As reported to the FAA. Reports are unverified, and codes are left as the FAA publishes them.
What was found
AFTER T/O APPROX 500FT AGL, NR 2 ENGINE TQ DROPPED TO 11 PERCENT, ALL OTHER INSTRUMENTS INDICATING NORMAL. ENGINE BEGAN TO SURGING AND UNABLE TO CONTROL WITH THRUST LEVERS. COMMENCED WITH ENGINE SHUTDOWN PROCEDURES. DECLARED EMERGENCY WITH APPROACH. LEVELED OFF AT 1000 FT MSL TO STAY VFR, LANDED WITHOUT INCIDENT.