Guidance2018-09-14T17:57:13+00:00

Guidance

2018 Guidance

As of May 15, 2018 Press Release
PDF available here

Surge’s upwardly revised guidance for 2018 is set forth below:

Operational US 65 WTI 2018 Guidance5 US 75 WTI 2018 Guidance6
2018 Average Production (boe/d) 16,585 16,585
2018 Exit Production (boe/d) (82 percent oil) 17,175 17,175
Total 2018 Capital Spending $105 million $105 million
Operating Expenses – 2H 2018 ($/boe) $13.95/boe $13.95/boe
Transportation Expenses – 2H 2018 ($/boe) $1.50/boe $1.50/boe
Royalties as a % of Revenue – 2H 2018 14-15% 15-16%
Financial
Estimated 2H 2018 Annualized Adjusted Funds Flow $149 million $190 million
Estimated 2H 2018 Annualized Adjusted Funds Flow per Share $0.65 $0.82
Estimated Q4 2018 Net Debt to Adjusted Funds Flow 1.66x 1.2x
Annualized Dividend $23.1 million $23.1 million
Sustainability Ratio – 2H 2018 Annualized 86% 67%
Simple Payout Ratio – 2H 2018 Annualized 16% 12%

*Note: In 2017 Surge budgeted WCS differentials at US$12.75 per bbl. Surge has now increased its WCS differential assumption by 41 percent in 2018, to US$18 per bbl in its US$65 WTI budget on a go forward basis.

5 2018 guidance and Acquisition metrics are based off of US$65/bbl WTI, US$47/bbl WCS, 0.78 CAD/USD FX, $1.40/GJ AECO.

6 2018 guidance and Acquisition metrics are based off of US$75/bbl WTI, US$56/bbl WCS, 0.79 CAD/USD FX, $1.40/GJ AECO.