Surge Energy: Benefiting From Higher Oil Prices

Surge Energy delivered strong 2025 results, with robust free cash flow and a well-covered 6.1% dividend at $65 oil. SGY's production mix remains oil-weighted (88% liquids), minimizing exposure to weak natural gas prices and supporting resilient cash generation. 2026 guidance assumes $65 WTI, with C$95 million free cash flow; higher realized prices could boost FCFPS to C$1.75 if oil averages $85.