CALGARY, Alberta, Oct. 19, 2026 (GLOBE NEWSWIRE) — Total Energy Services Inc. (TSX:TOT) (“Total Energy” or the “Company”) announced today that it has filed a Notice with the Toronto Stock Exchange (the “TSX”) to undertake a normal course issuer bid that will begin on October 21, 2026 and expire on October 20, 2027. Total Energy has been informed that the TSX has accepted its notice to make the normal course issuer bid. All purchases of common shares (the “Shares”) will be effected through the facilities of the TSX and one or more of the Canadian alternative trading systems and all Shares purchased will be cancelled by the Company.
As of today, there are 36,300,000 Shares issued and outstanding. In connection with the normal course issuer bid commencing on October 21, 2026, Total Energy may purchase up to 1,815,000 Shares, being 5% of the total number of outstanding Shares on October 16, 2026, during the period from October 21, 2026 to October 20, 2027, subject to a maximum daily purchase limit of 35,239 Shares based on an average daily trading volume for the last six calendar months of 140,956 Shares.
On October 17, 2025, Total Energy announced its intention to undertake a normal course issuer bid, which remained in effect during the 12-month period ending on October 20, 2026. Under that normal course issuer bid Total Energy purchased a total of 1,556,913 Shares at an average price of $23.29 per Share, representing 85% of the 1,841,300 Shares authorized to be purchased.
Capital stewardship remains a core value at Total Energy. Since its inception, Total Energy has returned approximately $410 million to its owners through dividends, distributions and share buybacks, including $7.02 per share in dividends and distributions. In the context of current market conditions, Total Energy believes that the repurchase of Shares is an attractive investment opportunity that will benefit the remaining shareholders of Total Energy by increasing their proportionate equity investment in the Company.
Headquartered in Calgary, Alberta, 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”.
CALGARY, Alberta, Oct. 13, 2026 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy”) (TSX:TOT) will conduct a conference call and webcast following the release of its financial results for the three months ended September 30, 2026. The financial results will be released prior to the conference call. Daniel Halyk, President and CEO will host the call.
Open to:
Shareholders and other interested persons
Date:
November 12, 2026
Time:
9:00 a.m. (Mountain Time)
Call:
(800) 715-9871 or (647) 932-3411
A live webcast of the conference call will be accessible on Total Energy’s website at www.totalenergy.ca by selecting “Webcasts”.
Shortly after the live webcast, an archived version will be available on Total Energy’s website. A recording of the conference call will also be available until December 12, 2026, by dialing (800) 770-2030, passcode 1002576.
Headquartered in Calgary, Alberta, 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 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.
The TSX has neither approved nor disapproved of the information contained herein.
CALGARY, Alberta, Sept. 14, 2026 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT) announces that Jessica Kirstine will retire from the Board of Directors on September 30, 2026. Total Energy thanks Ms. Kirstine for her significant contributions over the past five years.
Total Energy is pleased to announce that Elizabeth (Liz) Dammann has agreed to join the Board of Directors and will be appointed a director at the next Board of Directors’ meeting to be held in November 2026. Ms. Dammann is a professional engineer with over 25 years’ experience in the oil and gas industry, having served in various engineering and operational roles during her career. Ms. Dammann currently serves as the Vice President, Production and Capital Operations for Tundra Oil and Gas Ltd. Ms. Dammann has a Professional Engineering designation in Alberta (APEGA), Saskatchewan (APEGS) and Manitoba (EGM), obtained an Engineering degree from the University of Calgary in 2001 and a Master of Business Administration degree from Royal Roads University in 2025.
Headquartered in Calgary, Alberta, 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.
CALGARY, Alberta, Sept. 01, 2026 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy”) (TSX:TOT) announces that its Board of Directors has declared a quarterly dividend of $0.12 (Cdn.) per common share for the quarter ending September 30, 2026 on Total Energy’s outstanding common shares. The dividend is payable on October 15, 2026, to shareholders of record at the close of business on September 30, 2026.
Unless otherwise indicated, all dividends paid by Total Energy are “eligible dividends” within the meaning of subsection 89(1) of the Income Tax Act (Canada).
Headquartered in Calgary, Alberta, Total Energy provides contract drilling services, 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 Yuliya Gorbach, Chief Financial Officer at (403) 216-3920 or by e-mail at: investorrelations@totalenergy.ca or visit our website at www.totalenergy.ca.
The TSX has neither approved nor disapproved of the information contained herein.
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 Debt(3)
–
–
–
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 (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 September 12, 2026 by dialing (800) 770-2030 (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 (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 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.
CALGARY, Alberta, July 08, 2026 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy”) (TSX:TOT) will conduct a conference call and webcast following the release of its financial results for the three months ended June 30, 2026. The financial results will be released prior to the conference call. Daniel Halyk, President and CEO will host the call.
Open to:
Date:
Time:
Call:
Shareholders and other interested persons
August 13, 2026
9:00 a.m. (Mountain Time)
(800) 715-9871 or (647) 932-3411
A live webcast of the conference call will be accessible on Total Energy’s website at www.totalenergy.ca by selecting “Webcasts”.
Shortly after the live webcast, an archived version will be available on Total Energy’s website. A recording of the conference call will also be available until September 12, 2026, by dialing (800) 770-2030, passcode 1002576.
Headquartered in Calgary, Alberta, 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 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.
The TSX has neither approved nor disapproved of the information contained herein.
CALGARY, Alberta , June 01, 2026 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy”) (TSX:TOT) announces that its Board of Directors has declared a quarterly dividend of $0.12 (Cdn.) per common share for the quarter ending June 30, 2026 on Total Energy’s outstanding common shares. The dividend is payable on July 15, 2026, to shareholders of record at the close of business on June 30, 2026.
Unless otherwise indicated, all dividends paid by Total Energy are “eligible dividends” within the meaning of subsection 89(1) of the Income Tax Act (Canada).
Headquartered in Calgary, Alberta, Total Energy provides contract drilling services, 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 Yuliya Gorbach, Chief Financial Officer at (403) 216-3920 or by e-mail at: investorrelations@totalenergy.ca or visit our website at www.totalenergy.ca.
The TSX has neither approved nor disapproved of the information contained herein.
CALGARY, Alberta, May 19, 2026 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT) announces that the following matters were voted upon at the Company’s annual meeting of Shareholders on May 19, 2026 (the “Meeting”). A total of 22,238,540 common shares, representing 60.6% of Total Energy’s issued and outstanding shares as at the Record Date for the Meeting, were represented in person or by proxy at the Meeting.
Matter Voted Upon
Outcome of Vote
Votes For
Votes Withheld
1. The election of the following nominees as directors of the Company for the ensuing year or until their successors are elected or appointed:
George Chow
Passed
21,184,277
320,614
(98.5%)
(1.5%)
Glenn Dagenais
Passed
21,141,611
363,280
(98.3%)
(1.7%)
Daniel K. Halyk
Passed
21,495,786
9,105
(100.0%)
(0.0%)
Jessica Kirstine
Passed
20,838,631
666,260
(96.9%)
(3.1%)
Tim McMillan
Passed
21,169,368
335,523
(98.4%)
(1.6%)
Ken Mullen
Passed
19,116,647
2,388,244
(88.9%)
(11.1%)
2. The appointment of MNP LLP as auditors of the Company to hold office until the close of the next annual meeting of shareholders.
Passed
22,208,117
30,420
(99.9%)
(0.1%)
Total Energy provides contract drilling services, equipment rentals and transportation services, well servicing and compression and process equipment and services 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 Jeremy Busch-Howell, Vice-President, Legal, General Counsel and Corporate Secretary at (403) 216-3939 or by e-mail at: investorrelations@totalenergy.ca or visit our website at: www.totalenergy.ca.
CALGARY, Alberta, May 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 March 31, 2026.
Financial Highlights
($000’s except per share data, unaudited)
Three months ended March 31
2026
2025
Change
Revenue
$
314,896
$
251,909
25
%
Operating income
27,129
26,063
4
%
EBITDA(1)
55,158
50,488
9
%
Cashflow
54,290
44,934
21
%
Net income
24,222
18,952
28
%
Attributable to shareholders
24,137
18,966
27
%
Per Share Data (Diluted)
EBITDA(1)
$
1.49
$
1.31
14
%
Cashflow
$
1.46
$
1.16
26
%
Attributable to shareholders:
Net income
$
0.65
$
0.49
33
%
Common shares (000’s)(4)
Basic
36,459
38,041
(4
%)
Diluted
37,118
38,685
(4
%)
March 31
December 31
Financial Position at
2026
2025
Change
Total Assets
$
1,069,786
$
1,000,102
7
%
Long-Term Debt and Lease Liabilities (excluding current portion)
64,507
75,236
(14
%)
Working Capital(2)
113,404
108,023
5
%
Net Debt(1)
–
–
–
Shareholders’ Equity
623,554
601,311
4
%
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 March 31, 2026 reflect 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 that more than offset a year over year decline in North American drilling and completion activity. Negatively impacting first quarter financial results was a $6.5 million year over year increase in share-based compensation expense due to the 52% increase in the Company’s share price during the first quarter of 2026. This was partially offset by a $2.9 million year over year increase on the gain on sale of property, plant and equipment following the sale of certain well servicing equipment in the United States in February 2026.
Contract Drilling Services (“CDS”)
Three months ended March 31
2026
2025
Change
Revenue
$
97,178
$
91,087
7
%
EBITDA(1)
$
24,020
$
25,228
(5
%)
EBITDA(1) as a % of revenue
25
%
28
%
(11
%)
Operating days(2)
2,615
2,723
(4
%)
Canada
1,545
1,889
(18
%)
United States
115
144
(20
%)
Australia
955
690
38
%
Revenue per operating day(2), dollars
$
37,162
$
33,451
11
%
Canada
28,386
27,245
4
%
United States
26,913
30,507
(12
%)
Australia
52,594
50,659
4
%
Utilization
31
%
29
%
7
%
Canada
27
%
28
%
(4
%)
United States
11
%
13
%
(15
%)
Australia
62
%
45
%
38
%
Rigs, average for period
93
103
(10
%)
Canada
64
74
(14
%)
United States
12
12
–
Australia
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.
First quarter CDS segment activity in 2026 was modestly lower than the first quarter of 2025. Reactivation of upgraded equipment at higher day rates in Australia and higher day rates received for upgraded Canadian equipment contributed to increased first quarter segment revenue. However, a year over year decline in North American first quarter drilling activity more than offset a significant increase in Australian rig utilization and resulted in lower first quarter segment EBITDA relative to 2025.
Rentals and Transportation Services (“RTS”)
Three months ended March 31
2026
2025
Change
Revenue
$
19,467
$
23,024
(15
%)
EBITDA(1)
$
6,494
$
8,426
(23
%)
EBITDA(1) as a % of revenue
33
%
37
%
(11
%)
Revenue per utilized piece of equipment, dollars
$
14,165
$
15,503
(9
%)
Pieces of rental equipment
8,023
7,813
3
%
Canada
6,839
6,879
(1
%)
United States
1,184
934
27
%
Rental equipment utilization
17
%
19
%
(11
%)
Canada
14
%
16
%
(13
%)
United States
37
%
41
%
(10
%)
Heavy trucks
57
68
(16
%)
Canada
37
47
(21
%)
United States
20
21
(5
%)
(1)See Note 1 of the Notes to the Financial Highlights set forth at the end of this release.
RTS segment revenue decreased in the first quarter of 2026 compared to 2025 due to lower North American drilling and completion activity and decreased revenue per utilized piece resulting from a change in the mix of equipment operating. The acquisition of 280 major rental pieces located in Oklahoma on June 10, 2025 mitigated the year over year decline in industry activity levels in the United States. First 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 necessary to offset cost inflation.
Compression and Process Services (“CPS”)
Three months ended March 31
2026
2025
Change
Revenue
$
164,639
$
106,216
55
%
EBITDA(1)
$
21,807
$
15,740
39
%
EBITDA(1)as a % of revenue
13
%
15
%
(13
%)
Horsepower of equipment on rent at period end
31,970
43,558
(27
%)
Canada
17,320
14,468
20
%
United States
14,650
29,090
(50
%)
Rental equipment utilization during the period (HP)(2)
70
%
67
%
4
%
Canada
69
%
62
%
11
%
United States
71
%
74
%
(4
%)
Sales backlog at period end, $ million
$
446.9
$
265.4
68
%
(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 first 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 first 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 to $446.9 million compared to the $265.4 million backlog at March 31, 2025. Sequentially the quarter-end fabrication sales backlog increased by $0.2 million compared to the $446.7 million backlog at December 31, 2025.
Well Servicing (“WS”)
Three months ended March 31
2026
2025
Change
Revenue
$
33,612
$
31,582
6
%
EBITDA(1)
$
11,135
$
5,306
110
%
EBITDA(1) as a % of revenue
33
%
17
%
94
%
Service hours(2)
30,342
29,068
4
%
Canada
16,281
15,056
8
%
United States
108
2,229
(95
%)
Australia
13,953
11,783
18
%
Revenue per service hour(2), dollars
$
1,108
$
1,086
2
%
Canada
947
964
(2
%)
United States
898
919
(2
%)
Australia
1,297
1,275
2
%
Utilization(3)
40
%
31
%
29
%
Canada
37
%
30
%
23
%
United States
3
%
21
%
(86
%)
Australia
54
%
45
%
20
%
Rigs, average for period
61
79
(23
%)
Canada
49
55
(11
%)
United States
–
12
(100
%)
Australia
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.
First 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 first quarter of 2026 was higher compared to 2025 due to the deployment of upgraded rigs in Australia and Canada and the cessation of operating losses in the United States.
Corporate
During the first quarter of 2026, Total Energy began to execute on its $87.4 million 2026 capital expenditure program with $20.7 million of capital expenditures that were primarily directed towards the upgrade of drilling and service rigs in Australia and Canada and the expansion of CPS segment fabrication capacity in the United States. Included in 2026 first quarter capital expenditures was approximately $8.5 million of the $24.5 million of capital commitments carried forward from 2025.
Total Energy exited the first quarter of 2026 with $113.4 million of positive working capital, including $91.4 million of cash. At March 31, 2026 there was $130.0 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 4.07%.
$6.5 million was returned to shareholders during the first quarter of 2026 by way of dividends and share repurchases. Bank debt was also reduced by $10.0 million during the quarter. Cash on hand exceeded bank debt by $46.4 million at March 31, 2026.
Outlook
Global economic and political uncertainty, commodity price volatility and producer capital discipline continued to weigh on North American drilling and completion activity during the first quarter of 2026. Offsetting this uncertainty were stable Australian industry conditions and continued strong North American demand for compression and process equipment. The CPS segment’s record $446.9 million fabrication sales backlog at March 31, 2026 provides visibility for the CPS segment’s fabrication business well into 2027 and current quoting activity remains strong. In January 2026 the Company ceased well servicing operations in the United States and substantially all of the operating equipment was sold in February. An agreement to sell the associated real estate has been entered into, with closing expected to occur by June 30, 2026.
The escalation of hostilities in the Middle East in February 2026 resulted in a substantial increase in global oil and LNG prices following supply disruptions. While capital discipline arising from a commitment to improving shareholder returns continued to restrain North American drilling and completion activity during the first quarter of 2026, should higher commodity prices persist, they are expected to provide a tailwind for increased North American industry activity. Relatively high natural gas prices in Australia continue to support stable industry conditions.
In early May, an upgraded service rig was reactivated in Australia, bringing the Company’s current Australian active rig count to 13 drilling rigs and eight service rigs. An active Australian drilling rig will be taken out of service during the third quarter for approximately two months to complete certain upgrades, following which it will commence operations under a new long term contract. A new Australian service rig is currently under construction and is scheduled to commence operations in the first quarter of 2027. In Canada, the upgrade of a second idle mechanical double drilling rig into a state of the art AC electric triple pad rig is underway and is expected to be completed by the first quarter of 2027. Demand for this style of drilling rig remains very strong and, similar to the first upgrade completed in November 2025, the Company will look to contract this rig closer to the completion date. Total Energy continues to evaluate several acquisition and equipment upgrade opportunities in North America and Australia and will pursue those which meet its investment criteria.
Conference Call
At 9:00 a.m. (Mountain Time) on May 13, 2026 Total Energy will conduct a conference call and webcast to discuss its first 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 June 12, 2026 by dialing (800) 770-2030 (passcode 1002576).
Selected Financial Information
Selected financial information relating to the three months ended March 31, 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)
March 31
December 31
2026
2025
(unaudited)
(audited)
Assets
Current assets:
Cash and cash equivalents
$
91,373
$
59,637
Accounts receivable
178,473
165,991
Inventory
143,207
127,022
Prepaid expenses and deposits
22,555
18,268
435,608
370,918
Property, plant and equipment
630,125
625,131
Goodwill
4,053
4,053
$
1,069,786
$
1,000,102
Liabilities & Shareholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities
$
188,048
$
152,214
Deferred revenue
107,736
89,826
Contingent consideration on business acquisition
2,744
2,796
Income taxes payable
12,590
7,518
Dividends payable
4,405
3,635
Current portion of lease liabilities
6,681
6,906
322,204
262,895
Long-term debt
45,000
55,000
Lease liabilities
19,507
20,236
Deferred income tax liability
59,521
60,660
Shareholders’ equity:
Share capital
231,558
228,041
Contributed surplus
3,749
5,841
Accumulated other comprehensive loss
(8,448
)
(16,523
)
Non-controlling interest
462
377
Retained earnings
396,233
383,575
623,554
601,311
$
1,069,786
$
1,000,102
Consolidated Statements of Income
(in thousands of Canadian dollars except per share amounts)
(unaudited)
Three months ended March 31
2026
2025
Revenue
$
314,896
$
251,909
Cost of services
244,855
189,128
Selling, general and administration
13,434
13,968
Other income
(834
)
(308
)
Share-based compensation
6,614
108
Depreciation
23,698
22,950
Operating income
27,129
26,063
Gain on sale of property, plant and equipment
4,331
1,475
Finance costs, net
(786
)
(1,468
)
Net income before income taxes
30,674
26,070
Current income tax expense
8,001
4,614
Deferred income tax expense (recovery)
(1,549
)
2,504
Total income tax expense
6,452
7,118
Net income
$
24,222
$
18,952
Net income (loss) attributable to:
Shareholders of the Company
$
24,137
$
18,966
Non-controlling interest
85
(14
)
Income per share
Basic
$
0.66
$
0.50
Diluted
$
0.65
$
0.49
Consolidated Statements of Comprehensive Income
(in thousands of Canadian dollars except per share amounts)
(unaudited)
Three months ended March 31
2026
2025
Net income
$
24,222
$
18,952
Foreign currency translation
8,075
1,786
Total other comprehensive income for the period
8,075
1,786
Total comprehensive income
$
32,297
$
20,738
Total comprehensive income (loss) attributable to:
Shareholders of the Company
$
32,212
$
20,752
Non-controlling interest
85
(14
)
Consolidated Statements of Cash Flows
(in thousands of Canadian dollars)
(unaudited)
Three months ended March 31
2026
2025
Cash provided by (used in):
Operations:
Net income for the period
$
24,222
$
18,952
Add (deduct) items not affecting cash:
Depreciation
23,698
22,950
Share-based compensation
6,614
108
Gain on sale of property, plant and equipment
(4,331
)
(1,475
)
Finance costs, net
786
1,468
Foreign currency translation
219
1,353
Current income tax expense
8,001
4,614
Deferred income tax expense (recovery)
(1,549
)
2,504
Income taxes paid
(3,370
)
(5,540
)
Cashflow
54,290
44,934
Changes in non-cash working capital items:
Accounts receivable
(12,483
)
(15,228
)
Inventory
(16,185
)
(6,177
)
Prepaid expenses and deposits
(4,287
)
(1,614
)
Accounts payable and accrued liabilities
23,406
22,168
Deferred revenue
17,910
13,467
Cash provided by operating activities
62,651
57,550
Investing:
Purchase of property, plant and equipment
(20,744
)
(34,457
)
Proceeds on disposal of property, plant and equipment
5,713
2,492
Changes in non-cash working capital items
3,231
10,314
Cash used in investing activities
(11,800
)
(21,651
)
Financing:
Repayment of long-term debt
(10,000
)
(528
)
Repayment of lease liabilities
(1,857
)
(1,902
)
Dividends to shareholders
(3,635
)
(3,429
)
Repurchase of common shares
(2,883
)
(2,019
)
Shares issued on exercise of stock options
87
–
Interest paid
(827
)
(1,359
)
Cash used in financing activities
(19,115
)
(9,237
)
Change in cash and cash equivalents
31,736
26,662
Cash and cash equivalents, beginning of period
59,637
38,419
Cash and cash equivalents, end of period
$
91,373
$
65,081
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 March 31, 2026 (unaudited, in thousands of Canadian dollars)
As at and for the three months ended
Contract
Rentals and
Compression
Well
Corporate
Total
March 31, 2026
Drilling
Transportation
and Process
Servicing
(1)
Services
Services
Services
Revenue
$
97,178
$
19,467
$
164,639
$
33,612
$
–
$
314,896
Cost of services
70,617
11,255
138,228
24,755
–
244,855
Selling, general and administration
2,680
1,851
4,618
1,767
2,518
13,434
Other income
–
–
–
–
(834
)
(834
)
Share-based compensation
–
–
–
–
6,614
6,614
Depreciation
12,861
5,299
2,827
2,553
158
23,698
Operating income (loss)
11,020
1,062
18,966
4,537
(8,456
)
27,129
Gain on sale of property, plant and equipment
139
133
14
4,045
–
4,331
Finance costs, net
31
(48
)
(104
)
(9
)
(656
)
(786
)
Net income (loss) before income taxes
11,190
1,147
18,876
8,573
(9,112
)
30,674
Goodwill
–
2,514
1,539
–
–
4,053
Total assets
448,109
159,243
334,353
121,736
6,345
1,069,786
Total liabilities
63,747
37,119
208,667
6,148
130,551
446,232
Capital expenditures
9,421
2,109
4,531
4,335
348
20,744
Canada
United States
Australia
International
Total
Revenue
$
146,305
$
100,173
$
68,418
$
–
$
314,896
Non-current assets(2)
364,540
110,577
159,061
–
634,178
As at and for the three months ended March 31, 2025 (unaudited, in thousands of Canadian dollars)
As at and for the three months ended
Contract
Rentals and
Compression
Well
Corporate
Total
March 31, 2025
Drilling
Transportation
and Process
Servicing
(1)
Services
Services
Services
Revenue
$
91,087
$
23,024
$
106,216
$
31,582
$
–
$
251,909
Cost of services
63,943
12,340
87,185
25,660
–
189,128
Selling, general and administration
2,661
2,281
3,595
1,019
4,412
13,968
Other income
–
–
–
–
(308
)
(308
)
Share-based compensation
–
–
–
–
108
108
Depreciation
12,349
5,060
2,935
2,334
272
22,950
Operating income (loss)
12,134
3,343
12,501
2,569
(4,484
)
26,063
Gain on sale of property, plant and equipment
745
23
304
403
–
1,475
Finance costs, net
7
(41
)
(91
)
(15
)
(1,328
)
(1,468
)
Net income (loss) before income taxes
12,886
3,325
12,714
2,957
(5,812
)
26,070
Goodwill
–
2,514
1,539
–
–
4,053
Total assets
449,682
167,067
291,774
85,352
5,696
999,571
Total liabilities
94,518
33,251
134,643
9,183
141,720
413,315
Capital expenditures
23,625
1,181
935
8,687
29
34,457
Canada
United States
Australia
International
Total
Revenue
$
119,347
$
78,815
$
50,074
$
3,673
$
251,909
Non-current assets(2)
373,223
133,742
132,259
–
639,224
(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 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 (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 5 to the Company’s Q1 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.
CALGARY, Alberta, April 07, 2026 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy”) (TSX:TOT) will conduct a conference call and webcast following the release of its financial results for the three months ended March 31, 2026. The financial results will be released prior to the conference call. Daniel Halyk, President and CEO will host the call.
Open to:
Shareholders and other interested persons
Date:
May 13, 2026
Time:
9:00 a.m. (Mountain Time)
Call:
(800) 715-9871 or (647) 932-3411
A live webcast of the conference call will be accessible on Total Energy’s website at www.totalenergy.ca by selecting “Webcasts”.
Shortly after the live webcast, an archived version will be available on Total Energy’s website. A recording of the conference call will also be available until June 12, 2026, by dialing (800) 770-2030, passcode 1002576.
Headquartered in Calgary, Alberta, 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 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.
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