08:45 AM EDT, 05/16/2025 (MT Newswires) -- (Correcting earlier story to omit reference to Strathcona trying to thwart MEG's agreement from last week to be acquired by Pan American Silver ( PAAS ) , which has bid for MAG Silver and not MEG Energy ( MEGEF ). A corrected version of the story follows).

Strathcona Resources ( STHRF ) late Thursday reported an increase in first-quarter operating earnings and boosted its quarterly dividend.

The results come just as the company said it will begin a take-over bid for MEG Energy ( MEGEF ) .

Operating earnings came in at $322.4 million, or $1.51 per share, rising from $209 million, or $0.98 per share. The result beat the $1.04 earnings per share consensus estimate compiled by FactSet.

Income and comprehensive income also increased to $205.3 million from $100.6 million.

Oil and natural gas sales, net of blending costs and other income, were $1.13 billion, up from $1 billion. The result exceeded the $958 million sales consensus estimate compiled by FactSet. The company produced 194,609 barrels of oil equivalent per day, an increase from 185,122 boe/d.

Strathcona's board declared a quarterly dividend of $0.30 per share to be paid June 23 to shareholders of record on June 13. The payout is a 15% increase from the dividend paid in the year-ago period.