Strathcona Resources Ltd. Reports Year End 2023 Reserves
The tables below summarize Strathcona's year end 2023 reserves which were prepared by
In addition, a letter to shareholders regarding its year end 2023 reserves has been posted on
Summary of Oil and Gas Reserves (Forecast Prices and Costs) as of
Reserves Category |
Light & |
|
Heavy |
|
Bitumen |
|
|
|||||||||||||||||
Gross |
|
Net |
|
Gross |
Net |
|
Gross |
|
Net |
|
Gross |
|
Net |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Developed Producing |
925 |
|
719 |
|
92,897 |
80,576 |
|
119,623 |
|
83,009 |
|
452,900 |
|
409,622 |
||||||||||
Developed Non- |
1 |
|
1 |
|
826 |
765 |
|
- |
|
- |
|
5,257 |
|
4,780 |
||||||||||
Undeveloped |
775 |
|
579 |
|
356,261 |
315,189 |
|
553,434 |
|
362,239 |
|
884,378 |
|
787,418 |
||||||||||
Total Proved(2) |
1,701 |
|
1,300 |
|
449,983 |
396,529 |
|
673,057 |
|
445,248 |
|
1,342,535 |
|
1,201,820 |
||||||||||
Total Probable |
3,359 |
|
2,409 |
|
168,324 |
143,544 |
|
680,169 |
|
430,653 |
|
1,073,714 |
|
921,859 |
||||||||||
Total Proved Plus |
5,059 |
|
3,709 |
|
618,307 |
540,073 |
|
1,353,226 |
|
875,901 |
|
2,416,249 |
|
2,123,678 |
Reserves Category |
|
|
Natural Gas Liquids |
|
Oil Equivalent |
|
|
||||||||||||||||
Gross |
|
Net |
|
Gross |
|
Net |
|
Gross |
|
Net |
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Developed Producing |
10,647 |
|
9,768 |
|
48,091 |
|
37,810 |
|
338,793 |
|
272,013 |
|
|
||||||||||
Developed Non- |
312 |
|
291 |
|
754 |
|
608 |
|
2,509 |
|
2,219 |
|
|
||||||||||
Undeveloped |
8,865 |
|
7,959 |
|
88,001 |
|
72,563 |
|
1,147,344 |
|
883,133 |
|
|
||||||||||
Total Proved(2) |
19,824 |
|
18,018 |
|
136,846 |
|
110,981 |
|
1,488,647 |
|
1,157,365 |
|
|
||||||||||
Total Probable |
25,497 |
|
22,630 |
|
88,447 |
|
67,230 |
|
1,123,501 |
|
801,251 |
|
|
||||||||||
Total Proved Plus |
45,321 |
|
40,648 |
|
225,294 |
|
178,211 |
|
2,612,148 |
|
1,958,616 |
|
|
Notes: |
|
|
|
(1) |
|
(2) |
Figures may not add due to rounding. |
Summary of Net Present Value of Future Net Revenue Attributable to Oil and Gas Reserves (Forecast Prices and Costs) as of
|
|
Before Deducting Income Taxes |
|
After Deducting Income Taxes |
||||||||||||||||||
RESERVES CATEGORY |
|
0 % |
|
5 % |
|
10 % |
|
15 % |
|
20 % |
Unit |
|
0 % |
|
5 % |
|
10 % |
|
15 % |
|
20 % |
Unit Value(3) |
|
|
(in $ millions)(1) |
$/boe |
|
(in $ millions)(1) |
$/boe |
||||||||||||||||
Proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Developed Producing |
|
6,322 |
|
6,252 |
|
5,585 |
|
5,002 |
|
4,531 |
20.53 |
|
6,322 |
|
6,252 |
|
5,585 |
|
5,002 |
|
4,531 |
20.53 |
Developed Non ‑ Producing |
|
60 |
|
50 |
|
44 |
|
38 |
|
35 |
19.62 |
|
60 |
|
50 |
|
44 |
|
38 |
|
35 |
19.62 |
Undeveloped |
|
27,940 |
|
15,219 |
|
9,005 |
|
5,630 |
|
3,639 |
10.20 |
|
25,434 |
|
13,660 |
|
7,987 |
|
4,939 |
|
3,153 |
9.04 |
Total Proved(4) |
|
34,322 |
|
21,521 |
|
14,634 |
|
10,670 |
|
8,205 |
12.64 |
|
31,817 |
|
19,962 |
|
13,616 |
|
9,979 |
|
7,719 |
11.76 |
Total Probable |
|
32,301 |
|
13,192 |
|
6,809 |
|
4,111 |
|
2,751 |
8.50 |
|
28,816 |
|
11,376 |
|
5,713 |
|
3,383 |
|
2,234 |
7.13 |
Total Proved plus Probable(4) |
|
66,624 |
|
34,714 |
|
21,442 |
|
14,781 |
|
10,956 |
10.95 |
|
60,632 |
|
31,337 |
|
19,329 |
|
13,361 |
|
9,953 |
9.87 |
Notes: |
|
|
|
(1) |
Net present value of future net revenue includes all resource income, including the sale of oil, gas, by-product reserves, processing third party reserves and other income. |
(2) |
Calculated using net present value of future net revenue before deducting income taxes, discounted at 10% per year, and net reserves. The unit values are based on net reserves volumes. |
(3) |
Calculated using net present value of future net revenue after deducting income taxes, discounted at 10% per year, and net reserves. The unit values are based on net reserves volumes. |
(4) |
Figures may not add due to rounding. |
Forecast Prices and Costs
Year (1) |
|
Inflation |
|
Exchange |
|
Crude Oil |
|
|
Natural Gas |
|
|
Natural Gas Liquids |
||||||||||
|
WTI |
|
Canadian |
|
Western |
|
|
|
|
|
|
|
|
|
|
|
Ethane |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
0.00 |
|
0.75 |
|
76.00 |
|
97.33 |
|
81.33 |
|
|
2.33 |
|
|
101.33 |
|
50.67 |
|
28.21 |
|
6.47 |
2025 |
|
2.00 |
|
0.75 |
|
76.00 |
|
97.25 |
|
84.67 |
|
|
3.64 |
|
|
101.33 |
|
50.67 |
|
33.03 |
|
10.09 |
2026 |
|
2.00 |
|
0.75 |
|
76.00 |
|
97.17 |
|
84.33 |
|
|
3.95 |
|
|
101.33 |
|
50.67 |
|
32.78 |
|
10.93 |
2027 |
|
2.00 |
|
0.75 |
|
77.52 |
|
99.12 |
|
86.02 |
|
|
4.03 |
|
|
103.36 |
|
51.68 |
|
33.44 |
|
11.15 |
2028 |
|
2.00 |
|
0.75 |
|
79.07 |
|
101.10 |
|
87.74 |
|
|
4.11 |
|
|
105.43 |
|
52.71 |
|
34.11 |
|
11.38 |
2029 |
|
2.00 |
|
0.75 |
|
80.65 |
|
103.12 |
|
89.50 |
|
|
4.19 |
|
|
107.54 |
|
53.77 |
|
34.79 |
|
11.60 |
2030 |
|
2.00 |
|
0.75 |
|
82.26 |
|
105.18 |
|
91.29 |
|
|
4.27 |
|
|
109.69 |
|
54.84 |
|
35.48 |
|
11.84 |
2031 |
|
2.00 |
|
0.75 |
|
83.91 |
|
107.29 |
|
93.11 |
|
|
4.36 |
|
|
111.88 |
|
55.94 |
|
36.19 |
|
12.07 |
2032 |
|
2.00 |
|
0.75 |
|
85.59 |
|
109.43 |
|
94.97 |
|
|
4.44 |
|
|
114.12 |
|
57.06 |
|
36.92 |
|
12.31 |
2033 |
|
2.00 |
|
0.75 |
|
87.30 |
|
111.62 |
|
96.87 |
|
|
4.53 |
|
|
116.40 |
|
58.20 |
|
37.66 |
|
12.56 |
Escalation of 2% per year thereafter |
Notes: |
|
|
|
(1) |
Product sale prices will reflect these reference prices with further adjustments for quality and transportation to point of sale. |
(2) |
Inflation rates for forecasting costs only. Prices inflated at 2% after 2024 where applicable. |
(3) |
The exchange rate is used to generate the benchmark reference prices in this table. |
Reconciliation of Changes in Gross Reserves (1)
|
|
|
|
|
|
|
|
|
||||||||
|
|
Light & |
|
Heavy Crude |
|
Bitumen |
|
Non- |
|
|
|
Natural Gas |
|
Oil Equivalent |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
2,776 |
|
468,679 |
|
646,474 |
|
824,049 |
|
19,896 |
|
80,970 |
|
1,339,555 |
||
Extensions and improved |
|
- |
|
1,667 |
|
35,277 |
|
43,248 |
|
257 |
|
5,575 |
|
49,770 |
||
Technical revisions(3) |
|
(873) |
|
(2,505) |
|
11,663 |
|
(12,895) |
|
1,791 |
|
1,707 |
|
8,155 |
||
Discoveries(4) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
||
Acquisitions |
|
22 |
|
- |
|
- |
|
483,880 |
|
- |
|
53,880 |
|
134,549 |
||
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
||
Economic factors(5) |
|
8 |
|
292 |
|
- |
|
892 |
|
69 |
|
371 |
|
831 |
||
Production |
|
(232) |
|
(19,580) |
|
(20,355) |
|
(52,423) |
|
(2,192) |
|
(7,466) |
|
(56,750) |
||
Infill drilling |
|
- |
|
1,430 |
|
- |
|
55,785 |
|
3 |
|
1,809 |
|
12,537 |
||
|
|
1,701 |
|
449,983 |
|
673,057 |
|
1,342,535 |
|
19,824 |
|
136,846 |
|
1,488,647 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Probable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
4,499 |
|
169,426 |
|
630,111 |
|
906,539 |
|
30,074 |
|
60,171 |
|
1,020,309 |
||
Extensions and improved |
|
- |
|
879 |
|
22,210 |
|
21,785 |
|
- |
|
5,092 |
|
31,812 |
||
Technical revisions(3) |
|
(1,186) |
|
(2,729) |
|
27,848 |
|
(2,303) |
|
(4,514) |
|
(1,365) |
|
21,432 |
||
Discoveries(4) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
||
Acquisitions |
|
8 |
|
- |
|
- |
|
206,474 |
|
- |
|
26,811 |
|
61,232 |
||
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
||
Economic factors(5) |
|
37 |
|
31 |
|
- |
|
(2,996) |
|
(63) |
|
(453) |
|
(896) |
||
Production |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
||
Infill drilling |
|
- |
|
717 |
|
- |
|
(55,785) |
|
- |
|
(1,809) |
|
(10,389) |
||
|
|
3,359 |
|
168,324 |
|
680,169 |
|
1,073,714 |
|
25,497 |
|
88,447 |
|
1,123,501 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Proved Plus Probable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
7,275 |
|
638,105 |
|
1,276,584 |
|
1,730,588 |
|
49,971 |
|
141,141 |
|
2,359,865 |
||
Extensions and improved |
|
- |
|
2,547 |
|
57,487 |
|
65,033 |
|
257 |
|
10,668 |
|
81,582 |
||
Technical revisions(3) |
|
(2,059) |
|
(5,234) |
|
39,510 |
|
(15,198) |
|
(2,723) |
|
342 |
|
29,587 |
||
Discoveries(4) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
||
Acquisitions |
|
29 |
|
- |
|
- |
|
690,354 |
|
- |
|
80,692 |
|
195,779 |
||
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
||
Economic factors(5) |
|
45 |
|
323 |
|
- |
|
(2,104) |
|
6 |
|
(82) |
|
(65) |
||
Production |
|
(232) |
|
(19,580) |
|
(20,355) |
|
(52,423) |
|
(2,192) |
|
(7,466) |
|
(56,750) |
||
Infill drilling |
|
- |
|
2,147 |
|
- |
|
- |
|
3 |
|
- |
|
2,148 |
||
|
|
5,058 |
|
618,307 |
|
1,353,226 |
|
2,416,249 |
|
45,321 |
|
225,294 |
|
2,612,146 |
Notes: |
|
|
|
(1) |
Gross reserves means |
(2) |
Additions due to new wells drilled and booked during the year, and any reserve changes due to enhanced oil recovery. |
(3) |
Technical revisions also include changes in reserves associated with changes in operating costs, capital costs and commodity price offsets. |
(4) |
Additions where no reserves were previously booked. |
(5) |
Changes to reserves volumes due to changes in price forecasts and/or inflation rates. |
(6) |
Figures may not add due to rounding |
Undiscounted Future Net Revenue by Reserves Category
Reserves Category |
|
Revenue |
|
Royalties |
|
Operating |
|
Development |
|
Abandonment |
|
Future Net |
|
Income |
|
Future Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Proved |
|
118,432 |
|
28,914 |
|
36,173 |
|
16,568 |
|
2,454 |
|
34,322 |
|
2,506 |
|
31,817 |
Total Probable |
|
114,955 |
|
35,395 |
|
31,315 |
|
15,184 |
|
760 |
|
32,301 |
|
3,486 |
|
28,816 |
Total Proved plus |
|
233,386 |
|
64,309 |
|
67,488 |
|
31,751 |
|
3,214 |
|
66,624 |
|
5,991 |
|
60,632 |
Notes: |
|
|
|
(1) |
Figures may not add due to rounding |
For more information about
View original content to download multimedia:https://www.prnewswire.com/news-releases/strathcona-resources-ltd-reports-year-end-2023-reserves-302086045.html
SOURCE