Strathcona Resources Ltd. (SCR) Earnings Call Transcript & Summary

Good morning, everyone. Welcome to the Annual Meeting of Shareholders of Strathcona Resources Limited. My name is Adam Waterous, and I'm the Executive Chairman of Strathcona and will act as Chair of the meeting. With me for the meeting today is Connor Waterous, Chief Financial Officer of Strathcona; Connie De Ciancio, Chief Commercial Officer of Strathcona. I'm also joined by certain other Strathcona team members who are either shareholders or duly appointed proxy holders and will be acting as motioner and seconders for the meeting. The meeting will now come to order. During the course of this virtual meeting, registered shareholders and duly appointed proxy holders may vote by electronic ballot through the Lumi platform. If you have already voted by proxy, there is no need to vote again during the meeting. If you do vote again, your vote cast at this meeting will revoke your prior vote. Registered shareholders and duly appointed proxy holders may submit questions at any time during the meeting. If you wish to submit a question during the meeting, select messaging tab on the Lumi platform, type your question within the box at the top of your screen and click the second arrow. Questions asked related to the business of the meeting will be answered in the order received for each item of business. Please note that Strathcona will be hosting its first quarter conference call in May, and we may choose to defer discussion of certain general questions relating to Strathcona's business until that call. Now for the formal business of the meeting. With the consent of the meeting, Olga Kary, Corporate Secretary of Strathcona will act as Secretary of today's meeting and Nazim Nathoo of Odyssey Trust Company will act as Scrutineer. Notice of this meeting, the Management Information Circular and a form of proxy were sent on March 17, 2025 to shareholders of record as of February 28, 2025, and to the directors and auditors of Strathcona. I would ask the secretary to file the declaration of mailing of those materials within the minutes of the meeting. The scrutineer has advised that a quorum is present. I direct the secretary to ensure that the formal report of the scrutineer on the quorum be attached to the minutes of the meeting. As due notice of the meeting has been given and a quorum is present, I declare this meeting to be properly called and constituted for the transaction of business. For those that are entitled to vote at today's meeting and have not already submitted a proxy, voting will be conducted by an electronic ballot for each voting member -- for each voting matter. If you are a registered shareholder or a duly appointed proxy holder and have not yet voted, you may vote at any time during the meeting by clicking on the voting tab at the top of your screen and selecting your vote for each ballot. The polls will remain open until discussion, if any, has concluded on all items of business of the meeting. I now declare the polls open, and will proceed with matters under consideration at this meeting. The first item of business is to receive the consolidated financial statements of Strathcona for the year ended December 31, 2024, together with the auditor's report thereon. Copies of such financial statements were mailed to shareholders who requested those materials, and additional copies are available electronically on Strathcona's website and on SEDAR+. The next item of business is the election of directors of Strathcona. The number of directors to be elected at this meeting is 9. The corporation's nominees are individuals described in the Management Information Circular, all of whom are current directors of Strathcona. May I have a motion on the election of these 9 nominees as directors of Strathcona.

I move that the 9 nominees described in the Management Information Circular be elected as directors of Strathcona until the next Annual Meeting of Shareholders or until their successors are elected or appointed.

I second the motion.

Thank you. Ms. Kary, are there any questions on this motion?

Mr. Chairman, there are no questions on this motion.

Thank you. If you have not already done so, you may cast your vote on this resolution, and we will proceed to the next matter. The next item of business is the appointment of auditors. It is proposed that Deloitte LLP be appointed as Strathcona's auditors. May I have a motion on the appointment of Deloitte LLP as the auditors of Strathcona.

I move that the firm of Deloitte LLP, independent registered public accounting firm, be appointed auditors of Strathcona until the next Annual Meeting of Shareholders or until their successors are appointed.

I second the motion.

Thank you. Ms. Kary. Are there any questions on this motion?

Mr. Chairman, there are no questions on this motion.

Thank you. If you have not already done so, you may cast your vote on this resolution, and we will proceed to the next matter. The next item of business is the confirmation of Strathcona's amended and restated bylaw #1. Information concerning the amendments made to Strathcona's bylaws, including the full text of the amended and restated bylaw #1 was provided in the Management Information Circular. May I have a motion to confirm the amended and restated bylaw #1?

I move that the amended and restated bylaw #1 of Strathcona be confirmed.

I second the motion.

Thank you. Ms. Kary, are there any questions on this motion?

Mr. Chairman, there are no questions on this motion.

Thank you. If you've not already done so, you may cast your vote on this resolution. That concludes the items of business set out in the Notice of Meeting. If you are a registered shareholder or a duly appointed proxy holder, and have not submitted your votes on any matters, please do so now. We will pause briefly to permit voting before closing the polls on all items of business. The line will go silent for about 30 seconds while we allow for votes. [Voting]

Thank you for waiting. I now declare the polls are closed. I have been advised that the scrutineer has completed the tabulation of votes for all resolutions. With respect to the election of directors of Strathcona, I'm advised by the scrutineer that each of the proposed nominees has been duly elected. With respect to the resolution to appoint the auditors, I'm advised by the scrutineer that the resolution has been approved. With respect to the resolution to confirm Strathcona's amended and restated bylaw #1, I'm advised by the scrutineer that the resolution has been approved. The detailed voting results will be available in the press release to be issued today as well as on SEDAR+. The formal items of the business as set out in the Notice of Meeting have now been dealt with. As there is no further business, may I have a motion to terminate the meeting.

I move that this meeting be terminated.

I second the motion.

I now declare this meeting terminated. We will now address any general questions submitted during the meeting. Ms. Kary were there any questions submitted?

There are no questions that will be addressed at this time.

I would like to thank you for attending the Annual Meeting of Shareholders of Strathcona. This concludes the meeting.