Strathcona Resources rises on Montney asset sale for C$2.84 billion

Strathcona Resources

15/05/2025 16:34

** Shares of Canadian oil and gas producer Strathcona Resources SCR.TO rise 10.3% to C$29.92

** Co on Wednesday said it had sold all its Montney assets for about C$2.84 billion and acquired Hardisty Rail Terminal as part of its "core area consolidation" strategy

** Said it sold Kakwa asset to ARC Resources ARX.TO for around C$1.7 billion, its Grade Prairie asset for around C$850 million and its Groundbirch asset to Tourmaline Oil TOU.TO for C$291.5 million

** SCR expects to close Kakwa and Grande Prairie asset sales in early part of Q3 and Groundbirch sale in Q2

** Co expects to produce 180 million barrels of oil equivalent/day in Q2

** Including session's moves, stock down 5.7% YTD

 (Reporting by Sumit Saha in Bengaluru)

 ((Sumit.Saha@thomsonreuters.com;))