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Strathcona Resources Ltd. Reports Second Quarter 2025 Financial and Operating Results, and Announces Quarterly Dividend
CALGARY, AB, Aug. 7, 2025 /PRNewswire/ - Strathcona Resources Ltd. ("Strathcona" or the "Company") (TSX: SCR) today reported its second quarter 2025 financial and operating results. The Board of Directors also declared a quarterly dividend of $0.30 per common share.
During the three months ended June 30, 2025 the Company entered into three separate asset purchase and sale agreements to dispose of its Montney assets, the results from which have been presented in the Company's interim financial statements and management's discussion and analysis for the three and six months ended June 30, 2025 and 2024 as discontinued operations. Unless otherwise noted, all figures in this press release reflect the combined results of continuing and discontinued operations.
Q2 2025 Highlights:
- Production of 181,368 boe/d (71% oil and condensate, 78% liquids)(1)(2)
- Operating Earnings of $225.5 million ($1.05 / share)(1)(3)
- Free Cash Flow of $32.0 million ($0.15 / share)(1)(3)
| | Three Months Ended(1) | Six Months Ended(1) | |||
| ($ millions, unless otherwise indicated) | June 30, 2025 | June 30, 2024 | March 31, 2025 | June 30, 2025 | June 30, 2024 |
| | | | | | |
| WTI (US$ / bbl) | 63.74 | 80.57 | 71.42 | 67.58 | 78.76 |
| WCS Hardisty (C$ / bbl) | 73.96 | 91.63 | 84.30 | 79.13 | 84.70 |
| AECO 5A (C$ / gj) | 1.60 | 1.12 | 2.05 | 1.83 | 1.74 |
| | | | | | |
| Bitumen (bbls/d) | 56,628 | 59,581 | 65,016 | 60,799 | 59,865 |
| Heavy oil (bbls/d) | 51,528 | 51,111 | 50,488 | 51,011 | 51,473 |
| Condensate and light oil (bbls/d) | 20,647 | 20,120 | 20,682 | 20,665 | 19,700 |
| Total oil production (bbls/d) | 128,803 | 130,812 | 136,186 | 132,475 | 131,038 |
| Other NGLs (bbls/d) | 12,302 | 11,426 | 11,837 | 12,070 | 11,582 |
| Natural gas (mcf/d) | 241,578 | 237,170 | 279,517 | 260,443 | 244,945 |
| Production (boe/d) | 181,368 | 181,766 | 194,609 | 187,952 | 183,444 |
| Sales (boe/d) | 183,806 | 185,841 | 194,884 | 189,314 | 184,351 |
| % Oil and condensate | 71.0 % | 72.0 % | 70.0 % | 70.5 % | 71.4 % |
| % Liquids(2) | 77.8 % | 78.3 % | 76.1 % | 76.9 % | 77.7 % |
| | | | | | |
| Oil and natural gas sales, net of blending costs and other income(3) | 970.8 | 1,184.8 | 1,133.7 | 2,104.5 | 2,189.1 |
| Royalties | 104.6 | 194.0 | 138.2 | 242.8 | 320.2 |
| Production and operating – Energy | 58.0 | 64.9 | 75.7 | 133.7 | 143.7 |
| Production and operating – Non-energy | 161.9 | 149.5 | 155.5 | 317.4 | 284.9 |
| Transportation and processing | 150.5 | 149.2 | 142.4 | 292.9 | 292.6 |
| General and administrative | 27.5 | 25.2 | 24.7 | 52.2 | 47.2 |
| Depletion, depreciation and amortization | 177.3 | 229.1 | 215.7 | 393.0 | 450.9 |
| Interest and finance costs(4) | 65.5 | 66.8 | 59.1 | 124.6 | 134.5 |
| Operating Earnings(3) | 225.5 | 306.1 | 322.4 | 547.9 | 515.1 |
| Other items(4) | (5.4) | 78.9 | 117.1 | 111.7 | 187.3 |
| Income and comprehensive income | 230.9 | 227.2 | 205.3 | 436.2 | 327.8 |
| | | | | | |
| Operating Earnings(3) | 225.5 | 306.1 | 322.4 | 547.9 | 515.1 |
| Non-cash items(4) | 197.0 | 252.4 | 236.4 | 433.4 | 496.5 |
| (Loss) on risk management and foreign exchange contracts – realized | (8.8) | (10.9) | (0.7) | (9.5) | (8.4) |
| Funds from Operations(3) | 413.7 | 547.6 | 558.1 | 971.8 | 1,003.2 |
| Capital expenditures | (378.4) | (297.4) | (350.6) | (729.0) | (583.5) |
| Decommissioning costs | (3.3) | (2.9) | (23.5) | (26.8) | (14.5) |
| Free Cash Flow(3) | 32.0 | 247.3 | 184.0 | 216.0 | 405.2 |
| | | | | | |
| Debt, net of cash and marketable securities(4) | 2,247.5 | 2,435.6 | 2,416.8 | 2,247.5 | 2,435.6 |
| Common shares (millions) | 214.2 | 214.2 | 214.2 | 214.2 | 214.2 |
| (1) | During the three months ended June 30, 2025 the Company entered into three separate asset purchase and sale agreements to dispose of its Montney assets which has been presented in the Company's interim financial statements and management's discussion and analysis for the three and six months ended June 30, 2025 and 2024 as discontinued operations. The financial and operating results for these periods have been presented throughout this press release based on the aggregation of continuing and discontinued operations. The aggregation of continuing and discontinued financial results are non-GAAP measures and do not have a standardized meaning under IFRS® Accounting Standards (the "Accounting Standards"); see "Non-GAAP Measures and Ratios" section of this press release. |
| (2) | See "Presentation of Oil and Gas Information" section of this press release. |
| (3) | A non-GAAP financial measure which does not have a standardized meaning under the Accounting Standards; see "Non-GAAP Measures and Ratios" section of this press release. |
| (4) | See "Supplementary Financial Measures" Section of this press release. |
| | Three Months Ended(1) | Six Months Ended(1) | |||
| ($/boe, unless otherwise indicated) | June 30, 2025 | June 30, 2024 | March 31, 2025 | June 30, 2025 | June 30, 2024 |
| | | | | | |
| Oil and natural gas sales, net of blending costs and other income(2) | 58.04 | 70.06 | 64.65 | 61.42 | 65.24 |
| Royalties | 6.25 | 11.47 | 7.88 | 7.09 | 9.54 |
| Production and operating – Energy | 3.47 | 3.84 | 4.32 | 3.90 | 4.28 |
| Production and operating – Non-energy | 9.68 | 8.84 | 8.87 | 9.26 | 8.49 |
| Transportation and processing | 9.00 | 8.82 | 8.12 | 8.55 | 8.72 |
| General and administrative | 1.64 | 1.49 | 1.41 | 1.52 | 1.40 |
| Depletion, depreciation and amortization | 10.60 | 13.55 | 12.30 | 11.47 | 13.44 |
| Interest and finance costs | 3.92 | 3.95 | 3.37 | 3.64 | 4.01 |
| Operating Earnings(2) | 13.48 | 18.10 | 18.38 | 15.99 | 15.36 |
| Effective royalty rate (%)(2) | 10.8 % | 16.4 % | 12.2 % | 11.5 % | 14.6 % |
| (1) | During the three months ended June 30, 2025 the Company entered into three separate asset purchase and sale agreements to dispose of its Montney assets which has been presented in the Company's interim financial statements and management's discussion and analysis for the three and six months ended June 30, 2025 and 2024 as discontinued operations. The financial and operating results for these periods have been presented throughout this press release based on the aggregation of continuing and discontinued operations. The aggregation of continuing and discontinued financial results are non-GAAP measures and do not have a standardized meaning under IFRS® Accounting Standards (the "Accounting Standards"); see "Non-GAAP Measures and Ratios" section of this press release. |
| (2) | A non-GAAP financial measure which does not have a standardized meaning under the Accounting Standards; see "Non-GAAP Measures and Ratios" section of this press release. |
Quarter Review and Near-Term Priorities
Strathcona's second quarter production of 181 Mboe / d reflected a 7% decrease from the first quarter, largely due to the planned major turnaround at the company's Tucker property (7 Mboe / d impact) and the divestiture of its Groundbirch Montney property (3 Mboe / d impact). Shortly after the second quarter, Strathcona completed the sale of its Kakwa and Grande Prairie Montney properties, completing its transition to a pure play heavy oil business. Based on preliminary accounting, the total gain on sale of Strathcona's Montney business (expected to be recorded in the third quarter) is approximately $760 million, before final closing adjustments.
In Cold Lake, the major turnaround at Tucker was completed safely, with the field returning to full capacity in mid-July. Production from Tucker continues to exceed expectations, due to strong performance from eight lower drainage wells (LDWs) brought on stream at the end of 2024. The LDWs at Tucker reflect an innovative approach to SAGD development first developed by Strathcona at Orion, wherein a new producer is placed directly below a legacy well pair to recover pre-heated oil with minimal incremental steam. At Tucker this has resulted in substantially lower steam-oil-ratios (SORs), with the field averaging a 2.8x SOR in July, a record low in the asset's 20-year history and an approximately 45% decrease compared to when Strathcona acquired the asset in late 2021. Strathcona has identified approximately 75 additional LDWs at Tucker, Orion and Lindbergh to be drilled over the next 5 years.
In Lloydminster Thermal, capital activity remains focused at the Company's Meota Central project, which is currently approximately 50% complete, on schedule and on budget. Meota Central is targeting first oil in the fourth quarter of 2026 and is expected to deliver a peak oil rate of approximately 13 Mbbls / d at a total installed cost of approximately $360 million. Meota Central is the Company's second major brownfield Lloydminster SAGD expansion, following the success of its Meota West 2 expansion which it completed earlier this year at a total installed cost of $93 million and which reached a peak rate of over 5 Mbbls / d in the second quarter. In Lloydminster Conventional, Strathcona is currently focused on its annual drilling programs at Bodo-Cosine and Druid, the latter of which includes several multi-lateral horizontal locations following the success from Druid's initial 2024 pilot program.
Outlook
Strathcona's 2025 production guidance is unchanged at the mid-point but has been revised to 152 – 158 Mboe / d, from 150 – 160 Mboe / d previously. The Company's 2025 capital budget of $1.2 billion remains unchanged.
Strathcona's offer for MEG Energy remains outstanding until September 15, 2025. Strathcona remains ready and willing to engage with the MEG board of directors. MEG shareholders are encouraged to refer to the Offer to Purchase and accompanying Take-Over Bid Circular of the Company dated May 30, 2025, available on Strathcona's website and under the Company's profile on SEDAR+ at www.sedarplus.ca.
In the event that Strathcona's offer for MEG is unsuccessful, Strathcona currently intends to return approximately $10 per share to its shareholders. Any such distribution will be at the sole discretion of the board of directors of Strathcona and subject to numerous factors.
Quarterly Dividend
Strathcona's board of directors has declared a quarterly dividend of $0.30 per share to be paid on September 22, 2025 to shareholders of record on September 12, 2025. 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.
Conference Call Details
Strathcona will host a conference call on August 8, 2025, starting at 7:00AM MT (9:00AM ET), to review the Company's second quarter 2025 financial and operating results.
Date: Friday, August 8, 2025
Time: 9:00AM ET (7:00AM MT)
URL Entry: To join without operator assistance, register here up to 15 minutes before the start time. Enter your name and phone number to receive an automated call-back.
Telephone Entry: Alternatively, you can join with operator assistance by dialing 1 (888) 510-2154 (North American Toll Free) and quote conference ID 20959.
Webcast Link: https://app.webinar.net/L5Kwya8ZQgd
For those unable to participate in the conference call at the scheduled time, a recording of the conference call will be available for seven days following the call and can be accessed by dialing 1 (888) 660-6345 and entering the conference number 05133.
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.
Investor inquiries:
Media inquiries:
Non-GAAP Measures and Ratios
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, 2024 (1) | ||||
| ($ millions, unless otherwise indicated) | Continuing | Discontinued | Total | Continuing | Discontinued | Total |
| | | | | | | |
| Revenues and other income | | | | | | |
| Oil and natural gas sales | 974.7 | 234.7 | 1,209.4 | 1,231.1 | 241.2 | 1,472.3 |
| Sale of purchased product | 14.4 | — | 14.4 | 13.0 | — | 13.0 |
| Royalties | (95.9) | (8.7) | (104.6) | (168.2) | (25.8) | (194.0) |
| Oil and natural gas revenues | 893.2 | 226.0 | 1,119.2 | 1,075.9 | 215.4 | 1,291.3 |
| Gain (loss) on risk management contracts | 19.4 | — | 19.4 | 2.1 | — | 2.1 |
| Midstream revenue | 6.6 | — | 6.6 | — | — | — |
| Other income (loss) | 4.9 | — | 4.9 | (0.1) | — | (0.1) |
| | 924.1 | 226.0 | 1,150.1 | 1,077.9 | 215.4 | 1,293.3 |
| | | | | | | |
| Expenses | | | | | | |
| Purchased product | 14.4 | — | 14.4 | 13.0 | — | 13.0 |
| Blending costs | 250.1 | — | 250.1 | 287.4 | — | 287.4 |
| Production and operating | 180.7 | 39.2 | 219.9 | 172.9 | 41.5 | 214.4 |
| Transportation and processing | 94.2 | 56.3 | 150.5 | 98.3 | 50.9 | 149.2 |
| General and administrative | 21.1 | 6.4 | 27.5 | 19.0 | 6.2 | 25.2 |
| Interest | 45.8 | — | 45.8 | 43.7 | — | 43.7 |
| Transaction related costs | 14.2 | 4.6 | 18.8 | 0.3 | — | 0.3 |
| Finance costs | 14.8 | 4.9 | 19.7 | 12.5 | 10.6 | 23.1 |
| Depletion, depreciation and amortization | 155.7 | 21.6 | 177.3 | 157.2 | 71.9 | 229.1 |
| Foreign exchange (gain) loss | (39.5) | — | (39.5) | 6.9 | — | 6.9 |
| | 751.5 | 133.0 | 884.5 | 811.2 | 181.1 | 992.3 |
| | | | | | | |
| Gain on marketable securities | 24.6 | — | 24.6 | — | — | — |
| Gain on assets held for sale, net | — | 5.3 | 5.3 | — | — | — |
| (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 |
| | | | | | | |
| 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. |
| | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024(1) | ||||
| ($ millions, unless otherwise indicated) | Continuing | Discontinued | Total | Continuing | Discontinued | Total |
| | | | | | | |
| Revenues and other income | | | | | | |
| Oil and natural gas sales | 2,151.0 | 517.4 | 2,668.4 | 2,271.9 | 499.2 | 2,771.1 |
| Sale of purchased product | 21.7 | — | 21.7 | 15.0 | — | 15.0 |
| Royalties | (208.3) | (34.5) | (242.8) | (268.1) | (52.1) | (320.2) |
| Oil and natural gas revenues | 1,964.4 | 482.9 | 2,447.3 | 2,018.8 | 447.1 | 2,465.9 |
| Loss on risk management contracts | (58.6) | — | (58.6) | (37.6) | — | (37.6) |
| Midstream revenue | 6.6 | — | 6.6 | — | — | — |
| Other income | 6.1 | — | 6.1 | — | — | — |
| | 1,918.5 | 482.9 | 2,401.4 | 1,981.2 | 447.1 | 2,428.3 |
| | | | | | | |
| Expenses | | | | | | |
| Purchased product | 22.0 | — | 22.0 | 15.0 | — | 15.0 |
| Blending costs | 576.3 | — | 576.3 | 582.0 | — | 582.0 |
| Production and operating | 363.1 | 88.0 | 451.1 | 344.0 | 84.6 | 428.6 |
| Transportation and processing | 182.2 | 110.7 | 292.9 | 185.1 | 107.5 | 292.6 |
| General and administrative | 40.3 | 11.9 | 52.2 | 35.8 | 11.4 | 47.2 |
| Interest | 84.2 | — | 84.2 | 89.1 | — | 89.1 |
| Transaction related costs | 14.8 | 4.6 | 19.4 | 0.4 | — | 0.4 |
| Finance costs | 27.1 | 13.3 | 40.4 | 23.9 | 21.5 | 45.4 |
| Depletion, depreciation and amortization | 303.3 | 89.7 | 393.0 | 303.0 | 147.9 | 450.9 |
| Foreign exchange (gain) loss | (40.5) | — | (40.5) | 27.3 | — | 27.3 |
| Unrealized loss on Sable remediation fund | — | — | — | 0.1 | — | 0.1 |
| | 1,572.8 | 318.2 | 1,891.0 | 1,605.7 | 372.9 | 1,978.6 |
| | | | | | | |
| Gain on marketable securities | 47.3 | — | 47.3 | — | — | — |
| Gain on assets held for sale, net | — | 5.3 | 5.3 | — | — | — |
| (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 |
| | | | | | | |
| 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. |
"Oil and natural gas sales, net of blending and other income" is calculated by deducting purchased product and blending costs from oil and natural gas sales, sales of purchased product, midstream revenue and other income, for both continuing and discontinued operations. Management uses this metric to isolate the revenue associated with the Company's operations after accounting for the unavoidable cost of blending. Oil and natural gas sales, net of blending and other income, is also reflected on a per boe basis calculated using sales volumes.
"Effective royalty rate" is calculated by dividing royalties by oil and natural gas sales and sales of purchased product, net of blending costs and purchased product, for both continuing and discontinued operations. This metric allows management to analyze the movement of royalty expenses in relation to realized and benchmark commodity prices.
"Operating Earnings - Discontinued" is considered a key financial metric for evaluating the profitability of Strathcona's discontinued operations. A quantitative reconciliation of Operating Earnings - Discontinued to the most directly comparable GAAP financial measure, Oil and natural gas sales, is presented below.
| | Three Months Ended | Six Months Ended | |||
| ($ millions, unless otherwise indicated) | June 30, 2025 | June 30, 2024(1) | March 31, 2025(1) | June 30, 2025 | June 30, 2024(1) |
| | | | | | |
| Revenues | | | | | |
| Oil and natural gas sales | 234.7 | 241.2 | 282.7 | 517.4 | 499.2 |
| | | | | | |
| Expenses | | | | | |
| Royalties | 8.7 | 25.8 | 25.8 | 34.5 | 52.1 |
| Production and operating - Energy | — | 2.5 | 1.8 | 1.8 | 3.7 |
| Production and operating - Non-energy | 39.2 | 39.0 | 47.0 | 86.2 | 80.9 |
| Transportation and processing | 56.3 | 50.9 | 54.4 | 110.7 | 107.5 |
| Depletion, depreciation and amortization | 21.6 | 71.9 | 68.1 | 89.7 | 147.9 |
| General and administrative | 6.4 | 6.2 | 5.5 | 11.9 | 11.4 |
| Finance costs | 4.9 | 10.6 | 8.4 | 13.3 | 21.5 |
| Operating Earnings - Discontinued | 97.6 | 34.3 | 71.7 | 169.3 | 74.2 |
| (1) Comparative periods have been revised to reflect current period presentation. |
"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.
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 | Six Months Ended | |||
| ($ millions, unless otherwise indicated) | June 30, 2025 | June 30, 2024(1) | March 31, 2025(1) | June 30, 2025 | June 30, 2024(1) |
| | | | | | |
| 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 |
| (1) Comparative periods have been revised to reflect current period presentation. |
| | Three Months Ended | Six Months Ended | |||
| ($ millions, unless otherwise indicated) | June 30, 2025 | June 30, 2024(1) | March 31, 2025(1) | June 30, 2025 | June 30, 2024(1) |
| | | | | | |
| 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) |
| (1) Comparative periods have been revised to reflect current period presentation. |
The following table reconciles operating earnings, funds from operations and free cash flow from continuing and discontinued operations:
| | Three Months Ended | Six Months Ended | |||
| ($ millions, unless otherwise indicated) | June 30, 2025 | June 30, 2024(1) | March 31, 2025(1) | June 30, 2025 | June 30, 2024(1) |
| | | | | | |
| 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 | 1,003.2 |
| | | | | | |
| 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. |
Supplementary Financial Measures
"Interest and finance costs" is an aggregation of interest and finance costs from both continuing and discontinued operations.
"Other items" is an aggregation of risk management contracts, foreign exchange, transaction related costs, unrealized loss (gain) on Sable remediation fund, loss on settlement of other obligations, and deferred tax expense from both continuing and discontinued operations.
| | Three Months Ended | Six Months Ended | |||
| ($ millions, unless otherwise indicated) | June 30, 2025 | June 30, 2024 | March 31, 2025 | June 30, 2025 | June 30, 2024 |
| | | | | | |
| (Gain) loss on risk management contracts | (19.4) | (2.1) | 78.0 | 58.6 | 37.6 |
| Foreign exchange (gain) loss | (39.5) | 6.9 | (1.0) | (40.5) | 27.3 |
| Transaction related costs | 18.8 | 0.3 | 0.6 | 19.4 | 0.4 |
| Unrealized (gain) loss on Sable remediation fund | — | — | — | — | 0.1 |
| (Gain) on marketable securities | (24.6) | — | (22.7) | (47.3) | — |
| (Gain) on assets held for sale | (5.3) | — | — | (5.3) | — Für dich aus unserer Redaktion zusammengestelltDein Kommentar zum Artikel im Forum Jetzt anmelden und diskutieren
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