08:54 AM EDT, 03/27/2024 (MT Newswires) -- Strathcona Resources Ltd. ( STHRF ) reported overnight Tuesday operating earnings of $202.1 million in the fourth quarter of 2023, increasing from $169.4 million in the year-ago period.

Free cash flow surged year over year to $150.8 million from $75.1 million.

Production jumped to 186,064 barrels of oil equivalent per day (boe/d) from 143,371 boe/d in the previous year.

For 2024, the company reduced its 2024 production guidance to a range of 187,500 to 192,500 boe/d from a previous estimate of 190,000 to 195,000 boe/d, citing its decision to defer the tie-in of its 3-well 13-25 pad at Groundbirch amid weak natural gas prices.

Strathcona said it repaid its bank term loan at the end of the quarter to end the year with about $2.7 billion in debt. The company said it has received approval for an expanded revolving credit facility of $2.5 billion from $2.3 billion previously.

The company lost 2.3% from near 52-week highs yesterday.