Strathcona Resources Ltd. SCR-T has sold all of its Montney assets for about US$2.84-billion and acquired Hardisty Rail Terminal as part of its “core area consolidation” strategy, the Canadian oil and gas producer said on Wednesday.
Previously owned by USD Partners, Hardisty is Western Canada’s largest crude-by-rail terminal. It is one of North America’s major crude oil hubs as well as an origination point for export pipelines to the United States, according to the USD Partners website.
Strathcona acquired Hardisty for about US$45-million in the first quarter of this year, it said. Combined with its Hamlin Terminal, Strathcona would now own and operate rail terminals handling about 80 per cent of Western Canada’s current crude-by-rail volumes, it added.
The company sold its Kakwa asset to ARC Resources Ltd. for around US$1.7-billion, its Grande Prairie asset for around US$850-million, and its Groundbirch asset to Tourmaline Oil Corp. for US$291.5-million.
It expects to close the Kakwa and Grande Prairie asset sales in the early part of the third quarter this year, and the Groundbirch sale in the second quarter.
The company also revised its guidance, projecting second-quarter 2025 production at 180,000 barrels of oil equivalent per day.
Full-year 2025 production is expected to range between 150–160 Mboe/d, with 120,000–125,000 barrels per day anticipated in the third and fourth quarters following the Montney asset dispositions, it said in a statement.
Strathcona went public in 2023 after acquiring its smaller rival Pipestone Energy. It has a market capitalization of US$4.17-billion, according to LSEG data.