Surge Energy Reports $105.1 Million In Revenue For Q3 2021

Surge Energy Inc. (TSX: SGY) reported on Wednesday its financial results for the third quarter ended September 30, 2021. The release highlighted a quarterly revenue of $105.1 million, an increase from Q3 2020’s $56.9 million.

The firm also had a daily production of 17,642 boe/day, marginally up from last year’s 17,092 boe/day. The company has reconfirmed the exit 2021 and preliminary 2022 guidances to be both 21,500 boe/day (86% liquids).

Meanwhile, operating netback for the quarter came in at $22.97/boe compared to last year’s $14.99/boe.

The company ended the quarter with $67.6 million in net income, up from last year’s net loss of $13.2 million. The quarterly income translates to $1.15 per diluted share.

The firm also closed out its cash balance, leaving current assets at $63.0 million. Current liabilities came in at $143.0 million.

The quarterly results include only a partial quarter of contribution from the previously acquired Astra Oil Corp. and none yet from the recently acquired Fire Sky Energy Inc.

Surge Energy last traded at $5.13 on the TSX.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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