Total Energy Services Inc. Announces Q2 2026 Results

CALGARY, Alberta, Aug. 12, 2026 (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, 2026.

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

	Three months ended June 30							Six months ended June 30
		2026		2025	Change				2026		2025	Change
Revenue	-	328,963	-	250,416	31	-		-	643,859	-	502,325	28	-
Operating income		33,729		22,314	51	-			60,858		48,377	26	-
EBITDA(1)		60,853		45,396	34	-			116,011		95,884	21	-
Cashflow		47,740		38,410	24	-			102,030		83,344	22	-
Net income		26,775		17,086	57	-			50,997		36,038	42	-
Attributable to shareholders		26,694		17,111	56	-			50,831		36,077	41	-
Per Share Data (Diluted)
EBITDA(1)	-	1.64	-	1.20	37	-		-	3.13	-	2.51	25	-
Cashflow	-	1.28	-	1.02	25	-		-	2.75	-	2.18	26	-
Attributable to shareholders:
Net income	-	0.72	-	0.45	60	-		-	1.37	-	0.94	46	-
Common shares (000's)(4)
Basic		36,669		37,341	(2	%)			36,552		37,725	(3	%)
Diluted		37,192		37,820	(2	%)			37,048		38,232	(3	%)
									June 30		December 31
Financial Position at									2026		2025	Change
Total Assets								-	1,078,318	-	1,000,102	8	-
Long-Term Debt and Lease Liabilities (excluding current portion)									44,497		75,236	(41	%)
Working Capital(2)									81,939		108,023	(24	%)
Net Debt3									-		-	-
Shareholders' Equity									635,981		601,311	6	-

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

Total Energy's results for the three months ended June 30, 2026 represent record quarterly financial results, driven by continued strong North American demand for natural gas compression and process equipment and the deployment of upgraded drilling and service rigs in Australia and Canada. Positively impacting 2026 second quarter financial results was a $3.0 million year over year increase in gain on sale of property, plant and equipment following completion of the disposition of assets related to the Company's United States well servicing business that was discontinued in January 2026. Partially offsetting this gain were $2.3 million of non-recurring expenses in the U.S. contract drilling business related to rig reactivations and the resolution of several legacy legal disputes.

Contract Drilling Services ("CDS")

		Three months ended June 30								Six months ended June 30
		2026			2025		Change			2026			2025		Change
Revenue	-	94,713		-	71,222		33	-	-	191,891		-	162,309		18	-
EBITDA(1)	-	22,359		-	16,031		39	-	-	46,379		-	41,259		12	-
EBITDA(1)as a % of revenue		24	-		23	-	4	-		24	-		25	-	(4	%)
Operating days(2)		2,407			1,945		24	-		5,022			4,668		8	-
Canada		1,240			956		30	-		2,785			2,845		(2	%)
United States		235			147		60	-		350			291		20	-
Australia		932			842		11	-		1,887			1,532		23	-
Revenue per operating day(2), dollars	-	39,349		-	36,618		7	-	-	38,210		-	34,771		10	-
Canada		27,187			26,543		2	-		27,852			27,105		3	-
United States		29,081			28,694		1	-		28,369			29,591		(4	%)
Australia		58,119			49,441		18	-		55,323			49,990		11	-
Utilization		28	-		21	-	33	-		30	-		21	-	43	-
Canada		21	-		14	-	50	-		24	-		14	-	71	-
United States		22	-		13	-	69	-		16	-		13	-	23	-
Australia		60	-		54	-	11	-		61	-		54	-	13	-
Rigs, average for period		93			102		(9	%)		93			102		(9	%)
Canada		64			73		(12	%)		64			73		(12	%)
United States		12			12		-			12			12		-
Australia		17			17		-			17			17		-

^(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 in 2026 was higher than the second quarter of 2025 in all jurisdictions. Reactivation of upgraded equipment at higher day rates in Australia and higher day rates received for upgraded Canadian equipment contributed to increased second quarter segment revenue and EBITDA. Negatively impacting 2026 second quarter segment EBITDA was $2.3 million of non-recurring expenses in the United States, including $1.3 million of rig reactivation costs for several rigs that had been idle for extended periods and $1.0 million related to the resolution of legal disputes from prior periods.

Rentals and Transportation Services ("RTS")

		Three months ended June 30								Six months ended June 30
		2026			2025		Change			2026			2025		Change
Revenue	-	18,706		-	16,186		16	-	-	38,173		-	39,210		(3	%)
EBITDA(1)	-	5,371		-	5,608		(4	%)	-	11,865		-	14,034		(15	%)
EBITDA(1)as a % of revenue		29	-		35	-	(17	%)		31	-		36	-	(14	%)
Revenue per utilized piece of equipment, dollars	-	14,584		-	13,596		7	-	-	27,967		-	29,062		(4	%)
Pieces of rental equipment		8,010			8,053		(1	%)		8,010			8,053		(1	%)
Canada		6,844			6,877		-			6,844			6,877		-
United States		1,166			1,176		(1	%)		1,166			1,176		(1	%)
Rental equipment utilization		16	-		15	-	7	-		17	-		17	-	-
Canada		14	-		13	-	8	-		14	-		15	-	(7	%)
United States		30	-		28	-	7	-		33	-		34	-	(3	%)
Heavy trucks		58			68		(15	%)		58			68		(15	%)
Canada		39			47		(17	%)		39			47		(17	%)
United States		19			21		(10	%)		19			21		(10	%)

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

Second quarter RTS segment revenue increased as compared to 2025 due to the acquisition of 280 pieces of major rental equipment in Oklahoma in June 2025 and increased drilling and production activity in Canada. Second quarter segment EBITDA decreased compared to 2025 given this segment's relatively high fixed cost structure and competitive market conditions that did not allow for price increases sufficient to offset cost inflation.

Compression and Process Services ("CPS")

		Three months ended June 30								Six months ended June 30
		2026			2025		Change			2026			2025		Change
Revenue	-	182,367		-	133,233		37	-	-	347,006		-	239,449		45	-
EBITDA(1)	-	26,812		-	22,157		21	-	-	48,619		-	37,897		28	-
EBITDA(1)as a % of revenue		15	-		17	-	(12	%)		14	-		16	-	(13	%)
Horsepower of equipment on rent at period end		31,790			43,273		(27	%)		31,790			43,273		(27	%)
Canada		16,590			15,523		7	-		16,590			15,523		7	-
United States		15,200			27,750		(45	%)		15,200			27,750		(45	%)
Rental equipment utilization during the period (HP)(2)		59	-		63	-	(6	%)		64	-		65	-	(2	%)
Canada		49	-		56	-	(13	%)		59	-		59	-	-
United States		75	-		67	-	12	-		73	-		69	-	6	-
Sales backlog at period end, $ million	-	554.5		-	303.9		82	-	-	554.5		-	303.9		82	-

⁽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-

2026 second quarter CPS segment revenue was higher compared to 2025 due to increased North American fabrication sales and parts and service activity that was partially offset by lower compression rental fleet revenue in the United States following the sale of several active compression rental units in 2025. The year over year increase in second quarter segment EBITDA was due to increased fabrication and parts and service activity and improved fabrication margins although the decline in higher margin rental revenues resulted in a lower segment EBITDA margin compared to 2025. The quarter end fabrication sales backlog increased by 82% to $554.5 million compared to the $303.9 million backlog at June 30, 2025. Sequentially the quarter-end fabrication sales backlog increased by $107.6 million, or 24%, from the $446.9 million backlog at March 31, 2026.

Well Servicing ("WS")

		Three months ended June 30								Six months ended June 30
		2026			2025		Change			2026			2025		Change
Revenue	-	33,177		-	29,775		11	-	-	66,789		-	61,357		9	-
EBITDA(1)	-	10,149		-	3,457		194	-	-	21,284		-	8,763		143	-
EBITDA(1) as a % of revenue		31	-		12	-	158	-		32	-		14	-	129	-
Service hours(2)		28,551			27,440		4	-		58,893			56,508		4	-
Canada		12,800			11,638		10	-		29,081			26,694		9	-
United States		-			2,063		nm			108			4,292		(97	%)
Australia		15,751			13,739		15	-		29,704			25,522		16	-
Revenue per service hour(2), dollars	-	1,162		-	1,085		7	-	-	1,134		-	1,086		4	-
Canada		912			890		2	-		932			932		-
United States		-			913		nm			898			916		(2	%)
Australia		1,365			1,276		7	-		1,333			1,275		5	-
Utilization(3)		35	-		27	-	30	-		38	-		29	-	31	-
Canada		29	-		23	-	26	-		33	-		27	-	22	-
United States		-			19	-	nm			3	-		20	-	(85	%)
Australia		60	-		52	-	15	-		57	-		49	-	16	-
Rigs, average for period		61			79		(23	%)		61			79		(23	%)
Canada		49			55		(11	%)		49			55		(11	%)
United States		-			12		nm			-			12		(100	%)
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.
"nm" - calculation not meaningful

Second quarter Well Servicing segment revenue increased in 2026 as compared to 2025 due to increased activity in Australia and Canada following the upgrade and reactivation of several service rigs over the past year. Increased revenue from Australian and Canadian operations was partially offset by lower WS segment revenue in the United States following the discontinuance of U.S. operations in January 2026. Segment EBITDA for the second quarter of 2026 was higher compared to 2025 due primarily to a substantial improvement in Australian financial performance and the cessation of operating losses in the United States.

Corporate

During the second quarter of 2026, Total Energy continued to execute on its $87.4 million 2026 capital expenditure program with $45.0 million of capital expenditures that were primarily directed towards the upgrade of drilling and service rigs in Australia and Canada, the construction of a new service rig for Australia and expansion of CPS segment fabrication capacity in the United States. Capital expenditures for the first half of 2026 totaled $65.8 million, which includes $17.2 million of the $24.5 million of capital commitments carried forward from 2025.

Total Energy exited the second quarter of 2026 with $81.9 million of positive working capital, including $50.5 million of cash. At June 30, 2026 there was $150.0 million of available credit under the Company's $175.0 million of revolving bank credit facilities and the interest rate on the Company's outstanding bank debt was 4.11%.

$16.0 million was returned to shareholders during the second quarter of 2026 by way of dividends and share repurchases. Bank debt was also reduced by $20.0 million during the quarter. Cash on hand exceeded bank debt by $25.5 million at June 30, 2026.

Outlook

While oil and gas producers continued to demonstrate capital discipline during the second quarter of 2026, upward pressure on global energy prices due to ongoing conflict in the Middle East translated into higher Canadian drilling activity throughout the quarter, with U.S. drilling activity beginning to increase late in the quarter. Relatively strong natural gas prices realized by Australian producers continued to support stable industry conditions in Australia.

North American demand for compression and process equipment remains very strong. The CPS segment's record $554.5 million fabrication sales backlog at June 30, 2026 provides visibility for the CPS segment's fabrication business into 2028 and current quoting activity remains vibrant. The U.S. facility expansion is on time and on budget, with completion scheduled by the first quarter of 2027.

In response to higher North American industry activity levels, Total Energy's Board of Directors has approved an increase to the Company's 2026 capital expenditure budget to $120.1 million. This $32.7 million increase includes $24.9 million of growth capital and $7.8 million of maintenance capital. Including $24.5 million of 2025 carryforward, 2026 capital expenditure commitments now total $144.6 million, of which $65.8 has been funded to June 30, 2026. The remaining $78.8 million will be funded by cash on hand and cash flow.

Included in growth capital is $15.5 million for the recertification and upgrade of three idle service rigs and one idle drilling rig in Canada and one idle drilling rig in Australia. The three Canadian service rigs and the Australian drilling rig are scheduled to be completed and commence operations by the end of 2026. The Canadian drilling rig was completed and commenced operations in late July. Also included in growth capital is $9.4 million for the acquisition of 42 new and refurbishment of two idle pieces of major rental equipment in the RTS segment for deployment throughout North America. Included in maintenance capital is the replacement of five heavy trucks and 32 pieces of major rental equipment in the RTS segment and additional equipment maintenance in Australia due to higher than budgeted activity levels.

Conference Call

At 9:00 a.m. (Mountain Time) on August 13, 2026 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 [phone] or [phone]. 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 12, 2026 by dialing [phone] (passcode 1002576).

Selected Financial Information

Selected financial information relating to the three and six months ended June 30, 2026 and 2025 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 the Company's 2025 Annual Report.

Consolidated Statements of Financial Position (in thousands of Canadian dollars)
			June 30			December 31
			2026			2025
			(unaudited)			(audited)
Assets
Current assets:
Cash and cash equivalents		-	50,513		-	59,637
Accounts receivable			211,415			165,991
Inventory			124,274			127,022
Prepaid expenses and deposits			31,068			18,268
			417,270			370,918
Property, plant and equipment			656,995			625,131
Goodwill			4,053			4,053
		-	1,078,318		-	1,000,102
Liabilities & Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities		-	214,701		-	152,214
Deferred revenue			94,675			89,826
Contingent consideration on business acquisition			2,842			2,796
Income taxes payable			12,059			7,518
Dividends payable			4,375			3,635
Current portion of lease liabilities			6,679			6,906
			335,331			262,895
Long-term debt			25,000			55,000
Lease liabilities			19,497			20,236
Deferred income tax liability			62,509			60,660
Shareholders' equity:
Share capital			230,630			228,041
Contributed surplus			2,876			5,841
Accumulated other comprehensive loss			(5,688	-		(16,523	-
Non-controlling interest			543			377
Retained earnings			407,620			383,575
			635,981			601,311
		-	1,078,318		-	1,000,102

Consolidated Statements of Income (in thousands of Canadian dollars except per share amounts) (unaudited)
			Three months ended June 30					Six months ended June 30
			2026		2025			2026			2025
Revenue		-	328,963	-	250,416		-	643,859		-	502,325
Cost of services			256,974		191,686			501,829			380,814
Selling, general and administration			13,676		13,338			27,110			27,306
Other expense (income)			17		(381	-		(817	-		(689	-
Share-based compensation			782		704			7,396			812
Depreciation			23,785		22,755			47,483			45,705
Operating income			33,729		22,314			60,858			48,377
Gain on sale of property, plant and equipment			3,339		327			7,670			1,802
Finance income (costs), net			430		(1,258	-		(356	-		(2,726	-
Net income before income taxes			37,498		21,383			68,172			47,453
Current income tax expense			8,181		3,054			16,182			7,668
Deferred income tax expense			2,542		1,243			993			3,747
Total income tax expense			10,723		4,297			17,175			11,415
Net income		-	26,775	-	17,086		-	50,997		-	36,038
Net income (loss) attributable to:
Shareholders of the Company		-	26,694	-	17,111		-	50,831		-	36,077
Non-controlling interest			81		(25	-		166			(39	-
Income per share
Basic		-	0.73	-	0.46		-	1.39		-	0.96
Diluted		-	0.72	-	0.45		-	1.37		-	0.94

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
			2026		2025			2026		2025
Net income		-	26,775	-	17,086		-	50,997	-	36,038
Foreign currency translation			2,760		(10,262	-		10,835		(8,476	-
Total other comprehensive income (loss) for the period			2,760		(10,262	-		10,835		(8,476	-
Total comprehensive income		-	29,535	-	6,824		-	61,832	-	27,562
Total comprehensive income (loss) attributable to:
Shareholders of the Company		-	29,454	-	6,849		-	61,666	-	27,601
Non-controlling interest			81		(25	-		166		(39	-

Consolidated Statements of Cash Flows (in thousands of Canadian dollars) (unaudited)
		Three months ended June 30						Six months ended June 30
		2026			2025			2026			2025
Cash provided by (used in):
Operations:
Net income for the period	-	26,775		-	17,086		-	50,997		-	36,038
Add (deduct) items not affecting cash:
Depreciation		23,785			22,755			47,483			45,705
Share-based compensation		782			704			7,396			812
Gain on sale of property, plant and equipment		(3,339	-		(327	-		(7,670	-		(1,802	-
Finance costs (income), net		(430	-		1,258			356			2,726
Foreign currency translation		(2,200	-		(3,285	-		(1,981	-		(1,932	-
Current income tax expense		8,181			3,054			16,182			7,668
Deferred income tax expense		2,542			1,243			993			3,747
Income taxes paid		(8,356	-		(4,078	-		(11,726	-		(9,618	-
Cashflow		47,740			38,410			102,030			83,344
Changes in non-cash working capital items:
Accounts receivable		(32,941	-		3,587			(45,424	-		(11,641	-
Inventory		18,933			9,044			2,748			2,867
Prepaid expenses and deposits		(8,513	-		3,943			(12,800	-		2,329
Accounts payable and accrued liabilities		1,391			(16,729	-		24,797			5,439
Deferred revenue		(13,061	-		(14,157	-		4,849			(690	-
Cash provided by operating activities		13,549			24,098			76,200			81,648
Investing:
Purchase of property, plant and equipment		(45,041	-		(26,312	-		(65,785	-		(60,769	-
Proceeds on disposal of property, plant and equipment		5,225			402			10,938			2,894
Changes in non-cash working capital items		22,509			(4,156	-		25,740			6,158
Cash used in investing activities		(17,307	-		(30,066	-		(29,107	-		(51,717	-
Financing:
Advances on long-term debt		-			30,000			-			30,000
Repayment of long-term debt		(20,000	-		(40,419	-		(30,000	-		(40,947	-
Repayment of lease liabilities		(1,973	-		(1,919	-		(3,830	-		(3,821	-
Dividends to shareholders		(4,406	-		(3,790	-		(8,041	-		(7,219	-
Repurchase of common shares		(11,570	-		(7,714	-		(14,453	-		(9,733	-
Shares issued on exercise of stock options		560			-			647			-
Interest received (paid)		287			(1,113	-		(540	-		(2,472	-
Cash used in financing activities		(37,102	-		(24,955	-		(56,217	-		(34,192	-
Change in cash and cash equivalents		(40,860	-		(30,923	-		(9,124	-		(4,261	-
Cash and cash equivalents, beginning of period		91,373			65,081			59,637			38,419
Cash and cash equivalents, end of period	-	50,513		-	34,158		-	50,513		-	34,158

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, 2026 (unaudited, in thousands of Canadian dollars)

		Contract		Rentals and			Compression			Well			Corporate			Total
		Drilling		Transportation			and Process			Servicing			(1)
		Services		Services			Services
Revenue	-	94,713	-	18,706		-	182,367		-	33,177		-	-		-	328,963
Cost of services		69,171		11,758			151,810			24,235			-			256,974
Selling, general and administration		3,236		1,976			4,607			818			3,039			13,676
Other income		-		-			-			-			17			17
Share-based compensation		-		-			-			-			782			782
Depreciation		12,762		5,093			2,872			2,676			382			23,785
Operating income (loss)		9,544		(121	-		23,078			5,448			(4,220	-		33,729
Gain on sale of property, plant and equipment		53		399			862			2,025			-			3,339
Finance income (costs), net		52		(52	-		(107	-		(8	-		545			430
Net income (loss) before income taxes		9,649		226			23,833			7,465			(3,675	-		37,498
Goodwill		-		2,514			1,539			-			-			4,053
Total assets		463,990		156,551			326,766			124,618			6,393			1,078,318
Total liabilities		77,377		33,366			195,051			6,644			129,899			442,337
Capital expenditures		31,414		1,386			5,455			6,781			5			45,041

		Canada		United States		Australia		International		Total
Revenue	-	140,485	-	112,733	-	75,745	-	-	-	328,963
Non-current assets (2)		381,446		111,648		167,954		-		661,048

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

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

As at and for the six months ended June 30, 2026 (unaudited, in thousands of Canadian dollars)

As at and for the six months ended		Contract		Rentals and			Compression			Well			Corporate			Total
June 30, 2026		Drilling		Transportation			and Process			Servicing			(1)
		Services		Services			Services
Revenue	-	191,891	-	38,173		-	347,006		-	66,789		-	-		-	643,859
Cost of services		139,788		23,013			290,038			48,990			-			501,829
Selling, general and administration		5,916		3,827			9,225			2,585			5,557			27,110
Other income		-		-			-			-			(817	-		(817	-
Share-based compensation		-		-			-			-			7,396			7,396
Depreciation		25,623		10,392			5,699			5,229			540			47,483
Operating income (loss)		20,564		941			42,044			9,985			(12,676	-		60,858
Gain on sale of property, plant and equipment		192		532			876			6,070			-			7,670
Finance income (costs), net		83		(100	-		(211	-		(17	-		(111	-		(356	-
Net income (loss) before income taxes		20,839		1,373			42,709			16,038			(12,787	-		68,172
Goodwill		-		2,514			1,539			-			-			4,053
Total assets		463,990		156,551			326,766			124,618			6,393			1,078,318
Total liabilities		77,377		33,366			195,051			6,644			129,899			442,337
Capital expenditures		40,835		3,495			10,304			11,116			35			65,785

		Canada		United States		Australia		International		Total
Revenue	-	286,790	-	212,906	-	144,163	-	-	-	643,859
Non-current assets(2)		381,446		111,648		167,954		-		661,048

As at and for the six months ended June 30, 2025 (unaudited, in thousands of Canadian dollars)

As at and for the six months ended		Contract		Rentals and			Compression			Well			Corporate			Total
June 30, 2025		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

⁽¹⁾Corporate includes the Company's corporate activities and obligations pursuant to long-term credit facilities.
⁽²⁾Includes property, plant and equipment 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 centres 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 [phone] or Yuliya Gorbach, Vice-President Finance and Chief Financial Officer at [phone] or by e-mail at: [e-mail] 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 5 to the Company's Q2 2026 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.