Total Energy Services Inc. Announces Q3 2025 Results

CALGARY, Alberta, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT) announces its consolidated financial results for the three months ended September 30, 2025. Financial Highlights ($000’s except per share data, unaudited)   Three months ended September 30   Nine months ended September 30     2025   2024 Change     2025   2024 Change Revenue $ 260,702 $ 241,940 8 %   $ 763,027 $ 659,960 16 % Operating income   19,352   27,308 (29 %)     67,729   63,950 6 % EBITDA (1)   42,907   50,543 (15 %)     138,791   131,280 6 % Cashflow   41,362   48,091 (14 %)     124,706   119,022 5 % Net income (loss)   14,584   19,706 (26 %)     50,622   50,623 -   Attributable to shareholders   14,504   19,731 (26 %)     50,581   50,685 -                           Per Share Data (Diluted)                       EBITDA (1) $ 1.13 $ 1.28 (12 %)   $ 3.64 $ 3.27 11 % Cashflow $ 1.09 $ 1.22 (11 %)   $ 3.27 $ 2.97 10 %                         Attributable to shareholders:                       Net income (loss) $ 0.38 $ 0.50 (24 %)   $ 1.33 $ 1.26 6 %                         Common shares (000’s)(4)                       Basic   37,159   38,802 (4 %)     37,535   39,385 (5 %) Diluted   37,890   39,489 (4 %)     38,088   40,086 (5 %)                                         September 30   December 31   Financial Position at               2025   2024 Change Total Assets             $ 1,015,387 $ 937,708 8 % Long-Term Debt and Lease Liabilities (excluding current portion) 98,197   79,171 24 % Working Capital (2)               113,535   78,737 44 % Net Debt (3)               -   434 nm   Shareholders’ Equity               594,111   571,043 4 %                           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 third quarter of 2025 reflect improved Australian financial results following the upgrade and reactivation of several drilling and service rigs, continued strong North American demand for compression and process equipment and competitive North American drilling and completion market conditions. Negatively impacting 2025 third quarter results was a $1.8 million year over year change in foreign currency exchange impact on Compression and Process Services segment financial results and a $1.5 million year over year increase in share based compensation expense due to share price appreciation.    Contract Drilling Services (“CDS”)     Three months ended September 30   Nine months ended September 30     2025     2024   Change   2025     2024   Change Revenue $ 82,374   $ 86,634   (5 %) $ 244,683   $ 235,734   4 % EBITDA (1) $ 19,921   $ 20,563   (3 %) $ 61,180   $ 57,414   7 % EBITDA (1) as a % of revenue   24 %   24 % -     25 %   24 % 4 % Operating days(2)   2,326     2,836   (18 %)   7,044     7,687   (8 %) Canada   1,407     1,861   (24 %)   4,252     4,954   (14 %) United States   62     328   (81 %)   353     1,033   (66 %) Australia   857     647   32 %   2,439     1,700   43 % Revenue per operating day(2), dollars $ 35,414   $ 30,548   16 % $ 34,736   $ 30,667   13 % Canada   24,606     25,026   (2 %)   26,278     26,137   1 % United States   30,016     27,829   8 %   29,666     28,566   4 % Australia   53,551     47,808   12 %   50,216     45,144   11 % Utilization   25 %   29 % (14 %)   25 %   27 % (7 %) Canada   21 %   27 % (22 %)   21 %   24 % (13 %) United States   6 %   30 % (80 %)   11 %   31 % (65 %) Australia   55 %   41 % 34 %   55 %   46 % 15 % Rigs, average for period   102     105   (3 %)   102     103   (1 %) Canada   73     76   (4 %)   73     77   (5 %) United States   12     12   -     12     12   0 % Australia   17     17   -     17     14   21 % (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. Third quarter CDS segment activity was lower in 2025 compared to 2024 due to a year over year decline in North American onshore drilling activity. Canadian activity was also negatively impacted by customer consolidation and a loss of market share in more competitive areas of the market. Partially offsetting the North American decline was increased Australian activity following the reactivation of several upgraded drilling rigs over the past year. The year over year increase in third quarter Australian revenue per operating day reflects higher day rates received for upgraded drilling rigs.    Rentals and Transportation Services (“RTS”)     Three months ended September 30   Nine months ended September 30     2025     2024   Change   2025     2024   Change Revenue $ 21,041   $ 19,437   8 % $ 60,251   $ 59,614   1 % EBITDA (1) $ 7,623   $ 8,179   (7 %) $ 21,657   $ 23,958   (10 %) EBITDA (1) as a % of revenue   36 %   42 % (14 %)   36 %   40 % (10 %) Revenue per utilized piece of equipment, dollars $ 13,754   $ 12,868   7 % $ 43,072   $ 42,297   2 % Pieces of rental equipment   8,050     7,960   1 %   8,050     7,960   1 % Canada   6,867     7,040   (2 %)   6,867     7,040   (2 %) United States   1,183     920   29 %   1,183     920   29 % Rental equipment utilization   19 %   19 % -     18 %   18 % -   Canada   17 %   18 % (6 %)   15 %   16 % (6 %) United States   30 %   29 % 3 %   32 %   33 % (3 %) Heavy trucks   62     67   (7 %)   62     67   (7 %) Canada   40     46   (13 %)   40     46   (13 %) United States   22     21   5 %   22     21   5 % (1)See Note 1 of the Notes to the Financial Highlights set forth at the end of this release. RTS segment revenue increased for the third quarter of 2025 compared to 2024 due to stable activity in Canada and the acquisition of 280 major rental pieces located in Oklahoma on June 10, 2025. Despite a year over year increase in revenue per utilized piece of rental equipment arising from a change in the mix of operating equipment, third quarter segment EBITDA decreased compared to 2024 as competitive market conditions did not allow for price increases necessary to offset cost inflation.    Compression and Process Services (“CPS”)     Three months ended September 30   Nine months ended September 30     2025     2024   Change   2025     2024   Change Revenue $ 125,801   $ 110,567   14 % $ 365,250   $ 297,547   23 % EBITDA (1) $ 15,097   $ 19,336   (22 %) $ 52,994   $ 47,795   11 % EBITDA (1) as a % of revenue   12 %   17 % (29 %)   15 %   16 % (6 %)                                   Horsepower of equipment on rent at period end   51,313     52,881   (3 %)   51,313     52,881   (3 %)                                   Canada   23,763     16,661   43 %   23,763     16,661   43 % United States   27,550     36,220   (24 %)   27,550     36,220   (24 %) Rental equipment utilization during the period (HP)(2)   75 %   77 % (3 %)   69 %   77 % (10 %) Canada   78 %   72 % 8 %   66 %   70 % (6 %) United States   73 %   79 % (8 %)   71 %   80 % (11 %)                                   Sales backlog at period end, $ million $ 380.8   $ 189.0   101 % $ 380.8   $ 189.0   101 % (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 third quarter CPS segment revenue was higher compared to 2024 due to increased North American fabrication sales and parts and service activity that was partially offset by lower compression rental fleet utilization. The year over year decline in third quarter segment EBITDA was a result of a negative $1.8 million foreign currency exchange impact resulting from a declining Canadian dollar relative to the U.S. dollar, the timing of execution of certain low margin fabrication projects and cost inflation arising from tariff related supply chain challenges. Sequentially, the quarter end fabrication sales backlog increased by $76.9 million, or 25%, from the $303.9 million backlog at June 30, 2025.    Well Servicing (“WS”)     Three months ended September 30   Nine months ended September 30     2025     2024   Change   2025     2024   Change Revenue $ 31,486   $ 25,302   24 % $ 92,843   $ 67,065   38 % EBITDA (1) $ 4,727   $ 4,943   (4 %) $ 13,490   $ 11,344   19 % EBITDA (1) as a % of revenue   15 %   20 % (25 %)   15 %   17 % (12 %) Service hours(2)   29,298     24,680   19 %   85,806     67,307   27 % Canada   13,702     13,412   2 %   40,396     37,229   9 % United States   1,405     2,613   (46 %)   5,697     9,243   (38 %) Australia   14,191     8,655   64 %   39,713     20,835   91 % Revenue per service hour(2), dollars $ 1,075   $ 1,025   5 % $ 1,082   $ 996   9 % Canada   893     958   (7 %)   919     962   (4 %) United States   934     861   8 %   921     883   4 % Australia   1,264     1,179   7 %   1,271     1,109   15 % Utilization(3)   29 %   27 % 7 %   29 %   25 % 16 % Canada   27 %   27 % -     27 %   24 % 13 % United States   13 %   24 % (46 %)   17 %   31 % (45 %) Australia   54 %   33 % 64 %   51 %   26 % 96 % Rigs, average for period   79     79   -     79     79   -   Canada   55     55   -     55     56   (2 %) United States   12     12   -     12     11   9 % 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) 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. Third quarter WS segment revenue increased in 2025 as compared to 2024 due to increased activity in Australia following the upgrade and reactivation of several service rigs over the past year. Increased revenue from Australian operations was partially offset by lower North American WS segment revenue, particularly in the United States. Segment EBITDA for the third quarter of 2025 was slightly lower compared to 2024 due to lower pricing in Canada and substantially lower utilization in the United States that was partially offset by increased utilization and pricing realized in Australia for reactivated rigs. Corporate During the third quarter of 2025, Total Energy continued to execute on its 2025 capital expenditure program with $17.2 million of capital expenditures that was primarily directed towards the upgrade of drilling and service rigs in Australia and Canada. To September 30, 2025, $77.9 million of capital expenditures were funded, including approximately $16.6 million of capital commitments carried forward from 2024 and the acquisition of 280 pieces of rental equipment located in Oklahoma on June 10, 2025 for $9.0 million.    Total Energy exited the third quarter of 2025 with $113.5 million of positive working capital, including $57.1 million of cash, and $85.0 million of available credit under its $175 million of revolving bank credit facilities. At September 30, 2025, bank debt less cash was $32.9 million and the interest rate on the Company’s outstanding bank debt was 4.50%. During the first nine months of 2025, $24.7 million was returned to shareholders by way of dividends and share repurchases under the Company’s normal course issuer bid. Bank debt was also reduced by $20.9 million during this period. Outlook Oil prices remained under pressure during the third quarter of 2025 due to global economic uncertainty and concerns over excess supply. Oil price weakness continues to weigh on North American drilling and completion activity levels, particularly in the United States. Offsetting such weakness are stable Australian industry conditions, improving North American natural gas prices and continued strong North American demand for compression and process equipment. The CPS segment’s record $380.8 million fabrication sales backlog at September 30, 2025 provides visibility well into the second half of 2026. Certain low margin fabrication projects that were awarded in the second half of 2024 when industry conditions were less favorable negatively impacted third quarter CPS segment profitability when construction on such projects began. These projects are scheduled to be substantially completed by the end of 2025. The CPS segment has also taken steps to mitigate supply chain and other issues arising from the trade dispute between Canada and the United States that have contributed to cost inflation. Those steps include commencement of the previously announced expansion of the CPS segment’s fabrication capacity in Weirton, West Virginia. Plant construction is currently expected to be completed by the first quarter of 2027.   In Canada, the upgrade of an idle mechanical double drilling rig to a state of the art AC electric triple pad rig was completed in early November and such rig has commenced drilling operations for a major Canadian producer in the Alberta Montney formation. Should the rig’s operational and financial performance meet expectations, the Company will consider additional upgrade opportunities for similar idle rigs subject to market conditions. In Australia, the upgrade of an idle drilling rig acquired as part of the Saxon acquisition in 2024 is near completion and such rig is expected to commence drilling operations under a long term contract by the end of November, 2025. This will bring the Company’s active Australian drilling rig count to 13 rigs, the highest ever. In addition, an idle Australian service rig is currently being upgraded and is expected to commence operations by the second quarter of 2026. Total Energy’s current capital expenditure commitments total $119.0 million and includes the Company’s 2025 capital budget of $102.4 million and $16.6 million of capital commitments carried forward from 2024. To September 30, 2025 $77.9 million of such commitments have been funded, with the remaining $41.1 million to be funded with cash on hand and cashflow. Conference Call At 9:00 a.m. (Mountain Time) on November 13, 2025 Total Energy will conduct a conference call and webcast to discuss its third 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 December 13, 2025 by dialing (800) 770-2030 (passcode 1002576). Selected Financial Information Selected financial information relating to the three and nine months ended September 30, 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)       September 30   December 31       2025   2024       (unaudited)   (audited) Assets           Current assets:           Cash and cash equivalents   $ 57,087   $ 38,419   Accounts receivable     161,605     149,048   Inventory     136,965     104,091   Prepaid expenses and deposits     21,010     17,640         376,667     309,198               Property, plant and equipment     633,410     622,499   Deferred income tax asset     1,257     1,958   Goodwill     4,053     4,053       $ 1,015,387   $ 937,708               Liabilities & Shareholders' Equity           Current liabilities:           Accounts payable and accrued liabilities   $ 167,093   $ 125,106   Deferred revenue     80,417     47,225   Contingent consideration on business acquisition     1,752     2,878   Income taxes payable     3,693     4,508   Dividends payable     3,705     3,429   Current portion of lease liabilities     6,472     6,368   Current portion of long-term debt     -     40,947         263,132     230,461               Long-term debt     90,000     70,000               Lease liabilities     8,197     9,171               Deferred income tax liability     59,947     57,033               Shareholders' equity:           Share capital     232,264     239,269   Contributed surplus     5,790     5,279   Accumulated other comprehensive loss     (14,304 )   (11,219 ) Non-controlling interest     286     245   Retained earnings     370,075     337,469         594,111     571,043                   $ 1,015,387   $ 937,708                   Consolidated Statements of Income (in thousands of Canadian dollars except per share amounts) (unaudited)       Three months ended September 30   Nine months ended September 30       2025   2024   2025   2024                     Revenue   $ 260,702   $ 241,940   $ 763,027   $ 659,960                       Cost of services     203,044     178,530     583,858     491,092   Selling, general and administration     13,571     13,337     40,877     37,512   Other income     (543 )   (844 )   (1,232 )   (720 ) Share-based compensation     1,983     518     2,795     1,940   Depreciation     23,295     23,091     69,000     66,186   Operating income     19,352     27,308     67,729     63,950                       Gain on sale of property, plant and equipment     260     144     2,062     1,144   Finance costs, net     (1,195 )   (2,330 )   (3,921 )   (6,318 ) Net income before income taxes     18,417     25,122     65,870     58,776                       Current income tax expense     3,248     2,072     10,916     7,090   Deferred income tax expense     585     3,344     4,332     1,063   Total income tax expense     3,833     5,416     15,248     8,153                       Net income   $ 14,584   $ 19,706   $ 50,622   $ 50,623                       Net income (loss) attributable to:                   Shareholders of the Company   $ 14,504   $ 19,731   $ 50,581   $ 50,685   Non-controlling interest     80     (25 )   41     (62 )                     Income per share                   Basic   $ 0.39   $ 0.51   $ 1.35   $ 1.29   Diluted   $ 0.38   $ 0.50   $ 1.33   $ 1.26                       Consolidated Statements of Comprehensive Income (in thousands of Canadian dollars except per share amounts) (unaudited)       Three months ended September 30   Nine months ended September 30       2025   2024   2025   2024                     Net income   $ 14,584 $ 19,706   $ 50,622   $ 50,623   Foreign currency translation     5,391   (31 )   (3,085 )   7,271   Total other comprehensive income (loss) for the period   5,391   (31 )   (3,085 )   7,271   Total comprehensive income   $ 19,975 $ 19,675   $ 47,537   $ 57,894                       Total comprehensive income (loss) attributable to:                   Shareholders of the Company   $ 19,895 $ 19,700   $ 47,496   $ 57,956   Non-controlling interest     80   (25 )   41     (62 )                           Consolidated Statements of Cash Flows (in thousands of Canadian dollars) (unaudited)       Three months ended September 30   Nine months ended September 30       2025   2024   2025   2024                     Cash provided by (used in):                                       Operations:                   Net income for the period   $ 14,584   $ 19,706   $ 50,622   $ 50,623   Add (deduct) items not affecting cash:                   Depreciation     23,295     23,091     69,000     66,186   Share-based compensation     1,983     518     2,795     1,940   Gain on sale of property, plant and equipment     (260 )   (144 )   (2,062 )   (1,144 ) Finance costs, net     1,195     2,330     3,921     6,318   Foreign currency translation     (902 )   (999 )   (2,834 )   (336 ) Current income tax expense     3,248     2,072     10,916     7,090   Deferred income tax expense     585     3,344     4,332     1,063   Income taxes paid     (2,366 )   (1,827 )   (11,984 )   (12,718 ) Cashflow     41,362     48,091     124,706     119,022                               Changes in non-cash working capital items:                   Accounts receivable     (919 )   (1,109 )   (12,560 )   (9,689 ) Inventory     (35,741 )   3,527     (32,874 )   (18,180 ) Prepaid expenses and deposits     (5,699 )   (2,637 )   (3,370 )   (28 ) Accounts payable and accrued liabilities     25,827     9,029     31,266     21,896   Deferred revenue     32,677     3,452     31,987     14,156   Cash provided by operating activities     57,507     60,353     139,155     127,177                       Investing:                   Purchase of property, plant and equipment     (17,157 )   (14,700 )   (77,926 )   (65,038 ) Cash paid on acquisition     -     -     -     (47,350 ) Proceeds on disposal of property, plant and equipment     1,016     156     3,910     1,705   Changes in non-cash working capital items     2,231     (441 )   8,389     3,260   Cash used in investing activities     (13,910 )   (14,985 )   (65,627 )   (107,423 )                     Financing:                   Advances of long-term debt     -     5,000     30,000     65,000   Repayment of long-term debt     (10,000 )   (513 )   (50,947 )   (21,534 ) Repayment of lease liabilities     (1,790 )   (1,742 )   (5,611 )   (5,134 ) Dividends to shareholders     (3,723 )   (3,496 )   (10,942 )   (10,290 ) Repurchase of common shares     (3,988 )   (5,183 )   (13,721 )   (17,853 ) Shares issued on exercise of stock options     174     -     174     64   Partnership distributions     -     -     -     (200 ) Interest paid     (1,341 )   (2,319 )   (3,813 )   (15,863 ) Cash used in financing activities     (20,668 )   (8,253 )   (54,860 )   (5,810 )                     Change in cash and cash equivalents     22,929     37,115     18,668     13,944                       Cash and cash equivalents, beginning of period     34,158     24,764     38,419     47,935                       Cash and cash equivalents, end of period   $ 57,087   $ 61,879   $ 57,087   $ 61,879                       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 September 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 $ 82,374   $ 21,041   $ 125,801   $ 31,486   $ -   $ 260,702                             Cost of services   59,867     11,371     107,078     24,728     -     203,044   Selling, general and administration   2,582     2,230     3,706     2,032     3,021     13,571   Other income   -     -     -     -     (543 )   (543 ) Share-based compensation   -     -     -     -     1,983     1,983   Depreciation   12,156     5,376     3,121     2,495     147     23,295   Operating income (loss)   7,769     2,064     11,896     2,231     (4,608 )   19,352                             Gain (loss) on sale of property, plant and equipment   (4 )   183     80     1     -     260   Finance Income (costs), net   15     (49 )   (126 )   (13 )   (1,022 )   (1,195 )                           Net income (loss) before income taxes   7,780     2,198     11,850     2,219     (5,630 )   18,417                             Goodwill   -     2,514     1,539     -     -     4,053   Total assets   440,485     167,067     306,589     90,928     10,318     1,015,387   Total liabilities   72,987     32,099     157,376     5,947     152,867     421,276   Capital expenditures   10,929     1,025     1,582     3,599     22     17,157       Canada   United States   Australia   International   Total                       Revenue $ 125,564 $ 71,214 $ 63,924 $ - $ 260,702 Non-current assets (2)   371,460   129,973   136,030   -   637,463                       As at and for the three months ended September 30, 2024 (unaudited, in thousands of Canadian dollars)     Contract   Rentals and   Compression   Well   Corporate   Total     Drilling   Transportation   and Process   Servicing   (1)         Services   Services   Services                                       Revenue $ 86,634   $ 19,437   $ 110,567   $ 25,302   $ -   $ 241,940                             Cost of services   63,727     9,165     86,723     18,915     -     178,530   Selling, general and administration   2,358     2,144     4,587     1,444     2,804     13,337   Other income   -     -     -     -     (844 )   (844 ) Share-based compensation   -     -     -     -     518     518   Depreciation   12,287     5,145     2,788     2,446     425     23,091   Operating income (loss)   8,262     2,983     16,469     2,497     (2,903 )   27,308                             Gain on sale of property, plant and equipment   14     51     79     -     -     144   Finance costs, net   (17 )   (43 )   (109 )   (19 )   (2,142 )   (2,330 )                           Net income (loss) before income taxes   8,259     2,991     16,439     2,478     (5,045 )   25,122                             Goodwill   -     2,514     1,539     -     -     4,053   Total assets   434,030     163,853     284,919     76,899     4,042     963,743   Total liabilities   84,042     26,558     111,634     6,473     173,825     402,532   Capital expenditures   9,184     2,269     1,076     2,171     -     14,700       Canada   United States   Australia   International   Total                       Revenue $ 117,704 $ 82,514 $ 41,722 $ - $ 241,940 Non-current assets (2)   364,318   131,534   125,330   -   621,182                       (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 nine months ended September 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 $ 244,683 $ 60,251   $ 365,250   $ 92,843   $ -   $ 763,027                             Cost of services   176,498   32,196     300,916     74,248     -     583,858   Selling, general and administration   8,048   6,614     11,764     5,484     8,967     40,877   Other income   -   -     -     -     (1,232 )   (1,232 ) Share-based compensation   -   -     -     -     2,795     2,795   Depreciation   36,621   15,464     9,071     7,173     671     69,000   Operating income (loss)   23,516   5,977     43,499     5,938     (11,201 )   67,729                             Gain on sale of property, plant and equipment   1,043   216     424     379     -     2,062   Finance income (costs), net   35   (132 )   (335 )   (40 )   (3,449 )   (3,921 )                           Net income (loss) before income taxes   24,594   6,061     43,588     6,277     (14,650 )   65,870                             Goodwill   -   2,514     1,539     -     -     4,053   Total assets   440,485   167,067     306,589     90,928     10,318     1,015,387   Total liabilities   72,987   32,099     157,376     5,947     152,867     421,276   Capital expenditures   44,213   15,276     3,630     14,756     51     77,926       Canada   United States   Australia   International   Total                       Revenue $ 340,039 $ 245,964 $ 173,249 $ 3,775 $ 763,027 Non-current assets (2)   371,460   129,973   136,030   -   637,463                       As at and for the nine months ended September 30, 2024 (unaudited, in thousands of Canadian dollars)     Contract   Rentals and   Compression   Well   Corporate   Total     Drilling   Transportation   and Process   Servicing   (1)         Services   Services   Services                                       Revenue $ 235,734   $ 59,614   $ 297,547   $ 67,065   $ -   $ 659,960                             Cost of services   171,011     29,933     238,453     51,695     -     491,092   Selling, general and administration   7,424     6,567     11,508     4,002     8,011     37,512   Other income   -     -     -     -     (720 )   (720 ) Share-based compensation   -     -     -     -     1,940     1,940   Depreciation   34,669     15,228     7,999     7,269     1,021     66,186   Operating income (loss)   22,630     7,886     39,587     4,099     (10,252 )   63,950                             Gain (loss) on sale of property, plant and equipment   115     844     209     (24 )   -     1,144   Finance costs, net   (55 )   (130 )   (321 )   (64 )   (5,748 )   (6,318 )                           Net income (loss) before income taxes   22,690     8,600     39,475     4,011     (16,000 )   58,776                             Goodwill   -     2,514     1,539     -     -     4,053   Total assets   434,030     163,853     284,919     76,899     4,042     963,743   Total liabilities   84,042     26,558     111,634     6,473     173,825     402,532   Capital expenditures   30,762     7,442     15,263     11,571     -     65,038       Canada   United States   Australia   International   Total                       Revenue $ 294,720 $ 260,102 $ 102,184 $ 2,954 $ 659,960 Non-current assets (2)   364,318   131,534   125,330   -   621,182                       (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: [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 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.