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09:51 AM EST, 01/17/2022 (MT Newswires) -- (Updates shares in final paragraph.) Surge Energy (SGY.TO) was up more than 6% after the company on Monday said it expects little change in its production in 2022 as it focuses on cutting debt and improving shareholder returns. The Western Canadian oil and gas producer said it expects to maintain output at around 21,500 barrels of oil equivalent per day this year with a C$124-million capital budget, up from the C$120 million it initially forecast in November. Surge said it expects to generate free cash flow of around C$130 million, or C$1.57 per share, based on US$75 per barrel oil prices and expects to reduce its debt to between C$250 million and C$265 million by year end, down from the C$319.79 million at the end of the third quarter. It is also looking to reinstate a dividend and will "evaluate the potential for opportunistic share buybacks". Surge shares were last seen up C$0.39 to C$6.65, a 52-week high, on the Toronto Stock Exchange. Price: 6.65, Change: +0.39, Percent Change: +6.23 |