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Surge Energy Expands H2 2026 Capital Program to Boost Production Growth

Surge Energy (SGY.TO) on Monday said its board approved an expanded capital spending program for the second half of 2026, including higher investment in waterflood projects and plans for additional production growth.The company also raised its 2026 exit production guidance to 24,000 barrels of oil equivalent per day (boepd), up from its previous forecast of 23,000 boepd."The conflict between the United States and Iran continues in the Middle East, restricting oil flows through the Strait of Hormuz and contributing to significant drawdowns in global crude inventories. These macro events, combined with the ongoing Russia/Ukraine conflict, are driving a 'higher for longer' crude oil price scenario than many market participants were projecting," the company said.Surge Energy is generating much higher free cash flow in 2026 as compared to management's budgeted crude oil price assumption of US$65 WTI per barrel, the company said, adding that its board has approved an increase in its 2026 capital program, from $150 million to $175 million.The company said it expects to generate $335 million in adjusted funds flow and $320 million in operating cash flow in 2026, based on an average WTI oil price of US$80 per barrel. It also expects 4% exit production growth and $145 million in free cash flow in 2026, representing a 15% free cash flow yield for shareholders.Surge shares closed up $0.61 to $10.02 on the Toronto Stock Exchange.

Surge Energy Increased Its 2026 Exit Production Rate Guidance from 23,000 boepd to 24,000 boepd

Surge Energy Increased Its 2026 Exit Production Rate Guidance from 23,000 boepd to 24,000 boepd