EarningsQ2 2024 Earnings Report

Strathcona Resources (SCRN) Q2 2024 Earnings Report

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Previous Report: Q1 2024

Next Report: Q3 2024

MX:SCRN Q2 2024 EPS Results

Actual EPS$13.00

Consensus EPS$17.47

Beat/MissMissed by -$4.47

One Year Ago EPS$9.02

MX:SCRN Q2 2024 Revenue Results

Actual Revenue$15.82B

Expected Revenue$14.71B

Beat/MissBeat by +$1.11B

YoY Revenue Growth+1058.58%

Earnings Announcement Details

QuarterQ2 2024

Date08/13/2024

TimeAfter Close

Conference CallTuesday, August 13, 2024

MX:SCRN Upcoming Earnings

Strathcona Resources's next earnings date is estimated for November 17, 2026, based on past reporting schedules.

Q2 2024 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q2 2024 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2024 Earnings Call Summary

Q2 2024

Earnings Call Date:Aug 13, 2024|

% Change Since:

Earnings Call Sentiment|Neutral

The earnings call reflected a mix of positive achievements such as consistent oil production, improved efficiency, and strategic partnerships for decarbonization, alongside challenges like reduced natural gas production and potential rail strike impacts.

Company Guidance

During the Q2 2024 earnings call for Strathcona Resources Limited, significant guidance was provided on various operational and financial metrics. The company reported an average production of approximately 182,000 barrels of oil equivalent (BOE) per day, generating funds from operations of $548 million, or $2.56 per share. Capital expenditures totaled $297 million, resulting in free cash flow of $247 million, or $1.15 per share. Oil production remained consistent with the previous quarter at around 131,000 barrels per day, while oil sales volumes increased to approximately 135,000 barrels per day due to the commissioning of a new crude by rail offloading facility. Natural gas production stood at 237 million cubic feet per day, down 6% from the first quarter, and natural gas liquids production was steady at 11,500 barrels per day. Strathcona announced a reduction in its annual natural gas guidance by 15 million cubic feet per day, adjusting the corporate guidance range to 185,000 to 190,000 BOE per day, with an oil weighting increase to 72%. The company maintained its capital budget guidance at $1.3 billion and achieved its debt target of $2.5 billion by June 30, leading to the approval of a quarterly base dividend of $0.25 per share. Additionally, Strathcona announced a partnership with Canada Growth Fund to develop up to $2 billion in carbon capture infrastructure, targeting a final investment decision by mid-2025. An Investor Day is scheduled for November 14, 2024, to elaborate on near- and long-term asset plans.

Consistent Oil Production and Increased Sales Volume

Oil production for Q2 remained consistent with Q1 at approximately 131,000 barrels per day, while oil sales volumes increased to approximately 135,000 barrels per day due to inventory drawdown.

Debottlenecking Projects Improve Efficiency

Cold Lake projects resulted in an 8% reduction in steam oil ratio compared to the same period in 2023, enhancing operational efficiency.

Commitment to Decarbonization

Announced a $2 billion carbon capture infrastructure partnership with Canada Growth Fund, aiming for a mid-2025 FID for the first project.

Achievement of Debt Target and Dividend Announcement

Achieved debt target of $2.5 billion and announced a quarterly base dividend of $0.25 per share.

MX:SCRN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 17, 2026	2026 (Q3)	17.55 / -	32.79	―
Aug 06, 2026	2026 (Q2)	18.54 / 19.07	13.209	44.34% (+5.86)
May 06, 2026	2026 (Q1)	10.59 / 2.24	11.788	-80.98% (-9.55)
Mar 12, 2026	2025 (Q4)	6.59 / -5.67	5.024	-212.93% (-10.70)
Nov 06, 2025	2025 (Q3)	9.30 / 32.79	10.783	204.09% (+22.01)
Aug 07, 2025	2025 (Q2)	8.21 / 13.21	13.001	1.60% (+0.21)
May 15, 2025	2025 (Q1)	14.40 / 11.79	5.784	103.81% (+6.00)
Mar 04, 2025	2024 (Q4)	11.21 / 5.02	15.035	-66.59% (-10.01)
Nov 13, 2024	2024 (Q3)	13.96 / 10.78	23.441	-54.00% (-12.66)
Aug 13, 2024	2024 (Q2)	17.47 / 13.00	9.019	44.16% (+3.98)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed