overriding royalties | **8.5** | 33.8 | 15.4 | **23.9** | 47.3 |
| Other royalties | **6.2** | 8.7 | 6.6 | **12.8** | 12.7 |
| Royalties - continuing operations | **95.9** | 168.2 | 112.4 | **208.3** | 268.1 |
| Royalties - discontinued operations<sup>(1)</sup> | **8.7** | 25.8 | 25.8 | **34.5** | 52.1 |
| Royalties | **104.6** | 194.0 | 138.2 | **242.8** | 320.2 |
| Effective royalty rate (%) - continuing operations<sup>(2)</sup> | **13.1%** | 17.8% | 13.2% | **13.2%** | 15.9% |

---

(1) Comparative periods have been revised to
 reflect current period presentation, see the "Recent Developments" and "Discontinued
 Operations" sections of this MD&A.

(2) A non-GAAP financial measure which does not
 have a standardized meaning under the Accounting Standards; see "Specified Financial
 Measures" section of this MD&A.

For three and six months ended June 30, 2025, the effective royalty rate from continuing operations decreased to 13.1% from 17.8% and to 13.2% from 15.9%, respectively, compared to the same periods in 2024. These decreases reflect lower average commodity prices.

The effective royalty rate from continuing operations remained consistent at 13.1% for the three months ended June 30, 2025 compared to 13.2% for the three months ended March 31, 2025.

#### 10 \| STRATHCONA RESOURCES LTD.
**PRODUCTION AND OPERATING EXPENSES**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30,<br> 2025** | June 30,<br> 2024<sup>(1)</sup> | March 31,<br> 2025<sup>(1)</sup> | **June 30,<br> 2025** | June 30,<br> 2024<sup>(1)</sup> |
| Production and operating – Energy | **58.0** | 62.4 | 73.9 | **131.9** | 140.0 |
| Production and operating – Non-energy | **122.7** | 110.5 | 108.5 | **231.2** | 204.0 |
| Production and operating expenses - continuing operations | **180.7** | 172.9 | 182.4 | **363.1** | 344.0 |
| Production and operating expenses - discontinued operations<sup>(1)</sup> | **39.2** | 41.5 | 48.8 | **88.0** | 84.6 |
| Production and operating expenses | **219.9** | 214.4 | 231.2 | **451.1** | 428.6 |
| Production and operating – Energy - continuing operations ($/boe) | **5.73** | 5.96 | 7.08 | **6.41** | 6.84 |
| Production and operating – Non-energy - continuing operations ($/boe) | **12.10** | 10.55 | 10.38 | **11.24** | 9.96 |
| Production and operating expenses - continuing operations ($/boe) | **17.83** | 16.51 | 17.46 | **17.65** | 16.80 |

---

(1) Comparative periods have been revised to
 reflect current period presentation, see the "Recent Developments" and "Discontinued
 Operations" sections of this MD&A.

Production and operating expenses from continuing operations increased 5% (or $7.8 million) for the three months ended June 30, 2025 to $180.7 million ($17.83 per boe) from $172.9 million ($16.51 per boe) in the same period of 2024. Energy costs decreased by $4.4 million ($0.23 per boe) primarily due to the purchase of carbon credits, which lowered the Company's initial estimate of the carbon tax burden compared to legislated rates, partially offset by increased fuel costs due to higher natural gas benchmark prices. Non-energy costs increased by $12.2 million ($1.55 per boe) due primarily to higher downhole and surface maintenance expenses and the addition of midstream throughput fees at the newly acquired Hardisty Rail Terminal, partially offset by a reduction in chemical expenditures.

Production and operating expenses from continuing operations increased 6% (or $19.1 million) for the six months ended June 30, 2025 to $363.1 million ($17.65 per boe) from $344.0 million ($16.80 per boe) in the same period of 2024. Energy costs decreased by $8.1 million ($0.43 per boe) primarily due to the purchase of carbon credits, which lowered the Company's initial estimate of the carbon tax burden compared to legislated rates, partially offset by increased fuel costs due to higher natural gas benchmark prices. Non-energy costs increased by $27.2 million ($1.28 per boe) primarily due to higher downhole, surface maintenance and chemical expenses and the addition of midstream throughput fees at the newly acquired Hardisty Rail Terminal.

Production and operating expenses from continuing operations decreased 1% (or $1.7 million) for the three months ended June 30, 2025 to $180.7 million ($17.83 per boe) from $182.4 million ($17.46 per boe) for the three months ended March 31, 2025. Energy production and operating costs decreased 22% (or $15.9 million) due to the purchase of carbon credits, which lowered the Company's initial estimate of the carbon tax burden compared to legislated rates and decreased fuel costs due to lower natural gas benchmark prices. Non-energy production and operating costs increased 13% (or $14.2 million) primarily due to increases in surface maintenance and the addition of midstream throughput fees at the newly acquired Hardisty Rail Terminal.

#### 11 \| STRATHCONA RESOURCES LTD.
**TRANSPORTATION EXPENSES**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> | March 31,<br> 2025<sup>(1)</sup> | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> |
| Transportation expenses - continuing operations | **94.2** | 98.3 | 88.0 | **182.2** | 185.1 |
| Transportation and processing expenses - discontinued operations | **56.3** | 50.9 | 54.4 | **110.7** | 107.5 |
| Transportation and processing expenses | **150.5** | 149.2 | 142.4 | **292.9** | 292.6 |
| $ per boe - continuing operations | **9.30** | 9.39 | 8.42 | **8.85** | 9.04 |

---

(1) Comparative periods have been revised to
 reflect current period presentation, see the "Recent Developments" and "Discontinued
 Operations" sections of this MD&A.

Transportation expenses from continuing operations decreased 4% (or $4.1 million) for the three months ended June 30, 2025 to $94.2 million ($9.30 per boe) compared to $98.3 million ($9.39 per boe) in the same period of 2024. Transportation expenses from continuing operations decreased 2% (or $2.9 million) for the six months ended June 30, 2025 to $182.2 million ($8.85 per boe) compared to $185.1 million ($9.04 per boe) in the same period of 2024. These decreases are primarily attributable to lower volumes sold on rail and utilization of make-up rights at the Cold Lake segment.

Transportation expenses from continuing operations increased 7% (or $6.2 million) for the three months ended June 30, 2025 to $94.2 million ($9.30 per boe) from $88.0 million ($8.42 per boe) in the three months ended March 31, 2025. This increase is due to increased volumes sold on rail and the absence of make-up rights at the Cold Lake segment for a portion of the second quarter of 2025.

**DEPLETION, DEPRECIATION AND AMORTIZATION ("DD&A")**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> | March 31,<br> 2025<sup>(1)</sup> | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> |
| Depletion expense | **146.2** | 147.7 | 137.8 | **284.0** | 284.2 |
| Depreciation and amortization expense | **9.5** | 9.5 | 9.8 | **19.3** | 18.8 |
| DD&A - continuing operations | **155.7** | 157.2 | 147.6 | **303.3** | 303.0 |
| DD&A - discontinued operations | **21.6** | 71.9 | 68.1 | **89.7** | 147.9 |
| DD&A | **177.3** | 229.1 | 215.7 | **393.0** | 450.9 |
| $ per boe - continuing operations | **15.36** | 15.03 | 14.12 | **14.73** | 14.80 |

---

(1) Comparative periods have been revised to
 reflect current period presentation, see the "Recent Developments" and "Discontinued
 Operations" sections of this MD&A.

DD&A expense from continuing operations decreased 1% (or $1.5 million) for the three months ended June 30, 2025 to $155.7 million ($15.36 per boe) compared to $157.2 million ($15.03 per boe) for the same period of 2024. This decrease was primarily due to lower sales volumes.

DD&A expense from continuing operations remained consistent for the six months ended June 30, 2025 at $303.3 million ($14.73 per boe), compared to $303.0 million ($14.80 per boe) for the same period of 2024.

DD&A expense from continuing operations increased 5% (or $8.1 million) during the three months ended June 30, 2025 to $155.7 million ($15.36 per boe) compared to $147.6 million ($14.12 per boe) for the three months ended March 31, 2025. The increase reflects a higher proportion of sales volumes from areas with a higher per barrel rate of depletion.

#### 12 \| STRATHCONA RESOURCES LTD.
**GENERAL AND ADMINISTRATION EXPENSES ("G&A")**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> | March 31,<br> 2025<sup>(1)</sup> | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> |
| G&A expenses - continuing operations | **21.1** | 19.0 | 19.2 | **40.3** | 35.8 |
| G&A expenses - discontinued operations | **6.4** | 6.2 | 5.5 | **11.9** | 11.4 |
| G&A expenses | **27.5** | 25.2 | 24.7 | **52.2** | 47.2 |
| $ per boe - continuing operations | **2.09** | 1.81 | 1.83 | **1.96** | 1.75 |

---

(1) Comparative periods have been revised to
 reflect current period presentation, see the "Recent Developments" and "Discontinued
 Operations" sections of this MD&A.

For the three and six months ended June 30, 2025 G&A expenses from continuing operations increased 11% (or $2.1 million) and 13% (or $4.5 million) compared to the same periods of 2024. G&A expenses from continuing operations increased 10% (or $1.9 million) during the three months ended June 30, 2025 compared to the three months ended March 31, 2025. The increases were primarily due to higher personnel costs resulting from the growth of the business and the internal corporate re-organization completed in the fourth quarter of 2024 as well as increased information technology costs.

**INTEREST**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30, <br> 2025** | June 30, <br> 2024 | March 31, <br> 2025 | **June 30, <br> 2025** | June 30, <br> 2024 |
| Interest | **45.8** | 43.7 | 38.4 | **84.2** | 89.1 |
| Weighted average interest rate (%) | **5.6%** | 6.3% | 5.7% | **5.7%** | 6.3% |

---

For the three months ended June 30, 2025, interest expense increased 5% (or $2.1 million) to $45.8 million compared to $43.7 million in the same period of 2024. Interest expense increased 19% (or $7.4 million) for the three months ended June 30, 2025 to $45.8 million compared to $38.4 million for the three months ended March 31, 2025. The increases were primarily due to higher debt levels.

For the six months ended June 30, 2025, interest expense decreased 5% (or $4.9 million) to $84.2 million compared to $89.1 million in the same period of 2024. The decrease was primarily due to lower interest rates in 2025 compared to 2024.

During the six months ended June 30, 2025, the Company recorded $24.2 million in interest expense on the Senior Notes (as defined in the "Capital Resources" section of this MD&A) (June 30, 2024 – $23.4 million), and $59.8 million in interest expense on the Credit Facilities (June 30, 2024 - $79.9 million), and a realized loss of $0.2 million on interest rate swaps (June 30, 2024 - realized gain of $14.2 million).

The impact of changes in interest rates is partially mitigated through interest rate swaps, see the **"**Risk Management - Market Risk - Interest Rate Risk**"** section of this MD&A.

#### 13 \| STRATHCONA RESOURCES LTD.
**FINANCE COSTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> | March 31,<br> 2025<sup>(1)</sup> | **June 30,<br> 2025** | June 30,<br> 2024<sup>(1)</sup> |
| Accretion of lease obligations | **1.9** | 2.4 | 1.8 | **3.7** | 4.7 |
| Accretion of decommissioning provision | **7.5** | 5.1 | 5.3 | **12.8** | 10.1 |
| Amortization of debt issuance costs | **5.4** | 5.0 | 5.2 | **10.6** | 9.1 |
| Finance costs - continuing operations | **14.8** | 12.5 | 12.3 | **27.1** | 23.9 |
| Finance costs - discontinued operations | **4.9** | 10.6 | 8.4 | **13.3** | 21.5 |
| Finance costs | **19.7** | 23.1 | 20.7 | **40.4** | 45.4 |

---

(1) Comparative periods have been revised to
 reflect current period presentation, see the "Recent Developments" and "Discontinued
 Operations" sections of this MD&A.

Finance costs from continuing operations for the three months ended June 30, 2025 increased 18% (or $2.3 million) to $14.8 million compared to $12.5 million for the same period of 2024. Finance costs from continuing operations increased 13% (or $3.2 million) to $27.1 million for the period ended June 30, 2025 compared to $23.9 million in the same period of 2024. The increases were primarily due to an increase in the credit adjusted rate used to accrete the decommissioning provision from 8% to 10%.

**TAX POOLS**

As at June 30, 2025, the Company had approximately $5,242.6 million (December 31, 2024 - $5,595.4 million) of tax pools available for deduction in future periods as shown in the table below.

---

| | | | |
|:---|:---|:---|:---|
| ($ millions, unless otherwise indicated) | Annual Pool<br> Deduction Rate | **June 30, 2025<sup>(4)</sup>** | December 31, 2024 |
| Canadian oil and gas property expenditures<sup>(1)</sup> | 10% | **593.3** | 838.5 |
| Canadian development expenditures<sup>(1)</sup> | 30% | **1354.3** | 1279.7 |
| Canadian exploration expenditures<sup>(1)</sup> | 100% | **10.1** | 18.3 |
| Undepreciated capital costs<sup>(2)</sup> | 4% - 55% | **1627.8** | 1502.6 |
| Non-capital losses | 100% | **1419.8** | 1707.6 |
| Other<sup>(3)</sup> |  | **237.3** | 248.7 |
| Total tax pools |  | **5242.6** | 5595.4 |

---

(1) Amount is net of tax pools where deductibility
 is uncertain.

(2) As at June 30, 2025, approximately 89%
 (December 31, 2024 – 92%) of costs in this pool have an annual deduction rate
 of 25%.

(3) "Other" tax pools are comprised
 of federal and provincial scientific research and experimental development expenditure pools
 and credits and financing costs.

(4) Tax pool summary does not reflect the reduction
 to certain tax pool balances that will result from the Kakwa Asset Sale and Grande Prairie
 Asset Sale that closed July 2, 2025.

#### 14 \| STRATHCONA RESOURCES LTD.
**RISK MANAGEMENT**

The Company's activities expose it to a variety of financial risks that arise as a result of its exploration, development, production and financing activities. These risks include credit risk, liquidity risk and market risk.

***Credit Risk***

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. This will arise principally from outstanding receivables related to oil and natural gas customers, counterparties with which financial derivative contracts are held, and joint interest partners.

On entering into any business contract, the extent to which the arrangement exposes the Company to credit risk is considered. The Company's policy to mitigate credit risk associated with these balances is to establish relationships with reputable counterparties, review the financial capacity of its counterparties, request prepayment as deemed advisable and, in certain circumstances, the Company may seek enhanced credit protection from a counterparty or purchase accounts receivable insurance.

***Market Risk***

Market risk is the risk that the future fair value or cash flows of a financial instrument will fluctuate due to changes in market prices. Market risk is comprised of commodity price risk, foreign exchange risk and interest rate risk. The Company uses financial risk management contracts to reduce volatility in financial results and to ensure a certain level of cash flow to fund planned capital projects.

*Commodity Price Risk*

The Company's operational results and financial condition are largely dependent on the commodity price received for oil and natural gas production. Commodity prices have fluctuated widely in recent years due to global and regional factors including supply and demand fundamentals, inventory levels, weather, economic and geopolitical factors. The Company uses financial derivative instruments and other commodity derivative mechanisms to help limit the adverse effects of commodity price volatility. However, the Company does not have commodity contracts in place for all its production and expects there will always be a portion that remains unhedged. Furthermore, the Company may use financial derivative instruments that offer only limited protection within selected price ranges. To the extent price exposure is hedged, the Company may forego the benefits that would otherwise be experienced if commodity prices increase.

The following table summarizes the Company's commodity contracts outstanding as at August 6, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Term** | **Contract<sup>(1)</sup>** | **Index** | **Currency** | **Volume** | **Units** | **Price** |
| Jul 1, 2025 - Sep 30, 2025 | Swap | WCS | USD | 50000 | bbl/d | $(12.93) |
| Oct 1, 2025 - Dec 31, 2026 | Swap | WCS | USD | 50000 | bbl/d | $(14.40) |
| Jul 1, 2025 - Sep 30, 2025 | Swap | ARV | USD | 23500 | bbl/d | $(3.46) |
| Jul 1, 2025 - Dec 31, 2025 | 3-Way (Sold Put) | WTI | USD | 50000 | bbl/d | $50.00 |
| Jul 1, 2025 - Dec 31, 2025 | 3-Way (Bought Put) | WTI | USD | 50000 | bbl/d | $60.00 |
| Jul 1, 2025 - Dec 31, 2025 | 3-Way (Sold Call) | WTI | USD | 50000 | bbl/d | $80.10 |
| Jan 1, 2026 - Dec 31, 2026 | Swap | AECO | CAD | 7500 | GJ/d | $2.77 |

---

(1) For swap contracts, Strathcona receives the
 fixed price and pays the index. A 3-way option structure is a risk management strategy involving
 the purchase of a put option to establish a price floor, offset by the sale of a lower-strike
 put and a higher-strike call to reduce the net premium cost.

#### 15 \| STRATHCONA RESOURCES LTD.
*Foreign Exchange Risk*

The Company is exposed to fluctuations of the CAD to USD exchange rate given commodity pricing is directly influenced by USD denominated benchmark pricing. In addition, the Company periodically borrows from its Credit Facilities in USD and the Senior Notes are denominated in USD. The Company actively manages foreign exchange risk using foreign exchange derivatives.

The following table summarizes the Company's foreign exchange contract on revenues as at the date of this MD&A.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Term** | **Contract** | **Bought Put - USD<br> per Month** | **Bought Put Price -<br> CAD/USD** | **Sold Call - USD per<br> Month** | **Sold Call - <br> CAD/USD** |
| Sept 1, 2025 - Jun 30, 2026 | Collar | 100.0 million | 1.2500 | 130.0 million | 1.4500 |

---

The following table summarizes the Company's foreign exchange contract on the Senior Notes as at the date of this MD&A.

---

| | | | |
|:---|:---|:---|:---|
| **Expiry** | **Contract** | **USD** | **CAD/USD Strike** |
| Jul 31, 2026 | Sold Put Option | 500.0 million | 1.3775 |

---

*Interest Rate Risk*

The Company is exposed to movements in floating interest rates on the Credit Facilities. The Company is not exposed to interest rate risk on the Senior Notes or other liabilities as they bear a fixed interest rate.

The following table summarizes the Company's risk management contracts in place to fix interest rates as at the date of this MD&A.

---

| | | | |
|:---|:---|:---|:---|
| **Notional (C$)** | **Term** | **Index** | **Contract Price** |
| 1,500.0 million | Oct 1, 2024 - Apr 30, 2030 Swap<sup>(1)</sup> | CORRA | 2.9453% |

---

(1) The swap contracts have a term to April 30,
 2030. The counterparties have an option to terminate the swap effective May 1, 2028,
 which is exercisable on April 28, 2028.

For a listing of the Company's commodity contracts, foreign exchange and interest rate contracts outstanding as at June 30, 2025 refer to Note 15 in the interim financial statements.

Refer to the "Capital Resources" section of this MD&A for information on the Company's cross-currency interest rate swaps related to debt.

The following table summarizes the Company's gains and losses on risk management contracts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30,<br> 2025** | June 30,<br> 2024 | March 31,<br> 2025 | **June 30,<br> 2025** | June 30,<br> 2024 |
| &nbsp;&nbsp;Loss on risk management contracts - realized | **4.6** | 11.4 | 0.9 | **5.5** | 6.9 |
| &nbsp;&nbsp;(Gain) loss on risk management contracts - unrealized | **(24.0)** | (13.5) | 77.1 | **53.1** | 30.7 |
| Total (gain) loss on risk management contracts | **(19.4)** | (2.1) | 78.0 | **58.6** | 37.6 |
| Realized loss on risk management contracts per boe<sup>(1)</sup> | **0.28** | 0.67 | 0.05 | **0.16** | 0.21 |

---

(1) Calculated using sales volumes for both continuing
 and discontinued operations.

#### 16 \| STRATHCONA RESOURCES LTD.
Strathcona realized a loss on risk management contracts of $4.6 million for the three months ended June 30, 2025, compared to a loss of $11.4 million for the same period in 2024. The Company realized a loss on risk management contracts of $5.5 million for the six months ended June 30, 2025, compared to a loss of $6.9 million for the same period in 2024. The realized losses are due to realized commodity benchmark prices in comparison to contracted hedge pricing.

As at June 30, 2025, the mark-to-market value of risk management contracts was a net liability of $93.9 million (December 31, 2024 - net liability of $40.7 million). Unrealized gains and losses represent the change in the mark-to-market values of these contracts due to the fluctuation of forward commodity prices, exchange rates and interest rates. The significant assumptions made in determining the fair value of financial instruments are disclosed in Note 15 to the interim financial statements.

**MARKETABLE SECURITIES**

The following table summarizes the Company's marketable securities as at June 30, 2025:

---

| | | |
|:---|:---|:---|
| As at | **June 30, 2025** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;Balance as at December 31, 2024 |  | **—** |
| &nbsp;&nbsp;&nbsp;Additions |  | **855.6** |
| &nbsp;&nbsp;&nbsp;Gain on marketable securities | | **47.3** |
| &nbsp;&nbsp;&nbsp;Balance, end of period | | **902.9** |

---

Marketable securities represent equity interests in publicly-traded companies that the Company has acquired either through open market transactions or as consideration in the Groundbirch Asset Sale.

During the three and six months ended June 30, 2025, the Company recognized a gain on marketable securities of $24.6 million and $47.3 million, respectively (for the three and six months ended June 30, 2024 - nil). The Company recognized dividend income for the three and six months ended June 30, 2025 of $4.7 million and $5.8 million, respectively (for the three and six months ended June 30, 2024 - nil).

**CAPITAL EXPENDITURES**

The following table summarizes the Company's capital expenditures by category.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30, <br> 2025** | June 30, <br> 2024 | March 31, <br> 2025 | **June 30, <br> 2025** | June 30,<br> 2024 |
| Drilling, completion and equipping | **214.5** | 163.1 | 199.2 | **413.7** | 328.5 |
| Facilities and pipelines | **137.8** | 96.1 | 120.2 | **258.0** | 170.4 |
| Recompletion, workovers and polymer powder | **13.4** | 24.2 | 18.4 | **31.8** | 53.2 |
| Capitalized G&A and other expenditures | **13.3** | 14.6 | 12.2 | **25.5** | 32.0 |
| Capital expenditures<sup>(1)</sup> | **379.0** | 298.0 | 350.0 | **729.0** | 584.1 |

---

(1) Capital expenditures includes continuing and discontinued operations.

For the three months ended June 30, 2025, drilling, completion and equipping activities accounted for 57% of capital expenditures as the Company drilled 54 new wells during the second quarter of 2025; 17 in Cold Lake, 33 in Lloydminster and 4 in Montney. For the six months ended June 30, 2025, drilling, completion and equipping activities accounted for 57% of capital expenditures as the Company drilled 125 new wells during the year; 30 at Cold Lake, 82 in Lloydminster and 13 in Montney. For three and six months ended June 30, 2025, facilities and pipeline expenditures accounted for 36% and 35% of capital expenditures, respectively, and relate primarily to the construction of the Meota Central processing facility, the turnaround at Tucker, and one-time steam generation expansion and debottlenecking at Lindbergh.

#### 17 \| STRATHCONA RESOURCES LTD.
**FOREIGN EXCHANGE**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30, <br> 2025** | June 30,<br> 2024 | March 31, <br> 2025 | **June 30, <br> 2025** | June 30, <br> 2024 |
| Realized loss (gain) | **4.2** | (0.5) | (0.2) | **4.0** | 1.5 |
| Unrealized (gain) loss - Senior Notes | **(39.0)** | 6.9 | 0.2 | **(38.8)** | 21.8 |
| Unrealized (gain) loss - Credit Facilities | **(1.9)** | (20.6) | (28.2) | **(30.1)** | 29.5 |
| Unrealized loss (gain) - cross-currency swaps | **1.9** | 20.9 | 28.2 | **30.1** | (28.6) |
| Unrealized (gain) loss - other | **(4.7)** | 0.2 | (1.0) | **(5.7)** | 3.1 |
| Foreign exchange (gain) loss | **(39.5)** | 6.9 | (1.0) | **(40.5)** | 27.3 |

---

Foreign exchange for the three months ended June 30, 2025 resulted in a gain of $39.5 million compared to a loss of $6.9 million and a gain of $1.0 million for the three months ended June 30, 2024 and March 31, 2025, respectively. For the six months ended June 30, 2025, foreign exchange resulted in a gain of $40.5 million compared to a loss of $27.3 million in the same period of 2024. The foreign exchange gains and losses are driven by the CAD/USD exchange rate applied to U.S. dollar denominated debt balances net of cross-currency swaps.

**SEGMENT RESULTS**

The Chief Operating Decision Makers ("**CODMs**") of the Company are comprised of the Chief Financial Officer, Chief Operating Officer and Chief Commercial Officer. The CODMs review and evaluate the Company's performance, and have identified two operating segments based on the similarity of services and goods provided and economic characteristics exhibited by the operating segments. The two operating segments are:

&nbsp;&nbsp;&nbsp;&nbsp;• Cold Lake, which includes the development
 and production of bitumen in the Cold Lake region of Northern Alberta; and

&nbsp;&nbsp;&nbsp;&nbsp;• Lloydminster, which includes the
 development and production of heavy oil through enhanced oil recovery and thermal steam-assisted
 gravity drainage ()"**SAGD**") methods in Southeast Alberta and Southwest Saskatchewan.

The Company reports activities not directly attributable to an operating segment under Corporate and Midstream, which includes the Hardisty Rail Terminal.

The following tables present the financial performance by reportable segment and include a measure of segment profit or loss regularly reviewed by CODMs for the noted periods ended June 30, 2025 and 2024. Certain comparative information related to finance costs and general and administrative costs have been allocated by segment to conform with current period presentation. For the year ended December 31, 2024, Field Operating Earnings was used by the CODMs to evaluate segment profit or loss. Operating Earnings was used by the CODMs commencing for the period ended March 31, 2025.

See the "Recent Developments" and "Discontinued Operations" sections in this MD&A for information regarding the sale of the Company's Montney segment.

#### 18 \| STRATHCONA RESOURCES LTD.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cold Lake Segment** | **Cold Lake Segment** | **Cold Lake Segment** | **Lloydminster Segment** | **Lloydminster Segment** | **Lloydminster Segment** | **Corporate and Midstream** | **Corporate and Midstream** | **Corporate and Midstream** | **Consolidated<sup>(1)</sup>** | **Consolidated<sup>(1)</sup>** | **Consolidated<sup>(1)</sup>** |
| **For the Three Months Ended<br> ($ millions, unless otherwise indicated)** | **Jun 30,<br> 2025** | Jun 30,<br> 2024 | Mar 31,<br> 2025 | **Jun 30,<br> 2025** | Jun 30,<br> 2024 | Mar 31,<br> 2025 | **Jun 30,<br> 2025** | Jun 30,<br> 2024 | Mar 31,<br> 2025 | **Jun 30,<br> 2025** | Jun 30,<br> 2024 | Mar 31,<br> 2025 |
| **Production volumes** |  |  |  |  |  |  |  |  |  |  |  |  |
| Bitumen (bbl/d) | **56628** | 59581 | 65016 | **—** |  |  | **—** |  |  | **56628** | 59581 | 65016 |
| Heavy oil (bbl/d) | **—** |  |  | **51479** | 51111 | 50488 | **—** |  |  | **51479** | 51111 | 50488 |
| Condensate and light oil (bbl/d) | **—** |  |  | **123** | 26 | 19 | **—** |  |  | **123** | 26 | 19 |
| Other NGLs (bbl/d) | **—** |  |  | **44** | 2 | 3 | **—** |  |  | **44** | 2 | 3 |
| Natural gas (mcf/d) | **—** |  |  | **3911** | 1231 | 2000 | **—** |  |  | **3911** | 1231 | 2000 |
| Production volumes (boe/d) | **56628** | 59581 | 65016 | **52298** | 51344 | 50843 | **—** |  |  | **108926** | 110925 | 115859 |
| **Sales volumes (boe/d)** | **56427** | 59333 | 64794 | **54913** | 55667 | 51340 | **—** |  |  | **111340** | 115000 | 116134 |
| **Segment revenues** |  |  |  |  |  |  |  |  |  |  |  |  |
| Oil and natural gas sales | **548.7** | 703.2 | 721.7 | **426.0** | 527.9 | 454.6 | **—** |  |  | **974.7** | 1231.1 | 1176.3 |
| Sale of purchased products | **—** | 5.8 | 2.4 | **5.0** |  | 4.9 | **9.4** | 7.2 |  | **14.4** | 13.0 | 7.3 |
| Blending costs | **(208.4)** | (245.0) | (281.0) | **(41.7)** | (42.4) | (45.2) | **—** |  |  | **(250.1)** | (287.4) | (326.2) |
| Purchased product | **—** | (5.8) | (2.7) | **(5.0)** |  | (4.9) | **(9.4)** | (7.2) |  | **(14.4)** | (13.0) | (7.6) |
| Midstream revenue | **—** |  |  | **—** |  |  | **6.6** |  |  | **6.6** |  |  |
| **Oil and natural gas sales, net of blending - continuing**<sup>(2)</sup>** | **340.3** | 458.2 | 440.4 | **384.3** | 485.5 | 409.4 | **6.6** |  |  | **731.2** | 943.7 | 849.8 |
| **Segment expenses** |  |  |  |  |  |  |  |  |  |  |  |  |
| Royalties | **61.7** | 120.9 | 69.4 | **34.2** | 47.3 | 43.0 | **—** |  |  | **95.9** | 168.2 | 112.4 |
| Production and operating – Energy | **25.4** | 34.8 | 40.4 | **32.4** | 27.6 | 33.5 | **0.2** |  |  | **58.0** | 62.4 | 73.9 |
| Production and operating – Non-energy | **53.2** | 51.7 | 53.5 | **64.3** | 58.8 | 55.0 | **5.2** |  |  | **122.7** | 110.5 | 108.5 |
| Transportation | **21.8** | 22.1 | 21.2 | **72.4** | 76.2 | 66.8 | **—** |  |  | **94.2** | 98.3 | 88.0 |
| **Field Operating Income - Continuing**<sup>(2)</sup>** | **178.2** | 228.7 | 255.9 | **181.0** | 275.6 | 211.1 | **1.2** |  |  | **360.4** | 504.3 | 467.0 |
| Depletion, depreciation and amortization | **37.7** | 42.3 | 43.2 | **114.3** | 111.0 | 100.6 | **3.7** | 3.9 | 3.8 | **155.7** | 157.2 | 147.6 |
| General and administrative | **7.9** | 7.0 | 7.1 | **13.2** | 12.0 | 12.1 | **—** |  |  | **21.1** | 19.0 | 19.2 |
| Finance costs | **0.7** | 0.8 | 0.8 | **0.8** | 1.1 | 0.9 | **13.3** | 10.6 | 10.6 | **14.8** | 12.5 | 12.3 |
| Other (income) loss | **—** |  |  | **—** |  |  | **(4.9)** | 0.1 | (1.2) | **(4.9)** | 0.1 | (1.2) |
| Interest | **—** |  |  | **—** |  |  | **45.8** | 43.7 | 38.4 | **45.8** | 43.7 | 38.4 |
| **Operating Earnings - Continuing** | **131.9** | 178.6 | 204.8 | **52.7** | 151.5 | 97.5 | **(56.7)** | (58.3) | (51.6) | **127.9** | 271.8 | 250.7 |
| Loss on risk management contracts - realized | **—** |  |  | **—** |  |  | **4.6** | 11.4 | 0.9 | **4.6** | 11.4 | 0.9 |
| (Gain) loss on risk management contracts - unrealized | **—** |  |  | **—** |  |  | **(24.0)** | (13.5) | 77.1 | **(24.0)** | (13.5) | 77.1 |
| Foreign exchange loss (gain) - realized | **—** |  |  | **—** |  |  | **4.2** | (0.5) | (0.2) | **4.2** | (0.5) | (0.2) |
| Foreign exchange (gain) loss - unrealized | **—** |  |  | **—** |  |  | **(43.7)** | 7.4 | (0.8) | **(43.7)** | 7.4 | (0.8) |
| Transaction related costs | **—** |  |  | **—** |  |  | **14.2** | 0.3 | 0.6 | **14.2** | 0.3 | 0.6 |
| Gain on marketable securities | **—** |  |  | **—** |  |  | **(24.6)** |  | (22.7) | **(24.6)** |  | (22.7) |
| Deferred tax expense | **—** |  |  | **—** |  |  | **—** |  |  | **38.9** | 63.9 | 43.0 |
| **Income and comprehensive income from continuing operations** |  |  |  |  |  |  |  |  |  | **158.3** | 202.8 | 152.8 |
| Income and comprehensive income from discontinued operations, net of tax |  |  |  |  |  |  |  |  |  | **72.6** | 24.4 | 52.5 |
| **Income and comprehensive income** |  |  |  |  |  |  |  |  |  | **230.9** | 227.2 | 205.3 |

---

(1) Comparative periods have been revised to reflect current period presentation,
 see the "Recent Developments" and "Discontinued Operations" sections
 of this MD&A.

(2) A non-GAAP financial measure which does not have a standardized meaning
 under the Accounting Standards; see "Specified Financial Measures" section of
 this MD&A.

#### 19 \| STRATHCONA RESOURCES LTD.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cold Lake Segment** | **Cold Lake Segment** | **Cold Lake Segment** | **Lloydminster Segment** | **Lloydminster Segment** | **Lloydminster Segment** | **Corporate and Midstream** | **Corporate and Midstream** | **Corporate and Midstream** | **Consolidated<sup>(1)</sup>** | **Consolidated<sup>(1)</sup>** | **Consolidated<sup>(1)</sup>** |
| **For the Three Months Ended ($/boe)** | **Jun 30,<br> 2025** | Jun 30,<br> 2024 | Mar 31,<br> 2025 | **Jun 30,<br> 2025** | Jun 30,<br> 2024 | Mar 31,<br> 2025 | **Jun 30,<br> 2025** | Jun 30,<br> 2024 | Mar 31,<br> 2025 | **Jun 30,<br> 2025** | Jun 30,<br> 2024 | Mar 31,<br> 2025 |
| **Segment revenues** |  |  |  |  |  |  |  |  |  |  |  |  |
| Oil and natural gas sales | **73.28** | 91.46 | 84.17 | **79.11** | 98.15 | 90.79 | **—** |  |  | **75.72** | 94.21 | 86.61 |
| Sale of purchased products | **—** | 1.08 | 0.42 | **0.98** |  | 1.06 | **0.93** | 0.69 |  | **0.45** | 1.24 | 0.70 |
| Blending costs | **(7.04)** | (6.64) | (8.58) | **(2.16)** | (2.31) | (2.19) | **—** |  |  | **(4.21)** | (4.04) | (5.27) |
| Purchased product | **—** | (1.07) | (0.46) | **(1.00)** |  | (1.06) | **(0.93)** | (0.69) |  | **(0.44)** | (1.24) | (0.72) |
| Midstream revenue | **—** |  |  | **—** |  |  | **0.66** |  |  | **0.66** |  |  |
| **Oil and natural gas sales, net of blending - continuing<sup>(2)</sup>** | **66.24** | 84.83 | 75.55 | **76.93** | 95.84 | 88.60 | **0.66** |  |  | **72.18** | 90.17 | 81.32 |
| **Segment expenses** |  |  |  |  |  |  |  |  |  |  |  |  |
| Royalties | **12.01** | 22.39 | 11.90 | **6.85** | 9.34 | 9.32 | **—** |  |  | **9.46** | 16.07 | 10.76 |
| Production and operating – Energy | **4.93** | 6.45 | 6.94 | **6.50** | 5.45 | 7.25 | **0.02** |  |  | **5.73** | 5.96 | 7.08 |
| Production and operating – Non-energy | **10.34** | 9.58 | 9.18 | **12.85** | 11.61 | 11.90 | **0.50** |  |  | **12.10** | 10.55 | 10.38 |
| Transportation | **4.24** | 4.09 | 3.64 | **14.49** | 15.04 | 14.46 | **—** |  |  | **9.30** | 9.39 | 8.42 |
| **Field Operating Netback - Continuing<sup>(2)</sup>** | **34.72** | 42.32 | 43.89 | **36.24** | 54.40 | 45.67 | **0.14** |  |  | **35.59** | 48.20 | 44.68 |
| Depletion, depreciation and amortization | **7.33** | 7.83 | 7.41 | **22.85** | 21.91 | 21.77 | **0.37** | 0.37 | 0.37 | **15.36** | 15.03 | 14.12 |
| General and administrative | **1.53** | 1.29 | 1.23 | **2.66** | 2.38 | 2.60 | **—** |  |  | **2.09** | 1.81 | 1.83 |
| Finance costs | **0.15** | 0.15 | 0.13 | **0.16** | 0.21 | 0.20 | **1.32** | 1.01 | 1.02 | **1.47** | 1.19 | 1.18 |
| Other (income) expense | **—** |  |  | **—** |  |  | **(0.46)** | 0.01 | (0.12) | **(0.46)** | 0.01 | (0.12) |
| Interest | **—** |  |  | **—** |  |  | **4.52** | 4.17 | 3.68 | **4.52** | 4.17 | 3.68 |
| **Operating Earnings - Continuing** | **25.71** | 33.05 | 35.12 | **10.57** | 29.90 | 21.10 | **(5.61)** | (5.56) | (4.95) | **12.61** | 25.99 | 23.99 |
| Effective royalty rate (%)<sup>(2)</sup> | **18.1** | 26.4 | 15.8 | **8.9** | 9.7 | 10.5 |  |  |  | **13.1** | 17.8 | 13.2 |

---

(1) Comparative periods have been revised to reflect current period presentation,
 see the "Recent Developments" and "Discontinued Operations" sections
 of this MD&A.

(2) A non-GAAP financial measure which does not have a standardized meaning
 under the Accounting Standards; see "Specified Financial Measures" section of
 this MD&A.

#### 20 \| STRATHCONA RESOURCES LTD.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cold Lake Segment** | **Cold Lake Segment** | **Lloydminster Segment** | **Lloydminster Segment** | **Corporate and Midstream** | **Corporate and Midstream** | **Consolidated<sup>(1)</sup>** | **Consolidated<sup>(1)</sup>** |
| **For the Six Months Ended<br> ($ millions, unless otherwise indicated)** | **June 30,<br> 2025** | June 30,<br> 2024 | **June 30,<br> 2025** | June 30, <br> 2024 | **June 30,<br> 2025** | June 30, <br> 2024 | **June 30,<br> 2025** | June 30, <br> 2024 |
| **Production volumes** |  |  |  |  |  |  |  |  |
| Bitumen (bbl/d) | **60799** | 59865 | **—** |  | **—** |  | **60799** | 59865 |
| Heavy oil (bbl/d) | **—** |  | **50986** | 51473 | **—** |  | **50986** | 51473 |
| Condensate and light oil (bbl/d) | **—** |  | **71** | 37 | **—** |  | **71** | 37 |
| Other NGLs (bbl/d) | **—** |  | **23** | 2 | **—** |  | **23** | 2 |
| Natural gas (mcf/d) | **—** |  | **2961** | 1242 | **—** |  | **2961** | 1242 |
| Production volumes (boe/d) | **60799** | 59865 | **51574** | 51719 | **—** |  | **112373** | 111584 |
| **Sales volumes (boe/d)** | **60587** | 59877 | **53137** | 52614 | **—** |  | **113724** | 112491 |
| **Segment revenues** |  |  |  |  |  |  |  |  |
| Oil and natural gas sales | **1270.4** | 1327.0 | **880.6** | 944.9 | **—** |  | **2151.0** | 2271.9 |
| Sale of purchased product | **2.4** | 6.8 | **9.9** |  | **9.4** | 8.2 | **21.7** | 15.0 |
| Blending costs | **(489.4)** | (496.8) | **(86.9)** | (85.2) | **—** |  | **(576.3)** | (582.0) |
| Purchased product | **(2.7)** | (6.8) | **(9.9)** |  | **(9.4)** | (8.2) | **(22.0)** | (15.0) |
| Midstream revenue | **—** |  | **—** |  | **6.6** |  | **6.6** |  |
| **Oil and natural gas sales, net of blending - continuing<sup>(2)</sup>** | **780.7** | 830.2 | **793.7** | 859.7 | **6.6** |  | **1581.0** | 1689.9 |
| **Segment expenses** |  |  |  |  |  |  |  |  |
| Royalties | **131.1** | 178.0 | **77.2** | 90.1 | **—** |  | **208.3** | 268.1 |
| Production and operating – Energy | **65.8** | 78.6 | **65.9** | 61.4 | **0.2** |  | **131.9** | 140.0 |
| Production and operating – Non-energy | **106.7** | 99.7 | **119.3** | 104.3 | **5.2** |  | **231.2** | 204.0 |
| Transportation | **43.0** | 43.7 | **139.2** | 141.4 | **—** |  | **182.2** | 185.1 |
| **Field Operating Income - Continuing**<sup>(2)</sup>** | **434.1** | 430.2 | **392.1** | 462.5 | **1.2** |  | **827.4** | 892.7 |
| Depletion, depreciation and amortization | **80.9** | 85.2 | **214.9** | 210.1 | **7.5** | 7.7 | **303.3** | 303.0 |
| General and administrative | **15.0** | 13.0 | **25.3** | 22.8 | **—** |  | **40.3** | 35.8 |
| Finance costs | **1.5** | 1.6 | **1.7** | 2.3 | **23.9** | 20.0 | **27.1** | 23.9 |
| Other income | **—** |  | **—** |  | **(6.1)** |  | **(6.1)** |  |
| Interest | **—** |  | **—** |  | **84.2** | 89.1 | **84.2** | 89.1 |
| **Operating Earnings - Continuing** | **336.7** | **330.4** | **150.2** | **227.3** | **(108.3)** | (116.8) | **378.6** | 440.9 |
| Loss on risk management contracts - realized | **—** |  | **—** |  | **5.5** | 6.9 | **5.5** | 6.9 |
| Loss on risk management contracts - unrealized | **—** |  | **—** |  | **53.1** | 30.7 | **53.1** | 30.7 |
| Foreign exchange loss - realized | **—** |  | **—** |  | **4.0** | 1.5 | **4.0** | 1.5 |
| Foreign exchange (gain) loss - unrealized | **—** |  | **—** |  | **(44.5)** | 25.8 | **(44.5)** | 25.8 |
| Transaction related costs | **—** |  | **—** |  | **14.8** | 0.4 | **14.8** | 0.4 |
| Gain on marketable securities | **—** |  | **—** |  | **(47.3)** |  | **(47.3)** |  |
| Unrealized loss on Sable remediation fund | **—** |  | **—** |  | **—** | 0.1 | **—** | 0.1 |
| Deferred tax expense | **—** |  | **—** |  | **—** |  | **81.9** | 100.5 |
| **Income and comprehensive income from continuing operations** |  |  |  |  |  |  | **311.1** | 275.0 |
| Income and comprehensive income from discontinued operations, net of tax |  |  |  |  |  |  | **125.1** | 52.8 |
| **Income and comprehensive income** |  |  |  |  |  |  | **436.2** | **327.8** |

---

(1) Comparative periods have been revised to reflect current period presentation,
 see the "Recent Developments" and "Discontinued Operations" sections
 of this MD&A.

(2) A non-GAAP financial measure which does not have a standardized meaning
 under the Accounting Standards; see "Specified Financial Measures" section of
 this MD&A.

#### 21 \| STRATHCONA RESOURCES LTD.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cold Lake Segment** | **Cold Lake Segment** | **Lloydminster Segment** | **Lloydminster Segment** | **Corporate and Midstream** | **Corporate and Midstream** | **Consolidated<sup>(1)</sup>** | **Consolidated<sup>(1)</sup>** |
| **For the Six Months Ended ($/boe)** | **June 30,<br> 2025** | June 30,<br> 2024 | **June 30,<br> 2025** | June 30, <br> 2024 | **June 30,<br> 2025** | June 30, <br> 2024 | **June 30,<br> 2025** | June 30, <br> 2024 |
| **Segment revenues** |  |  |  |  |  |  |  |  |
| Oil and natural gas sales | **79.09** | 84.49 | **84.73** | 92.28 | **—** |  | **81.31** | 87.56 |
| Sale of purchased products | **0.22** | 0.62 | **1.02** |  | **0.46** | 0.40 | **1.05** | 0.73 |
| Blending costs | **(7.89)** | (8.32) | **(2.18)** | (2.50) | **—** |  | **(4.79)** | (5.02) |
| Purchased product | **(0.24)** | (0.62) | **(1.03)** |  | **(0.46)** | (0.40) | **(1.07)** | (0.73) |
| Midstream revenue | **—** |  | **—** |  | **0.32** |  | **0.32** |  |
| **Oil and natural gas sales, net of blending - continuing<sup>(2)</sup>** | **71.18** | 76.17 | **82.54** | 89.78 | **0.32** |  | **76.82** | 82.54 |
| **Segment expenses** |  |  |  |  |  |  |  |  |
| Royalties | **11.95** | 16.34 | **8.03** | 9.41 | **—** |  | **10.12** | 13.10 |
| Production and operating – Energy | **6.00** | 7.21 | **6.86** | 6.41 | **0.01** |  | **6.41** | 6.84 |
| Production and operating – Non-energy | **9.74** | 9.14 | **12.43** | 10.89 | **0.25** |  | **11.24** | 9.96 |
| Transportation | **3.92** | 4.00 | **14.47** | 14.77 | **—** |  | **8.85** | 9.04 |
| **Field Operating Netback - Continuing**<sup>(2)</sup>** | **39.57** | 39.48 | **40.75** | 48.30 | **0.06** |  | **40.20** | 43.60 |
| Depletion, depreciation and amortization | **7.37** | 7.82 | **22.33** | 21.94 | **0.37** | 0.38 | **14.73** | 14.80 |
| General and administrative | **1.37** | 1.19 | **2.63** | 2.39 | **—** |  | **1.96** | 1.75 |
| Finance costs | **0.14** | 0.15 | **0.18** | 0.23 | **1.17** | 0.60 | **1.32** | 0.71 |
| Other income | **—** |  | **—** |  | **(0.30)** |  | **(0.30)** |  |
| Interest | **—** |  | **—** |  | **4.09** | 4.35 | **4.09** | 4.35 |
| **Operating Earnings - Continuing** | **30.69** | 30.32 | **15.61** | 23.74 | **(5.27)** | (5.33) | **18.40** | 21.99 |
| Effective royalty rate (%)<sup>(2)</sup> | **16.8** | 21.4 | **9.7** | 10.5 |  |  | **13.2** | 15.9 |

---

(1) Comparative periods have been revised to reflect current period presentation,
 see the "Recent Developments" and "Discontinued Operations" sections
 of this MD&A.

(2) A non-GAAP financial measure which does not have a standardized meaning
 under the Accounting Standards; see "Specified Financial Measures" section of
 this MD&A.

#### 22 \| STRATHCONA RESOURCES LTD.
**Cold Lake Segment**

Production at the Cold Lake segment for the three months ended June 30, 2025 decreased to 56,628 boe per day compared to 59,581 boe per day in the same period of 2024. This decrease was attributed to a planned turnaround at the Company's Tucker property in June. For the six months ended June 30, 2025, production increased to 60,799 boe per day, compared to 59,865 boe per day in the same period of 2024. This increase was primarily due to the performance of new Tucker wells drilled as part of the Company's capital program, partially offset by downtime resulting from the planned turnaround at Tucker.

Oil and natural gas sales, net of blending, decreased to $340.3 million ($66.24 per boe) during the three months ended June 30, 2025 compared to $458.2 million ($84.83 per boe) for the same period of 2024. This decrease was primarily due to lower WCS Hardisty benchmark pricing and lower sales volumes due to the planned turnaround at the Company's Tucker property in June. During the six months ended June 30, 2025 oil and natural gas sales, net of blending, decreased to $780.7 million ($71.18 per boe) compared to $830.2 million ($76.17 per boe) for the same period of 2024. This decrease was primarily due to decreased WCS Hardisty benchmark pricing partially offset by higher sales volumes compared to the same period of 2024.

The effective royalty rate for the three and six months ended June 30, 2025 decreased to 18.1% and 16.8%, respectively, from 26.4% and 21.4% in the same periods of 2024. These decreases reflect lower average benchmark commodity prices.

Energy related production and operating expenses for the three and six months ended June 30, 2025 decreased to $25.4 million ($4.93 per boe) and $65.8 million ($6.00 per boe), respectively, compared to $34.8 million ($6.45 per boe) and $78.6 million ($7.21 per boe) in the same periods of 2024. These decreases were primarily attributable lower expenses due to the turnaround at Tucker, decreased electricity prices, and savings from the purchase of carbon credits, which lowered the Company's initial estimate of the carbon tax burden compared to legislated rates, partially offset by increased fuel costs due to higher natural gas benchmark prices.

Non-energy related production and operating expenses for the three and six months ended June 30, 2025 increased to $53.2 million ($10.34 per boe) and $106.7 million ($9.74 per boe), respectively, compared to $51.7 million ($9.58 per boe) and $99.7 million ($9.14 per boe), for the same periods of 2024. These increases were primarily attributable to higher surface maintenance costs, partially offset by a reduction in downhole maintenance and chemical expenses.

For the three months ended June 30, 2025, transportation expenses decreased to $21.8 million ($4.24 per boe) from $22.1 million ($4.09 per boe) in the same period of 2024. For the six months ended June 30, 2025, transportation expenses decreased to $43.0 million ($3.92 per boe) from $43.7 million ($4.00 per boe), in the same period of 2024. These decreases were primarily attributable to lower sales volumes due to the turnaround at Tucker and utilization of make-up rights.

Depletion, depreciation and amortization for the three months ended June 30, 2025 decreased to $37.7 million ($7.33 per boe) compared to $42.3 million ($7.83 per boe) in the same period of 2024. This decrease was primarily due to lower sales volumes and changes in management estimates which resulted in a lower depletion rate. Depletion, depreciation and amortization for the six months ended June 30, 2025 decreased to $80.9 million ($7.37 per boe) compared to $85.2 million ($7.82 per boe) in the same period of 2024. This decrease was primarily due to changes in management estimates which resulted in a lower depletion rate, partially offset by higher sales volumes.

General and administrative for the three months ended June 30, 2025 increased to $7.9 million ($1.53 per boe) compared to $7.0 million ($1.29 per boe) in the same period of 2024. General and administrative for the six months ended June 30, 2025 increased to $15.0 million ($1.37 per boe) compared to $13.0 million ($1.19 per boe) in the same period of 2024. These increases were due to higher personnel costs resulting from the growth of the business and the internal corporate re-organization completed in the fourth quarter of 2024 as well as increased information technology costs.

**Lloydminster Segment**

Production from the Lloydminster segment for the three months ended June 30, 2025, increased to 52,298 boe per day compared to 51,344 boe per day in the same period of 2024. This increase was due to new wells brought on stream at the Lloydminster Thermal properties. For the six months ended June 30, 2025, production remained relatively consistent at 51,574 boe per day, compared to 51,719 boe per day in the same periods of 2024.

During the three and six months ended June 30, 2025, sales volumes exceeded production volumes by 2,615 boe per day and 1,563 boe per day, respectively. In the fourth quarter of 2024 and the first quarter of 2025, the Company had a build up of heavy oil inventory related to volumes transported by rail due to weather conditions which resulted in congestion at major rail hubs. This inventory was sold in the second quarter resulting in inventory volumes at June 30, 2025 being reduced.

Oil and natural gas sales, net of blending, decreased to $384.3 million ($76.93 per boe) during the three months ended June 30, 2025 compared to $485.5 million ($95.84 per boe) for the same period of 2024. This decrease was primarily attributable to lower WCS Hardisty and USGC benchmark pricing and a decrease in sales volumes. Oil and natural gas sales, net of blending, decreased to $793.7 million ($82.54 per boe) during the six months ended June 30, 2025 compared to $859.7 million ($89.78 per boe) for the same period of 2024. This decrease was primarily attributable to lower WCS Hardisty and USGC benchmark pricing, partially offset by higher sales volumes.

#### 23 \| STRATHCONA RESOURCES LTD.
The effective royalty rate for the three and six months ended June 30, 2025 decreased to 8.9% and 9.7%, respectively, compared to 9.7% and 10.5% in the same periods of 2024. These decreases reflect lower average benchmark commodity prices.

Energy related production and operating expenses for the three and six months ended June 30, 2025 increased to $32.4 million ($6.50 per boe) and $65.9 million ($6.86 per boe), respectively, compared to $27.6 million ($5.45 per boe) and $61.4 million ($6.41 per boe) for the same periods in 2024. These increases were primarily due to higher fuel consumption resulting from a greater number of wells and expanded steam capacity at Meota West 2, increased fuel costs due to higher natural gas benchmark prices, partially offset by the utilization of internally generated carbon credits which lowered the Company's initial estimate of the carbon tax burden compared to legislated rates.

Non-energy related production and operating expenses for the three months ended June 30, 2025 increased to $64.3 million ($12.85 per boe) compared to $58.8 million ($11.61 per boe) in the same period of 2024. Non-energy related production and operating expenses for the six months ended June 30, 2025 increased to $119.3 million ($12.43 per boe), compared to $104.3 million ($10.89 per boe) for the same period in 2024. These increases were primarily due to higher downhole maintenance and chemical expenses.

For the three months ended June 30, 2025, transportation expenses decreased to $72.4 million ($14.49 per boe) compared to $76.2 million ($15.04 per boe) in the same period of 2024. For the six months ended June 30, 2025, transportation expenses decreased to $139.2 million ($14.47 per boe) from $141.4 million ($14.77 per boe) in the same period of 2024. These decreases were due to lower volumes being transported on rail.

Depletion, depreciation and amortization for the three months ended June 30, 2025 increased to $114.3 million ($22.85 per boe) compared to $111.0 million ($21.91 per boe) in the same period of 2024. Depletion, depreciation and amortization for the six months ended June 30, 2025 increased to $214.9 million ($22.33 per boe) compared to $210.1 million ($21.94 per boe) in the same period of 2024. These increases were primarily due to a higher proportion of sales volumes from areas subject to higher depletion rates.

General and administrative for the three months ended June 30, 2025 increased to $13.2 million ($2.66 per boe) compared to $12.0 million ($2.38 per boe) in the same period of 2024. General and administrative for the six months ended June 30, 2025 increased to $25.3 million ($2.63 per boe) compared to $22.8 million ($2.39 per boe) in the same period of 2024. These increases were due higher personnel costs resulting from the growth of the business and the internal corporate re-organization completed in the fourth quarter of 2024 as well as increased information technology costs.

**DISCONTINUED OPERATIONS**

**Montney Asset Sales**

During the six months ended June 30, 2025, the Company entered into three separate asset purchase and sale agreements to dispose of its Montney segment. The Montney segment represents a separate major line of business and geographical area of operations, therefore, its results have been classified as discontinued operations in accordance with IFRS 5 *Non-Current Assets Held for Sale and Discontinued Operations.* See "Recent Developments" section of the MD&A for additional information.

#### 24 \| STRATHCONA RESOURCES LTD.
The following table summarizes the carrying value of the Kakwa and Grande Prairie assets held for sale and liabilities associated with assets held for sale as at June 30, 2025:

---

| | |
|:---|:---|
| **Assets held for sale** |  |
| &nbsp;&nbsp;&nbsp;Balance as at December 31, 2024 | **—** |
| &nbsp;&nbsp;&nbsp;Reclassified from property, plant and equipment, net | **2119.1** |
| &nbsp;&nbsp;&nbsp;Disposition of assets held for sale | **(154.1)** |
| **Balance as at June 30, 2025** | **1965.0** |
| **Liabilities associated with assets held for sale** |  |
| &nbsp;&nbsp;&nbsp;Balance as at December 31, 2024 | **—** |
| &nbsp;&nbsp;&nbsp;Reclassified from lease and other obligations | **137.5** |
| &nbsp;&nbsp;&nbsp;Reclassified from decommissioning provision | **25.9** |
| &nbsp;&nbsp;&nbsp;Disposition of liabilities associated with assets held for sale | **(0.8)** |
| **Balance as at June 30, 2025** | **162.6** |
| **Disposal group, June 30, 2025** | **1802.4** |

---

***Financial performance and cash flow information***

The following table summarizes the Company's financial results from discontinued operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30, <br> 2025** | June 30,<br> 2024 | March 31, <br> 2025 | **June 30, <br> 2025** | June 30,<br> 2024 |
| **Production volumes** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Heavy oil (bbl/d) | **49** |  |  | **25** |  |
| &nbsp;&nbsp;&nbsp;Condensate and light oil (bbl/d) | **20524** | 20094 | 20663 | **20594** | 19663 |
| &nbsp;&nbsp;&nbsp;Other NGLs (bbl/d) | **12258** | 11424 | 11834 | **12047** | 11580 |
| &nbsp;&nbsp;&nbsp;Natural gas (mcf/d) | **237668** | 235939 | 277517 | **257482** | 243703 |
| Production volumes (boe/d) | **72442** | 70841 | 78750 | **75579** | 71860 |
| **Sales volumes (boe/d)** | **72466** | 70841 | 78750 | **75591** | 71860 |
| **Revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Oil and natural gas sales | **234.7** | 241.2 | 282.7 | **517.4** | 499.2 |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Royalties | **8.7** | 25.8 | 25.8 | **34.5** | 52.1 |
| &nbsp;&nbsp;&nbsp;Production and operating - Energy | **—** | 2.5 | 1.8 | **1.8** | 3.7 |
| &nbsp;&nbsp;&nbsp;Production and operating - Non-energy | **39.2** | 39.0 | 47.0 | **86.2** | 80.9 |
| &nbsp;&nbsp;&nbsp;Transportation and processing | **56.3** | 50.9 | 54.4 | **110.7** | 107.5 |
| **Field Operating Income - Discontinued<sup>(1)</sup>** | **130.5** | 123.0 | 153.7 | **284.2** | 255.0 |
| &nbsp;&nbsp;&nbsp;Depletion, depreciation and amortization | **21.6** | 71.9 | 68.1 | **89.7** | 147.9 |
| &nbsp;&nbsp;&nbsp;General and administrative | **6.4** | 6.2 | 5.5 | **11.9** | 11.4 |
| &nbsp;&nbsp;&nbsp;Finance costs | **4.9** | 10.6 | 8.4 | **13.3** | 21.5 |
| **Operating Earnings - Discontinued<sup>(1)</sup>** | **97.6** | 34.3 | 71.7 | **169.3** | 74.2 |
| Effective royalty rate<sup>(1)</sup> | **3.7%** | 10.7% | 9.1% | **6.7%** | 10.4% |

---

(1) A non-GAAP financial measure which does not have a standardized meaning
 under the Accounting Standards; see "Specified Financial Measures" section of
 this MD&A.

#### 25 \| STRATHCONA RESOURCES LTD.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($/boe) | **June 30, <br> 2025** | June 30,<br> 2024 | March 31, <br> 2025 | **June 30, <br> 2025** | June 30, <br> 2024 |
| **Revenues** |  |  |  |  |  |
| Oil and natural gas sales | **35.60** | 37.42 | 39.89 | **37.82** | 38.17 |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Royalties | **1.32** | 4.00 | 3.63 | **2.52** | 3.98 |
| &nbsp;&nbsp;&nbsp;Production and operating - Energy | **—** | 0.39 | 0.25 | **0.13** | 0.28 |
| &nbsp;&nbsp;&nbsp;Production and operating - Non-energy | **5.95** | 6.05 | 6.62 | **6.30** | 6.19 |
| &nbsp;&nbsp;&nbsp;Transportation and processing | **8.54** | 7.90 | 7.68 | **8.09** | 8.22 |
| **Field Operating Netback - Discontinued<sup>(1)</sup>** | **19.79** | 19.08 | 21.70 | **20.78** | 19.50 |
| &nbsp;&nbsp;&nbsp;Depletion, depreciation and amortization | **3.28** | 11.15 | 9.61 | **6.56** | 11.31 |
| &nbsp;&nbsp;&nbsp;General and administrative | **0.97** | 0.94 | 0.78 | **0.87** | 0.86 |
| &nbsp;&nbsp;&nbsp;Finance costs | **0.74** | 1.35 | 0.89 | **0.97** | 1.34 |
| **Operating Earnings - Discontinued<sup>(1)</sup>** | **14.80** | 5.64 | 10.42 | **12.38** | 5.99 |

---

(1) A non-GAAP financial measure which does not have a standardized meaning
 under the Accounting Standards; see "Specified Financial Measures" section of
 this MD&A.

The following table summarizes the cash flows from discontinued operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30, <br> 2025** | June 30, <br> 2024 | March 31, <br> 2025 | **June 30, <br> 2025** | June 30, <br> 2024 |
| **Cash flow from (used in) discontinued operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating activities | **118.9** | 116.7 | 146.6 | **265.5** | 243.5 |
| &nbsp;&nbsp;&nbsp;Financing activities | **(95.3)** | (10.2) | (38.7) | **(134.0)** | (20.4) |
| &nbsp;&nbsp;&nbsp;Investing activities | **(133.7)** | (115.2) | (116.5) | **(250.2)** | (242.9) |
| **Change in cash from discontinued operations** | **(110.1)** | (8.7) | (8.6) | **(118.7)** | (19.8) |

---

Production at the Company's Montney segment for the three and six months ended June 30, 2025 increased to 72,442 boe per day and 75,579 boe per day, respectively, compared to 70,841 boe per day and 71,860 boe per day in the same periods of 2024. These increases were primarily due to new wells brought on stream as part of the Company's capital program, partially offset by the Groundbirch Asset Sale in early June.

Oil and natural gas sales for the three months ended June 30, 2025 decreased to $234.7 million ($35.60 per boe) compared to $241.2 million ($37.42 per boe) in the same period of 2024. This decrease was primarily due to the Groundbirch Asset Sale and lower realized prices as a result of lower liquids benchmark pricing, partially offset by higher sales volumes from Kakwa and Grande Prairie. Oil and natural gas sales for the six months ended June 30, 2025 increased to $517.4 million ($37.82 per boe) compared to $499.2 million ($38.17 per boe) in the same period of 2024. These increases were primarily attributable to higher sales volumes despite the Groundbirch Asset Sale.

For the three months ended June 30, 2025, effective royalty rate decreased to 3.7% compared to 10.7% in the same period of 2024. For the six months ended June 30, 2025, effective royalty rate decreased to 6.7% compared to 10.4% in the same period of 2024. These decreases were primarily due to annual favorable gas cost allowance credits relative to the comparable period and lower realized prices.

Non-energy related production and operating expenses for the three months ended June 30, 2025 remained consistent at $39.2 million ($5.95 per boe) compared to $39.0 million ($6.05 per boe) for the same period of 2024. Non-energy related production and operating expenses for the six months ended June 30, 2025 increased to $86.2 million ($6.30 per boe), compared to $80.9 million ($6.19 per boe) in the same period of 2024. This increase was primarily attributed to higher property taxes and increased downhole maintenance.

#### 26 \| STRATHCONA RESOURCES LTD.
Transportation and processing expenses for the three months ended June 30, 2025 increased to $56.3 million ($8.54 per boe) compared to $50.9 million ($7.90 per boe) in the same period of 2024. Transportation and processing expenses for the six months ended June 30, 2025 increased to $110.7 million ($8.09 per boe), compared to $107.5 million ($8.22 per boe) in the same period of 2024. These increases were primarily attributable to higher sales volumes.

Depletion, depreciation and amortization for the three months ended June 30, 2025 decreased to $21.6 million ($3.28 per boe) compared to $71.9 million ($11.15 per boe) in the same period of 2024. Depletion, depreciation and amortization for the six months ended June 30, 2025 decreased to $89.7 million ($6.56 per boe) compared to $147.9 million ($11.31 per boe) in the same period of 2024. These decreases are due to the cessation of depletion, depreciation and amortization upon classification to assets held for sale.

Finance costs for the three months ended June 30, 2025 decreased to $4.9 million ($0.74 per boe) compared to $10.6 million ($1.35 per boe) in the same period of 2024. Finance costs for the six months ended June 30, 2025 decreased to $13.3 million ($0.97 per boe) compared to $21.5 million ($1.34 per boe) in the same period of 2024. The decrease was primarily due to a reduction in accretion of other obligations due to the termination of an asset-backed financing arrangement on July 15, 2024 and entrance into a new asset-backed financing arrangement on August 9, 2024 with a lower principal balance and different terms.

#### 27 \| STRATHCONA RESOURCES LTD.
**CAPITAL RESOURCES** 

**Bank Credit Facilities**

*Covenant-Based Revolving Credit Facility and Term Credit Facility*

As at June 30, 2025, the Company had a covenant-based revolving credit facility of $3.0 billion (December 31, 2024 - $2.5 billion) with a syndicate of Canadian, U.S. and international financial institutions (the "**Revolving Credit Facility**") and a US$175.0 million covenant-based term facility (December 31, 2024 - $nil) (the "**Term Credit Facility**" and together with the Revolving Credit Facility, the "**Credit Facilities**"). The agreement governing the Credit Facilities (the "**Credit Agreement**") includes an accordion feature which permits the Company to increase the available Credit Facilities by up to an additional $250.0 million, subject to the satisfaction of certain conditions.

The Credit Facilities have a maturity date of March 28, 2028, provided that the maturity date will be May 1, 2026 if the Senior Notes (as defined below) remain outstanding and have not been refinanced or legally defeased at such date. There are no mandatory payments on either the Revolving Credit Facility or the Term Credit Facility. Borrowings under the Revolving Credit Facility may be drawn and repaid from time to time by the Company in Canadian or U.S. dollars. Borrowings under the Term Credit Facility were made in a single upfront draw in U.S. dollars and amounts repaid by the Company may not be re-borrowed. The Credit Facilities are not subject to annual or semi-annual reviews.

The Credit Facilities bear interest at the applicable prime lending rate, base rate, Canadian Overnight Repo Rate Average ("**CORRA**") or Secured Overnight Financing Rate ("**SOFR**") plus applicable margins. The applicable margin charged by the lenders is dependent on the Company's Senior Debt to Adjusted EBITDA ratio (as defined below) for the most recently completed quarter. The Credit Facilities are guaranteed by the Company's subsidiaries, and are secured by a security interest in substantially all of the existing and future assets of the Company and its subsidiaries, including by way of a floating charge debenture granted by the Company and each of its subsidiaries.

As at June 30, 2025, the Company had letters of credit outstanding under the Revolving Credit Facility of $1.8 million (December 31, 2024 - $1.6 million).

*Foreign Exchange Risk Management on U.S. Denominated Bank Debt*

Strathcona periodically borrows in U.S. dollars and concurrently enters into cross-currency interest rate swap contracts to take advantage of an interest rate arbitrage that results from the relationship between Canadian and U.S. dollar interest rates and forward foreign exchange curves.

Foreign currency risk associated with these borrowings is offset at the time of borrowing as cross-currency interest rate swap contracts fix the principal and interest payments due at maturity. Debt on the balance sheet includes the Canadian dollar equivalent of U.S. borrowings translated at the period end exchange rate, which does not include the offsetting impact of cross-currency interest rate swaps. As at June 30, 2025 the cross-currency swap liability was $1.5 million (December 31, 2024 – an asset of $28.6 million) and total debt includes an unrealized gain of $1.5 million (December 31, 2024 – unrealized loss of $28.6 million) related to U.S. borrowings on the Revolving Credit Facility. Unrealized gains or losses on U.S. borrowings and offsetting unrealized gains or losses on cross-currency interest swap contracts are included in foreign exchange gains or losses in the interim financial statements.

As at June 30, 2025, the Company had the following cross-currency interest rate swap contracts outstanding totaling.

---

| | | |
|:---|:---|:---|
| **Notional (US$)** | **Maturity Date** | **Contract Price** |
| 175.0 million | July 28, 2025 | CAD/USD 1.3695 |

---

*Financial Covenants*

The Credit Agreement has three financial covenants which are calculated quarterly (as set out below).

(i) Total Debt to Adjusted EBITDA Ratio –
 All debt excluding the Financing Agreement (see Note 7 of the interim financial statements),
 capital leases and letters of credit constituting debt ()"**Total Debt** "),
 each as defined in the Credit Agreement shall not exceed 4.0 times trailing 12-month net
 income before non-cash items, income taxes, interest expense and extraordinary and non-recurring
 losses, adjusted for material acquisitions or dispositions as if they occurred on the first
 day of the calculation period ()"**Adjusted EBITDA** "). For the purposes of
 Adjusted EBITDA, lease payments are deducted from the calculation if a lease would have been
 considered an operating lease before the adoption of IFRS 16.

#### 28 \| STRATHCONA RESOURCES LTD.
(ii) Senior Debt to Adjusted EBITDA Ratio – Total Debt excluding permitted
 junior debt (e.g. Senior Notes), as defined in the Credit Agreement, shall not exceed 3.5
 times trailing 12-month Adjusted EBITDA.

(iii) Interest Coverage Ratio – Trailing 12-month Adjusted EBITDA,
 shall not be less than 3.5 times cash interest expense, as defined in the Credit Agreement.

As at June 30, 2025, the Company was in compliance with such financial covenants.

**Senior Notes**

As at June 30, 2025, Strathcona had $680.4 million (December 31, 2024 - $719.2 million) of senior unsecured notes outstanding, with an aggregate principal amount of US$500.0 million, due August 1, 2026 (the "**Senior Notes**"). The Senior Notes bear interest at 6.875% per annum, payable semi-annually in arrears on February 1 and August 1 of each year. The Senior Notes are redeemable at Strathcona's option, in whole or in part, at the following redemption prices.

---

| | |
|:---|:---|
| Date | **Price** |
| August 1, 2024 | **101.719%** |
| August 1, 2025 and thereafter | **100.000%** |

---

The Senior Notes have no financial maintenance covenants.

**Demand Letter of Credit Facility**

As at June 30, 2025, the Company had a $200.0 million (December 31, 2024 - $100.0 million) demand letter of credit facility with a financial institution (the "**LC Facility**"). The LC Facility is supported by an account performance security guarantee issued by Export Development Canada in favor of the financial institution. The Company and its subsidiaries have indemnified Export Development Canada for the amount of any payment made by Export Development Canada to the financial institution pursuant to such account performance security guarantee; however, the obligations under such indemnity are unsecured. The letters of credit outstanding under the LC Facility do not impact the Company's borrowing capacity under the Revolving Credit Facility. As at June 30, 2025, the Company had letters of credit in the amount of $68.7 million (December 31, 2024 - $70.3 million) outstanding under the LC Facility.

#### 29 \| STRATHCONA RESOURCES LTD.
**CAPITAL MANAGEMENT AND LIQUIDITY**

The Company's policy is to maintain a strong capital base for the objectives of maintaining financial flexibility, creditor and market confidence and to sustain the future development of the business. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying petroleum and natural gas assets. The Company considers its capital structure to include equity, long-term debt and working capital.

The Company generally relies on Funds from Operations and its Credit Facilities to fund its capital requirements. Future liquidity depends primarily on Funds from Operations, availability on the Revolving Credit Facility and the ability to access debt and equity markets. All repayments of principal on the Credit Facilities are due at its maturity date.

The availability under the Revolving Credit Facility is summarized in the following table.

---

| | | |
|:---|:---|:---|
| As at | **June 30, 2025** | December 31, 2024 |
| Revolving Credit Facility capacity | **3005.0** | 2500.0 |
| Term Credit Facility capacity<sup>(1)</sup> | **238.1** |  |
| Credit Facilities debt <sup>(1)</sup> | **(2488.6)** | (1766.9) |
| Unrealized (gain) loss on U.S. borrowings | **(1.5)** | 28.6 |
| Letters of credit outstanding | **(1.8)** | (1.6) |
| Availability | **751.2** | 760.1 |

---

(1) CAD equivalent converted at the period end exchange rate.

The Company has a working capital surplus as part of its current capital structure. As at June 30, 2025, the working capital surplus was $407.0 million (December 31, 2024 - $545.6 million working capital deficiency). Management believes that its current capital resources and its ability to manage cash flow and working capital levels will allow the Company to meet its current and future obligations, to make scheduled interest payments, to fund planned capital expenditures and to fund the other needs of the business for at least the next 12 months. However, no assurance can be given that this will be the case or that future or additional sources of capital will not be necessary. The Company's cash flow and the development of projects are subject to certain risk factors discussed in the "Risk Factors" section of the Annual Information Form for the year ended December 31, 2024.

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The oil and natural gas industry is cyclical and commodity prices can be volatile, both of which are expected to impact the Company's future revenue and profitability. A sustained decline in commodity prices and increased inflation and interest rates could adversely affect our business, financial condition and results of operations, liquidity and ability to meet financial commitments when due or delay planned capital expenditures. The imposition of tariffs or other tariff barriers may negatively impact the Company's realized prices, the timing of cash flows where production is directly exported by the Company and may increase certain of the Company's input costs.

The Company regularly prepares and updates budgets and forecasts in order to monitor its liquidity and ability to meet its financial obligations and commitments, including the ability to comply with the financial covenants under the Credit Facilities.

**DECOMMISSIONING LIABILITY**

At June 30, 2025, Strathcona's discounted decommissioning provision balance was $249.4 million (December 31, 2024 - $290.7 million) for future abandonment and reclamation of the Company's oil and natural gas properties. During the six months ended June 30, 2025, the Company incurred $26.8 million of decommissioning expenditures to settle existing liabilities and reclassified $25.9 million to liabilities associated with assets held for sale. The balance was also impacted by additions made as a result of new wells and facilities, accretion and changes in estimates.

#### 30 \| STRATHCONA RESOURCES LTD.
**CONTRACTUAL OBLIGATIONS AND OFF-BALANCE SHEET ARRANGEMENTS**

Strathcona has contractual obligations in the normal course of business which may include purchase of assets and services, operating agreements, transportation commitments, sales commitments, royalty obligations, lease rental obligations, employee agreements and debt. These obligations are of a recurring, consistent nature and impact Strathcona's cash flows in an ongoing manner.

The following tables detail the undiscounted cash flows and contractual maturities of the Company's financial liabilities as at June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** | **<1 year** | **1-3 years** | **4-5 years** | **> 5 years** |
| Credit Facilities<sup>(1)</sup> | **2490.1** |  | 2490.1 |  |  |
| Senior Notes<sup>(2)</sup> | **750.6** | 46.8 | 703.8 |  |  |
| Accounts payable and accrued liabilities | **836.7** | 836.7 |  |  |  |
| Risk management contract liability | **108.3** | 19.5 | 88.8 |  |  |
| Lease obligations - continuing operations<sup>(3)</sup> | **108.3** | 34.6 | 33.1 | 11.1 | 29.5 |
| Discontinued operations<sup>(3)</sup> | **192.9** | 31.1 | 61.9 | 55.0 | 44.9 |
| Total | **4486.9** | 968.7 | 3377.7 | 66.1 | 74.4 |

---

(1) Contractual amount reflects contracted settlement
 price on cross currency interest rate swap contracts and excludes future interest payments
 on borrowings.

(2) Amounts represent repayment of the Senior
 Notes ($680.4 million) and associated interest payments ($70.2 million) based on the foreign
 exchange rate in effect on June 30, 2025.

(3) Amounts relate to undiscounted payments for
 lease obligations.

As at June 30, 2025, the Company was committed to the following non-cancellable payments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** | **< 1 year** | **1-3 years** | **4-5 years** | **> 5 years** |
| Transportation and processing | **788.4** | 138.9 | 208.2 | 153.7 | 287.6 |
| Capital | **135.8** | 135.8 |  |  |  |
| Other | **33.6** | 23.8 | 8.3 | 1.5 |  |
| Discontinued operations | **1040.2** | 153.5 | 293.5 | 237.9 | 355.3 |
| Total | **1998.0** | 452.0 | 510.0 | 393.1 | 642.9 |

---

In the normal course of business, the Company is obligated to make future payments, including contractual obligations and non-cancellable commitments. The Company generally expects to meet these commitments through funds from operations and draws on its Revolving Credit Facility. Strathcona does not maintain off-balance sheet transactions, arrangements, obligations or other relationships with unconsolidated entities or others that are reasonably likely to have a material current or future effect on the Company's financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and which are not disclosed in the interim financial statements or notes thereto.

#### 31 \| STRATHCONA RESOURCES LTD.
**SUBSCRIPTION RECEIPTS**

On May 30, 2025, Strathcona formally commenced an offer to acquire all of the issued and outstanding common shares of MEG Energy Corp. not already owned by Strathcona (the "**MEG Transaction**"). In connection with the MEG Transaction, on June 27, 2025, the Company entered into a subscription receipt agreement with affiliates of Waterous Energy Fund III ("**WEF III**"), a related party of the Company, under which 21.4 million subscription receipts of the Company were issued to WEF III at a price of $30.92 per receipt, for aggregate gross proceeds of $661.7 million (the "**Subscription Receipt Agreement**"). The subscription receipts were issued into escrow and will convert into common shares of the Company upon successful completion of the MEG transaction. If the MEG transaction is not completed, the proceeds will be returned to WEF III.

Under the terms of the Subscription Receipt Agreement, the Company is obligated to make a dividend equivalent payment ("**DEP**") to WEF III in the event that dividends are declared on the Company's common shares prior to either their conversion to common shares or termination of the subscription receipts. The DEP is recorded in the same manner as dividends on common shares, with a charge to retained earnings and a corresponding liability recognized in accounts payable and accrued liabilities. As at June 30, 2025, the Company has recorded a DEP of $6.4 million (or $0.30 per subscription receipt).

**SHARE CAPITAL**

The authorized capital of the Company consists of an unlimited number of common shares and an unlimited number of preferred shares. No preferred shares have been issued by the Company as at June 30, 2025 (December 31, 2024 – nil).

The following table summarizes the number of shares outstanding as at August 7, 2025:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares Outstanding at August 7, 2025** | **Shares Outstanding at August 7, 2025** |
| Common shares |  | 214235608 |

---

**Dividends**

During the three and six months ended June 30, 2025, excluding the DEP, Strathcona declared and paid total dividends of $64.3 million ($0.30 per common share) and $120.0 million ($0.56 per common share), respectively ($nil - in the three and six months ended June 30, 2024).

On August 7, 2025, the Board declared a quarterly dividend of $0.30 per common share to be paid on September 22, 2025 to all shareholders of record on September 12, 2025.

#### 32 \| STRATHCONA RESOURCES LTD.
**SUMMARY OF QUARTERLY RESULTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024<sup>(1)</sup>** | **2024<sup>(1)</sup>** | **2024<sup>(1)</sup>** | **2024<sup>(1)</sup>** | **2023<sup>(1)</sup>** | **2023<sup>(1)</sup>** |
| ($ millions, unless otherwise indicated) | **Q2** | Q1<sup>(1)</sup> | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
| **Operating results (boe/d)** |  |  |  |  |  |  |  |  |
| Average production volumes | **181368** | 194609 | 187203 | 178235 | 181766 | 185122 | 186064 | 147461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | **108926** | 115859 | 111013 | 109328 | 110925 | 112242 | 112832 | 109661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | **72442** | 78750 | 76190 | 68907 | 70841 | 72880 | 73232 | 37800 |
| **Financial Results** |  |  |  |  |  |  |  |  |
| Oil and natural gas sales | **1216.0** | 1459 | 1292.8 | 1272.5 | 1472.3 | 1298.8 | 1287.6 | 1300.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | **981.3** | 1176.3 | 1042.4 | 1059.1 | 1231.1 | 1040.8 | 1029.8 | 1160.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | **234.7** | 282.7 | 250.4 | 213.4 | 241.2 | 258 | 257.8 | 139.3 |
| Net income (loss) | **230.9** | 205.3 | 87.9 | 188 | 227.2 | 100.6 | 263.7 | (41.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | **158.3** | 152.8 | 48.6 | 183.9 | 202.8 | 72.3 | 211.6 | (92.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | **72.6** | 52.5 | 39.3 | 4.1 | 24.4 | 28.3 | 52.1 | 51.4 |
| Net income (loss) per share | **1.08** | 0.96 | 0.41 | 0.88 | 1.06 | 0.47 | 1.23 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | **0.74** | 0.71 | 0.23 | 0.86 | 0.95 | 0.34 | 0.99 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | **0.34** | 0.25 | 0.18 | 0.02 | 0.11 | 0.13 | 0.24 | 0.02 |
| Operating Earnings<sup>(2)</sup> | **225.5** | 322.4 | 190 | 265.4 | 306.1 | 209 | 202.1 | 289.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | **127.9** | 250.7 | 135.4 | 253.2 | 271.8 | 169.1 | 131.3 | 221.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations<sup>(2)</sup> | **97.6** | 71.7 | 54.6 | 12.2 | 34.3 | 39.9 | 70.8 | 68 |
| Free Cash Flow<sup>(2)</sup> | **32.0** | 184 | 0.3 | 200.6 | 247.3 | 157.9 | 150.8 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations<sup>(2)</sup> | **43.5** | 168.8 | 1.2 | 105.1 | 247.2 | 50.8 | 145.9 | 149.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations<sup>(2)</sup> | **(11.5)** | 15.2 | (0.9) | 95.5 | 0.1 | 107.1 | 4.9 | 8.4 |
| Capital expenditures<sup>(3)</sup> | **379.0** | 350 | 392.5 | 319.6 | 298 | 286.1 | 307.8 | 260.2 |
| Decommissioning expenditures<sup>(3)</sup> | **3.3** | 23.5 | 12.7 | 8.5 | 2.9 | 11.6 | 13.8 | 7.1 |

---

(1) Comparative periods have been revised to reflect current period presentation,
 see the "Recent Developments" and "Discontinued Operations" sections
 of this MD&A.

(2) A non-GAAP financial measure which does not have a standardized meaning
 under the Accounting Standards; see "Specified Financial Measures" section of
 this MD&A.

(3) Includes continuing and discontinued operations.

Over the past eight quarters, the Company's oil and natural gas sales have fluctuated due to the volatility in the crude oil, condensate and natural gas benchmark prices, oil price differentials, changes in production and the Groundbirch Asset Sale. The Company's production has fluctuated due to asset acquisitions and dispositions, changes in its development capital spending levels and natural declines.

Net income (loss) has fluctuated over the past eight quarters primarily due to the changes in Funds from Operations, the Groundbirch Asset Sale, unrealized gains and losses from risk management contracts, which fluctuate with changes in forward market prices and foreign exchange rates, unrealized gain on marketable securities, which fluctuate with changes in listed share prices, foreign exchange gains and losses associated with the Company's Senior Notes, fluctuations in natural gas and power pricing and the associated impact on energy-related production and operating costs, inflationary pressure and fluctuations in deferred tax expense or recovery.

Capital expenditures have fluctuated throughout the past eight quarters due to changes in the Company's development capital spending levels which vary based on a number of factors, including the prevailing commodity price environment.

#### 33 \| STRATHCONA RESOURCES LTD.
**SPECIFIED FINANCIAL MEASURES**

**Non-GAAP and Other Financial Measures and Ratios**

Non-GAAP financial measures and ratios are used internally by management to assess the performance of the Company. They also provide investors with meaningful metrics to assess the Company's performance compared to other companies in the same industry. However, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that these measures should not be construed as an alternative to financial measures determined in accordance with GAAP and these measures should not be considered to be more meaningful than GAAP measures in evaluating the Company's performance.

The term "**Oil and natural gas sales, net of blending**" is calculated by deducting purchased product and blending costs from oil and natural gas sales and sale of purchased product. Management uses this metric to isolate the revenue associated with the Company's operations after accounting for the unavoidable cost of blending. A quantitative reconciliation of Oil and natural gas sales, net of blending to the most directly comparable GAAP financial measure, Oil and natural gas sales, is contained under the heading "Revenue and Realized Prices - Oil and Natural Gas Sales Net of Blending" and "Segment Results" of this MD&A.

Oil and natural gas sales, net of blending, is also reflected on a per boe basis calculated using sales volumes. Management also calculates "**Bitumen blend per bbl**" and "**Heavy oil, blended and raw per bbl**" by deducting the associated purchased product and blending cost from oil and natural gas sales and sale of purchased product and dividing by the respective sales volume. This ratio is useful to management when analyzing realized pricing against benchmark commodity prices.

The term "**Effective royalty rate**" is calculated by dividing royalties by oil and natural gas sales and sale of purchased product, net of blending costs and purchased product. This metric allows management to analyze the movement of royalty expenses in relation to realized and benchmark commodity prices.

"**Field Operating Income**" and "**Field Operating Netback**" are common metrics used in the oil and natural gas industry to assess the profitability and efficiency of the Company's field operations. A quantitative reconciliation of Field Operating Income and Field Operating Netback to the most directly comparable GAAP financial measure, Operating Earnings, is contained under the heading "Segment Results" and "Discontinued Operations" of this MD&A.

"**Operating Earnings - Discontinued**" is considered a key financial metric for evaluating the profitability of Strathcona's discontinued business. A quantitative reconciliation of Operating Earnings - Discontinued to the most directly comparable GAAP financial measure, Oil and natural gas sales, is contained under the heading "Discontinued Operations" of this MD&A.

"**Funds from Operations**" is used by management to analyze operating performance and provides an indication of the funds generated by Strathcona's principal business to either fund operating activities, re-invest to either maintain or grow the business or make debt repayments. Funds from Operations is derived from Operating Earnings and adjusted for depletion, depreciation and amortization, finance costs, gains and losses on risk management contracts – realized and gains and losses on foreign exchange - realized.

**"Free Cash Flow**" indicates funds available for deleveraging, funding future growth, or shareholder returns. Free Cash Flow is derived from Operating Earnings and adjusted for DD&A, finance costs, gains and losses on risk management contracts – realized and gains and losses on foreign exchange - realized, capital expenditures and decommissioning costs.

#### 34 \| STRATHCONA RESOURCES LTD.
Quantitative reconciliations of Funds from Operations and Free Cash Flow for both continuing and discontinued operations to the most directly comparable GAAP financial measure, Operating Earnings, are set forth below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30,<br> 2025** | June 30,<br> 2024<sup>(1)</sup> | March 31,<br> 2025<sup>(1)</sup> | **June 30, <br> 2025** | June 30,<br> 2024<sup>(1)</sup> |
| **Operating Earnings - Continuing** | **127.9** | 271.8 | 250.7 | **378.6** | 440.9 |
| Depletion, depreciation and amortization | **155.7** | 157.2 | 147.6 | **303.3** | 303.0 |
| Finance costs | **14.8** | 12.5 | 12.3 | **27.1** | 23.9 |
| Decommissioning government grant | **—** | 0.2 |  | **—** | 0.2 |
| Loss on risk management contracts - realized | **(4.6)** | (11.4) | (0.9) | **(5.5)** | (6.9) |
| Foreign exchange (loss) gain - realized | **(4.2)** | 0.5 | 0.2 | **(4.0)** | (1.5) |
| **Funds from Operations - Continuing** | **289.6** | 430.8 | 409.9 | **699.5** | 759.6 |
| Capital expenditures | **(244.7)** | (182.2) | (234.1) | **(478.8)** | (340.6) |
| Decommissioning costs | **(1.4)** | (1.4) | (7.0) | **(8.4)** | (4.5) |
| **Free Cash Flow - Continuing** | **43.5** | 247.2 | 168.8 | **212.3** | 414.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30, <br> 2025** | June 30,<br> 2024<sup>(1)</sup> | March 31,<br> 2025<sup>(1)</sup> | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> |
| **Operating Earnings - Discontinued** | **97.6** | 34.3 | 71.7 | **169.3** | 74.2 |
| Depletion, depreciation and amortization | **21.6** | 71.9 | 68.1 | **89.7** | 147.9 |
| Finance costs | **4.9** | 10.6 | 8.4 | **13.3** | 21.5 |
| **Funds from Operations - Discontinued** | **124.1** | 116.8 | 148.2 | **272.3** | 243.6 |
| Capital expenditures | **(133.7)** | (115.2) | (116.5) | **(250.2)** | (242.9) |
| Decommissioning costs | **(1.9)** | (1.5) | (16.5) | **(18.4)** | (10.0) |
| **Free Cash Flow - Discontinued** | **(11.5)** | 0.1 | 15.2 | **3.7** | (9.3) |

---

The following table reconciles operating earnings, funds from operations and free cash flow from continuing and discontinued operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ($ millions, unless otherwise indicated) | **June 30, <br> 2025** | June 30,<br> 2024<sup>(1)</sup> | March 31,<br> 2025<sup>(1)</sup> | **June 30, <br> 2025** | June 30,<br> 2024<sup>(1)</sup> |
| Operating Earnings - Continuing | **127.9** | 271.8 | 250.7 | **378.6** | 440.9 |
| Operating Earnings - Discontinued | **97.6** | 34.3 | 71.7 | **169.3** | 74.2 |
| **Operating Earnings** | **225.5** | 306.1 | 322.4 | **547.9** | 515.1 |
| Funds from Operations - Continuing | **289.6** | 430.8 | 409.9 | **699.5** | 759.6 |
| Funds from Operations - Discontinued | **124.1** | 116.8 | 148.2 | **272.3** | 243.6 |
| **Funds from Operations** | **413.7** | 547.6 | 558.1 | **971.8** | 1003.2 |
| Free Cash Flow - Continuing | **43.5** | 247.2 | 168.8 | **212.3** | 414.5 |
| Free Cash Flow - Discontinued | **(11.5)** | 0.1 | 15.2 | **3.7** | (9.3) |
| **Free Cash Flow** | **32.0** | 247.3 | 184.0 | **216.0** | 405.2 |

---

(1) Comparative periods have been revised to reflect current period presentation,
 see the "Recent Developments" and "Discontinued Operations" sections
 of this MD&A.

#### 35 \| STRATHCONA RESOURCES LTD.
**APPLICATION OF CRITICAL ACCOUNTING ESTIMATES**

Certain accounting policies require that management make appropriate decisions with respect to the formulation of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Management reviews its estimates on a regular basis. The emergence of new information and changed circumstances may result in actual results or changes to estimates that differ materially from current estimates. The Company's use of estimates and judgements in preparing the interim financial statements are discussed in Note 2 of the annual financial statements.

**DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROLS OVER FINANCIAL REPORTING**

Strathcona is required to comply with National Instrument 52-109 - *Certification of Disclosure in Issuers' Annual and Interim Filings* ("**NI 52-109**"). The certification of interim filings for the interim period ended June 30, 2025 requires that Strathcona disclose in the interim MD&A any changes in Strathcona's internal controls over financial reporting ("**ICFR**") that occurred during the period that have materially affected, or are reasonably likely to materially affect, Strathcona's ICFR. Strathcona confirms that no such changes were made to its ICFR during the three months ended June 30, 2025.

**ADVISORIES REGARDING OIL & GAS INFORMATION**

This MD&A contains various references to the abbreviation "**boe**" which means barrels of oil equivalent. All boe conversions in this MD&A are derived by converting gas to oil at the ratio of six thousand cubic feet ("**mcf**") of natural gas to one barrel ("**bbl**") of crude oil. Boe may be misleading, particularly if used in isolation. A boe conversion rate of 1 bbl : 6 mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio of oil compared to natural gas based on currently prevailing prices is significantly different than the energy equivalency ratio of 1 bbl : 6 mcf, utilizing a conversion ratio of 1 bbl : 6 mcf may be misleading as an indication of value. References to "liquids" in this MD&A refer to, collectively, bitumen, heavy oil, condensate and light oil and other natural gas liquids ("**NGL**") (comprised of ethane, propane and butane only).

National Instruments 51-101 - *Standards of Disclosure for Oil and Gas Activities* includes condensate within the natural gas liquids product type. The Company has disclosed condensate as combined with light oil and separately from other natural gas liquids in this MD&A since the price of condensate as compared to other natural gas liquids is currently significantly higher and the Company believes that this presentation provides a more accurate description of its operations and results therefrom. References to "oil and condensate" in this MD&A refer to, collectively, light and medium crude oil, heavy crude oil, bitumen and natural gas liquids. References to "natural gas" in this MD&A refer to conventional natural gas.

#### 36 \| STRATHCONA RESOURCES LTD.
The Company's three and six month average daily production volumes for 2025 and 2024, and the references to "natural gas", "crude oil" and "condensate", reported in this MD&A consist of the following product types, as defined in NI 51-101 and using a conversion ratio of 6 mcf : 1 bbl where applicable:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,<br> 2025** | June 30,<br> 2024<sup>(1)</sup> | March 31,<br> 2025<sup>(1)</sup> | **June 30, <br> 2025** | June 30, <br> 2024<sup>(1)</sup> |
| **Cold Lake segment** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Heavy crude oil (bbl/d) | **—** |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Light and medium crude oil (bbl/d) | **—** |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Total crude oil (bbl/d) | **—** |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Bitumen (bbl/d) | **56628** | 59581 | 65016 | **60799** | 59865 |
| &nbsp;&nbsp;&nbsp;NGLs (bbl/d) | **—** |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Total liquids (bbl/d) | **56628** | 59581 | 65016 | **60799** | 59865 |
| &nbsp;&nbsp;&nbsp;Conventional natural gas (mcf/d) | **—** |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Total (boe/d) | **56628** | 59581 | 65016 | **60799** | 59865 |
| **Lloydminster segment** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Heavy crude oil (bbl/d) | **51479** | 51111 | 50488 | **50986** | 51473 |
| &nbsp;&nbsp;&nbsp;Light and medium crude oil (bbl/d) | **121** | 26 | 17 | **69** | 37 |
| &nbsp;&nbsp;&nbsp;Total crude oil (bbl/d) | **51600** | 51137 | 50505 | **51055** | 51510 |
| &nbsp;&nbsp;&nbsp;Bitumen (bbl/d) | **—** |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;NGLs (bbl/d) | **46** | 2 | 5 | **25** | 2 |
| &nbsp;&nbsp;&nbsp;Total liquids (bbl/d) | **51646** | 51139 | 50510 | **51080** | 51512 |
| &nbsp;&nbsp;&nbsp;Conventional natural gas (mcf/d) | **3911** | 1231 | 2000 | **2961** | 1242 |
| &nbsp;&nbsp;&nbsp;Total (boe/d) | **52298** | 51344 | 50843 | **51574** | 51719 |
| **Discontinued operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Heavy crude oil (bbl/d) | **49** |  |  | **25** |  |
| &nbsp;&nbsp;&nbsp;Light and medium crude oil (bbl/d) | **302** | 764 | 487 | **394** | 634 |
| &nbsp;&nbsp;&nbsp;Total crude oil (bbl/d) | **351** | 764 | 487 | **419** | 634 |
| &nbsp;&nbsp;&nbsp;Bitumen (bbl/d) | **—** |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;NGLs (bbl/d) | **32480** | 30754 | 32010 | **32247** | 30609 |
| &nbsp;&nbsp;&nbsp;Total liquids (bbl/d) | **32831** | 31518 | 32497 | **32666** | 31243 |
| &nbsp;&nbsp;&nbsp;Conventional natural gas (mcf/d) | **237668** | 235939 | 277517 | **257482** | 243703 |
| &nbsp;&nbsp;&nbsp;Total (boe/d) | **72442** | 70841 | 78750 | **75579** | 71860 |
| **Consolidated** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Heavy crude oil (bbl/d) | **51528** | 51111 | 50488 | **51011** | 51473 |
| &nbsp;&nbsp;&nbsp;Light and medium crude oil (bbl/d) | **423** | 790 | 504 | **463** | 671 |
| &nbsp;&nbsp;&nbsp;Total crude oil (bbl/d) | **51951** | 51901 | 50992 | **51474** | 52144 |
| &nbsp;&nbsp;&nbsp;Bitumen (bbl/d) | **56628** | 59581 | 65016 | **60799** | 59865 |
| &nbsp;&nbsp;&nbsp;NGLs (bbl/d) | **32526** | 30756 | 32015 | **32272** | 30611 |
| &nbsp;&nbsp;&nbsp;Total liquids (bbl/d) | **141105** | 142238 | 148023 | **144545** | 142620 |
| &nbsp;&nbsp;&nbsp;Conventional natural gas (mcf/d) | **241579** | 237170 | 279517 | **260443** | 244945 |
| &nbsp;&nbsp;&nbsp;Total (boe/d) | **181368** | 181766 | 194609 | **187952** | 183444 |

---

(1) Comparative periods have been revised to
 reflect current period presentation, see the "Recent Developments" and "Discontinued
 Operations" sections of this MD&A.

#### 37 \| STRATHCONA RESOURCES LTD.
**FORWARD-LOOKING INFORMATION**

Certain statements contained in this MD&A constitute forward-looking information within the meaning of applicable securities laws. The forward-looking information in this MD&A is based on Strathcona's current internal expectations, estimates, projections, assumptions and beliefs. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable as of the time of such information, but no assurance can be given that these factors, expectations and assumptions will prove to be correct, and such forward-looking information included in this MD&A should not be unduly relied upon.

The use of any of the words "expect", "anticipate", "estimate", "objective", "ongoing", "may", "will", "project", "believe", "depends", "could" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the generality of the foregoing, this MD&A contains forward-looking information pertaining to the following: the Company's business strategy and future plans; the Company's 2025 production and capital spending guidance; the estimated gain on disposal of assets held for sale in respect of the Montney asset sales; the use of proceeds from the sale of the Company's Montney assets, including the potential payment of a distribution to Strathcona's shareholders; the expected number of common shares to be issued in connection with the MEG Offer and second stage transaction, as applicable, and the expected total number of issued and outstanding common shares thereafter; the Company's expectation that it will fund the aggregate cash consideration payable pursuant to the Offer and any second stage transaction, as applicable, through a combination of a draw down on the Credit Facilities and using the proceeds from the WEF III Equity Investment; the expected ownership of WEF following completion of the MEG Offer and any second stage transaction, as applicable; the declaration and payment of dividends, including the amount and timing thereof; the Company's use of hedging arrangements; the Company's ability to meet current and future obligations, including making scheduled principal and interest payments, to fund planned capital expenditures and to fund the other needs of the business; future liquidity and financial capacity; anticipated proceeds from financial instruments, including commodity contracts; and sources of funding for the Company's capital program, the terms of Strathcona's future contractual obligations, including its obligations under the Credit Agreement and Senior Notes and oil and natural gas prices and differentials.

All forward-looking information reflects Strathcona's beliefs and assumptions based on information available at the time the applicable forward-looking information is disclosed and in light of the Company's current expectations with respect to such things as: the success of Strathcona's operations and growth and expansion projects; expectations regarding production growth, future well production rates and reserve volumes; expectations regarding Strathcona's capital program; Strathcona's ability to declare and pay dividends; expectations regarding the impact of tariffs on Strathcona's operations and its ability to effectively mitigate the impact thereof; the outlook for general economic trends, industry trends, prevailing and future commodity prices, foreign exchange rates and interest rates; prevailing and future royalty regimes and tax laws; future well production rates and reserve volumes; fluctuations in energy prices based on worldwide demand and geopolitical events; the impact of inflation; the integrity and reliability of Strathcona's assets; decommissioning obligations; Strathcona's ability to comply with its financial covenants; and the governmental, regulatory and legal environment, including expectations regarding the current and future carbon tax regime and regulations. In addition, certain forward-looking information with respect to the Company's 2025 guidance assumes commodity prices and exchange rates of: US$70 / bbl WTI, US$13 / bbl WCS-WTI differential, 1.38 USD-CAD and C$3 / GJ AECO.

The forward-looking information included in this MD&A in respect of the MEG Offer and any anticipated benefits thereof is based on information currently available to the Company about itself and MEG and the businesses in which they operate. Information used in developing such forward-looking information has been acquired from various sources, including third party consultants, suppliers and regulators, among others. The material assumptions used to develop such forward-looking information includes, but are not limited to: the conditions of the MEG Offer will be satisfied on a timely basis in accordance with their terms; the ability of the Company to complete the combination of the Company and MEG, pursuant to the MEG Offer or otherwise, and to integrate the Company's and MEG's respective businesses and operations and realize the anticipated strategic, operational and financial benefits synergies from the acquisition of MEG by the Company; the anticipated synergies and other anticipated benefits of the MEG Offer will be realized in a manner consistent with the Company's expectations; future production rates and estimates of capital and operating costs of the combined company; the combined company's reserves volumes and the net present values thereof; anticipated timing and results of capital expenditures of the combined company; MEG's public disclosure is accurate and that MEG has not failed to publicly disclose any material information respecting MEG, its business, operations, assets, material agreements, or otherwise; there will be no material changes to laws adversely affecting the Company's or MEG's operations; and the impact of the current economic climate and financial, political and industry conditions on the Company's and MEG's operations, including its financial condition and asset value, will remain consistent with the Company's current expectations.

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Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, it cannot assure readers that these expectations will prove to be correct.

The forward-looking information included in this MD&A is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, without limitation: changes in commodity prices; changes in the demand for or supply of Strathcona's products; the continued impact, or further deterioration, in global economic and market conditions, including from inflation and/or certain geopolitical conflicts, such as the ongoing Russia/Ukraine conflict, the conflict in the Middle East, and other heightened geopolitical risks, including the imposition of tariffs or other trade barriers, and the ability of the Company to carry on operations as contemplated in light of the foregoing; determinations by the Organization of the Petroleum Exporting Countries and other countries as to production levels; unanticipated operating results or production declines; changes in tax or environmental laws, climate change, royalty rates or other regulatory matters; changes in Strathcona's development plans or by third party operators of Strathcona's properties; failure to achieve anticipated results of its operations; competition from other producers; inability to retain drilling rigs and other services; failure to realize the anticipated benefits of the Company's acquisitions, dispositions or corporate reorganizations; incorrect assessment of the value of acquisitions; delays resulting from or inability to obtain required regulatory approvals; increased debt levels or debt service requirements; inflation; changes in foreign exchange rates; inaccurate estimation of Strathcona's oil and gas reserve and contingent resource volumes; limited, unfavourable or a lack of access to capital markets or other sources of capital; increased costs; a lack of adequate insurance coverage; the impact of competitors; the risk of failure to satisfy the conditions to the MEG Offer; the risk that the anticipated synergies and other benefits of the MEG Offer may not be realized;and the other factors discussed under the "Risk Factors" section in the Company's Management's Discussion and Analysis and Annual Information Form for the year ended December 31, 2024, a copy of each of which is available under the Company's profile on SEDAR+ at www.sedarplus.ca.

The purpose of the capital expenditure guidance is to assist readers in understanding Strathcona's expected and targeted financial position and performance, and this information may not be appropriate for other purposes.

The foregoing risks should not be construed as exhaustive. The forward-looking information contained in this MD&A speaks only as of the date of this MD&A and Strathcona does not assume any obligation to publicly update or revise such forward-looking information to reflect new events or circumstances, except as may be required pursuant to applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement.

**ADDITIONAL INFORMATION**

Additional information about Strathcona, including Strathcona's Annual Information Form for the year ended December 31, 2024 and the interim financial statements, can be found at: www.sedarplus.ca and www.strathconaresources.com.

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## Exhibit 5.1

**<u>Exhibit 5.1</u>**

<u>CONSENT OF INDEPENDENT AUDITORS</u>

We consent to the use in this Registration Statement No. 333-287662 on Form F-10 of our report dated March 4, 2025 relating to the consolidated financial statements of Strathcona Resources Ltd. included in Exhibit 3.2 to this Registration Statement on Form F-10.

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| |
|:---|
| /s/ Deloitte LLP |
| Chartered Professional Accountants |
| Calgary, Canada |
| August 7, 2025 |

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