Pure-play Canadian heavy oil producer after divesting its entire Montney/Duvernay gas business for C$2.84bn in 2025; now ~100% thermal (Cold Lake) and conventional/thermal Lloydminster heavy oil, producing ~152 mboe/d at ~86% liquids with a 1.2 bnboe proved (1P) / 2.2 bnboe 2P reserve base (~22-yr RLI).
Controlled by Adam Waterous's Waterous Energy Fund (~79%); FY2025 delivered C$4,617M oil & gas sales, C$1,594M funds from operations, C$911M net earnings and C$364M free cash flow with net debt cut to ~C$2.1bn (~1x). Pursued MEG Energy in 2025 (lost to Cenovus), sold Montney to Tourmaline/ARC/others, and bolted on the Vawn thermal project + Hardisty rail terminal to anchor future heavy-oil growth and egress.
Its EV/EBITDA of 7.0x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 4.1% is lower than the 6.5% median, and at $6.62/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Strathcona Resources Ltd. scores 56/100, strongest on asset quality (67/100). Sub-scores: value 50, quality 67, growth 38, risk 40 (higher = riskier).
Strathcona Resources Ltd. holds approximately 1.23 billion boe of proved (1P) reserves with FY2025 production of about 118 thousand boe/d (100% liquids), a reserve life of roughly 28.5 years. Break-even: ~$45 (WTI FCF breakeven) — Low-decline thermal + conventional heavy oil; modest sustaining capital keeps the FCF breakeven (sustaining capex + base dividend) near US$45/bbl WTI, with growth spending funded from cash flow above the mid-US$50s.
For Strathcona Resources Ltd., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Canada | 100% | 8 | Stable; pipeline egress constraints, oil-sands emissions policy. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Cold Lake (Lindbergh/Tucker) | Canada | Thermal heavy oil (SAGD) | Core low-decline thermal; largest producing asset |
| Lloydminster Thermal | Canada | Thermal heavy oil | Multiple SAGD/thermal projects across AB/SK |
| Lloydminster Conventional | Canada | Conventional heavy oil | Cold-flow/primary heavy oil, high per-boe netback, low capital |
| Vawn Thermal Project | Canada | Thermal heavy oil (growth) | Acquired 2025; SAGD growth plus large undeveloped thermal land base |
| Hardisty Rail Terminal | Canada | Crude-by-rail / egress | Acquired 2025; heavy-oil egress and differential optionality |
| Montney (Groundbirch/Kakwa) | Canada | Divested gas/NGL | Sold 2025 for C$2.84bn (Tourmaline/ARC/others) — no longer owned |
| Duvernay | Canada | Divested | Part of the 2025 Montney business divestiture |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 130 | 148 | 168 | 194 | 118 |
| Proved reserves (bnboe) | 1.00 | 1.20 | 1.40 | 1.50 | 1.23 |
| Revenue ($bn) | 2.4 | 4.2 | 3.8 | 3.9 | 3.4 |
| EBITDA ($bn) | 1.3 | 2.0 | 1.6 | 1.6 | 1.2 |
| Net income ($bn) | 0.3 | 1.3 | 0.6 | 0.4 | 0.7 |
| Free cash flow ($bn) | 0.2 | 0.9 | 0.5 | 0.5 | 0.3 |
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✓ FY2025 figures verified against primary sources: