Total Energy Services Inc. · TSX:TOT
Total Energy Services — Q1 2026 Earnings Presentation
39 slides from Total Energy Services's earnings presentation, May 13, 2026
Slide 1: First Quarter Report 2026
Q1 FOCUS DISCIPLINE GROW TH First Quarter Report 2026
Slide 2: Report to Shareholders
Total Energy Services Inc. (“Total Energy” or the “Company”) is a public energy services company based in Calgary, Alberta that provides a variety of products and services to the energy and other resource industries through its subsidiaries and aboriginal partnerships. Total Energy is involved in fo
Slide 3: Report to Shareholders
TOTA L ENERGY SERV ICES INC . REPORT TO SHAREHOLDERS Total Energy’s results for the first quarter of 2026 reflect continued strong North American demand for natural gas compression and process equipment and increased contribution from Australia following the upgrade and reactivation of several drill
Slide 4: Report to Shareholders
TOTA L ENERGY SERV ICES INC . REPORT TO SHAREHOLDERS Total Energy continues to identify and evaluate equipment upgrade and acquisition opportunities in North America and Australia but will remain disciplined in the deployment of capital. Finally, I would encourage shareholders to join us at our 30th
Slide 5: Condensed Interim Consolidated Statements of Financial Position
TOTA L ENERGY SERV ICES INC . CO N D E N S E D I N T E R I M CO N S O L I DAT E D S TAT E M E N T S O F F I N A N C I A L P O S I T I O N (in thousands of Canadian dollars) Note March 31, 2026 December 31, 2025 (unaudited) (audited) ASSETS Current assets: Cash and cash equivalents $ 91,373 $ 59,637
Slide 6: Condensed Interim Consolidated Statements of Income
TOTA L ENERGY SERV ICES INC . CO N D E N S E D I N T E R I M CO N S O L I DAT E D S TAT E M E N T S O F I N CO M E Unaudited (in thousands of Canadian dollars except per share amounts) Three months ended March 31 Note 2026 2025 REVENUE $ 314,896 $ 251,909 Cost of services 244,855 189,128 Selling, ge
Slide 7: Condensed Interim Consolidated Statements of Changes in Equity
TOTA L ENERGY SERV ICES INC . CO N D E N S E D I N T E R I M CO N S O L I DAT E D S TAT E M E N T S O F C H A N G E S I N E Q U I T Y As at and for the three months ended March 31, 2026 and 2025, and year ended December 31, 2025 Unaudited (in thousands of Canadian dollars) Accumulated Other Non- Sha
Slide 8: Condensed Interim Consolidated Statements of Cash Flows
TOTA L ENERGY SERV ICES INC . CO N D E N S E D I N T E R I M CO N S O L I DAT E D S TAT E M E N T S O F C A S H F L O W S Unaudited (in thousands of Canadian dollars) Three months ended March 31 Note 2026 2025 Cash provided by (used in): Operations: Net income for the period $ 24,222 $ 18,952 Add (d
Slide 9: Notes to the Condensed Interim Consolidated Financial Statements
TOTA L ENERGY SERV ICES INC . N O T E S T O T H E CO N D E N S E D I N T E R I M CO N S O L I DAT E D F I N A N C I A L S TAT E M E N T S As at and for the three months ended March 31, 2026 and 2025 Unaudited (tabular amounts in thousands of Canadian dollars) 1. Reporting Entity Total Energy Service
Slide 10: Segmented Information
3. Segmented Information The Company manages its business in five reportable segments: Contract Drilling Services, Rental and Transportation Services, Compression and Process Services, Well Servicing and Corporate. For each of the reporting segments, the Company’s Chief Operating Decision Maker revi
Slide 11: Segmented Information and Long-term Debt
TOTA L ENERGY SERV ICES INC . N O T E S T O T H E C O N D E N S E D I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S As at and for the three months ended March 31, 2026 and 2025 Unaudited (tabular amounts in thousands of Canadian dollars) Contract Rentals and Compression As a
Slide 12: Long-term Debt
TOTA L ENERGY SERV ICES INC . N O T E S T O T H E C O N D E N S E D I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S As at and for the three months ended March 31, 2026 and 2025 Unaudited (tabular amounts in thousands of Canadian dollars) rate within such ranges is dependent
Slide 13: Share Capital
TOTA L ENERGY SERV ICES INC . N O T E S T O T H E C O N D E N S E D I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S As at and for the three months ended March 31, 2026 and 2025 Unaudited (tabular amounts in thousands of Canadian dollars) 5. Share Capital (a) Common Share Cap
Slide 14: Share-Based Compensation Plan
TOTA L ENERGY SERV ICES INC . N O T E S T O T H E C O N D E N S E D I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S As at and for the three months ended March 31, 2026 and 2025 Unaudited (tabular amounts in thousands of Canadian dollars) 6. Share-Based Compensation Plan Shar
Slide 15: Financial Instruments
TOTA L ENERGY SERV ICES INC . N O T E S T O T H E C O N D E N S E D I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S As at and for the three months ended March 31, 2026 and 2025 Unaudited (tabular amounts in thousands of Canadian dollars) 8. Financial Instruments The Company’
Slide 16: Management's Discussion and Analysis
TOTA L ENERGY SERV ICES INC . M A N AG E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S (“ M D & A” ) The following MD&A for Total Energy Services Inc. (“Total Energy” or the “Company”) was prepared as at May 12, 2026 and focuses on information and key statistics from the unaudited consolidate
Slide 17: Business of the Company
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S BUSINESS OF THE COMPANY Total Energy is a public energy services company based in Calgary, Alberta that provides a variety of products and services to the energy and other resource industries through its s
Slide 18: Industry Overview
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S INDUSTRY OVERVIEW The energy services industry is affected by numerous factors including, but not limited to, commodity prices, the avail- ability and quality of competing equipment and services, access to
Slide 19: Overall Performance
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S OVER ALL PERFOR MANCE First quarter revenue increased compared to 2025 as increased CPS segment activity and the deployment of several upgraded drilling and service rigs in Australia over the past year mor
Slide 20: Cost of Services and SG&A
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S Cost of services includes salaries and benefits for operations personnel, equipment repairs and maintenance, fuel, inventory used to manufacture compression and process equipment, utilities, property taxes
Slide 21: Depreciation Expense and Operating Income
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S Depreciation Expense Three months ended March 31 2026 2025 Change Depreciation expense $ 23,698 $ 22,950 3% The increase in 2026 first quarter depreciation expense compared to 2025 is due to additions to p
Slide 22: Income Taxes and Net Income
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S Income Taxes and Net Income Three months ended March 31 2026 2025 Change Current income tax expense $ 8,001 $ 4,614 73% Deferred income tax expense(recovery) (1,549) 2,504 nm Total income tax expense $ 6,4
Slide 23: Summary of Quarterly Results
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S SUMMARY OF QUARTER LY R ESULTS Financial Quarter Ended March 31 December 31 September 30 June 30 2026 2025 2025 2025 Revenue $ 314,896 $ 301,705 $ 260,702 $ 250,416 Operating income 27,129 25,511 19,352 22
Slide 24: Summary of Quarterly Results (prior year)
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S Financial Quarter Ended March 31 December 31 September 30 June 30 2025 2024 2024 2024 Revenue $ 251,909 $ 246,816 $ 241,940 $ 213,334 Operating income 26,063 15,892 27,308 14,612 EBITDA(1) 50,488 40,565 50
Slide 25: Segmented Results: Contract Drilling Services
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S SEGMENTED R ESULTS Contract Drilling Services Three months ended March 31 2026 2025 Change Revenue $ 97,178 $ 91,087 7% Canada 43,856 51,739 (15%) United States 3,095 4,393 (30%) Australia 50,227 34,955 44
Slide 26: Rentals and Transportation Services
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S In Australia, revenue for the three months ended March 31, 2026 increased compared to 2025 due to the deployment of several upgraded drilling rigs over the course of 2025. Operating income for the first qu
Slide 27: Compression and Process Services
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S Compression and Process Services Three months ended March 31 2026 2025 Change Revenue $ 164,639 $ 106,216 55% Canada 74,642 49,667 50% United States 89,997 56,549 59% Operating income $ 18,966 $ 12,501 52%
Slide 28: Well Servicing
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S Well Servicing Three months ended March 31 2026 2025 Change Revenue $ 33,612 $ 31,582 6% Canada 15,422 14,510 6% United States 97 2,049 (95%) Australia 18,093 15,023 20% Operating income (loss) $ 4,537 $ 2
Slide 29: Well Servicing and Corporate
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S dispose of the remaining United States well servicing assets by June 30, 2026. The Company’s well servicing business in the United States is not considered material. Australian revenue for the first quarte
Slide 30: Capital Expenditures by Segment
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S construction of a new Australian service rig and expansion of the CPS segment’s fabrication capacity in the United States. Proceeds from the sale of PP&E were derived primarily from the disposal of equipme
Slide 31: Credit Facility and Liquidity
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S On June 19, 2017 the Company entered into a three-year $225 million revolving syndicated credit facility (the “Credit Facility”). Following several renewals and at the request of the Company the Credit Fac
Slide 32: Dividends
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S Dividends On January 12, 2026 the Board of Directors increased the dividend by 20% to $0.12 per share for the quarter ended March 31, 2026. On March 6, 2025 the Board of Directors increased the dividend by
Slide 33: Outlook
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S OUTLOOK While capital discipline and a commitment to improving shareholder returns continued to restrain North American drilling and completion activity during the first quarter of 2026, the expansion of h
Slide 34: Customer Exposure and Critical Accounting Estimates
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S The Company did not have significant exposure to any individual customer or counterpart that accounted for over 10% of consolidated revenue during the first quarter of 2026, other than one major oil and ga
Slide 35: Key Sources of Estimation Uncertainty
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S Key Sources of Estimation Uncertainty The following are key estimates and their assumptions made by management affecting the measurement of balances and transactions in the consolidated financial statement
Slide 36: Non-IFRS Measures
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S NON-IFRS MEASUR ES As described throughout this MD&A, the Company references the following financial measures that are not recog- nized under IFRS: EBITDA, operating income, cashflow, working capital and n
Slide 37: Cautionary Statement Regarding Forward-Looking Information and Statements
TOTA L ENERGY SERV ICES INC . M A N A G E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS Certain information and statements contained in this MD&A constitute forward-looking information, including the antici- pated costs
Slide 38: Corporate Information
TOTA L ENERGY SERV ICES INC . CO R P O R AT E I N F O R M AT I O N BOARD OF DIRECTORS HEAD OFFICE George Chow 1 Suite 1000, 734 – 7 Avenue SW T2P 3P8 Chairman of the Board Calgary, Alberta T2P 3H2 Daniel Halyk Telephone: (403) 216-3939 President and Chief Executive Officer Toll Free: (877) 818-6825
Slide 39: Canadian, U.S. and Australian Locations
CANADIAN LOCATIONS Brooks, AB • Calgary, AB • Clairmont, AB • Drayton Valley, AB • Drumheller, AB • Edson, AB • Fort McMurray, AB • Fox Creek, AB Grande Prairie, AB • Lac La Biche, AB • Lacombe, AB • Leduc, AB • Lloydminster, AB • Medicine Hat, AB • Red Deer, AB • Rocky Mountain House, AB Slave Lake
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