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WKN: A0X8WB | ISIN: CA89154B1022 | Ticker-Symbol: 5O7
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06.08.25 | 08:00
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Total Energy Services Inc. Announces Q2 2025 Results

CALGARY, Alberta, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Total Energy Services Inc. ("Total Energy" or the "Company") (TSX:TOT) announces its consolidated financial results for the three months ended June 30, 2025.

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

Three months ended
June 30
Six months ended
June 30
2025 2024Change 2025 2024Change
Revenue$250,416$213,33417% $502,325$418,02020%
Operating income 22,314 14,61253% 48,377 36,64232%
EBITDA (1) 45,396 37,44721% 95,884 80,73719%
Cashflow 38,410 38,0941% 83,344 70,93118%
Net income (loss) 17,086 15,45411% 36,038 30,91717%
Attributable to shareholders 17,111 15,47211% 36,077 30,95417%
Per Share Data (Diluted)
EBITDA (1)$1.20$0.9329% $2.51$2.0026%
Cashflow$1.02$0.957% $2.18$1.7525%
Attributable to shareholders:
Net income (loss)$0.45$0.3915% $0.94$0.7722%
Common shares (000's)(4)
Basic 37,341 39,329(5%) 37,725 39,740(5%)
Diluted 37,820 40,060(6%) 38,232 40,453(5%)
June 30 December 31
Financial Position at 2025 2024Change
Total Assets $949,889$937,7081%
Long-Term Debt and Lease Liabilities (excluding current portion)108,740 79,17137%
Working Capital (2) 111,804 78,73742%
Net Debt (3) - 434nm
Shareholders' Equity 581,475 571,0432%

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 financial results for the second quarter of 2025 represent record second quarter results. A substantial increase in Australian drilling and service rig activity, continued strong North American demand for compression and process equipment and improved performance from Canadian well servicing more than offset a substantial decline in United States drilling and completion activity and a modest decline in Canadian drilling activity.

Contract Drilling Services ("CDS")

Three months ended
June 30
Six months ended
June 30
2025 2024 Change 2025 2024 Change
Revenue$71,222 $67,889 5%$162,309 $149,100 9%
EBITDA (1)$16,031 $14,505 11%$41,259 $36,851 12%
EBITDA (1) as a % of revenue 23% 21%10% 25% 25%-
Operating days(2) 1,945 2,075 (6%) 4,668 4,851 (4%)
Canada 956 1,082 (12%) 2,845 3,093 (8%)
United States 147 346 (58%) 291 705 (59%)
Australia 842 647 30% 1,532 1,053 45%
Revenue per operating day(2), dollars$ 36,618 $32,718 12%$ 34,771 $30,736 13%
Canada 26,543 25,563 4% 27,105 26,805 1%
United States 28,694 28,905 (1%) 29,591 28,909 2%
Australia 49,441 46,722 6% 49,990 43,506 15%
Utilization 21% 22%(5%) 21% 26%(19%)
Canada 14% 15%(7%) 14% 22%(36%)
United States 13% 32%(59%) 13% 32%(59%)
Australia 54% 44%23% 54% 48%13%
Rigs, average for period 102 105 (3%) 102 101 1%
Canada 73 77 (5%) 73 77 (5%)
United States 12 12 - 12 12 -
Australia 17 16 6% 17 12 42%

(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.

Second quarter CDS segment activity was modestly lower in 2025 compared to 2024 due to a substantial decline in U.S. activity, an extended spring shutdown in Canada and the loss of market share in more competitive areas of the Canadian market. The decline in North American operating days was offset by a significant increase in Australian activity following the acquisition of Saxon in March of 2024 and the reactivation of several upgraded drilling rigs following such acquisition. The 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 as well as increased rates received for upgraded drilling rigs.

Rentals and Transportation Services ("RTS")

Three months ended
June 30
Six months ended
June 30
2025
2024 Change 2025 2024 Change
Revenue$16,186 $17,798 (9%)$39,210 $40,177 (2%)
EBITDA (1)$5,608 $6,064 (8%)$14,034 $15,779 (11%)
EBITDA (1) as a % of revenue 35% 34%3% 36% 39%(8%)
Revenue per utilized piece of equipment, dollars$13,596 $16,257 (16%)$29,062 $28,543 2%
Pieces of rental equipment 8,053 7,940 1% 8,053 7,940 1%
Canada 6,877 7,030 (2%) 6,877 7,030 (2%)
United States 1,176 910 29% 1,176 910 29%
Rental equipment utilization 15% 14%7% 17% 18%(6%)
Canada 13% 12%8% 15% 15%-
United States 28% 32%(13%) 34% 35%(3%)
Heavy trucks 68 66 3% 68 66 3%
Canada 47 45 4% 47 45 4%
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.

RTS segment revenue and revenue per utilized piece of equipment both decreased for the second quarter of 2025 compared to 2024 due to the mix of equipment operating and lower industry activity. Second quarter segment EBITDA decreased in 2025 compared to the prior year due to the change in the mix of equipment operating and lower equipment utilization. Partially offsetting the decline in U.S. activity was the acquisition of 280 major pieces of rental equipment located in Oklahoma on June 10, 2025.

Compression and Process Services ("CPS")

Three months ended
June 30
Six months ended
June 30
2025 2024 Change 2025 2024 Change
Revenue$133,233 $109,454 22%$239,449 $186,980 28%
EBITDA (1)$22,157 $17,559 26%$37,897 $28,459 33%
EBITDA (1) as a % of revenue 17% 16%6% 16% 15%7%
Horsepower of equipment on rent at period end 43,273 54,476 (21%) 43,273 54,476 (21%)
Canada 15,523 16,156 (4%) 15,523 16,156 (4%)
United States 27,750 38,320 (28%) 27,750 38,320 (28%)
Rental equipment utilization during the period (HP)(2) 63% 80%(21%) 65% 77%(16%)
Canada 56% 70%(20%) 59% 69%(14%)
United States 67% 84%(20%) 69% 80%(14%)
Sales backlog at period end, $ million$303.9 $204.6 49%$303.9 $204.6 49%

(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.

2025 second quarter CPS segment revenue was higher compared to 2024 due to increased fabrication sales and parts and service activity in both Canada and the U.S. that was partially offset by lower compression rental fleet utilization. Efficiencies arising from higher production levels contributed to the year-over-year increase in second quarter segment EBITDA and EBITDA margin. Sequentially, the quarter end fabrication sales backlog increased by $38.5 million, or 15%, from the $265.4 million backlog at March 31, 2025.


Well Servicing ("WS")

Three months ended
June 30
Six months ended
June 30
2025 2024 Change 2025 2024 Change
Revenue$29,775 $18,193 64%$61,357 $41,763 47%
EBITDA (1)$3,457 $2,087 66%$8,763 $6,401 37%
EBITDA (1) as a % of revenue 12% 11%9% 14% 15%(7%)
Service hours(2) 27,440 18,063 52% 56,508 42,627 33%
Canada 11,638 8,410 38% 26,694 23,817 12%
United States 2,063 3,115 (34%) 4,292 6,630 (35%)
Australia 13,739 6,538 110% 25,522 12,180 110%
Revenue per service hour(2), dollars$ 1,085 $1,007 8%$ 1,086 $980 11%
Canada 890 945 (6%) 932 963 (3%)
United States 913 937 (3%) 916 891 3%
Australia 1,276 1,121 14% 1,275 1,060 20%
Utilization(3) 27% 20%35% 29% 25%16%
Canada 23% 17%35% 27% 24%13%
United States 19% 29%(34%) 20% 30%(33%)
Australia 52% 25%108% 49% 23%113%
Rigs, average for period 79 79 - 79 79 -
Canada 55 55 - 55 55 -
United States 12 12 - 12 12 -
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 increased in 2025 as compared to 2024 due to increased activity in Australia and Canada following the reactivation of several upgraded service rigs that offset a substantial decline in U.S. activity. Segment EBITDA for the second quarter of 2025 was higher compared to the prior year due to increased Australian and Canadian activity and higher pricing realized in Australia for upgraded service rigs.

Corporate

During the second quarter of 2025, Total Energy continued to execute on its 2025 capital expenditure program and pursuit of attractive acquisition opportunities. $26.3 million of capital expenditures were made during the second quarter that related primarily to the upgrade of drilling and service rigs in Australia and Canada and the acquisition of rental equipment in the U.S. To June 30, 2025, $60.8 million of capital expenditures were funded, including approximately $16.6 million of capital commitments carried forward from 2024 and the acquisition of 280 pieces of rental equipment located in Oklahoma on June 10, 2025 for $9.0 million.

Following the repayment of a $40.4 million mortgage loan that matured on April 29, 2025, Total Energy exited the second quarter of 2025 with $111.8 million of positive working capital, including $34.2 million of cash, and $75.0 million of available credit under its $175 million of revolving bank credit facilities. The weighted average interest rate on the Company's outstanding bank debt at June 30, 2025 was 4.49%.

$17.0 million was returned to shareholders during the first half of 2025 with the payment of $7.2 million of dividends and the repurchase of $9.8 million of shares under the Company's normal course issuer bid. $10.9 million of bank debt was also repaid during this period.

Outlook

Oil prices remained relatively weak during the second quarter of 2025 as a result of significant global economic uncertainty. Such uncertainty continues to impair North American drilling and completion activity levels, particularly in the United States. Offsetting such weakness is continued strong North American demand for compression and process equipment and stable Australian industry conditions. The CPS segment's record $303.9 million fabrication sales backlog at June 30, 2025 provides visibility into 2026.

Total Energy's Board of Directors has approved a $19.5 million increase to the Company's 2025 capital expenditure budget to $102.4 million. This increase is directed primarily towards the expansion of the CPS segment's United States compression fabrication capacity. The planned expansion will increase the Company's U.S. plant capacity by at least 75% and is expected to be completed by the first quarter of 2027. In addition, an idle Australian service rig will be upgraded and put into service by the end of the first quarter of 2026 under a minimum 12 month contract. Including this increase, approximately 70% of the Company's 2025 capital budget is targeting growth opportunities. Total Energy intends to finance the remaining $58.2 million of 2025 capital expenditure commitments with cash on hand and cashflow.

Conference Call

At 9:00 a.m. (Mountain Time) on August 6, 2025 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 (833) 752-3851 or (647) 846-8915. 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 6, 2025 by dialing (855) 669-9658 (passcode 1605923).

Selected Financial Information

Selected financial information relating to the three and six months ended June 30, 2025 and 2024 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 2024 Annual Report.

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

June 30
December 31
2025
2024
(unaudited) (audited)
Assets
Current assets:
Cash and cash equivalents $34,158 $38,419
Accounts receivable 160,687 149,048
Inventory 101,224 104,091
Prepaid expenses and deposits 15,311 17,640
311,380 309,198
Property, plant and equipment 633,180 622,499
Deferred income tax asset 1,276 1,958
Goodwill 4,053 4,053
$949,889 $937,708
Liabilities & Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $137,455 $125,106
Deferred revenue 47,717 47,225
Contingent consideration on business acquisition 1,774 2,878
Income taxes payable 2,723 4,508
Dividends payable 3,723 3,429
Current portion of lease liabilities 6,184 6,368
Current portion of long-term debt - 40,947
199,576 230,461
Long-term debt 100,000 70,000
Lease liabilities 8,740 9,171
Deferred income tax liability 60,098 57,033
Shareholders' equity:
Share capital 233,549 239,269
Contributed surplus 5,775 5,279
Accumulated other comprehensive loss (19,695) (11,219)
Non-controlling interest 206 245
Retained earnings 361,640 337,469
581,475 571,043
$949,889 $937,708

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

Three months ended
June 30
Six months ended
June 30
2025 2024 2025 2024
Revenue $250,416 $213,334 $502,325 $418,020
Cost of services 191,686 164,333 380,814 312,562
Selling, general and administration 13,338 11,441 27,306 24,175
Other expense (income) (381) (196) (689) 124
Share-based compensation 704 713 812 1,422
Depreciation 22,755 22,431 45,705 43,095
Operating income 22,314 14,612 48,377 36,642
Gain on sale of property, plant and equipment 327 404 1,802 1,000
Finance costs, net (1,258) (2,156) (2,726) (3,988)
Net income before income taxes 21,383 12,860 47,453 33,654
Current income tax expense 3,054 1,046 7,668 5,018
Deferred income tax expense (recovery) 1,243 (3,640) 3,747 (2,281)
Total income tax expense (recovery) 4,297 (2,594) 11,415 2,737
Net income $17,086 $15,454 $36,038 $30,917
Net income (loss) attributable to:
Shareholders of the Company $17,111 $15,472 $36,077 $30,954
Non-controlling interest (25) (18) (39) (37)
Income per share
Basic $0.46 $0.39 $0.96 $0.78
Diluted $0.45 $0.39 $0.94 $0.77

Consolidated Statements of Comprehensive Income
(in thousands of Canadian dollars except per share amounts)
(unaudited)

Three months ended
June 30
Six months ended
June 30
2025 2024 2025 2024
Net income $17,086 $15,454 $36,038 $30,917
Foreign currency translation (10,262) 5,667 (8,476) 7,302
Total other comprehensive income (loss) for the period (10,262) 5,667 (8,476) 7,302
Total comprehensive income $6,824 $21,121 $27,562 $38,219
Total comprehensive income (loss) attributable to:
Shareholders of the Company $6,849 $21,139 $27,601 $38,256
Non-controlling interest (25) (18) (39) (37)

Consolidated Statements of Cash Flows
(in thousands of Canadian dollars)
(unaudited)

Three months ended June 30 Six months ended
June 30
2025 2024 2025 2024
Cash provided by (used in):
Operations:
Net income for the period $17,086 $15,454 $36,038 $30,917
Add (deduct) items not affecting cash:
Depreciation 22,755 22,431 45,705 43,095
Share-based compensation 704 713 812 1,422
Gain on sale of property, plant and equipment (327) (404) (1,802) (1,000)
Finance costs, net 1,258 2,156 2,726 3,988
Foreign currency translation (3,285) 933 (1,932) 663
Current income tax expense 3,054 1,046 7,668 5,018
Deferred income tax expense (recovery) 1,243 (3,640) 3,747 (2,281)
Income taxes paid (4,078) (595) (9,618) (10,891)
Cashflow 38,410 38,094 83,344 70,931
Changes in non-cash working capital items:
Accounts receivable 3,587 (18) (11,641) (8,580)
Inventory 9,044 (6,960) 2,867 (21,707)
Prepaid expenses and deposits 3,943 (1,103) 2,329 2,609
Accounts payable and accrued liabilities (16,729) (4,465) 5,439 12,867
Deferred revenue (14,157) 3,639 (690) 10,704
Cash provided by operating activities 24,098 29,187 81,648 66,824
Investing:
Purchase of property, plant and equipment (26,312) (20,703) (60,769) (50,338)
Cash paid on acquisition - - - (47,350)
Proceeds on disposal of property, plant and equipment 402 922 2,894 1,549
Changes in non-cash working capital items (4,156) (305) 6,158 3,701
Cash used in investing activities (30,066) (20,086) (51,717) (92,438)
Financing:
Advances of long-term debt 30,000 - 30,000 60,000
Repayment of long-term debt (40,419) (10,513) (40,947) (21,021)
Repayment of lease liabilities (1,919) (1,763) (3,821) (3,392)
Dividends to shareholders (3,790) (3,596) (7,219) (6,794)
Repurchase of common shares (7,714) (11,946) (9,733) (12,670)
Shares issued on exercise of stock options - 64 - 64
Partnership distributions - - - (200)
Interest paid (1,113) (1,622) (2,472) (13,544)
Cash (used in) provided by financing activities (24,955) (29,376) (34,192) 2,443
Change in cash and cash equivalents (30,923) (20,275) (4,261) (23,171)
Cash and cash equivalents, beginning of period 65,081 45,039 38,419 47,935
Cash and cash equivalents, end of period $34,158 $24,764 $34,158 $24,764

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, 2025 (unaudited, in thousands of Canadian dollars)

Contract Rentals and Compression Well Corporate Total
Drilling Transportation and Process Servicing (1)
Services Services Services
Revenue$ 71,222 $ 16,186 $ 133,233 $ 29,775 $- $ 250,416
Cost of services 52,688 8,485 106,653 23,860 - 191,686
Selling, general and administration 2,805 2,103 4,463 2,433 1,534 13,338
Other income - - - - (381) (381)
Share-based compensation - - - - 704 704
Depreciation 12,116 5,028 3,015 2,344 252 22,755
Operating income (loss) 3,613 570 19,102 1,138 (2,109) 22,314
Gain (loss) on sale of property, plant and equipment 302 10 40 (25) - 327
Finance Income (costs), net 13 (42) (118) (12) (1,099) (1,258)
Net income (loss) before income taxes 3,928 538 19,024 1,101 (3,208) 21,383
Goodwill - 2,514 1,539 - - 4,053
Total assets 428,830 167,150 258,911 86,569 8,429 949,889
Total liabilities 79,309 32,251 113,030 6,322 137,502 368,414
Capital expenditures 9,659 13,070 1,113 2,470 - 26,312
Canada United States Australia International Total
Revenue$ 95,127 $ 95,935 $ 59,252 $ 102 $ 250,416
Non-current assets (2) 375,144 131,332 130,757 - 637,233


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 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 International Total
Revenue$76,906$98,471$37,957$-$213,334
Non-current assets (2) 368,701 137,395 122,015 - 628,111

(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, 2025 (unaudited, in thousands of Canadian dollars)

Contract Rentals and Compression Well Corporate Total
Drilling Transportation and Process Servicing (1)
Services Services Services
Revenue$ 162,309 $ 39,210 $ 239,449 $ 61,357 $- $ 502,325
Cost of services 116,631 20,825 193,838 49,520 - 380,814
Selling, general and administration 5,466 4,384 8,058 3,452 5,946 27,306
Other income - - - - (689) (689)
Share-based compensation - - - - 812 812
Depreciation 24,465 10,088 5,950 4,678 524 45,705
Operating income (loss) 15,747 3,913 31,603 3,707 (6,593) 48,377
Gain on sale of property, plant and equipment 1,047 33 344 378 - 1,802
Finance income (costs), net 20 (83) (209) (27) (2,427) (2,726)
Net income (loss) before income taxes 16,814 3,863 31,738 4,058 (9,020) 47,453
Goodwill - 2,514 1,539 - - 4,053
Total assets 428,830 167,150 258,911 86,569 8,429 949,889
Total liabilities 79,309 32,251 113,030 6,322 137,502 368,414
Capital expenditures 33,284 14,251 2,048 11,157 29 60,769
Canada United States Australia International Total
Revenue$ 214,475 $ 174,750 $ 109,325 $ 3,775 $ 502,325
Non-current assets (2) 375,144 131,332 130,757 - 637,233



As at and for the six 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$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 International Total
Revenue$179,970$177,588$60,462$-$418,020
Non-current assets (2) 368,701 137,395 122,015 - 628,111

(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.


© 2025 GlobeNewswire (Europe)
Zeitenwende! 3 Uranaktien vor der Neubewertung
Ende Mai leitete US-Präsident Donald Trump mit der Unterzeichnung mehrerer Dekrete eine weitreichende Wende in der amerikanischen Energiepolitik ein. Im Fokus: der beschleunigte Ausbau der Kernenergie.

Mit einem umfassenden Maßnahmenpaket sollen Genehmigungsprozesse reformiert, kleinere Reaktoren gefördert und der Anteil von Atomstrom in den USA massiv gesteigert werden. Auslöser ist der explodierende Energiebedarf durch KI-Rechenzentren, der eine stabile, CO₂-arme Grundlastversorgung zwingend notwendig macht.

In unserem kostenlosen Spezialreport erfahren Sie, welche 3 Unternehmen jetzt im Zentrum dieser energiepolitischen Neuausrichtung stehen, und wer vom kommenden Boom der Nuklearindustrie besonders profitieren könnte.

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