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Surge Energy (TSX: SGY) Boosts Q1 Net Income by Over 300%; Declares Dividend for April Production
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Highlights
Surge Energy Inc. (TSX: SGY) is engaged in the exploration, development, and production of oil and gas from properties in western Canada. The company generates its revenue from the sale of petroleum and natural gas products such as Oil, Natural gas liquids, and Natural gas, of which a majority of the revenue is derived from the sale of oil.
In the first quarter of 2025 (Q1 2025), Surge Energy’s oil sales increased by 4.3% yoy due to price uplift of 5% in realized oil prices. Adjusted Funds Flow increased by 28.2% yoy, reflecting efficient operational performance and capital discipline. Net income saw a significant increase of 372.2% yoy as unrealized hedging losses dropped significantly to CAD 3.5 mn from CAD 15.1 mn, reducing non-cash drag on earnings. This helped the company swing to profitability even with flat production and modest revenue growth.
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