05:32 PM EDT, 07/28/2025 (MT Newswires) -- Surge Energy (SGY.TO) after trade Monday swung to a second-quarter profit while its petroleum and natural gas revenue fell year-over-year.

The company earned $31.91 million, or $0.32 per share, in the period, compared with a loss of $64.70 million, or $0.64, a year ago. FactSet expected $0.21 per share.

Petroleum and natural gas revenue stood at $141.22 million, down from $173.17 million, in the year-ago quarter. FactSet projected sales of $150 million.

In the second quarter, Surge produced an average of 23,589 barrels of oil equivalent per day, with 89% being liquids, exceeding its planned average for the year, the company said, adding that this consistent production outperformance is mainly due to successful drilling results in its Sparky and SE Saskatchewan core areas.

The company said that it is updating its 2025 operating and capital budget guidance. It now expects to produce an average of 23,000 barrels of oil equivalent per day, up from 22,500. At the same time, it has reduced its 2025 capital spending forecast to $155 million, down from the previous outlook $170 million.