CALGARY, Alberta, March 15, 2023 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy”) (TSX:TOT) announces that its Board of Directors has declared a quarterly dividend of $0.08 (Cdn.) per common share for the quarter ending March 31, 2023 on Total Energy’s outstanding common shares. The dividend is payable on April 17, 2023, to shareholders of record at the close of business on March 31, 2023. The ex-dividend date is March 30, 2023.

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 09, 2023 (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, 2022.

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 fourth quarter and year ended December 31, 2022 reflect improved industry conditions compared to the prior year, particularly in North America as wet weather conditions in Australia continued to restrict field operations during the fourth quarter of 2022. Negatively impacting EBITDA and net income for the fourth quarter of 2022 was a $2.1 million unrealized foreign exchange loss arising from the translation of intercompany working capital balances. The Company did not receive any COVID-19 assistance during the quarter as compared to $1.4 million received in the fourth quarter of 2021.

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 stand-by days.}

North American drilling activity continued to recover during the fourth quarter of 2022 as compared to 2021. Increased activity and pricing drove a significant year over year improvement in Canadian fourth quarter financial performance. Increased day rates and modestly higher year over year fourth quarter utilization contributed to improved financial performance in the United States of America (the “United States” or the “U.S.”). In Australia, increased revenue was offset by reactivation costs incurred as rigs previously on standby due to wet weather conditions resumed field operations. The substantial year over year increase in the CDS segment’s fourth quarter EBITDA was driven by increased pricing that offset the absence of COVID-19 assistance and operating cost inflation.

Rentals and Transportation Services (“RTS”)

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

Fourth quarter revenue in the RTS segment increased as compared to the same period in 2021 due to higher equipment utilization and improved pricing. Increased equipment utilization, improved pricing and this segment’s significant leverage to higher equipment utilization given its relatively high fixed cost structure contributed to a substantial year over year increase in fourth quarter EBITDA and EBITDA margin despite the absence of COVID-19 assistance and operating cost inflation in 2022.

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.}

The year over year increase in the CPS segment’s fourth quarter revenue was due primarily to higher fabrication sales, increased equipment overhaul activity and the continued recovery in utilization of the compression rental fleet. Increased overhead absorption due to higher production levels combined with improved pricing on fabrication sales and higher rental fleet utilization contributed to a significant year over year improvement in fourth quarter EBITDA margin despite operating cost inflation and the absence of COVID-19 assistance in 2022. The fabrication sales backlog continued to grow during the fourth quarter of 2022, increasing by $72.0 million to $219.5 million compared to the $147.5 million backlog at December 31, 2021 and by $21.7 million, or 11%, from the $197.8 million backlog at September 30, 2022.

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 2022 as compared to 2021 due primarily to improved North American activity and pricing as well as the mix of equipment operating. Fourth quarter EBITDA was lower compared to 2021 due to lower Canadian activity as a result of extreme cold weather conditions and an extended holiday shutdown combined with weakness in Australia where field activity was limited due to prolonged wet weather conditions that resulted in a substantial year over year increase in lower rate paid stand-by. Improved year over year North American pricing was not sufficient to offset the absence of COVID-19 assistance, operating cost inflation and the negative impact of the year over year depreciation of the Australian dollar relative to the Canadian dollar on Australian results, which in turn resulted in lower segment EBITDA margins on a year over year basis.

Corporate

During the fourth quarter of 2022, Total Energy was focused on the safe and efficient operation of its business and the completion of its 2022 capital expenditure program. After funding capital expenditures, working capital requirements and lease and interest obligations, Total Energy generated $35.3 million of free cash flow during the quarter that was directed towards $28.6 million of debt reduction, $4.5 million of share repurchases under the Company’s normal course issuer bid and $2.5 million of dividends.

For the year ended December 31, 2022, after changes in non-cash working capital items and funding $56.7 million of capital expenditures, $7.4 million of interest payments and $5.0 million of lease payments, Total Energy generated $88.7 million of free cash flow that was directed towards $70.5 million of debt repayment, $12.6 million of share repurchases and $5.0 million of paid dividends.

Total Energy exited the fourth quarter of 2022 with $112.2 million of positive working capital, including $34.1 million of cash, and $150 million of available credit under its $225 million of revolving bank credit facilities.   The weighted average interest rate on the Company’s outstanding debt at December 31, 2022 was 4.94%.

Outlook

While global economic uncertainty and a relatively warm winter in the northern hemisphere have contributed to oil price volatility and lower natural gas prices, industry conditions remain positive and stable. Current indications are that industry activity levels will continue to modestly improve on a year over year basis, with the CPS segment’s significant year end fabrication backlog providing visibility into the second half of 2023. In this environment, Total Energy remains focused on the safe and efficient operation of its business and the disciplined deployment of capital.

Total Energy’s previously announced 2023 preliminary capital expenditure budget of $51.7 million includes $26.1 million for the recertification and maintenance of equipment and $25.6 million of expansion capital, including the substantial upgrade of idle equipment in the CDS and WS segments in direct response to customer demand. The Company intends to fund its 2023 capital expenditure program with cash on hand and cash flow.

Dividend Increase

When Total Energy completed the acquisition of Savanna Energy Services Inc. in June of 2017, it assumed $281.3 million of debt. Since that time, despite some very challenging industry conditions, to December 31, 2022 the Company has repaid $206.4 million, or 73%, of such debt. Subsequent to year end, an additional $5.0 million owing under the Company’s revolving credit facility was repaid such that $70.0 million is currently drawn on $225.0 million of available credit.

Given this significant reduction in debt and Total Energy’s commitment to providing its owners with industry leading returns, the Board of Directors has declared a dividend of $0.08 per common share for the quarter ended March 31, 2023, a 33% increase from the fourth quarter 2022 dividend. The dividend is payable on April 17, 2023 to shareholders of record at the close of business on March 31, 2023. The ex-dividend date is March 30, 2023. 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 10, 2023 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 10, 2023 by dialing (855) 669-9658 (passcode 9878).

Selected Financial Information

Selected financial information relating to the three months and year ended December 31, 2022 and 2021 is included in this news release. This information should be read in conjunction with the 2022 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 2022 Annual report.

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

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

Consolidated Statements of Comprehensive Income (Loss)

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

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 labour 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 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, 2022 (unaudited, in thousands of Canadian dollars)

As at and for the three months ended December 31, 2021 (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.}

As at and for the year ended December 31, 2022 (audited, in thousands of Canadian dollars)

As at and for the year ended December 31, 2021 (audited, 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

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 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. 01, 2023 (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, 2022. 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 10, 2023, by dialing (855) 669-9658, passcode 9878.

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, Jan. 10, 2023 (GLOBE NEWSWIRE) — Total Energy Services Inc. (TSX:TOT) (“Total” or the “Company”) announces its preliminary 2023 capital expenditure budget of $51.7 million which includes $25.6 million of expansion capital and $26.1 million for equipment maintenance and recertifications.

The 2023 expansion capital budget includes $18.4 million for rig upgrades in the Contract Drilling Services and Well Servicing segments. These upgrades include the modification of an idle drilling rig for deployment to Australia in the first quarter of 2024 under a three year contract and the modification of an idle service rig for deployment in Canadian thermal oil operations in late 2023. In addition, $5.0 million of expansion capital will be deployed for continued growth of the North American compression rental business and $2.2 million for new rental equipment for the Rentals and Transportation Services segment.

The $26.1 million capital maintenance budget will be directed towards equipment re-certifications and maintenance in all business segments, including $4.1 million for new drilling rig tubulars.

Total intends to finance its preliminary 2023 capital expenditure budget with cash on hand and cash flow from operations.

Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to 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, Dec. 01, 2022 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy”) (TSX:TOT) announces that its Board of Directors has declared a quarterly dividend of $0.06 (Cdn.) per common share for the quarter ending December 31, 2022 on Total Energy’s outstanding common shares. The dividend is payable on January 16, 2023, to shareholders of record at the close of business on December 30, 2022. The ex-dividend date is December 29, 2022.

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, Nov. 09, 2022 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT) announces its consolidated financial results for the three and nine months ended September 30, 2022.

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

Total Energy’s results for the third quarter and first nine months of 2022 reflect continued improvement of North American and Australian industry conditions that were underpinned by relatively strong commodity prices. Despite extended wet weather conditions in Australia that hampered field operations, Total Energy’s third quarter represents the highest quarterly EBITDA, cashflow and net income results achieved in the Company’s 26 year history as well as the fifth consecutive profitable quarter since the collapse in oil prices in April of 2020. The Company did not receive any COVID-19 relief funds during the quarter as compared to $4.5 million received in the third quarter of 2021.

Contract Drilling Services (“CDS”)

North American drilling activity continued to recover during the third quarter and first nine months of 2022 as compared to the same periods in 2021. A recovery in activity and pricing drove a significant year over year improvement in Canadian third quarter financial performance. In the U.S., increased day rates and modestly higher year over year third quarter utilization contributed to increased revenue and operating income. In Australia, results improved in the third quarter and first nine months of 2022 compared to the same periods in 2021 with two drilling rigs having returned to service in 2021 following necessary recertification and upgrades. The CDS segment’s third quarter EBITDA margin increased 12% on a year over year basis with increased pricing offsetting the absence of COVID-19 relief funds and operating cost inflation.

Rentals and Transportation Services (“RTS”)

Third quarter revenue in the RTS segment increased as compared to the same period in 2021 due to higher equipment utilization and improved pricing. Increased equipment utilization as well as higher revenue per utilized piece of equipment contributed to the year over year increase in third quarter EBITDA. Third quarter EBITDA margin was higher compared to the same period in 2021 due to improved pricing offsetting the absence of COVID-19 relief assistance and significant operating cost inflation as well as this segment’s significant leverage to higher equipment utilization given its relatively high fixed cost structure.

Compression and Process Services (“CPS”)

The year over year increase in the CPS segment’s third quarter revenue was due primarily to higher fabrication sales and increased equipment overhaul activity. Compression rental fleet utilization continued to recover during the third quarter of 2022. The absence of COVID-19 relief assistance, general operating cost inflation and cost overruns on a project that were not anticipated based on previous projects with the same customer, contributed to a lower third quarter EBITDA margin in 2022 as compared to 2021. The fabrication sales backlog continued to grow during the third quarter of 2022, increasing by $50.3 million, or 34%, compared to the $147.5 million backlog at December 31, 2021 and $16.1 million from the $181.7 million backlog at June 30, 2022.

Well Servicing (“WS”)