CALGARY, Alberta, July 07, 2025 (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, 2025. 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Shortly after the live webcast, an archived version will be available on Total Energy’s website.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 September 6, 2025, by dialing (855) 669-9658, passcode 1605923.

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 10, 2025 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT) is pleased to announce that its wholly owned United States subsidiary, Total Oilfield Rentals Inc. (“TORUS”), has acquired a fleet of surface rental equipment operating in Oklahoma for U.S. $6.4 million. The purchase price was paid with cash on hand.

The equipment purchased includes approximately 280 pieces of rental equipment as well as a substantial inventory of ancillary equipment. This acquisition establishes TORUS’s presence in the Oklahoma drilling and completions rental market and represents a 30% increase to the number of major rental pieces in the Rentals and Transportation Services segment’s United States fleet.

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

CALGARY, Alberta, May 30, 2025 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy”) (TSX:TOT) announces that its Board of Directors has declared a quarterly dividend of $0.10 (Cdn.) per common share for the quarter ending June 30, 2025 on Total Energy’s outstanding common shares. The dividend is payable on July 15, 2025, to shareholders of record at the close of business on June 30, 2025.

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 13, 2025 (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 13, 2025 (the “Meeting”). A total of 25,209,233 common shares, representing 66.3% 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.

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 08, 2025 (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, 2025.

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

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

nm – calculation not meaningful

Total Energy’s financial results for the first quarter of 2025 reflect relatively stable industry conditions in Canada and Australia and continued weakness in the United States. Improved Compression and Process Services segment performance and contributions from the acquisition of Saxon Energy Services Australia Pty. Ltd. (“Saxon”) as well as several upgraded Australian drilling and service rigs that were reactivated during the second half of 2024 more than offset the decline in United States drilling and completion activity.

Contract Drilling Services (“CDS”)

⁽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 was modestly lower in 2025 compared to 2024 due to a substantial decline in U.S. activity, an early spring shutdown in Canada and the loss of market share in more competitive areas of the Canadian market. The decline in North American operating days was offset by a significant increase in Australian activity following the acquisition of Saxon in March of 2024 and the deployment of several upgraded drilling rigs during the second half of 2024. The year over year increase in first quarter Australian revenue per operating day reflects the addition of Saxon’s deeper drilling rig fleet which receives higher day rates as well as increased rates received for upgraded drilling rigs.

Rentals and Transportation Services (“RTS”)

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

RTS segment revenue and revenue per utilized piece of equipment both increased for the first quarter of 2025 compared to 2024 due to the mix of equipment operating and the deployment of new and upgraded equipment. First quarter segment EBITDA decreased in 2025 compared to the prior year due to the change in the mix of equipment operating and expenses incurred to deploy new and upgraded equipment.

Compression and Process Services (“CPS”)

⁽¹⁾ See Note 1 of the Notes to the Financial Highlights set forth at the end of this release.
⁽²⁾ Rental equipment utilization is measured on a horsepower basis.

2025 first quarter CPS segment revenue was higher compared to 2024 due primarily to increased fabrication and parts and service activity in both Canada and the U.S. Efficiencies arising from higher production levels contributed to the year over year increase in first quarter segment EBITDA. Sequentially, the quarter end fabrication sales backlog increased by $76.4 million, or 40%, compared to the $189.0 million backlog at December 31, 2024.

Well Servicing (“WS”)

⁽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 WS segment revenue increased in 2025 as compared to 2024 due to increased activity in Australia following the reactivation of several upgraded service rigs that offset a substantial decline in U.S. activity. Segment EBITDA for the first quarter of 2025 was higher compared to the prior year due to increased Australian activity and higher pricing received for upgraded Australian service rigs.

Corporate

During the first quarter of 2025, Total Energy remained focused on the safe and efficient operation of its business and execution of its 2025 capital expenditure program. $34.5 million of capital expenditures were made during the first quarter, including $16.6 million of capital commitments from 2024 that related primarily to the upgrade of several Australian drilling and service rigs.

Total Energy exited the first quarter of 2025 with $83.6 million of positive working capital, including $65.1 million of cash, and $105.0 million of available credit under its $175 million of revolving bank credit facilities. The weighted average interest rate on the Company’s outstanding bank debt at March 31, 2025 was 4.09%.

Outlook

Subsequent to March 31, 2025, oil prices have weakened following the announcement of substantial tariffs by the U.S. government on global trading partners and threats of retaliatory tariffs combined with the potential increase of OPEC oil supply despite near term global economic growth concerns. This political and economic uncertainty has impaired near term visibility for the energy services industry. Despite this uncertainty, industry conditions remain relatively stable in North America and Australia. Contributing to this stability is continuing investment in the expansion of North American energy infrastructure, as evidenced by the substantial increase in the CPS segment’s fabrication sales backlog during the first quarter of 2025.

Total Energy continues to identify opportunities to upgrade and reactivate equipment as well as targeted opportunities to build new equipment. In that regard, the Company has increased its 2025 capital expenditure budget to $73.9 million. This $12.0 million increase is directed towards growth opportunities and includes the upgrade and reactivation of an idle Australian drilling rig acquired as part of the Saxon acquisition that is scheduled to commence operations in the fourth quarter of 2025 under a long term contract, the upgrade of a Canadian drilling rig that recently commenced operations and $3.9 million of new rental equipment for the RTS segment that is expected to be deployed by the fourth quarter of 2025. The Company expects to fund the remaining $56.0 million of 2025 capital expenditure commitments with cash on hand and cashflow.

On April 29, 2025, Total Energy repaid $40.4 million of mortgage debt that matured. Such repayment was funded by available cash on hand and the Company’s existing credit facility.

Conference Call

At 9:00 a.m. (Mountain Time) on May 9, 2025 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 (833) 752-3851 or (647) 846-8915. Those who are unable to listen to the call live may listen to a recording of it on Total Energy’s website. A recording of the conference call will also be available until June 9, 2025 by dialing (855) 669-9658 (passcode 1220531).

Selected Financial Information

Selected financial information relating to the three months ended March 31, 2025 and 2024 is included in this news release. This information should be read in conjunction with the condensed interim consolidated financial statements of Total Energy and the notes thereto as well as management’s discussion and analysis to be issued in due course and in the Company’s 2024 Annual Report.

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

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

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

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

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, 2025 (unaudited, in thousands of Canadian dollars)

As at and for the three months ended March 31, 2024 (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, lease asset (excluding current portion) and goodwill.

Total Energy provides contract drilling services, equipment rentals and transportation services, well servicing and compression and process equipment and service to the energy and other resource industries from operation centers in North America and Australia. The common shares of Total Energy are listed and trade on the TSX under the symbol TOT.

For further information, please contact Daniel Halyk, President & Chief Executive Officer at (403) 216-3921 or Yuliya Gorbach, Vice-President Finance and Chief Financial Officer at (403) 216-3920 or by e-mail at: investorrelations@totalenergy.ca or visit our website at www.totalenergy.ca

Notes to the Financial Highlights

(1) EBITDA means earnings before interest, taxes, depreciation and amortization and is equal to net income (loss) before income taxes plus finance costs plus depreciation. EBITDA is not a recognized measure under IFRS. Management believes that in addition to net income (loss), EBITDA is a useful supplemental measure as it provides an indication of the results generated by the Company’s primary business activities prior to consideration of how those activities are financed, amortized or how the results are taxed in various jurisdictions as well as the cash generated by the Company’s primary business activities without consideration of the timing of the monetization of non-cash working capital items. Readers should be cautioned, however, that EBITDA should not be construed as an alternative to net income determined in accordance with IFRS as an indicator of Total Energy’s performance. Total Energy’s method of calculating EBITDA may differ from other organizations and, accordingly, EBITDA may not be comparable to measures used by other organizations.

(2) Working capital equals current assets minus current liabilities.

(3) Net Debt equals long-term debt plus lease liabilities plus current liabilities minus current assets. Management believes this measure provides a useful indication of the Company’s liquidity.

(4) Basic and diluted shares outstanding reflect the weighted average number of common shares outstanding for the periods. See note 6 to the Company’s Condensed Interim Consolidated Financial Statements.

Certain statements contained in this press release, including statements which may contain words such as “could”, “should”, “expect”, “believe”, “will” and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Forward-looking statements are based upon the opinions and expectations of management of Total Energy as at the effective date of such statements and, in some cases, information supplied by third parties. Although Total Energy believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct.

In particular, this press release contains forward-looking statements concerning industry activity levels, including expectations regarding Total Energy’s future activity levels, market share and compression and process production activity. Such forward-looking statements are based on a number of assumptions and factors including fluctuations in the market for oil and natural gas and related products and services, political and economic conditions, central bank interest rate policy, the demand for products and services provided by Total Energy, Total Energy’s ability to attract and retain key personnel and other factors. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Total Energy to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Reference should be made to Total Energy’s most recently filed Annual Information Form and other public disclosures (available at http://www.sedarplus.ca/) for a discussion of such risks and uncertainties.

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

CALGARY, Alberta, April 04, 2025 (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, 2025. 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 9, 2025, by dialing (855) 669-9658, passcode 1220531.

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, March 11, 2025 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy”) (TSX:TOT) announces that its Board of Directors has declared a quarterly dividend of $0.10 (Cdn.) per common share for the quarter ending March 31, 2025 on Total Energy’s outstanding common shares. The dividend is payable on April 15, 2025, to shareholders of record at the close of business on March 31, 2025.

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, March 06, 2025 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT) announces its consolidated financial results for the three months and year ended December 31, 2024.

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.

nm – calculation not meaningful

Total Energy’s results for the three months ended December 31, 2024 reflect relatively stable industry conditions in Canada and Australia and lower drilling and completion activity levels in the United States (the “U.S.”).   Included in the 2024 financial results is the contribution from Saxon Energy Services Australia Pty Ltd. (“Saxon”) from March 7, 2024 when Saxon was acquired. 2024 fourth quarter results were negatively impacted by $4.1 million compared to the fourth quarter of 2023 as a result of foreign exchange translation differences.

Contract Drilling Services (“CDS”)

⁽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.

Fourth quarter CDS segment activity was lower in 2024 compared to 2023 due to a substantial decline in U.S. activity, an extended holiday shutdown in Canada and shutdowns in Australia due to extended wet weather conditions. Saxon contributed $21.4 million of CDS segment revenue during the fourth quarter of 2024.   Negatively impacting segment EBITDA for the fourth quarter of 2024 were expenses incurred with the reactivation of several upgraded rigs in Australia and Canada. The substantial year over year increase in fourth quarter Australian revenue per operating day reflects the addition of Saxon’s deeper drilling rig fleet which receives higher day rates as well as increased rates received for recently upgraded drilling rigs.

Rentals and Transportation Services (“RTS”)

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

RTS segment revenue for the fourth quarter of 2024 decreased compared to 2023 due to lower activity levels in the U.S. Despite lower U.S. revenues, fourth quarter segment EBITDA increased in 2024 compared to a 2023 due a 3% year over year increase in Canadian revenue and a 41% increase in segment operating margin resulting from a change in the mix of equipment operating and lower equipment reactivation costs in both Canada and the U.S.

Compression and Process Services (“CPS”)

⁽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.

2024 fourth quarter CPS segment revenue was higher compared to 2023 due to increased fabrication, parts and service and rental activity in both Canada and the U.S. Improved fabrication efficiencies and a significant increase in compression horsepower on rent contributed to the year over year increase in segment EBITDA for 2024.   The quarter end fabrication sales backlog increased by $26.2 million compared to the $162.8 million backlog at December 31, 2023 and remained consistent with the $189.0 million backlog at September 30, 2024.

Well Servicing (“WS”)

⁽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.

Fourth quarter WS segment revenue increased in 2024 as compared to 2023 due to increased activity in Canada and Australia that offset a substantial decline in U.S. activity. Segment EBITDA was lower as higher operating income in Canada was more than offset by the decline in United States operating income due to lower activity and lower operating income in Australia due to activity shutdowns resulting from extended wet weather conditions. Also negatively impacting 2024 fourth quarter operating income and EBITDA in Australia and Canada were expenses incurred to reactivate upgraded rigs.

Corporate

During the fourth quarter of 2024, Total Energy remained focused on the safe and efficient operation of its business, execution of its 2024 capital expenditure program and the integration of the Saxon acquisition. Including the acquisition of Saxon and net of disposals, $136.1 million of capital expenditures were made in 2024.

Total Energy exited the fourth quarter of 2024 with $78.7 million of positive working capital, including $38.4 million of cash, and $105 million of available credit under its $175 million of revolving bank credit facilities. Included in current liabilities is a $40.9 million mortgage loan that matures in April of 2025. Total Energy expects to repay this debt at maturity when approximately $40.2 million of principal will be outstanding. The weighted average interest rate on the Company’s outstanding bank debt at December 31, 2024 was 4.45%.

Outlook

Global political and economic uncertainty, including recent threats of tariffs, continues to impair visibility for the energy services industry. Despite this uncertainty, industry conditions remain relatively stable. Contributing to this stability are substantial ongoing investment to increase North American LNG export capacity, a strong Asian LNG market and the recent completion of the Trans Mountain pipeline expansion in Canada.    The expected completion of the LNG Canada liquified natural gas export facility in mid-2025, and the resultant 1.8 billion cubic feet per day of additional demand for Canadian natural gas, continues to provide a tailwind for Canadian natural gas drilling and completion activity despite relatively weak Canadian natural gas spot market prices.

Total Energy’s previously announced 2025 preliminary capital budget of $61.9 million includes $34.3 million of growth capital. Included in 2025 growth capital is $27.8 million for Canadian drilling and service rig upgrades and $6.5 million for continued growth of the North American natural gas compression rental fleet and parts and service business. In addition, $16.6 million of 2024 growth capital primarily related to Australian drilling and service rig upgrades carried into 2025. Upgrades to one Saxon drilling rig were completed and said rig commenced drilling in mid-February under a long term contract. Upgrades to another Saxon drilling rig and an Australian service rig are expected to be completed by the second quarter of 2025 after which they will commence operations under long term contracts. An additional $27.6 million has been budgeted for 2025 capital maintenance and includes equipment recertifications and maintenance in all business segments as well as the purchase of new drill pipe. Total Energy expects to fund its capital expenditure program with cash on hand and cash flow from operations.

Dividend Increase

The Board of Directors of Total Energy has declared a dividend of $0.10 per common share for the quarter ended March 31, 2025. This represents an 11% increase from the fourth quarter 2024 dividend. The dividend is payable on April 15, 2025 to shareholders of record on March 31, 2025. Unless otherwise indicated, all dividends declared by the Company are “eligible dividends” within the meaning of subsection 89(1) of the Income Tax Act (Canada).

Conference Call

At 9:00 a.m. (Mountain Time) on March 7, 2025 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 (844) 763-8274 or (647) 484-8814. 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 7, 2025 by dialing (855) 669-9658 (passcode 9001185).

Selected Financial Information

Selected financial information relating to the three months and year ended December 31, 2024 and 2023 is included in this news release. This information should be read in conjunction with the 2024 Financial Statements of Total Energy and the notes thereto as well as management’s discussion and analysis to be issued in due course and in the Company’s 2024 Annual Report.

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

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

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

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