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WKN: A0X8WB | ISIN: CA89154B1022 | Ticker-Symbol: 5O7
Tradegate
11.12.24
18:12 Uhr
8,330 Euro
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Total Energy Services Inc. Announces Q2 2024 Results

Finanznachrichten News

CALGARY, Alberta, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Total Energy Services Inc. ("Total Energy" or the "Company") (TSX:TOT) announces its consolidated financial results for the three and six months ended June 30, 2024.

Financial Highlights
($000's except per share data)

Three months ended
June 30
Six months ended
June 30
2024 2023Change 2024 2023Change
Revenue$ 213,334 $208,8452% $418,020 $446,622(6%)
Operating income 14,612 9,40155% 36,642 37,421(2%)
EBITDA (1) 37,447 30,25524% 80,737 78,7303%
Cashflow 38,094 29,40830% 70,931 78,080(9%)
Net income 15,454 6,180150% 30,917 30,2182%
Attributable to shareholders 15,472 6,201150% 30,954 30,2412%
Per Share Data (Diluted)
EBITDA (1)$ 0.93 $0.7426% $ 2.00 $1.896%
Cashflow$ 0.95 $0.7232% $ 1.75 $1.88(7%)
Attributable to shareholders:
Net income$ 0.39 $0.15160% $ 0.77 $0.735%
Common shares (000's)(4)
Basic 39,329 40,325(2%) 39,740 40,821(3%)
Diluted 40,060 41,048(2%) 40,453 41,568(3%)
June 30 December 31
Financial Position at 2024 2023Change
Total Assets $936,356 $861,6589%
Long-Term Debt and Lease Liabilities (excluding current portion)100,983 100,834-
Working Capital (2) 71,816 123,439(42%)
Net Debt (3) 29,167 -nm
Shareholders' Equity 549,999 530,7584%

Notes 1 through 4 please refer to the Notes to the Financial Highlights set forth at the end of this release.

nm - calculation not meaningful

Total Energy's results for the three months ended June 30, 2024 represent record second quarter financial results. Relatively stable industry conditions in Canada and Australia, the acquisition of Saxon Energy Services Australia Pty Ltd. ("Saxon") on March 7, 2024 and continued strong North American demand for compression and process equipment more than offset a year over year decline in drilling and completion activity in the United States.


Contract Drilling Services ("CDS")

Three months ended
June 30
Six months ended
June 30
2024 2023Change 2024 2023Change
Revenue$67,889 $54,28225% $149,100 $136,8189%
EBITDA (1)$14,505 $9,89147% $36,851 $30,16022%
EBITDA (1) as a % of revenue 21% 18%17% 25% 22%14%
Operating days(2) 2,075 1,9745% 4,851 4,843-
Canada 1,082 1,094(1%) 3,093 3,0143%
United States 346 571(39%) 705 1,161(39%)
Australia 647 309109% 1,053 66858%
Revenue per operating day(2), dollars$ 32,718 $27,49819% $ 30,736 $28,2519%
Canada 25,563 25,3961% 26,805 26,4311%
United States 28,905 27,3196% 28,909 28,2272%
Australia 46,722 35,27532% 43,506 36,50019%
Utilization 22% 23%(4%) 26% 29%(10%)
Canada 15% 16%(6%) 22% 22%-
United States 32% 52%(38%) 32% 51%(37%)
Australia 44% 68%(35%) 48% 74%(35%)
Rigs, average for period 105 9412% 101 947%
Canada 77 761% 77 761%
United States 12 12- 12 13(8%)
Australia 16 5220% 12 5140%

(1)See Note 1 of the Notes to the Financial Highlights set forth at the end of this release.
(2)Operating days includes drilling and paid standby days.

Canadian drilling activity during the second quarter of 2024 was consistent with 2023. The decline in United States drilling activity that began in the third quarter of 2023 continued into the second quarter of 2024. In Australia, Saxon contributed $19.2 million of revenue during the second quarter of 2024. The substantial year over year increase in second quarter Australian revenue per operating day reflects the addition of Saxon's deeper drilling rig fleet which receives higher day rates.


Rentals and Transportation Services ("RTS")

Three months ended
June 30
Six months ended
June 30
2024 2023Change 2024 2023Change
Revenue$17,798 $19,812(10%) $40,177 $44,225(9%)
EBITDA (1)$6,064 $7,064(14%) $15,779 $16,714(6%)
EBITDA (1) as a % of revenue 34% 36%(6%) 39% 38%3%
Revenue per utilized piece of equipment, dollars$16,257 $15,4285% $28,543 $22,29128%
Pieces of rental equipment 7,940 7,6674% 7,940 7,6674%
Canada 7,030 6,7794% 7,030 6,7794%
United States 910 8882% 910 8882%
Rental equipment utilization 14% 15%(7%) 18% 21%(14%)
Canada 12% 14%(14%) 15% 18%(17%)
United States 32% 34%(6%) 35% 40%(13%)
Heavy trucks 66 69(4%) 66 69(4%)
Canada 45 48(6%) 45 48(6%)
United States 21 21- 21 21-

(1) See Note 1 of the Notes to the Financial Highlights set forth at the end of this release.

Second quarter revenue in the RTS segment decreased as compared to 2023 due to lower industry activity in the United States. The year-over-year decline in second-quarter EBITDA and EBITDA margin was a result of lower equipment utilization given this segment's relatively high fixed cost structure. Partially offsetting the impact of lower equipment utilization on revenue and EBITDA was a modest increase in revenue per utilized piece of equipment.


Compression and Process Services ("CPS")

Three months ended
June 30
Six months ended
June 30
2024 2023Change 2024 2023Change
Revenue$109,454 $113,130(3%) $186,980 $211,248(11%)
EBITDA (1)$17,559 $12,39942% $28,459 $24,99814%
EBITDA (1) as a % of revenue 16% 11%45% 15% 12%25%
Horsepower of equipment on rent at period end 54,476 41,84230% 54,476 41,84230%
Canada 16,156 19,202(16%) 16,156 19,202(16%)
United States 38,320 22,64069% 38,320 22,64069%
Rental equipment utilization during the period (HP)(2) 80% 78%3% 77% 78%(1%)
Canada 70% 84%(17%) 69% 78%(12%)
United States 84% 73%15% 80% 77%4%
Sales backlog at period end, $ million$204.6 $185.610% $204.6 $185.610%

(1) See Note 1 of the Notes to the Financial Highlights set forth at the end of this release.
(2) Rental equipment utilization is measured on a horsepower basis.

The year-over-year decrease in the CPS segment's second quarter revenue was due primarily to lower fabrication sales resulting from a shift in customer preference towards renting compression units in the United States. The resulting increase in horsepower on rent contributed to improved second quarter EBITDA and EBITDA margins for 2024 as compared to 2023. The fabrication sales backlog strengthened during the second quarter of 2024, increasing by $18.9 million from the $185.7 million sales backlog at March 31, 2024.


Well Servicing ("WS")

Three months ended
June 30
Six months ended
June 30
2024 2023Change 2024 2023Change
Revenue$18,193 $21,621(16%) $41,763 $54,331(23%)
EBITDA (1)$2,087 $2,854(27%) $6,401 $11,133(43%)
EBITDA (1) as a % of revenue 11% 13%(15%) 15% 20%(25%)
Service hours(2) 18,063 22,630(20%) 42,627 55,876(24%)
Canada 8,410 9,357(10%) 23,817 26,848(11%)
United States 3,115 5,767(46%) 6,630 12,411(47%)
Australia 6,538 7,506(13%) 12,180 16,617(27%)
Revenue per service hour(2), dollars$1,007 $9555% $980 $9721%
Canada 945 941- 963 969(1%)
United States 937 993(6%) 891 998(11%)
Australia 1,121 94519% 1,060 95911%
Utilization(3) 20% 25%(20%) 25% 32%(22%)
Canada 17% 18%(6%) 24% 26%(8%)
United States 29% 58%(50%) 30% 62%(52%)
Australia 25% 29%(14%) 23% 32%(28%)
Rigs, average for period 79 79- 79 79-
Canada 55 56(2%) 55 56(2%)
United States 12 119% 12 119%
Australia 12 12- 12 12-

(1) See Note 1 of the Notes to the Financial Highlights set forth at the end of this release.
(2) Service hours is defined as well servicing hours of service provided to customers and includes paid rig move and standby.
(3) The Company reports its service rig utilization for its operational service rigs in North America based on service hours of 3,650 per rig per year to reflect standard 10 hour operations per day. Utilization for the Company's service rigs in Australia is calculated based on service hours of 8,760 per rig per year to reflect standard 24 hour operations.

Second quarter WS segment revenue and EBITDA decreased as compared to 2024 due to lower activity in all jurisdictions. Canadian activity was negatively impacted by lower well abandonment activity. Activity levels in the United States were significantly lower due to reduced industry activity levels, due in part to significant customer consolidation. Field activity in Australia was somewhat restricted during the second quarter of 2024 due to periods of wet weather although price increases following certain rig upgrades mitigated the impact of lower service hours on revenue.


Corporate

During the second quarter of 2024, Total Energy remained focused on the safe and efficient operation of its business, execution of its 2024 capital expenditure program and the integration of the Saxon acquisition. $20.7 million of capital expenditures were made during the second quarter of 2024.

Total Energy exited the second quarter of 2024 with $71.8 million of positive working capital, including $24.8 million of cash, and $85 million of available credit under its $175 million of revolving bank credit facilities. Included in working capital at June 30, 2024 is a $42.0 million mortgage loan that became current debt as it matures in April of 2025. Total Energy expects to repay this debt (which bears interest at a fixed rate of 3.10%) at maturity when approximately $40.2 million of principal will be outstanding. The weighted average interest rate on the Company's outstanding debt at June 30, 2024 was 5.62%.

Outlook

Industry conditions remain stable. While North American natural gas spot market price weakness has negatively impacted North American gas drilling activity, particularly in the United States, relatively strong oil prices and the pending completion of several LNG export facilities have provided tailwinds for the North American energy services industry, particularly in Canada.

The significant investment in Total Energy's Australian business, including the acquisition of Saxon in March, began to pay dividends in the second quarter of 2024. Synergies arising from the ongoing integration of Saxon with Savanna Australia and the completion of several capital projects during the third quarter of 2024 will see this momentum continue. In late July, a Saxon drilling rig was reactivated and in early August a service rig returned to service following its recertification and upgrade. Both rigs are operating under long term contracts. In addition, a newly constructed drilling rig is scheduled to commence operations by September under a long term contract.

Despite weak near term North American natural gas prices, demand for compression and processing equipment remains steady, driven by continued infrastructure investment to support expansion of North American LNG export capacity. The Company's significant investment in growing the CPS segment's compression rental fleet during the first half of 2024 was reflected in that segment's second quarter results. This investment will continue to benefit the CPS segment going forward as it was supported by long term contracts.

Conference Call

At 9:00 a.m. (Mountain Time) on August 9, 2024 Total Energy will conduct a conference call and webcast to discuss its second quarter financial results. Daniel Halyk, President & Chief Executive Officer, will host the conference call. A live webcast of the conference call will be accessible on Total Energy's website at www.totalenergy.ca by selecting "Webcasts". Persons wishing to participate in the conference call may do so by calling (844) 763-8274 or (647) 484-8814. Those who are unable to listen to the call live may listen to a recording of it on Total Energy's website. A recording of the conference call will also be available until September 9, 2024 by dialing (855) 669-9658 (passcode 7163493).


Selected Financial Information

Selected financial information relating to the three and six months ended June 30, 2024 and 2023 is included in this news release. This information should be read in conjunction with the condensed interim consolidated financial statements of Total Energy and the notes thereto as well as management's discussion and analysis to be issued in due course and in the Company's 2023 Annual Report.

Consolidated Statements of Financial Position
(in thousands of Canadian dollars)

June 30
December 31
2024 2023
(unaudited)(audited)
Assets
Current assets:
Cash and cash equivalents $24,764 $47,935
Accounts receivable 146,184 137,604
Inventory 119,886 98,179
Prepaid expenses and deposits 14,126 16,735
304,960 300,453
Property, plant and equipment 624,058 557,152
Deferred income tax asset 3,285 -
Goodwill 4,053 4,053
$936,356 $861,658
Liabilities & Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $124,314 $116,794
Deferred revenue 50,025 39,321
Contingent consideration on business acquisition 2,738 -
Income taxes payable 3,898 9,771
Dividends payable 3,496 3,198
Current portion of lease liabilities 6,697 5,880
Current portion of long-term debt 41,976 2,050
233,144 177,014
Long-term debt 90,000 90,947
Lease liabilities 10,983 9,887
Deferred income tax liability 52,230 53,052
Shareholders' equity:
Share capital 244,223 251,283
Contributed surplus 4,755 4,805
Accumulated other comprehensive loss (18,204) (25,506)
Non-controlling interest 284 521
Retained earnings 318,941 299,655
549,999 530,758
$936,356 $861,658


Consolidated Statements of Income

(in thousands of Canadian dollars except per share amounts)
(unaudited)

Three months ended
June 30
Six months ended
June 30
2024 2023 2024 2023
Revenue $213,334 $208,845 $418,020 $446,622
Cost of services 164,333 169,049 312,562 347,035
Selling, general and administration 11,441 10,126 24,175 21,559
Other (income) expense (196) (440) 124 (446)
Share-based compensation 713 367 1,422 756
Depreciation 22,431 20,342 43,095 40,297
Operating income 14,612 9,401 36,642 37,421
Gain on sale of property, plant and equipment 404 512 1,000 1,012
Finance costs, net (2,156) (1,796) (3,988) (3,499)
Net income before income taxes 12,860 8,117 33,654 34,934
Current income tax expense 1,046 47 5,018 371
Deferred income tax (recovery) expense (3,640) 1,890 (2,281) 4,345
Total income tax (recovery) expense (2,594) 1,937 2,737 4,716
Net income $15,454 $6,180 $30,917 $30,218
Net income (loss) attributable to:
Shareholders of the Company $15,472 $6,201 $30,954 $30,241
Non-controlling interest (18) (21) (37) (23)
Income per share
Basic $0.39 $0.15 $0.78 $0.74
Diluted $0.39 $0.15 $0.77 $0.73


Consolidated Statements of Comprehensive Income

Three months ended
June 30
Six months ended
June 30
2024 2023 2024 2023
Net income $15,454 $6,180 $30,917 $30,218
Foreign currency translation 5,667 (4,682) 7,302 (5,300)
Total other comprehensive income (loss) for the period 5,667 (4,682) 7,302 (5,300)
Total comprehensive income $21,121 $1,498 $38,219 $24,918
Total comprehensive income (loss) attributable to:
Shareholders of the Company $21,139 $1,519 $38,256 $24,941
Non-controlling interest (18) (21) (37) (23)


Consolidated Statements of Cash Flows

(in thousands of Canadian dollars)
(unaudited)

Three months ended
June 30
Six months ended
June 30
2024202320242023
Cash provided by (used in):
Operations:
Net income for the period $15,454 $6,180 $30,917 $30,218
Add (deduct) items not affecting cash:
Depreciation 22,431 20,342 43,095 40,297
Share-based compensation 713 367 1,422 756
Gain on sale of property, plant and equipment (404) (512) (1,000) (1,012)
Finance costs, net 2,156 1,796 3,988 3,499
Foreign currency translation 933 (702) 663 (350)
Current income tax expense 1,046 47 5,018 371
Deferred income tax (recovery) expense (3,640) 1,890 (2,281) 4,345
Income taxes paid (595) - (10,891) (44)
Cashflow 38,094 29,408 70,931 78,080
Changes in non-cash working capital items:
Accounts receivable (18) 22,124 (8,580) 5,120
Inventory (6,960) (9,241) (21,707) (20,044)
Prepaid expenses and deposits (1,103) (491) 2,609 146
Accounts payable and accrued liabilities (4,465) 14,534 12,867 18,546
Deferred revenue 3,639 (12,432) 10,704 (8,205)
Cash provided by operating activities 29,187 43,902 66,824 73,643
Investing:
Purchase of property, plant and equipment (20,703) (12,665) (50,338) (42,454)
Cash paid on acquisition - - (47,350) -
Proceeds on disposal of property, plant and equipment 922 741 1,549 1,504
Changes in non-cash working capital items (305) (10,229) 3,701 2,504
Cash used in investing activities (20,086) (22,153) (92,438) (38,446)
Financing:
Advancements of long-term debt - - 60,000 -
Repayment of long-term debt (10,513) (10,496) (21,021) (15,993)
Repayment of lease liabilities (1,763) (1,539) (3,392) (3,156)
Dividends to shareholders (3,596) (3,242) (6,794) (5,732)
Repurchase of common shares (11,946) (3,275) (12,670) (11,289)
Shares issued on exercise of stock options 64 - 64 -
Partnership distributions - - (200) -
Interest paid (1,622) (1,559) (13,544) (3,222)
Cash (used in) from financing activities (29,376) (20,111) 2,443 (39,392)
Change in cash and cash equivalents (20,275) 1,638 (23,171) (4,195)
Cash and cash equivalents, beginning of period 45,039 28,228 47,935 34,061
Cash and cash equivalents, end of period $24,764 $29,866 $24,764 $29,866


Segmented Information

The Company provides a variety of products and services to the energy and other resource industries through five reporting segments, which operate substantially in three geographic regions. These reporting segments are Contract Drilling Services, which includes the contracting of drilling equipment and the provision of labor required to operate the equipment, Rentals and Transportation Services, which includes the rental and transportation of equipment used in energy and other industrial operations, Compression and Process Services, which includes the fabrication, sale, rental and servicing of gas compression and process equipment and Well Servicing, which includes the contracting of service rigs and the provision of labor required to operate the equipment. Corporate includes activities related to the Company's corporate and public issuer affairs.

As at and for the three months ended June 30, 2024 (unaudited, in thousands of Canadian dollars)

Contract Rentals and Compression Well Corporate
Total
Drilling Transportation and Process Servicing (1)
Services Services Services
Revenue$ 67,889 $ 17,798 $ 109,454 $ 18,193 $- $ 213,334
Cost of services 51,392 9,853 88,179 14,909 - 164,333
Selling, general and administration 2,060 2,162 3,795 1,173 2,251 11,441
Other income - - - - (196) (196)
Share-based compensation - - - - 713 713
Depreciation 12,039 5,019 2,622 2,424 327 22,431
Operating income (loss) 2,398 764 14,858 (313) (3,095) 14,612
Gain (loss) on sale of property, plant and equipment 68 281 79 (24) - 404
Finance costs, net (16) (46) (110) (22) (1,962) (2,156)
Net income (loss) before income taxes 2,450 999 14,827 (359) (5,057) 12,860
Goodwill - 2,514 1,539 - - 4,053
Total assets 424,342 163,914 276,447 70,130 1,523 936,356
Total liabilities 78,649 29,854 106,665 6,063 165,126 386,357
Capital expenditures 8,777 2,388 3,732 5,806 - 20,703
Canada United States Australia Total
Revenue $ 76,906 $ 98,471 $ 37,957 $ 213,334
Non-current assets (2) 368,701 137,395 122,015 628,111


As at and for the three months ended June 30, 2023 (unaudited, in thousands of Canadian dollars)

Contract Rentals and Compression Well Corporate Total
Drilling Transportation and Process Servicing (1)
Services Services Services
Revenue$54,282 $19,812 $113,130 $21,621 $- $208,845
Cost of services 42,783 10,994 97,513 17,759 - 169,049
Selling, general and administration 1,986 2,076 3,218 1,072 1,774 10,126
Other (income) expense (288) (7) 43 - (188) (440)
Share-based compensation - - - - 367 367
Depreciation 9,479 4,845 2,614 3,142 262 20,342
Operating income (loss) 322 1,904 9,742 (352) (2,215) 9,401
Gain on sale of property, plant and equipment 90 315 43 64 - 512
Finance costs, net (15) (17) (111) (17) (1,636) (1,796)
Net income (loss) before income taxes 397 2,202 9,674 (305) (3,851) 8,117
Goodwill - 2,514 1,539 - - 4,053
Total assets 354,433 177,972 278,289 75,584 1,839 888,117
Total liabilities 65,250 27,464 132,616 6,196 126,637 358,163
Capital expenditures 7,614 2,596 542 1,913 - 12,665
Canada United States Australia Total
Revenue$83,257 $98,820 $26,768 $208,845
Non-current assets (2) 395,421 128,222 47,394 571,037

(1) Corporate includes the Company's corporate activities and obligations pursuant to long-term credit facilities.
(2)Includes property, plant and equipment, lease asset (excluding current portion) and goodwill.


As at and for the six months ended June 30, 2024
(unaudited, in thousands of Canadian dollars)

Contract Rentals and Compression WellCorporate
Total
Drilling Transportation and Process Servicing (1)
Services Services Services
Revenue$ 149,100 $ 40,177 $ 186,980 $ 41,763 $- $ 418,020
Cost of services 107,284 20,768 151,730 32,780 - 312,562
Selling, general and administration 5,066 4,423 6,921 2,558 5,207 24,175
Other expense - - - - 124 124
Share-based compensation - - - - 1,422 1,422
Depreciation 22,382 10,083 5,211 4,823 596 43,095
Operating income (loss) 14,368 4,903 23,118 1,602 (7,349) 36,642
Gain (loss) on sale of property, plant and equipment 101 793 130 (24) - 1,000
Finance costs, net (38) (87) (212) (45) (3,606) (3,988)
Net income (loss) before income taxes 14,431 5,609 23,036 1,533 (10,955) 33,654
Goodwill - 2,514 1,539 - - 4,053
Total assets 424,342 163,914 276,447 70,130 1,523 936,356
Total liabilities 78,649 29,854 106,665 6,063 165,126 386,357
Capital expenditures 21,578 5,173 14,187 9,400 - 50,338
Canada United States Australia Total
Revenue $ 179,970 $ 177,588 $ 60,462 $ 418,020
Non-current assets (2) 368,701 137,395 122,015 628,111


As at and for the six months ended June 30, 2023 (unaudited, in thousands of Canadian dollars)

Contract Rentals and Compression WellCorporate Total
Drilling Transportation and Process Servicing (1)
Services Services Services
Revenue$136,818 $44,225 $211,248 $54,331 $- $446,622
Cost of services 102,201 23,897 179,485 41,452 - 347,035
Selling, general and administration 4,971 4,134 6,795 1,916 3,743 21,559
Other (income) expense (288) (7) 43 - (194) (446)
Share-based compensation - - - - 756 756
Depreciation 18,527 9,717 5,237 6,289 527 40,297
Operating income (loss) 11,407 6,484 19,688 4,674 (4,832) 37,421
Gain on sale of property, plant and equipment 226 513 73 170 30 1,012
Finance costs, net (30) (35) (232) (33) (3,169) (3,499)
Net income (loss) before income taxes 11,603 6,962 19,529 4,811 (7,971) 34,934
Goodwill - 2,514 1,539 - - 4,053
Total assets 354,433 177,972 278,289 75,584 1,839 888,117
Total liabilities 65,250 27,464 132,616 6,196 126,637 358,163
Capital expenditures 31,434 4,134 2,515 4,371 - 42,454
Canada United States Australia Total
Revenue $191,384 $203,827 $51,411 $446,622
Non-current assets (2) 395,421 128,222 47,394 571,037

(1) Corporate includes the Company's corporate activities and obligations pursuant to long-term credit facilities.
(2) Includes property, plant and equipment, lease asset (excluding current portion) and goodwill.


Total Energy provides contract drilling services, equipment rentals and transportation services, well servicing and compression and process equipment and service to the energy and other resource industries from operation centers in North America and Australia. The common shares of Total Energy are listed and trade on the TSX under the symbol TOT.

For further information, please contact Daniel Halyk, President & Chief Executive Officer at (403) 216-3921 or Yuliya Gorbach, Vice-President Finance and Chief Financial Officer at (403) 216-3920 or by e-mail at: investorrelations@totalenergy.ca or visit our website at www.totalenergy.ca

Notes to the Financial Highlights
(1) EBITDA means earnings before interest, taxes, depreciation and amortization and is equal to net income (loss) before income taxes plus finance costs plus depreciation. EBITDA is not a recognized measure under IFRS. Management believes that in addition to net income (loss), EBITDA is a useful supplemental measure as it provides an indication of the results generated by the Company's primary business activities prior to consideration of how those activities are financed, amortized or how the results are taxed in various jurisdictions as well as the cash generated by the Company's primary business activities without consideration of the timing of the monetization of non-cash working capital items. Readers should be cautioned, however, that EBITDA should not be construed as an alternative to net income determined in accordance with IFRS as an indicator of Total Energy's performance. Total Energy's method of calculating EBITDA may differ from other organizations and, accordingly, EBITDA may not be comparable to measures used by other organizations.
(2) Working capital equals current assets minus current liabilities.
(3) Net Debt equals long-term debt plus lease liabilities plus current liabilities minus current assets. Management believes this measure provides a useful indication of the Company's liquidity.
(4) Basic and diluted shares outstanding reflect the weighted average number of common shares outstanding for the periods. See note 6 to the Company's Condensed Interim Consolidated Financial Statements.

Certain statements contained in this press release, including statements which may contain words such as "could", "should", "expect", "believe", "will" and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Forward-looking statements are based upon the opinions and expectations of management of Total Energy as at the effective date of such statements and, in some cases, information supplied by third parties. Although Total Energy believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct.

In particular, this press release contains forward-looking statements concerning industry activity levels, including expectations regarding Total Energy's future activity levels, market share and compression and process production activity. Such forward-looking statements are based on a number of assumptions and factors including fluctuations in the market for oil and natural gas and related products and services, political and economic conditions, central bank interest rate policy, the demand for products and services provided by Total Energy, Total Energy's ability to attract and retain key personnel and other factors. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Total Energy to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Reference should be made to Total Energy's most recently filed Annual Information Form and other public disclosures (available at http://www.sedarplus.ca/) for a discussion of such risks and uncertainties.

The TSX has neither approved nor disapproved of the information contained herein.


© 2024 GlobeNewswire (Europe)
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