Business
Total Energy Services Inc. Announces Q2 2026 Results
Total Energy Services Inc. Announces Q2 2026
About this update from Total Energy Services Inc.
CALGARY, Alberta , Aug. 12, 2026 (GLOBE NEWSWIRE) -- Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT) announces its consolidated financial results for the three months ended June 30, 2026 . Financial Highlights ($000’s except per share data, unaudited) Three months ended June 30 Six months ended June 30 2026 2025 Change 2026 2025 Change Revenue $ 328,963 $ 250,416 31 % $ 643,859 $ 502,325 28 % Operating income 33,729 22,314 51 % 60,858 48,377 26 % EBITDA (1) 60,853 45,396 34 % 116,011 95,884 21 % Cashflow 47,740 38,410 24 % 102,030 83,344 22 % Net income 26,775 17,086 57 % 50,997 36,038 42 % Attributable to shareholders 26,694 17,111 56 % 50,831 36,077 41 % Per Share Data (Diluted) EBITDA (1) $ 1.64 $ 1.20 37 % $ 3.13 $ 2.51 25 % Cashflow $ 1.28 $ 1.02 25 % $ 2.75 $ 2.18 26 % Attributable to shareholders: Net income $ 0.72 $ 0.45 60 % $ 1.37 $ 0.94 46 % Common shares (000’s) (4) Basic 36,669 37,341 (2 %) 36,552 37,725 (3 %) Diluted 37,192 37,820 (2 %) 37,048 38,232 (3 %) June 30 December 31 Financial Position at 2026 2025 Change Total Assets $ 1,078,318 $ 1,000,102 8 % Long-Term Debt and Lease Liabilities (excluding current portion) 44,497 75,236 (41 %) Working Capital (2) 81,939 108,023 (24 %) Net Debt ( 3 ) - - - Shareholders’ Equity 635,981 601,311 6 % Notes 1 through 4 please refer to the Notes to the Financial Highlights set forth at the end of this release. Total Energy’s results for the three months ended June 30, 2026 represent record quarterly financial results, driven by continued strong North American demand for natural gas compression and process equipment and the deployment of upgraded drilling and service rigs in Australia and Canada . Positively impacting 2026 second quarter financial results was a $3.0 million year over year increase in gain on sale of property, plant and equipment following completion of the disposition of assets related to the Company’s United States well servicing business that was discontinued in January 2026 . Partially offsetting this gain were $2.3 million of non-recurring expenses in the U.S . contract drilling business related to rig reactivations and the resolution of several legacy legal disputes. Contract Drilling Services (“CDS”) Three months ended June 30 Six months ended June 30 2026 2025 Change 2026 2025 Change Revenue $ 94,713 $ 71,222 33 % $ 191,891 $ 162,309 18 % EBITDA (1) $ 22,359 $ 16,031 39 % $ 46,379 $ 41,259 12 % EBITDA (1) as a % of revenue 24 % 23 % 4 % 24 % 25 % (4 %) Operating days (2) 2,407 1,945 24 % 5,022 4,668 8 % Canada 1,240 956 30 % 2,785 2,845 (2 %) United States 235 147 60 % 350 291 20 % Australia 932 842 11 % 1,887 1,532 23 % Revenue per operating day (2) , dollars $ 39,349 $ 36,618 7 % $ 38,210 $ 34,771 10 % Canada 27,187 26,543 2 % 27,852 27,105 3 % United States 29,081 28,694 1 % 28,369 29,591 (4 %) Australia 58,119 49,441 18 % 55,323 49,990 11 % Utilization 28 % 21 % 33 % 30 % 21 % 43 % Canada 21 % 14 % 50 % 24 % 14 % 71 % United States 22 % 13 % 69 % 16 % 13 % 23 % Australia 60 % 54 % 11 % 61 % 54 % 13 % Rigs, average for period 93 102 (9 %) 93 102 (9 %) Canada 64 73 (12 %) 64 73 (12 %) United States 12 12 - 12 12 - Australia 17 17 - 17 17 - (1 ) See Note 1 of the Notes to the Financial Highlights set forth at the end of this release. ( 2 ) Operating days includes drilling and paid standby days . Second quarter CDS segment activity in 2026 was higher than the second quarter of 2025 in all jurisdictions. Reactivation of upgraded equipment at higher day rates in Australia and higher day rates received for upgraded Canadian equipment contributed to increased second quarter segment revenue and EBITDA. Negatively impacting 2026 second quarter segment EBITDA was $2.3 million of non-recurring expenses in the United States , including $1.3 million of rig reactivation costs for several rigs that had been idle for extended periods and $1.0 million related to the resolution of legal disputes from prior periods. Rentals and Transportation Services (“RTS”) Three months ended June 30 Six months ended June 30 2026 2025 Change 2026 2025 Change Revenue $ 18,706 $ 16,186 16 % $ 38,173 $ 39,210 (3 %) EBITDA (1) $ 5,371 $ 5,608 (4 %) $ 11,865 $ 14,034 (15 %) EBITDA (1) as a % of revenue 29 % 35 % (17 %) 31 % 36 % (14 %) Revenue per utilized piece of equipment, dollars $ 14,584 $ 13,596 7 % $ 27,967 $ 29,062 (4 %) Pieces of rental equipment 8,010 8,053 (1 %) 8,010 8,053 (1 %) Canada 6,844 6,877 - 6,844 6,877 - United States 1,166 1,176 (1 %) 1,166 1,176 (1 %) Rental equipment utilization 16 % 15 % 7 % 17 % 17 % - Canada 14 % 13 % 8 % 14 % 15 % (7 %) United States 30 % 28 % 7 % 33 % 34 % (3 %) Heavy trucks 58 68 (15 %) 58 68 (15 %) Canada 39 47 (17 %) 39 47 (17 %) United States 19 21 (10 %) 19 21 (10 %) (1) See Note 1 of the Notes to the Financial Highlights set forth at the end of this release. Second quarter RTS segment revenue increased as compared to 2025 due to the acquisition of 280 pieces of major rental equipment in Oklahoma in June 2025 and increased drilling and production activity in Canada . Second quarter segment EBITDA decreased compared to 2025 given this segment’s relatively high fixed cost structure and competitive market conditions that did not allow for price increases sufficient to offset cost inflation. Compression and Process Services (“CPS”) Three months ended June 30 Six months ended June 30 2026 2025 Change 2026 2025 Change Revenue $ 182,367 $ 133,233 37 % $ 347,006 $ 239,449 45 % EBITDA (1) $ 26,812 $ 22,157 21 % $ 48,619 $ 37,897 28 % EBITDA (1) as a % of revenue 15 % 17 % (12 %) 14 % 16 % (13 %) Horsepower of equipment on rent at period end 31,790 43,273 (27 %) 31,790 43,273 (27 %) Canada 16,590 15,523 7 % 16,590 15,523 7 % United States 15,200 27,750 (45 %) 15,200 27,750 (45 %) Rental equipment utilization during the period (HP) (2) 59 % 63 % (6 %) 64 % 65 % (2 %) Canada 49 % 56 % (13 %) 59 % 59 % - United States 75 % 67 % 12 % 73 % 69 % 6 % Sales backlog at period end, $ million $ 554.5 $ 303.9 82 % $ 554.5 $ 303.9 82 % (1) See Note 1 of the Notes to the Financial Highlights set forth at the end of this release. (2) Rental equipment utilization is measured on a horsepower basis . 2026 second quarter CPS segment revenue was higher compared to 2025 due to increased North American fabrication sales and parts and service activity that was partially offset by lower compression rental fleet revenue in the United States following the sale of several active compression rental units in 2025. The year over year increase in second quarter segment EBITDA was due to increased fabrication and parts and service activity and improved fabrication margins although the decline in higher margin rental revenues resulted in a lower segment EBITDA margin compared to 2025. The quarter end fabrication sales backlog increased by 82% to $554.5 million compared to the $303.9 million backlog at June 30, 2025 . Sequentially the quarter-end fabrication sales backlog increased by $107.6 million , or 24%, from the $446.9 million backlog at March 31, 2026 . Well Servicing (“WS”) Three months ended June 30 Six months ended June 30 2026 2025 Change 2026 2025 Change Revenue $ 33,177 $ 29,775 11 % $ 66,789 $ 61,357 9 % EBITDA (1) $ 10,149 $ 3,457 194 % $ 21,284 $ 8,763 143 % EBITDA (1) as a % of revenue 31 % 12 % 158 % 32 % 14 % 129 % Service hours (2) 28,551 27,440 4 % 58,893 56,508 4 % Canada 12,800 11,638 10 % 29,081 26,694 9 % United States - 2,063 nm 108 4,292 (97 %) Australia 15,751 13,739 15 % 29,704 25,522 16 % Revenue per service hour (2) , dollars $ 1,162 $ 1,085 7 % $ 1,134 $ 1,086 4 % Canada 912 890 2 % 932 932 - United States - 913 nm 898 916 (2 %) Australia 1,365 1,276 7 % 1,333 1,275 5 % Utilization (3) 35 % 27 % 30 % 38 % 29 % 31 % Canada 29 % 23 % 26 % 33 % 27 % 22 % United States - 19 % nm 3 % 20 % (85 %) Australia 60 % 52 % 15 % 57 % 49 % 16 % Rigs, average for period 61 79 (23 %) 61 79 (23 %) Canada 49 55 (11 %) 49 55 (11 %) United States - 12 nm - 12 (100 %) Australia 12 12 - 12 12 - (1) See Note 1 of the Notes to the Financial Highlights set forth at the end of this release. (2) Service hours is defined as well servicing hours of service provided to customers and includes paid rig move and standby. (3) T he Company reports its service rig utilization for its operational service rigs in North America based on service hours of 3,650 per rig per year to reflect standard 10 hour operations per day. Utilization for the Company’s service rigs in Australia is calculated based on service hours of 8,760 per rig per year to reflect standard 24 hour operations. “nm” – calculation not meaningful Second quarter Well Servicing segment revenue increased in 2026 as compared to 2025 due to increased activity in Australia and Canada following the upgrade and reactivation of several service rigs over the past year. Increased revenue from Australian and Canadian operations was partially offset by lower WS segment revenue in the United States following the discontinuance of U.S . operations in January 2026 . Segment EBITDA for the second quarter of 2026 was higher compared to 2025 due primarily to a substantial improvement in Australian financial performance and the cessation of operating losses in the United States . Corporate During the second quarter of 2026, Total Energy continued to execute on its $87.4 million 2026 capital expenditure program with $45.0 million of capital expenditures that were primarily directed towards the upgrade of drilling and service rigs in Australia and Canada , the construction of a new service rig for Australia and expansion of CPS segment fabrication capacity in the United States . Capital expenditures for the first half of 2026 totaled $65.8 million , which includes $17.2 million of the $24.5 million of capital commitments carried forward from 2025. Total Energy exited the second quarter of 2026 with $81.9 million of positive working capital, including $50.5 million of cash. At June 30, 2026 there was $150.0 million of available credit under the Company’s $175.0 million of revolving bank credit facilities and the interest rate on the Company’s outstanding bank debt was 4.11%. $16.0 million was returned to shareholders during the second quarter of 2026 by way of dividends and share repurchases. Bank debt was also reduced by $20.0 million during the quarter. Cash on hand exceeded bank debt by $25.5 million at June 30, 2026 . Outlook While oil and gas producers continued to demonstrate capital discipline during the second quarter of 2026, upward pressure on global energy prices due to ongoing conflict in the Middle East translated into higher Canadian drilling activity throughout the quarter, with U.S . drilling activity beginning to increase late in the quarter. Relatively strong natural gas prices realized by Australian producers continued to support stable industry conditions in Australia . North American demand for compression and process equipment remains very strong. The CPS segment’s record $554.5 million fabrication sales backlog at June 30, 2026 provides visibility for the CPS segment’s fabrication business into 2028 and current quoting activity remains vibrant. The U.S . facility expansion is on time and on budget, with completion scheduled by the first quarter of 2027. In response to higher North American industry activity levels, Total Energy’s Board of Directors has approved an increase to the Company’s 2026 capital expenditure budget to $120.1 million . This $32.7 million increase includes $24.9 million of growth capital and $7.8 million of maintenance capital. Including $24.5 million of 2025 carryforward, 2026 capital expenditure commitments now total $144.6 million , of which $65.8 has been funded to June 30, 2026 . The remaining $78.8 million will be funded by cash on hand and cash flow. Included in growth capital is $15.5 million for the recertification and upgrade of three idle service rigs and one idle drilling rig in Canada and one idle drilling rig in Australia . The three Canadian service rigs and the Australian drilling rig are scheduled to be completed and commence operations by the end of 2026. The Canadian drilling rig was completed and commenced operations in late July. Also included in growth capital is $9.4 million for the acquisition of 42 new and refurbishment of two idle pieces of major rental equipment in the RTS segment for deployment throughout North America . Included in maintenance capital is the replacement of five heavy trucks and 32 pieces of major rental equipment in the RTS segment and additional equipment maintenance in Australia due to higher than budgeted activity levels. Conference Call At 9:00 a.m. (Mountain Time) on August 13, 2026 Total Energy will conduct a conference call and webcast to discuss its second quarter financial results. Daniel Halyk , President & Chief Executive Officer, will host the conference call. A live webcast of the conference call will be accessible on Total Energy’s website at www.totalenergy.ca by selecting “Webcasts”. Persons wishing to participate in the conference call may do so by calling (800) 715-9871 or (647) 932-3411. Those who are unable to listen to the call live may listen to a recording of it on Total Energy’s website. A recording of the conference call will also be available until September 12, 2026 by dialing (800) 770-2030 (passcode 1002576). Selected Financial Information Selected financial information relating to the three and six months ended June 30, 2026 and 2025 is included in this news release. This information should be read in conjunction with the condensed interim consolidated financial statements of Total Energy and the notes thereto as well as management’s discussion and analysis to be issued in due course and the Company’s 2025 Annual Report. Consolidated Statements of Financial Position (in thousands of Canadian dollars) June 30 December 31 2026 2025 (unaudited) (audited) Assets Current assets: Cash and cash equivalents $ 50,513 $ 59,637 Accounts receivable 211,415 165,991 Inventory 124,274 127,022 Prepaid expenses and deposits 31,068 18,268 417,270 370,918 Property, plant and equipment 656,995 625,131 Goodwill 4,053 4,053 $ 1,078,318 $ 1,000,102 Liabilities & Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 214,701 $ 152,214 Deferred revenue 94,675 89,826 Contingent consideration on business acquisition 2,842 2,796 Income taxes payable 12,059 7,518 Dividends payable 4,375 3,635 Current portion of lease liabilities 6,679 6,906 335,331 262,895 Long-term debt 25,000 55,000 Lease liabilities 19,497 20,236 Deferred income tax liability 62,509 60,660 Shareholders' equity: Share capital 230,630 228,041 Contributed surplus 2,876 5,841 Accumulated other comprehensive loss (5,688 ) (16,523 ) Non-controlling interest 543 377 Retained earnings 407,620 383,575 635,981 601,311 $ 1,078,318 $ 1,000,102 Consolidated Statements of Income (in thousands of Canadian dollars except per share amounts) (unaudited) Three months ended June 30 Six months ended June 30 2026 2025 2026 2025 Revenue $ 328,963 $ 250,416 $ 643,859 $ 502,325 Cost of services 256,974 191,686 501,829 380,814 Selling, general and administration 13,676 13,338 27,110 27,306 Other expense (income) 17 (381 ) (817 ) (689 ) Share-based compensation 782 704 7,396 812 Depreciation 23,785 22,755 47,483 45,705 Operating income 33,729 22,314 60,858 48,377 Gain on sale of property, plant and equipment 3,339 327 7,670 1,802 Finance income (costs), net 430 (1,258 ) (356 ) (2,726 ) Net income before income taxes 37,498 21,383 68,172 47,453 Current income tax expense 8,181 3,054 16,182 7,668 Deferred income tax expense 2,542 1,243 993 3,747 Total income tax expense 10,723 4,297 17,175 11,415 Net income $ 26,775 $ 17,086 $ 50,997 $ 36,038 Net income (loss) attributable to: Shareholders of the Company $ 26,694 $ 17,111 $ 50,831 $ 36,077 Non-controlling interest 81 (25 ) 166 (39 ) Income per share Basic $ 0.73 $ 0.46 $ 1.39 $ 0.96 Diluted $ 0.72 $ 0.45 $ 1.37 $ 0.94 Consolidated Statements of Comprehensive Income (in thousands of Canadian dollars except per share amounts) (unaudited) Three months ended June 30 Six months ended June 30 2026 2025 2026 2025 Net income $ 26,775 $ 17,086 $ 50,997 $ 36,038 Foreign currency translation 2,760 (10,262 ) 10,835 (8,476 ) Total other comprehensive income (loss) for the period 2,760 (10,262 ) 10,835 (8,476 ) Total comprehensive income $ 29,535 $ 6,824 $ 61,832 $ 27,562 Total comprehensive income (loss) attributable to: Shareholders of the Company $ 29,454 $ 6,849 $ 61,666 $ 27,601 Non-controlling interest 81 (25 ) 166 (39 ) Consolidated Statements of Cash Flows (in thousands of Canadian dollars) (unaudited) Three months ended June 30 Six months ended June 30 2026 2025 2026 2025 Cash provided by (used in): Operations: Net income for the period $ 26,775 $ 17,086 $ 50,997 $ 36,038 Add (deduct) items not affecting cash: Depreciation 23,785 22,755 47,483 45,705 Share-based compensation 782 704 7,396 812 Gain on sale of property, plant and equipment (3,339 ) (327 ) (7,670 ) (1,802 ) Finance costs (income), net (430 ) 1,258 356 2,726 Foreign currency translation (2,200 ) (3,285 ) (1,981 ) (1,932 ) Current income tax expense 8,181 3,054 16,182 7,668 Deferred income tax expense 2,542 1,243 993 3,747 Income taxes paid (8,356 ) (4,078 ) (11,726 ) (9,618 ) Cashflow 47,740 38,410 102,030 83,344 Changes in non-cash working capital items: Accounts receivable (32,941 ) 3,587 (45,424 ) (11,641 ) Inventory 18,933 9,044 2,748 2,867 Prepaid expenses and deposits (8,513 ) 3,943 (12,800 ) 2,329 Accounts payable and accrued liabilities 1,391 (16,729 ) 24,797 5,439 Deferred revenue (13,061 ) (14,157 ) 4,849 (690 ) Cash provided by operating activities 13,549 24,098 76,200 81,648 Investing: Purchase of property, plant and equipment (45,041 ) (26,312 ) (65,785 ) (60,769 ) Proceeds on disposal of property, plant and equipment 5,225 402 10,938 2,894 Changes in non-cash working capital items 22,509 (4,156 ) 25,740 6,158 Cash used in investing activities (17,307 ) (30,066 ) (29,107 ) (51,717 ) Financing: Advances on long-term debt - 30,000 - 30,000 Repayment of long-term debt (20,000 ) (40,419 ) (30,000 ) (40,947 ) Repayment of lease liabilities (1,973 ) (1,919 ) (3,830 ) (3,821 ) Dividends to shareholders (4,406 ) (3,790 ) (8,041 ) (7,219 ) Repurchase of common shares (11,570 ) (7,714 ) (14,453 ) (9,733 ) Shares issued on exercise of stock options 560 - 647 - Interest received (paid) 287 (1,113 ) (540 ) (2,472 ) Cash used in financing activities (37,102 ) (24,955 ) (56,217 ) (34,192 ) Change in cash and cash equivalents (40,860 ) (30,923 ) (9,124 ) (4,261 ) Cash and cash equivalents, beginning of period 91,373 65,081 59,637 38,419 Cash and cash equivalents, end of period $ 50,513 $ 34,158 $ 50,513 $ 34,158 Segmented Information The Company provides a variety of products and services to the energy and other resource industries through five reporting segments, which operate substantially in three geographic regions. These reporting segments are Contract Drilling Services, which includes the contracting of drilling equipment and the provision of labor required to operate the equipment, Rentals and Transportation Services , which includes the rental and transportation of equipment used in energy and other industrial operations, Compression and Process Services, which includes the fabrication, sale, rental and servicing of gas compression and process equipment and Well Servicing, which includes the contracting of service rigs and the provision of labor required to operate the equipment. Corporate includes activities related to the Company’s corporate and public issuer affairs. As at and for the three months ended June 30, 2026 (unaudited, in thousands of Canadian dollars) Contract Rentals and Compression Well Corporate Total Drilling Transportation and Process Servicing (1) Services Services Services Revenue $ 94,713 $ 18,706 $ 182,367 $ 33,177 $ - $ 328,963 Cost of services 69,171 11,758 151,810 24,235 - 256,974 Selling, general and administration 3,236 1,976 4,607 818 3,039 13,676 Other income - - - - 17 17 Share-based compensation - - - - 782 782 Depreciation 12,762 5,093 2,872 2,676 382 23,785 Operating income (loss) 9,544 (121 ) 23,078 5,448 (4,220 ) 33,729 Gain on sale of property, plant and equipment 53 399 862 2,025 - 3,339 Finance income (costs), net 52 (52 ) (107 ) (8 ) 545 430 Net income (loss) before income taxes 9,649 226 23,833 7,465 (3,675 ) 37,498 Goodwill - 2,514 1,539 - - 4,053 Total assets 463,990 156,551 326,766 124,618 6,393 1,078,318 Total liabilities 77,377 33,366 195,051 6,644 129,899 442,337 Capital expenditures 31,414 1,386 5,455 6,781 5 45,041 Canada United States Australia International Total Revenue $ 140,485 $ 112,733 $ 75,745 $ - $ 328,963 Non-current assets (2) 381,446 111,648 167,954 - 661,048 As at and for the three months ended June 30, 2025 (unaudited, in thousands of Canadian dollars) Contract Rentals and Compression Well Corporate Total Drilling Transportation and Process Servicing (1) Services Services Services Revenue $ 71,222 $ 16,186 $ 133,233 $ 29,775 $ - $ 250,416 Cost of services 52,688 8,485 106,653 23,860 - 191,686 Selling, general and administration 2,805 2,103 4,463 2,433 1,534 13,338 Other income - - - - (381 ) (381 ) Share-based compensation - - - - 704 704 Depreciation 12,116 5,028 3,015 2,344 252 22,755 Operating income (loss) 3,613 570 19,102 1,138 (2,109 ) 22,314 Gain (loss) on sale of property, plant and equipment 302 10 40 (25 ) - 327 Finance income (costs), net 13 (42 ) (118 ) (12 ) (1,099 ) (1,258 ) Net income (loss) before income taxes 3,928 538 19,024 1,101 (3,208 ) 21,383 Goodwill - 2,514 1,539 - - 4,053 Total assets 428,830 167,150 258,911 86,569 8,429 949,889 Total liabilities 79,309 32,251 113,030 6,322 137,502 368,414 Capital expenditures 9,659 13,070 1,113 2,470 - 26,312 Canada United States Australia International Total Revenue $ 95,127 $ 95,935 $ 59,252 $ 102 $ 250,416 Non-current assets (2) 375,144 131,332 130,757 - 637,233 (1) Corporate includes the Company’s corporate activities and obligations pursuant to long-term credit facilities. (2) Includes property, plant and equipment and goodwill. As at and for the six months ended June 30, 2026 (unaudited, in thousands of Canadian dollars) As at and for the six months ended Contract Rentals and Compression Well Corporate Total June 30, 2026 Drilling Transportation and Process Servicing (1) Services Services Services Revenue $ 191,891 $ 38,173 $ 347,006 $ 66,789 $ - $ 643,859 Cost of services 139,788 23,013 290,038 48,990 - 501,829 Selling, general and administration 5,916 3,827 9,225 2,585 5,557 27,110 Other income - - - - (817 ) (817 ) Share-based compensation - - - - 7,396 7,396 Depreciation 25,623 10,392 5,699 5,229 540 47,483 Operating income (loss) 20,564 941 42,044 9,985 (12,676 ) 60,858 Gain on sale of property, plant and equipment 192 532 876 6,070 - 7,670 Finance income (costs), net 83 (100 ) (211 ) (17 ) (111 ) (356 ) Net income (loss) before income taxes 20,839 1,373 42,709 16,038 (12,787 ) 68,172 Goodwill - 2,514 1,539 - - 4,053 Total assets 463,990 156,551 326,766 124,618 6,393 1,078,318 Total liabilities 77,377 33,366 195,051 6,644 129,899 442,337 Capital expenditures 40,835 3,495 10,304 11,116 35 65,785 Canada United States Australia International Total Revenue $ 286,790 $ 212,906 $ 144,163 $ - $ 643,859 Non-current assets (2) 381,446 111,648 167,954 - 661,048 As at and for the six months ended June 30, 2025 (unaudited, in thousands of Canadian dollars) As at and for the six months ended Contract Rentals and Compression Well Corporate Total June 30, 2025 Drilling Transportation and Process Servicing (1) Services Services Services Revenue $ 162,309 $ 39,210 $ 239,449 $ 61,357 $ - $ 502,325 Cost of services 116,631 20,825 193,838 49,520 - 380,814 Selling, general and administration 5,466 4,384 8,058 3,452 5,946 27,306 Other income - - - - (689 ) (689 ) Share-based compensation - - - - 812 812 Depreciation 24,465 10,088 5,950 4,678 524 45,705 Operating income (loss) 15,747 3,913 31,603 3,707 (6,593 ) 48,377 Gain on sale of property, plant and equipment 1,047 33 344 378 - 1,802 Finance income (costs), net 20 (83 ) (209 ) (27 ) (2,427 ) (2,726 ) Net income (loss) before income taxes 16,814 3,863 31,738 4,058 (9,020 ) 47,453 Goodwill - 2,514 1,539 - - 4,053 Total assets 428,830 167,150 258,911 86,569 8,429 949,889 Total liabilities 79,309 32,251 113,030 6,322 137,502 368,414 Capital expenditures 33,284 14,251 2,048 11,157 29 60,769 Canada United States Australia International Total Revenue $ 214,475 $ 174,750 $ 109,325 $ 3,775 $ 502,325 Non-current assets (2) 375,144 131,332 130,757 - 637,233 (1) Corporate includes the Company’s corporate activities and obligations pursuant to long-term credit facilities. (2) Includes property, plant and equipment and goodwill. Total Energy provides contract drilling services, equipment rentals and transportation services, well servicing and compression and process equipment and service to the energy and other resource industries from operation centres in North America and Australia . The common shares of Total Energy are listed and trade on the TSX under the symbol TOT. For further information, please contact Daniel Halyk , President & Chief Executive Officer at (403) 216-3921 or Yuliya Gorbach , Vice-President Finance and Chief Financial Officer at (403) 216-3920 or by e-mail at: [email protected] or visit our website at www.totalenergy.ca . Notes to the Financial Highlights (1) EBITDA means earnings before interest, taxes, depreciation and amortization and is equal to net income (loss) before income taxes plus finance costs plus depreciation. EBITDA is not a recognized measure under IFRS. Management believes that in addition to net income (loss), EBITDA is a useful supplemental measure as it provides an indication of the results generated by the Company’s primary business activities prior to consideration of how those activities are financed, amortized or how the results are taxed in various jurisdictions as well as the cash generated by the Company’s primary business activities without consideration of the timing of the monetization of non-cash working capital items. Readers should be cautioned, however, that EBITDA should not be construed as an alternative to net income determined in accordance with IFRS as an indicator of Total Energy’s performance. Total Energy’s method of calculating EBITDA may differ from other organizations and, accordingly, EBITDA may not be comparable to measures used by other organizations. (2) Working capital equals current assets minus current liabilities. (3) Net Debt equals long-term debt plus lease liabilities plus current liabilities minus current assets. Management believes this measure provides a useful indication of the Company’s liquidity. (4) Basic and diluted shares outstanding reflect the weighted average number of common shares outstanding for the periods. See note 5 to the Company’s Q2 2026 Condensed Interim Consolidated Financial Statements. Certain statements contained in this press release, including statements which may contain words such as "could", "should", "expect", "believe", "will" and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Forward-looking statements are based upon the opinions and expectations of management of Total Energy as at the effective date of such statements and, in some cases, information supplied by third parties. Although Total Energy believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct. In particular, this press release contains forward-looking statements concerning industry activity levels, including expectations regarding Total Energy’s future activity levels, market share and compression and process production activity. Such forward-looking statements are based on a number of assumptions and factors including fluctuations in the market for oil and natural gas and related products and services, political and economic conditions, central bank interest rate policy, the demand for products and services provided by Total Energy, Total Energy’s ability to attract and retain key personnel and other factors. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Total Energy to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements . Reference should be made to Total Energy’s most recently filed Annual Information Form and other public disclosures (available at http://www.sedarplus.ca/ ) for a discussion of such risks and uncertainties. The TSX has neither approved nor disapproved of the information contained herein. Source: Total Energy Services Inc. 2026 GlobeNewswire, Inc., source Press Releases
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