Quarter Review and Near-Term Priorities

Production for the second quarter of 2026 of 117 Mboe / d (99.7% liquids) was flat versus the first quarter. Operating Earnings of $376 million ($1.76 / share) reflected a 94% increase versus the prior quarter, largely driven by higher oil prices. Free Cash Flow of $296 million ($1.38 / share) was a record, with higher Operating Earnings combining with lower capital expenditures.

In Cold Lake, production improved 2% quarter-over-quarter, driven by the repair of Lindbergh's fuel gas supply line which forced a production curtailment in the first quarter due to reduced steam rates. Production was further supported by a stronger than expected ramp up of the Company's new 8 well pair D01 West pad at Lindbergh, which achieved a peak rate of approximately 7,000 bbls / d at a steam-oil-ratio of less than 2.0x in late June. Taken together, the restored fuel gas supply and strong D01 West performance contributed to production of over 20 Mbbls / d from Lindbergh in June, reflecting an approximately 50% increase versus the first quarter of 2026.

In Lloydminster Thermal, the Company achieved first steam at its Meota Central project on June 6, 2026. The project was completed at a total installed cost of approximately $345 million (3% under budget) over the course of 18 months (2 months, or 9% ahead of budget) with zero lost time incidents during approximately 370,000 man-hours of work during construction. Meota Central achieved first oil in late July, with production currently ramping up as expected, targeting a peak rate of approximately 13,000 bbls / d by mid-2027.

In Lloydminster Conventional, production improved approximately 1% quarter-over-quarter, driven by continued recovery of base production at the Company's Cactus Lake and Bodo-Cosine polymer floods following improved flood conformance. Current capital activity is focused on the Company's annual drilling program in Druid, comprised of 25 wells including 4 multi-lateral horizontals and the Company's first test well in the Waseca formation. Early results from the Waseca test are encouraging, with initial production rates of approximately 100 bbls / d derisking up to 40 additional Waseca locations at Druid.

During the second quarter of 2026 Strathcona exercised its $265 million accordion under its bank credit facility following receipt of lender commitments, increasing total capacity to approximately $3.755 billion. Subsequent to quarter end, Strathcona executed an amended and extended credit facility agreement, extending the term of the credit facility to December 31, 2030 and adding a $750 million accordion (increasing total potential credit capacity to $4.505 billion). At the end of the second quarter, Strathcona was approximately $1.9 billion drawn on the facility, leaving more than $1.8 billion in available liquidity.

Outlook

The midpoint of Strathcona's 2026 production guidance is unchanged, with the range tightened to 122 to 128 Mbbls / d from 120 to 130 Mbbls / d previously. Expected 2026 exit production remains approximately 135 Mbbls / d (reflecting an approximately 15% exit-to-exit growth rate). Strathcona's 2026 capital budget of $1.0 billion is also unchanged.

Quarterly Dividends

Strathcona's Board of Directors has declared a quarterly dividend of $0.30 per share to be paid on September 21, 2026 to shareholders of record on September 11, 2026. Payments to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable. Dividends paid by Strathcona are considered "eligible dividends" for Canadian tax purposes.

About Strathcona

Strathcona is one of North America's fastest growing pure play heavy oil producers with operations focused on thermal oil and enhanced oil recovery. Strathcona is built on an innovative approach to growth achieved through the consolidation and development of long-life assets. Strathcona's common shares (symbol SCR) are listed on the Toronto Stock Exchange (TSX).

For more information about Strathcona, visit www.strathconaresources.com .

Non-GAAP Measures and Ratios

The financial results for the three and six months ended June 30, 2026 and 2025 and the three months ended March 31, 2026, are presented below to reconcile continuing and discontinued operations to total results. Total results in a non-GAAP measure used by Management to assess the historical financial performance of the total business and is not intended to be indicative of future results.