Earnings release
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Total Energy Services Inc. Announces Q3 2025 Results CALGARY, Alberta, Nov. 12, 2025 -- Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT) announces its consolidated financial results for the three months ended September 30, 2025. Financial Highlights ($000’s except per share data, unaudited) Three months ended September 30 Nine months ended September 30 2025 2024 Change 2025 2024 Change Revenue $ 260,702$ 241,940 8% $ 763,027$ 659,960 16% Operating income 19,352 27,308 (29%) 67,729 63,950 6% EBITDA (1) 42,907 50,543 (15%) 138,791 131,280 6% Cashflow 41,362 48,091 (14%) 124,706 119,022 5% Net income (loss) 14,584 19,706 (26%) 50,622 50,623 - Attributable to shareholders 14,504 19,731 (26%) 50,581 50,685 - Per Share Data (Diluted) EBITDA (1) $ 1.13$ 1.28 (12%) $ 3.64$ 3.27 11% Cashflow $ 1.09$ 1.22 (11%) $ 3.27$ 2.97 10% Attributable to shareholders: Net income (loss) $ 0.38$ 0.50 (24%) $ 1.33$ 1.26 6% Common shares (000’s)(4) Basic 37,159 38,802 (4%) 37,535 39,385 (5%) Diluted 37,890 39,489 (4%) 38,088 40,086 (5%) September 30 December 31 Financial Position at 2025 2024 Change Total Assets $ 1,015,387$ 937,708 8% Long-Term Debt and Lease Liabilities (excluding current portion) 98,197 79,171 24% Working Capital (2) 113,535 78,737 44% Net Debt (3) - 434 nm Shareholders’ Equity 594,111 571,043 4% 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 third quarter of 2025 reflect improved Australian financial results following the upgrade and reactivation of several drilling and service rigs, continued strong North American demand for compression and process equipment and competitive North American drilling and completion market conditions. Negatively impacting 2025 third quarter results was a $1.8 million year over year change in foreign currency exchange impact on Compression and Process Services segment financial results and a $1.5 million year over year increase in share based compensation expense due to share price appreciation. Contract Drilling Services (“CDS”) Three months ended September 30 Nine months ended September 30 2025 2024 Change 2025 2024 Change Revenue $ 82,374 $ 86,634 (5%) $244,683 $ 235,734 4% EBITDA (1) $ 19,921 $ 20,563 (3%) $ 61,180 $ 57,414 7% EBITDA (1) as a % of revenue 24% 24% - 25% 24% 4% Operating days(2) 2,326 2,836 (18%) 7,044 7,687 (8%)
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Canada 1,407 1,861 (24%) 4,252 4,954 (14%) United States 62 328 (81%) 353 1,033 (66%) Australia 857 647 32% 2,439 1,700 43% Revenue per operating day(2), dollars $ 35,414 $ 30,548 16% $ 34,736 $ 30,667 13% Canada 24,606 25,026 (2%) 26,278 26,137 1% United States 30,016 27,829 8% 29,666 28,566 4% Australia 53,551 47,808 12% 50,216 45,144 11% Utilization 25% 29% (14%) 25% 27% (7%) Canada 21% 27% (22%) 21% 24% (13%) United States 6% 30% (80%) 11% 31% (65%) Australia 55% 41% 34% 55% 46% 15% Rigs, average for period 102 105 (3%) 102 103 (1%) Canada 73 76 (4%) 73 77 (5%) United States 12 12 - 12 12 0% Australia 17 17 - 17 14 21% (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. Third quarter CDS segment activity was lower in 2025 compared to 2024 due to a year over year decline in North American onshore drilling activity. Canadian activity was also negatively impacted by customer consolidation and a loss of market share in more competitive areas of the market. Partially offsetting the North American decline was increased Australian activity following the reactivation of several upgraded drilling rigs over the past year. The year over year increase in third quarter Australian revenue per operating day reflects higher day rates received for upgraded drilling rigs. Rentals and Transportation Services (“RTS”) Three months ended September 30 Nine months ended September 30 2025 2024 Change 2025 2024 Change Revenue $ 21,041 $ 19,437 8% $ 60,251 $ 59,614 1% EBITDA (1) $ 7,623 $ 8,179 (7%) $ 21,657 $ 23,958 (10%) EBITDA (1) as a % of revenue 36% 42% (14%) 36% 40% (10%) Revenue per utilized piece of equipment, dollars $ 13,754 $ 12,868 7% $ 43,072 $ 42,297 2% Pieces of rental equipment 8,050 7,960 1% 8,050 7,960 1% Canada 6,867 7,040 (2%) 6,867 7,040 (2%) United States 1,183 920 29% 1,183 920 29% Rental equipment utilization 19% 19% - 18% 18% - Canada 17% 18% (6%) 15% 16% (6%) United States 30% 29% 3% 32% 33% (3%) Heavy trucks 62 67 (7%) 62 67 (7%) Canada 40 46 (13%) 40 46 (13%) United States 22 21 5% 22 21 5% (1) See Note 1 of the Notes to the Financial Highlights set forth at the end of this release. RTS segment revenue increased for the third quarter of 2025 compared to 2024 due to stable activity in Canada and the acquisition of 280 major rental pieces located in Oklahoma on June 10, 2025. Despite a year over year increase in revenue per utilized piece of rental equipment arising from a change in the mix of operating equipment, third quarter segment EBITDA decreased compared to 2024 as competitive market conditions did not allow for price increases necessary to offset cost inflation. Compression and Process Services (“CPS”) Three months ended September 30 Nine months ended September 30 2025 2024 Change 2025 2024 Change Revenue $125,801 $110,567 14% $365,250 $297,547 23% EBITDA (1) $ 15,097 $ 19,336 (22%) $ 52,994 $ 47,795 11% EBITDA (1) as a % of revenue 12% 17% (29%) 15% 16% (6%) Horsepower of equipment on rent at period end 51,313 52,881 (3%) 51,313 52,881 (3%)
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Canada 23,763 16,661 43% 23,763 16,661 43% United States 27,550 36,220 (24%) 27,550 36,220 (24%) Rental equipment utilization during the period (HP)(2) 75% 77% (3%) 69% 77% (10%) Canada 78% 72% 8% 66% 70% (6%) United States 73% 79% (8%) 71% 80% (11%) Sales backlog at period end, $ million$ 380.8 $ 189.0 101% $ 380.8 $ 189.0 101% (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 third quarter CPS segment revenue was higher compared to 2024 due to increased North American fabrication sales and parts and service activity that was partially offset by lower compression rental fleet utilization. The year over year decline in third quarter segment EBITDA was a result of a negative $1.8 million foreign currency exchange impact resulting from a declining Canadian dollar relative to the U.S. dollar, the timing of execution of certain low margin fabrication projects and cost inflation arising from tariff related supply chain challenges. Sequentially, the quarter end fabrication sales backlog increased by $76.9 million, or 25%, from the $303.9 million backlog at June 30, 2025. Well Servicing (“WS”) Three months ended September 30 Nine months ended September 30 2025 2024 Change 2025 2024 Change Revenue $ 31,486 $ 25,302 24% $ 92,843 $ 67,065 38% EBITDA (1) $ 4,727 $ 4,943 (4%) $ 13,490 $ 11,344 19% EBITDA (1) as a % of revenue 15% 20% (25%) 15% 17% (12%) Service hours(2) 29,298 24,680 19% 85,806 67,307 27% Canada 13,702 13,412 2% 40,396 37,229 9% United States 1,405 2,613 (46%) 5,697 9,243 (38%) Australia 14,191 8,655 64% 39,713 20,835 91% Revenue per service hour(2), dollars $ 1,075 $ 1,025 5% $ 1,082 $ 996 9% Canada 893 958 (7%) 919 962 (4%) United States 934 861 8% 921 883 4% Australia 1,264 1,179 7% 1,271 1,109 15% Utilization(3) 29% 27% 7% 29% 25% 16% Canada 27% 27% - 27% 24% 13% United States 13% 24% (46%) 17% 31% (45%) Australia 54% 33% 64% 51% 26% 96% Rigs, average for period 79 79 - 79 79 - Canada 55 55 - 55 56 (2%) United States 12 12 - 12 11 9% 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. Third quarter WS segment revenue increased in 2025 as compared to 2024 due to increased activity in Australia following the upgrade and reactivation of several service rigs over the past year. Increased revenue from Australian operations was partially offset by lower North American WS segment revenue, particularly in the United States. Segment EBITDA for the third quarter of 2025 was slightly lower compared to 2024 due to lower pricing in Canada and substantially lower utilization in the United States that was partially offset by increased utilization and pricing realized in Australia for reactivated rigs. Corporate During the third quarter of 2025, Total Energy continued to execute on its 2025 capital expenditure program with $17.2 million of capital expenditures that was primarily directed towards the upgrade of drilling and service rigs in Australia and Canada. To September 30, 2025, $77.9 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.
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Total Energy exited the third quarter of 2025 with $113.5 million of positive working capital, including $57.1 million of cash, and $85.0 million of available credit under its $175 million of revolving bank credit facilities. At September 30, 2025, bank debt less cash was $32.9 million and the interest rate on the Company’s outstanding bank debt was 4.50%. During the first nine months of 2025, $24.7 million was returned to shareholders by way of dividends and share repurchases under the Company’s normal course issuer bid. Bank debt was also reduced by $20.9 million during this period. Outlook Oil prices remained under pressure during the third quarter of 2025 due to global economic uncertainty and concerns over excess supply. Oil price weakness continues to weigh on North American drilling and completion activity levels, particularly in the United States. Offsetting such weakness are stable Australian industry conditions, improving North American natural gas prices and continued strong North American demand for compression and process equipment. The CPS segment’s record $380.8 million fabrication sales backlog at September 30, 2025 provides visibility well into the second half of 2026. Certain low margin fabrication projects that were awarded in the second half of 2024 when industry conditions were less favorable negatively impacted third quarter CPS segment profitability when construction on such projects began. These projects are scheduled to be substantially completed by the end of 2025. The CPS segment has also taken steps to mitigate supply chain and other issues arising from the trade dispute between Canada and the United States that have contributed to cost inflation. Those steps include commencement of the previously announced expansion of the CPS segment’s fabrication capacity in Weirton, West Virginia. Plant construction is currently expected to be completed by the first quarter of 2027. In Canada, the upgrade of an idle mechanical double drilling rig to a state of the art AC electric triple pad rig was completed in early November and such rig has commenced drilling operations for a major Canadian producer in the Alberta Montney formation. Should the rig’s operational and financial performance meet expectations, the Company will consider additional upgrade opportunities for similar idle rigs subject to market conditions. In Australia, the upgrade of an idle drilling rig acquired as part of the Saxon acquisition in 2024 is near completion and such rig is expected to commence drilling operations under a long term contract by the end of November, 2025. This will bring the Company’s active Australian drilling rig count to 13 rigs, the highest ever. In addition, an idle Australian service rig is currently being upgraded and is expected to commence operations by the second quarter of 2026. Total Energy’s current capital expenditure commitments total $119.0 million and includes the Company’s 2025 capital budget of $102.4 million and $16.6 million of capital commitments carried forward from 2024. To September 30, 2025 $77.9 million of such commitments have been funded, with the remaining $41.1 million to be funded with cash on hand and cashflow. Conference Call At 9:00 a.m. (Mountain Time) on November 13, 2025 Total Energy will conduct a conference call and webcast to discuss its third 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 (800) 715-9871 or (647) 932-3411. 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 December 13, 2025 by dialing (800) 770-2030 (passcode 1002576). Selected Financial Information Selected financial information relating to the three and nine months ended September 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) September 30 December 31 2025 2024 (unaudited) (audited) Assets Current assets: Cash and cash equivalents $ 57,087 $ 38,419 Accounts receivable 161,605 149,048 Inventory 136,965 104,091 Prepaid expenses and deposits 21,010 17,640 376,667 309,198 Property, plant and equipment 633,410 622,499 Deferred income tax asset 1,257 1,958 Goodwill 4,053 4,053 $ 1,015,387 $ 937,708
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Liabilities & Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 167,093 $ 125,106 Deferred revenue 80,417 47,225 Contingent consideration on business acquisition 1,752 2,878 Income taxes payable 3,693 4,508 Dividends payable 3,705 3,429 Current portion of lease liabilities 6,472 6,368 Current portion of long-term debt - 40,947 263,132 230,461 Long-term debt 90,000 70,000 Lease liabilities 8,197 9,171 Deferred income tax liability 59,947 57,033 Shareholders' equity: Share capital 232,264 239,269 Contributed surplus 5,790 5,279 Accumulated other comprehensive loss (14,304) (11,219) Non-controlling interest 286 245 Retained earnings 370,075 337,469 594,111 571,043 $ 1,015,387 $ 937,708 Consolidated Statements of Income (in thousands of Canadian dollars except per share amounts) (unaudited) Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Revenue $ 260,702 $ 241,940 $ 763,027 $ 659,960 Cost of services 203,044 178,530 583,858 491,092 Selling, general and administration 13,571 13,337 40,877 37,512 Other income (543) (844) (1,232) (720) Share-based compensation 1,983 518 2,795 1,940 Depreciation 23,295 23,091 69,000 66,186 Operating income 19,352 27,308 67,729 63,950 Gain on sale of property, plant and equipment 260 144 2,062 1,144 Finance costs, net (1,195) (2,330) (3,921) (6,318) Net income before income taxes 18,417 25,122 65,870 58,776 Current income tax expense 3,248 2,072 10,916 7,090 Deferred income tax expense 585 3,344 4,332 1,063 Total income tax expense 3,833 5,416 15,248 8,153 Net income $ 14,584 $ 19,706 $ 50,622 $ 50,623 Net income (loss) attributable to: Shareholders of the Company $ 14,504 $ 19,731 $ 50,581 $ 50,685 Non-controlling interest 80 (25) 41 (62) Income per share Basic $ 0.39 $ 0.51 $ 1.35 $ 1.29
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Diluted $ 0.38 $ 0.50 $ 1.33 $ 1.26 Consolidated Statements of Comprehensive Income (in thousands of Canadian dollars except per share amounts) (unaudited) Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Net income $ 14,584$ 19,706 $ 50,622 $ 50,623 Foreign currency translation 5,391 (31) (3,085) 7,271 Total other comprehensive income (loss) for the period 5,391 (31) (3,085) 7,271 Total comprehensive income $ 19,975$ 19,675 $ 47,537 $ 57,894 Total comprehensive income (loss) attributable to: Shareholders of the Company $ 19,895$ 19,700 $ 47,496 $ 57,956 Non-controlling interest 80 (25) 41 (62) Consolidated Statements of Cash Flows (in thousands of Canadian dollars) (unaudited) Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Cash provided by (used in): Operations: Net income for the period $ 14,584 $ 19,706 $ 50,622 $ 50,623 Add (deduct) items not affecting cash: Depreciation 23,295 23,091 69,000 66,186 Share-based compensation 1,983 518 2,795 1,940 Gain on sale of property, plant and equipment (260) (144) (2,062) (1,144) Finance costs, net 1,195 2,330 3,921 6,318 Foreign currency translation (902) (999) (2,834) (336) Current income tax expense 3,248 2,072 10,916 7,090 Deferred income tax expense 585 3,344 4,332 1,063 Income taxes paid (2,366) (1,827) (11,984) (12,718) Cashflow 41,362 48,091 124,706 119,022 Changes in non-cash working capital items: Accounts receivable (919) (1,109) (12,560) (9,689) Inventory (35,741) 3,527 (32,874) (18,180) Prepaid expenses and deposits (5,699) (2,637) (3,370) (28) Accounts payable and accrued liabilities 25,827 9,029 31,266 21,896 Deferred revenue 32,677 3,452 31,987 14,156 Cash provided by operating activities 57,507 60,353 139,155 127,177 Investing: Purchase of property, plant and equipment (17,157) (14,700) (77,926) (65,038) Cash paid on acquisition - - - (47,350) Proceeds on disposal of property, plant and equipment 1,016 156 3,910 1,705 Changes in non-cash working capital items 2,231 (441) 8,389 3,260 Cash used in investing activities (13,910) (14,985) (65,627) (107,423) Financing: Advances of long-term debt - 5,000 30,000 65,000 Repayment of long-term debt (10,000) (513) (50,947) (21,534) Repayment of lease liabilities (1,790) (1,742) (5,611) (5,134)
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Dividends to shareholders (3,723) (3,496) (10,942) (10,290) Repurchase of common shares (3,988) (5,183) (13,721) (17,853) Shares issued on exercise of stock options 174 - 174 64 Partnership distributions - - - (200) Interest paid (1,341) (2,319) (3,813) (15,863) Cash used in financing activities (20,668) (8,253) (54,860) (5,810) Change in cash and cash equivalents 22,929 37,115 18,668 13,944 Cash and cash equivalents, beginning of period 34,158 24,764 38,419 47,935 Cash and cash equivalents, end of period $ 57,087 $ 61,879 $ 57,087 $ 61,879 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 September 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 $ 82,374 $ 21,041 $ 125,801 $ 31,486 $ - $ 260,702 Cost of services 59,867 11,371 107,078 24,728 - 203,044 Selling, general and administration 2,582 2,230 3,706 2,032 3,021 13,571 Other income - - - - (543) (543) Share-based compensation - - - - 1,983 1,983 Depreciation 12,156 5,376 3,121 2,495 147 23,295 Operating income (loss) 7,769 2,064 11,896 2,231 (4,608) 19,352 Gain (loss) on sale of property, plant and equipment (4) 183 80 1 - 260 Finance Income (costs), net 15 (49) (126) (13) (1,022) (1,195) Net income (loss) before income taxes 7,780 2,198 11,850 2,219 (5,630) 18,417 Goodwill - 2,514 1,539 - - 4,053 Total assets 440,485 167,067 306,589 90,928 10,318 1,015,387 Total liabilities 72,987 32,099 157,376 5,947 152,867 421,276 Capital expenditures 10,929 1,025 1,582 3,599 22 17,157 Canada United States Australia International Total Revenue $ 125,564$ 71,214$ 63,924$ - $ 260,702 Non-current assets (2) 371,460 129,973 136,030 - 637,463 As at and for the three months ended September 30, 2024 (unaudited, in thousands of Canadian dollars) Contract Rentals and Compression Well Corporate Total Drilling Transportation and Process Servicing (1) Services Services Services
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Revenue $ 86,634 $ 19,437 $ 110,567 $ 25,302 $ - $241,940 Cost of services 63,727 9,165 86,723 18,915 - 178,530 Selling, general and administration 2,358 2,144 4,587 1,444 2,804 13,337 Other income - - - - (844) (844) Share-based compensation - - - - 518 518 Depreciation 12,287 5,145 2,788 2,446 425 23,091 Operating income (loss) 8,262 2,983 16,469 2,497 (2,903) 27,308 Gain on sale of property, plant and equipment 14 51 79 - - 144 Finance costs, net (17) (43) (109) (19) (2,142) (2,330) Net income (loss) before income taxes 8,259 2,991 16,439 2,478 (5,045) 25,122 Goodwill - 2,514 1,539 - - 4,053 Total assets 434,030 163,853 284,919 76,899 4,042 963,743 Total liabilities 84,042 26,558 111,634 6,473 173,825 402,532 Capital expenditures 9,184 2,269 1,076 2,171 - 14,700 Canada United States Australia International Total Revenue $ 117,704$ 82,514$ 41,722$ - $ 241,940 Non-current assets (2) 364,318 131,534 125,330 - 621,182 (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 nine months ended September 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 $ 244,683$ 60,251 $ 365,250 $ 92,843 $ - $ 763,027 Cost of services 176,498 32,196 300,916 74,248 - 583,858 Selling, general and administration 8,048 6,614 11,764 5,484 8,967 40,877 Other income - - - - (1,232) (1,232) Share-based compensation - - - - 2,795 2,795 Depreciation 36,621 15,464 9,071 7,173 671 69,000 Operating income (loss) 23,516 5,977 43,499 5,938 (11,201) 67,729 Gain on sale of property, plant and equipment 1,043 216 424 379 - 2,062 Finance income (costs), net 35 (132) (335) (40) (3,449) (3,921) Net income (loss) before income taxes 24,594 6,061 43,588 6,277 (14,650) 65,870 Goodwill - 2,514 1,539 - - 4,053 Total assets 440,485 167,067 306,589 90,928 10,318 1,015,387 Total liabilities 72,987 32,099 157,376 5,947 152,867 421,276 Capital expenditures 44,213 15,276 3,630 14,756 51 77,926 Canada United States Australia International Total
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Revenue $ 340,039 $ 245,964 $ 173,249 $ 3,775 $ 763,027 Non-current assets (2) 371,460 129,973 136,030 - 637,463 As at and for the nine months ended September 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 $235,734 $ 59,614 $ 297,547 $ 67,065 $ - $659,960 Cost of services 171,011 29,933 238,453 51,695 - 491,092 Selling, general and administration 7,424 6,567 11,508 4,002 8,011 37,512 Other income - - - - (720) (720) Share-based compensation - - - - 1,940 1,940 Depreciation 34,669 15,228 7,999 7,269 1,021 66,186 Operating income (loss) 22,630 7,886 39,587 4,099 (10,252) 63,950 Gain (loss) on sale of property, plant and equipment 115 844 209 (24) - 1,144 Finance costs, net (55) (130) (321) (64) (5,748) (6,318) Net income (loss) before income taxes 22,690 8,600 39,475 4,011 (16,000) 58,776 Goodwill - 2,514 1,539 - - 4,053 Total assets 434,030 163,853 284,919 76,899 4,042 963,743 Total liabilities 84,042 26,558 111,634 6,473 173,825 402,532 Capital expenditures 30,762 7,442 15,263 11,571 - 65,038 Canada United States Australia International Total Revenue $ 294,720$ 260,102$ 102,184$ 2,954$ 659,960 Non-current assets (2) 364,318 131,534 125,330 - 621,182 (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.
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(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.