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

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

Total Energy’s financial results for the three months ended March 31, 2019 reflect an approximate 30% year over year decline in drilling activity in Canada offset by continued strength in the Compression and Process Services (“CPS”) segment and stable industry conditions in the United States and Australia. Included in 2019 first quarter cost of services was $1.3 million of non-recurring equipment relocation expenses in the CDS and RTS segments as the Company continued to consolidate drilling operations in the United States and relocate underutilized equipment from Canada to the United States.  EBITDA and net income were also negatively impacted by $1.2 million of other expenses for the first quarter of 2019, which consisted of unrealized foreign exchange losses on the translation of foreign subsidiary intercompany balances.  The adoption of IFRS 16 on January 1, 2019 had no impact on net income, with the resultant $1.2 million reduction in lease related expenses being offset by $1.2 million of increased depreciation and finance costs.

Total Energy’s Contract Drilling Services segment (“CDS”) achieved 19% utilization during the first quarter of 2019, recording 1,930 operating days (spud to rig release) with a fleet of 114 drilling rigs, compared to 2,924 operating days, or 28% utilization, during the first quarter of 2018 with a fleet of 116 drilling rigs.  Revenue per operating day for the first quarter of 2019 was $23,681, a 14% increase from the prior year comparable period.  During the first quarter of 2019, the CDS segment had 1,110 operating days in Canada with a fleet of 85 rigs (15% utilization), 522 days in the United States with a fleet of 24 rigs (24% utilization) and 298 days in Australia with a fleet of 5 rigs (65% utilization).  Negatively impacting results for the first quarter of 2019 was $0.9 million of non-recurring rig relocation expenses as the CDS segment continued to consolidate United States operations in West Texas. Australian utilization during the first quarter of 2019 was positively impacted by an additional drilling rig operating as compared to 2018.  A modest decline in contracted rates and reduced revenue from camps and other ancillary services contributed to a year over year decline in Australian revenue per operating day.

The Rental and Transportation Services segment (“RTS”) achieved a utilization rate on major rental equipment of 23% during the first quarter of 2019 compared to 27% utilization during the first quarter of 2018.  Segment revenue per utilized rental piece in the first quarter of 2019 was consistent with the revenue per utilized piece in the first quarter of 2018.  This segment exited first quarter of 2019 with approximately 10,660 pieces of major rental equipment (excluding access matting) and 91 heavy trucks as compared to 11,000 rental pieces and 112 heavy trucks at March 31, 2018.  During first quarter of 2019 the RTS segment continued to relocate underutilized equipment from Canada to the United States at a cost of $0.4 million.

Revenue in the Compression and Process Services segment (“CPS”) increased 42% to $121.1 million for the three months ended March 31, 2019 compared to $85.1 million for the same period in 2018.  This increase was primarily due to higher international activity levels and increased manufacturing throughput following a 30% increase in Canadian fabrication capacity in the fourth quarter of 2018.  This segment exited the first quarter of 2019 with a $159.8 million backlog of fabrication sales orders as compared to $207.0 million at March 31, 2018 and $222.9 million at December 31, 2018.  At March 31, 2019, there was 47,000 horsepower in the compression rental fleet, of which approximately 30,600 horsepower was on rent as compared to 18,500 horsepower on rent at March 31, 2018.  The gas compression rental fleet operated at an average utilization rate of 68% during the first quarter of 2019 as compared to 53% during the first quarter of 2018.

Total Energy’s Well Servicing segment (“WS”) generated $36.8 million of revenue during the first quarter of 2019 on 42,649 service hours, or $863 per service hour, with a fleet of 83 service rigs that were located in Canada (57 rigs), the United States (14 rigs) and Australia (12 rigs).  This compares to $36.8 million of revenue during the first quarter of 2018 on 41,114 service hours, or $895 per service hour.  Service rig utilization for the three months ended March 31, 2019 was 41% in Canada, 31% in the United States and 69% in Australia.

During the first quarter of 2019 Total Energy repurchased 85,400 common shares at an average price (including commissions) of $9.85 per share pursuant to its normal course issuer bid and declared a quarterly dividend of $0.06 per share to shareholders of record on March 31, 2019.  This dividend was paid on April 30, 2019.  For Canadian income tax purposes, all dividends paid by Total Energy on its common shares are designated as “eligible dividends” unless otherwise indicated.

Outlook

In response to a substantial increase in the discount to world oil prices received by Canadian oil producers, the Alberta government imposed mandatory oil production cuts that came into effect in January 2019.  Many producers scaled back or cancelled winter drilling programs altogether in response to the production curtailment. Despite a significant recovery in realized Canadian oil prices thus far in 2019, political and regulatory barriers to the construction of energy infrastructure continue to weigh on industry sentiment in Canada and visibility for activity levels following spring breakup is limited.  While activity levels in the United States have leveled out, this market continues to be the primary driver of the Company’s near-term growth, particularly in the CPS and RTS segments.  With increased fabrication capacity coming on line in late 2018, the CPS segment has recently expanded its United States sales presence in order to continue to grow its share of that market.  The RTS segment has seen strong demand in the United States for quality equipment and service and continues to grow its market share by displacing third party equipment with underutilized equipment relocated from Canada and targeted investment in new equipment.  Market conditions in Australia remain stable.

Total Energy continues to generate significant free cash flow despite prolonged challenging industry conditions in Canada.  During the first quarter of 2019, the Company completed $14.7 million, or 36%, of its previously announced $40.5 million 2019 capital expenditure budget, reduced long term debt by $10.9 million and returned $3.6 million to shareholders by way of dividends and share repurchases.  The Company’s liquidity position remains strong, with $117.9 million of working capital at March 31, 2019, including $50.3 million of cash and marketable securities.  $217.0 million was drawn on Total Energy’s $295.0 million of revolving bank credit facilities at March 31, 2019 and the Company was in compliance with all debt covenants and able to fully draw on the remaining amounts available under its credit facilities.  Total Energy’s primary credit facility provides the Company with the option to increase such facility by $75 million subject to certain terms and conditions including the agreement of the lenders to increase their commitments.

Conference Call

At 9:00 a.m. (Mountain Time) on May 10, 2019 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) 319-4610 or (416) 915-3239.  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 10, 2019 by dialing (855) 669-9658 (passcode 3140).

Annual Meeting of Shareholders

Shareholders and other interested persons are invited to attend the annual and special meeting of Shareholders which will commence at 10:00 am (Calgary time) on Wednesday, May 15, 2019 at the Calgary Petroleum Club, 319 – 5^th Avenue S.W., Calgary, Alberta.

Selected Financial Information

Selected financial information relating to the three months ended March 31, 2019 and 2018 is attached to this news release.  This information should be read in conjunction with the 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 reproduced in the Company’s 2019 first quarter report.

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

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

Condensed Interim Consolidated Statements of Comprehensive Income (Loss)

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

Segmented Information

The Company provides a variety of products and services in the oil and natural gas industry through five reporting segments, which operate substantially in three geographic segments.  These reporting segments are Contract Drilling Services, which includes the contracting of drilling equipment and the provision of labour required to operate the equipment, Rentals and Transportation Services, which includes the rental and transportation of equipment used in drilling, completion and production operations, Compression and Process Services, which includes the fabrication, sale, rental and servicing of natural gas compression and oil and natural gas process equipment and Well Servicing, which includes the contracting of service rigs and the provision of labour 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, 2019 (unaudited, in thousands of Canadian dollars)

As at and for the three months ended March 31, 2018 (unaudited, in thousands of Canadian dollars)

⁽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 Services Inc. is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services, the fabrication, sale, rental and servicing of natural gas compression and oil and natural gas process equipment and well servicing.  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 before income taxes plus finance costs plus depreciation.  EBITDA is not a recognized measure under IFRS. Management believes that in addition to net income, 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.
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 for the three months ended March 31, 2019.

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, performances 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 www.sedar.com) for a discussion of such risks and uncertainties.

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

CALGARY, Alberta, April 16, 2019 (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, 2019. The financial results will be released prior to the conference call. Daniel Halyk, President and CEO, will host the call.

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 10, 2019 by dialling (855) 669-9658, passcode 3140.

Headquartered in Calgary, Alberta, Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets. 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, March 08, 2019 (GLOBE NEWSWIRE) — Total Energy Services Inc. (TSX:TOT) (“Total Energy”) announces that its Board of Directors has declared a quarterly dividend of $0.06 (Cdn.) per common share for the quarter ending March 31, 2019 on Total Energy’s outstanding common shares.  The dividend is payable on April 30, 2019 to shareholders of record at the close of business on March 29, 2019.  The ex-dividend date is March 28, 2019.

Headquartered in Calgary, Alberta, Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets.  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, March 07, 2019 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT) announces its consolidated financial results for the three months and the year ended December 31, 2018.

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

“nm” – calculation not meaningful
Notes 1 through 4 please refer to the Notes to the Financial Highlights set forth at the end of this release.

Total Energy’s financial results for the three months ended December 31, 2018 reflect a significant decline in drilling and completion activity in Canada offset by continued strength in the Compression and Process Services (“CPS”) segment and relatively stable industry activity levels in the United States and Australia.  Underlying the decline in Canadian activity was a substantial decrease in the oil price realized by Canadian producers relative to global benchmark prices during the fourth quarter of 2018 due to a lack of export pipeline capacity.  Included in 2018 fourth quarter selling, general and administration expenses was $0.5 million of legal expenses related to two claims made against Savanna following the takeover of Savanna by the Company.

Total Energy’s Contract Drilling Services segment (“CDS”) achieved 21% utilization during the fourth quarter of 2018, recording 2,152 operating days (spud to rig release) with a fleet of 114 drilling rigs, compared to 2,476 operating days, or 23% utilization, during the fourth quarter of 2017 with a fleet of 119 drilling rigs.  Revenue per operating day for the fourth quarter of 2018 was $21,958, a 6% increase from the prior year comparable period.  Excluding Canadian subsistence revenue on which no margin is earned, quarterly revenue per spud to release day was $21,005, a 1% year over year increase.  During the fourth quarter of 2018, the CDS segment had 1,208 operating days in Canada with a fleet of 85 rigs (15% utilization), 640 days in the United States with a fleet of 24 rigs (29% utilization) and 304 days in Australia with a fleet of 5 rigs (66% utilization).  Negatively impacting United States results for the fourth quarter of 2018 was significant unpaid downtime and $0.8 million of non-recurring expenses primarily related to a drilling rig that was damaged during rig move operations.  This rig returned to service in early 2019.  Australian operations were impacted by a relatively high proportion of lower margin standby hours in December as several customers implemented extended holiday shutdowns.

The Rental and Transportation Services segment (“RTS”) achieved a utilization rate on major rental equipment of 27% during the fourth quarter of 2018 compared to 24% utilization during the fourth quarter of 2017.  Segment revenue per utilized rental piece increased 1% during the fourth quarter of 2018 compared to the same period in 2017 due to a change in mix of equipment operating and improved pricing in the United States.  This segment exited 2018 with approximately 10,600 pieces of major rental equipment (excluding access matting) and 90 heavy trucks as compared to 11,000 rental pieces and 112 heavy trucks at December 31, 2017.  During 2018 the RTS segment relocated 150 pieces of major rental equipment from Canada to the United States and disposed of 400 pieces of rental equipment and 22 heavy trucks.

Revenue in the Compression and Process Services segment (“CPS”) increased 58% to $115.6 million for the three months ended December 31, 2018 compared to $73.2 million for the same period in 2017.  This increase was primarily due to higher international activity levels, including increasing contribution from the Weirton, West Virginia compression fabrication facility.  This segment exited the fourth quarter of 2018 with a $222.9 million backlog of fabrication sales orders as compared to $167.9 million at December 31, 2017 and $236.7 million at September 30, 2018.  At December 31, 2018, there was 47,400 horsepower in the compression rental fleet, of which approximately 34,800 horsepower was on rent as compared to 22,800 horsepower on rent at December 31, 2017 and 31,500 horsepower at September 30, 2018.  The gas compression rental fleet operated at an average utilization rate of 70% during the fourth quarter of 2018 as compared to 54% during the fourth quarter of 2017.

Total Energy’s Well Servicing segment (“WS”) generated $37.1 million of revenue during the fourth quarter of 2018 on 42,382 service hours, or $874 per service hour, with a fleet of 83 service rigs that were located in Canada (57 rigs), the United States (14 rigs) and Australia (12 rigs).  This compares to $37.2 million of revenue during the fourth quarter of 2017 on 39,905 service hours, or $932 per service hour.  Service rig utilization for the three months ended December 31, 2018 was 37% in Canada, 28% in the United States and 73% in Australia.

During the fourth quarter of 2018 Total Energy repurchased 148,600 common shares at an average price (including commissions) of $9.91 per share pursuant to its normal course issuer bid and declared a quarterly dividend of $0.06 per share to shareholders of record on December 31, 2018.  This dividend was paid on January 31, 2019.  For Canadian income tax purposes, all dividends paid by Total Energy on its common shares are designated as “eligible dividends” unless otherwise indicated.

Outlook

Global oil prices continue to be volatile, with the West Texas Intermediate (“WTI”) benchmark oil price declining approximately 40% during the fourth quarter of 2018.  While the WTI oil price has recently recovered much of the late 2018 decline and the imposition of a mandatory oil production curtailment by the Alberta government has assisted in reducing the near term Canadian oil price differential, market uncertainty and the Alberta production curtailment have negatively impacted current winter drilling and completion activity in Canada.  Industry activity in the United States remains relatively strong and has been the primary driver of growth, particularly in the CPS segment.  Activity levels in Australia returned to pre-holiday levels in early January.

Total Energy’s CPS segment took occupancy of a leased fabrication facility in Calgary during the fourth quarter of 2018.  This facility, which replaced another leased facility, increases the CPS segment’s Canadian fabrication capacity by approximately 30%.  Production from this facility is expected to ramp up over the next several quarters in response to continued strong demand, particularly from outside of Canada.

During 2018 Total Energy reduced long term debt by $41.9 million and the Company’s working capital position at December 31, 2018 was $125.0 million, including $31.2 million of cash and marketable securities.  At December 31, 2018 $227.0 million was drawn on the Company’s $295.0 million of revolving bank credit facilities.  Total Energy was in compliance with all debt covenants at December 31, 2018 and able to fully draw on the remaining amounts available under its credit facilities.  Total Energy’s primary credit facility provides the Company with the option to increase such facility by $75 million subject to certain terms and conditions including the agreement of the lenders to increase their commitments.

With ongoing energy market uncertainty and volatility, particularly in Canada, Total Energy remains focused on conducting operations in a prudent and sustainable manner, capital stewardship and preservation of balance sheet strength.  The Company’s previously announced $40.5 million preliminary capital budget for 2019 provides significant flexibility to respond to any material changes in industry conditions, positive or negative.  Total Energy’s strong liquidity position allows the Company to continue to pursue attractive investment opportunities despite very challenging equity markets for Canadian energy service companies.

Conference Call

At 9:00 a.m. (Mountain Time) on March 8, 2019 Total Energy will conduct a conference call and webcast to discuss its fourth 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) 319-4610 or (416) 915-3239.  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 April 8, 2019 by dialing (855) 669-9658 (passcode 2953).

Selected Financial Information

Selected financial information relating to the three months and the year ended December 31, 2018 and 2017 is attached to this news release.  This information should be read in conjunction with the 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 reproduced in the Company’s 2018 annual report.

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

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

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

Segmented Information

The Company provides a variety of products and services in the oil and natural gas industry through five reporting segments, which operate substantially in three geographic segments.  These reporting segments are Contract Drilling Services, which includes the contracting of drilling equipment and the provision of labour required to operate the equipment, Rentals and Transportation Services, which includes the rental and transportation of equipment used in drilling, completion and production operations, Compression and Process Services, which includes the fabrication, sale, rental and servicing of natural gas compression and oil and natural gas process equipment and Well Servicing, which includes the contracting of service rigs and the provision of labour 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 December 31, 2018 (unaudited, in thousands of Canadian dollars)

As at and for the three months ended December 31, 2017 (unaudited, in thousands of Canadian dollars)

As at and for the year ended December 31, 2018 (audited, in thousands of Canadian dollars)

As at and for the year ended December 31, 2017 (audited, in thousands of Canadian dollars)

⁽¹⁾      Includes property, plant and equipment and goodwill.

Total Energy Services Inc. is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services, the fabrication, sale, rental and servicing of natural gas compression and oil and natural gas process equipment and well servicing.  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 before income taxes plus finance costs plus depreciation.  EBITDA is not a recognized measure under IFRS. Management believes that in addition to net income, 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 obligations under finance leases plus current liabilities minus current assets.
4. Basic and diluted shares outstanding reflect the weighted average number of common shares outstanding for the periods. See note 17 to the Company’s 2018 audited 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, expectations regarding Total Energy’s market share and future compression and process production activity, Total Energy’s expectations of future interest rates and its corresponding ability to realize substantial interest expense savings, expectations as to the Company’s ability to realize cost efficiencies and synergies arising from the acquisition of Savanna as well as other expected benefits of the acquisition.  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, performances 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 www.sedar.com) for a discussion of such risks and uncertainties.

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

CALGARY, Alberta, Feb. 05, 2019 (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 December 31, 2018. The financial results will be released prior to the conference call. Daniel Halyk, President and CEO, will host the call.

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 April 8, 2019 by dialling (855) 669-9658, passcode 2953.

Headquartered in Calgary, Alberta, Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets. 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, Jan. 07, 2019 (GLOBE NEWSWIRE) — Total Energy Services Inc. (TSX:TOT) (“Total” or the “Company”) announces its preliminary 2019 capital expenditure budget of $40.5 million. Included in this budget is $17.2 million of expansion capital and $23.3 million of equipment maintenance and upgrade capital. In addition, approximately $4.8 million of the Company’s $54 million capital expenditure budget for 2018 will carry forward into 2019.

Total’s expansion capital is being directed primarily towards the Company’s Compression and Process Services (“CPS”) segment to support continued international expansion and additions to the natural gas compression rental fleet.

The $23.3 million budget for maintenance and equipment upgrades will be directed towards equipment replacement, upgrades, re-certifications and maintenance in all business segments.

Total intends to finance its remaining $4.8 million of 2018 capital commitments and $34.7 million of its preliminary 2019 capital expenditure budget with cash on hand, cash flow from operations and, if necessary, existing credit facilities. $5.8 million of the 2019 capital budget relates to light duty vehicle additions and replacements that will be financed by capital leases.

Headquartered in Calgary, Alberta, Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets. 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 & CEO at (403) 216‑3921 or by e-mail at: investorrelations@totalenergy.ca or visit our website at www.totalenergy.ca.

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

CALGARY, Alberta, Oct. 11, 2018 (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, 2018.  The financial results will be released prior to the conference call.  Daniel Halyk, President and CEO, will host the call.

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 8, 2018 by dialling (855) 669-9658, passcode 2663.

Headquartered in Calgary, Alberta, Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets. 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. 28, 2018 (GLOBE NEWSWIRE) — Total Energy Services Inc. (TSX:TOT) (“Total Energy”) announced today that it has filed a Notice with the Toronto Stock Exchange (the “TSX”) to undertake a normal course issuer bid that will expire on October 1, 2019. 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 Total Energy.

As of today, there are 46,063,700 Shares issued and outstanding. In connection with the normal course issuer bid, which will commence on October 2, 2018, Total Energy may purchase up to 500,000 Shares, being 1.1% of the total number of outstanding Shares, during the period from October 2, 2018 to October 1, 2019, subject to a maximum daily purchase limit of 5,697 Shares based on an average daily trading volume for the last six calendar months of 22,971 Shares.

From time to time, purchases of Shares may be undertaken at prices that represent an attractive investment opportunity for Total Energy. Total Energy expects that the purchase of Shares will benefit the remaining shareholders of Total Energy by increasing their proportionate equity investment in Total Energy.

On September 28, 2017, Total Energy announced its intention to undertake a normal course issuer bid, which remains in effect during the 12-month period ending October 1, 2018.  Under that normal course issuer bid, as of the date hereof, Total Energy purchased a total of 230,936 Shares, at an average price of $11.77 per Share.

Headquartered in Calgary, Alberta, Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets.  The common shares of Total Energy are listed and trade on the TSX under the symbol TOT.

For further information, please contact Yuliya Gorbach, V.P. Finance and CFO at (403) 216-3920 or by e-mail at: investorrelations@totalenergy.ca or visit our website at www.totalenergy.ca.

CALGARY, Alberta, Aug. 09, 2018 (GLOBE NEWSWIRE) — Total Energy Services Inc. (TSX:TOT) (“Total Energy” or the “Company”) announces its consolidated financial results for the three and six months ended June 30, 2018.

“n/m” – calculation not meaningful
Notes 1 through 4 please refer to the Notes to the Financial Highlights set forth at the end of this release.

Total Energy’s financial results for the three months ended June 30, 2018 reflect improving energy service industry conditions in the United States and Australia offset by relative weakness in Canada that was exacerbated by the seasonal decline in activity levels known as “spring break-up.” Operating efficiencies of scale and cost synergies arising from the integration of Savanna Energy Services Corp. (“Savanna”) contributed to a meaningful increase in quarterly EBITDA margins on a year over year basis and a fourth consecutive profitable quarter.

Total Energy’s Contract Drilling Services segment (“CDS”) achieved 15% utilization during the second quarter of 2018, recording 1,593 operating days (spud to rig release) with a fleet of 116 drilling rigs, compared to 2,021 operating days, or 20% utilization, during the second quarter of 2017 with a fleet of 119 drilling rigs. Revenue per operating day for the second quarter of 2018 was $24,019. During the second quarter of 2018, the CDS segment had 539 operating days in Canada with a fleet of 85 rigs (7% utilization), 703 days in the United States with a fleet of 26 rigs (30% utilization) and 351 days in Australia with a fleet of 5 rigs (77% utilization). During the second quarter a drilling rig was relocated from Canada to the United States.

The Rental and Transportation Services segment (“RTS”) achieved a utilization rate on major rental equipment of 19% during the second quarter of 2018 as compared to 18% during the second quarter of 2017. Segment revenue per utilized rental piece increased 6% for the second quarter of 2018 compared to the same period in 2017 due to a modest increase in pricing. This segment exited the second quarter of 2018 with approximately 11,000 pieces of major rental equipment (excluding access matting) and 112 heavy trucks as compared to 11,700 rental pieces and 125 heavy trucks at June 30, 2017.

Revenue in the Compression and Process Services segment (“CPS”) increased 61% to $105.2 million for the three months ended June 30, 2018 compared to $65.4 million for the same period in 2017. This segment exited the second quarter of 2018 with a $216.9 million backlog of fabrication sales orders as compared to $149.3 million at June 30, 2017 and $207.0 million at March 31, 2018. At June 30, 2018, there was 43,800 horsepower in the compression rental fleet, of which approximately 24,800 horsepower was on rent as compared to 19,000 horsepower on rent at June 30, 2017 and 18,500 horsepower at March 31, 2018. The gas compression rental fleet operated at an average utilization rate of 57% during the second quarter of 2018 as compared to 46% during the second quarter of 2017.

Total Energy’s Well Servicing segment (“WS”) generated $35.5 million of revenue during the second quarter of 2018 on 36,472 service hours, or $974 per service hour, with a fleet of 84 service rigs that were located in Canada (57 rigs), the United States (15 rigs) and Australia (12 rigs). This compares to $34.9 million of revenue during the second quarter of 2017 on 34,935 service hours, or $999 per service hour. Service rig utilization for the three months ended June 30, 2018 was 25% in Canada, 38% in the United States and 69% in Australia.

During the second quarter of 2018 Total Energy repurchased 30,936 common shares at an average price (including commissions) of $11.96 per share pursuant to its normal course issuer bid and declared a quarterly dividend of $0.06 per share to shareholders of record on June 30, 2018. This dividend was paid on July 31, 2018. For Canadian income tax purposes, all dividends paid by Total Energy on its common shares are designated as “eligible dividends” unless otherwise indicated.

OUTLOOK

Oil and natural gas industry conditions continued to improve during the second quarter of 2018 with the exception of Canada where spring break up resulted in the usual seasonal decline in activity levels. Current indications are that activity levels will remain relatively strong in the international markets in which Total Energy competes for the near term. Activity levels in Canada have increased following spring break up and are expected to remain consistent with prior year levels in the near term provided oil prices remain stable. The record fabrication sales backlog enjoyed by the CPS segment at June 30, 2018 provides visibility for the remainder of 2018 and into the first quarter of 2019. The sales backlog continues to be driven by the Company’s increasing international business.

Total Energy’s Board of Directors has approved an increase to the Company’s 2018 capital expenditure budget to $54.0 million. This $6.0 million increase has been directed primarily to continued growth of the CPS and RTS segments in the United States. To June 30, 2018, $21.1 million of capital expenditures have been incurred.

Total Energy’s working capital position at June 30, 2018 was $103.1 million, including $24.4 million of cash and marketable securities. During the second quarter of 2018 Total Energy repaid $67.5 million principal amount of 7.0% senior unsecured notes previously issued by Savanna plus $2.3 million of accrued interest thereon with a $50 million draw on the Company’s credit facilities and $19.8 million of cash on hand. During the first half of 2018, the Company has reduced the principal amount of debt outstanding by $29.8 million and at June 30, 2018 $236.0 million was drawn on the Company’s $295.0 million of revolving bank credit facilities. Total Energy was in compliance with all debt covenants at June 30, 2018 and able to fully draw on the remaining amounts available under its credit facilities. Total Energy’s primary credit facility also provides the Company with the option to increase such facility by $75 million subject to certain terms and conditions including the agreement of the lenders to increase their commitments.

CONFERENCE CALL

At 9:00 a.m. (Mountain Time) on August 10, 2018 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’s website at www.totalenergy.ca by selecting “Webcasts”. Persons wishing to participate in the conference call may do so by calling (800) 319-4610 or (416) 915-3239. 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 10, 2018 by dialing (855) 669-9658 (passcode 2445).

SELECTED FINANCIAL INFORMATION

Selected financial information relating to the three and six months ended June 30, 2018 and 2017 is attached to this news release. This information should be read in conjunction with the interim condensed consolidated financial statements of Total Energy and the attached notes to the interim condensed consolidated financial statements and management’s discussion and analysis to be issued in due course and reproduced in the Company’s 2018 second quarter report.

Consolidated Statements of Financial Position