Surge Energy ( (TSE:SGY) ) has provided an update.
Surge Energy Inc. reported strong financial and operational results for the fourth quarter and full year 2024, with production exceeding expectations and significant cash flow generation. Despite a decline in crude oil prices, the company increased its adjusted funds flow due to higher production and cost savings from new debt financing. Surge returned $19.4 million to shareholders in Q4 through dividends and share buybacks, and generated $278.6 million in cash flow from operations for the year, reflecting a 5% increase from 2023. The company’s strategic focus on core areas and financial discipline positions it well in the market.
More about Surge Energy
Surge Energy Inc. operates in the energy sector, focusing on the development of high operating netback, low-cost, light and medium gravity conventional crude oil reservoirs. The company primarily extracts oil from the Sparky and SE Saskatchewan core areas, which are among the top crude oil plays in Canada based on per well payout economics.
YTD Price Performance: -12.78%
Average Trading Volume: 56,899
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $347.6M
For a thorough assessment of SGY stock, go to TipRanks’ Stock Analysis page.