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, 2021.
Financial Highlights ($000’s
except per share data)
|
Three months ended December 31 |
|
Year ended December 31 |
|
2021 |
2020 |
Change |
|
2021 |
2020 |
Change |
Revenue |
$ |
134,629 |
|
$ |
83,472 |
|
61 |
% |
|
$ |
431,576 |
|
$ |
365,750 |
|
18 |
% |
Operating income (loss) |
|
1,680 |
|
|
(4,013 |
) |
nm |
|
|
|
(1,413 |
) |
|
(36,539 |
) |
(96 |
%) |
EBITDA (1) |
|
22,567 |
|
|
19,546 |
|
15 |
% |
|
|
86,015 |
|
|
81,204 |
|
6 |
% |
Cashflow |
|
22,144 |
|
|
18,431 |
|
20 |
% |
|
|
80,191 |
|
|
73,437 |
|
9 |
% |
Net income (loss) |
|
1,036 |
|
|
(1,732 |
) |
nm |
|
|
|
(428 |
) |
|
(30,455 |
) |
(99 |
%) |
Attributable to shareholders |
|
1,049 |
|
|
(1,739 |
) |
nm |
|
|
|
(360 |
) |
|
(30,450 |
) |
(99 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data (Diluted) |
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (1) |
$ |
0.52 |
|
$ |
0.43 |
|
21 |
% |
|
$ |
1.93 |
|
$ |
1.80 |
|
7 |
% |
Cashflow |
$ |
0.51 |
|
$ |
0.41 |
|
24 |
% |
|
$ |
1.80 |
|
$ |
1.63 |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to
shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
0.02 |
|
$ |
(0.04 |
) |
nm |
|
|
$ |
(0.01 |
) |
$ |
(0.68 |
) |
(99 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
(000’s)(4) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
43,341 |
|
|
45,081 |
|
(4 |
%) |
|
|
44,384 |
|
|
45,083 |
|
(2 |
%) |
Diluted |
|
43,818 |
|
|
45,081 |
|
(3 |
%) |
|
|
44,673 |
|
|
45,083 |
|
(1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31 |
December 31 |
|
Financial Position at |
|
|
|
|
|
|
|
2021 |
2020 |
Change |
Total Assets |
|
|
|
|
|
|
|
$ |
813,522 |
|
$ |
849,579 |
|
(4 |
%) |
Long-Term Debt
and Lease Liabilities (excluding current portion) |
196,007 |
|
|
238,937 |
|
(18 |
%) |
Working Capital (2) |
|
|
|
|
|
|
|
|
137,304 |
|
|
138,940 |
|
(1 |
%) |
Net Debt (3) |
|
|
|
|
|
|
|
|
58,703 |
|
|
99,997 |
|
(41 |
%) |
Shareholders’ Equity |
|
|
|
|
|
|
|
|
493,437 |
|
|
510,987 |
|
(3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes 1 through 4 please refer to the Notes to
the Financial Highlights set forth at the end of this release.
“nm” – calculation not meaningful
Total Energy’s results for the three months
ended December 31, 2021 reflect improving industry conditions in
North America and Australia as compared to the fourth quarter of
2020. $1.4 million was recognized during the fourth quarter of 2021
under various COVID-19 relief programs, an 85% decrease from the
$9.1 million of COVID-19 relief received in the fourth quarter of
2020.
Contract Drilling Services
(“CDS”)
|
Three months ended December 31 |
|
Year ended December 31 |
|
|
2021 |
|
|
2020 |
|
Change |
|
|
2021 |
|
|
2020 |
|
Change |
Revenue |
$ |
48,766 |
|
$ |
23,288 |
|
109 |
% |
|
$ |
146,411 |
|
$ |
96,661 |
|
51 |
% |
EBITDA (1) |
$ |
12,700 |
|
$ |
6,275 |
|
102 |
% |
|
$ |
35,068 |
|
$ |
19,499 |
|
80 |
% |
EBITDA (1) as a % of
revenue |
|
26 |
% |
|
27 |
% |
(4 |
%) |
|
|
24 |
% |
|
20 |
% |
20 |
% |
Operating days(2) |
|
2,340 |
|
|
1,210 |
|
93 |
% |
|
|
7,334 |
|
|
4,533 |
|
62 |
% |
Canada |
|
1,342 |
|
|
747 |
|
80 |
% |
|
|
4,307 |
|
|
2,648 |
|
63 |
% |
United States |
|
663 |
|
|
286 |
|
132 |
% |
|
|
2,041 |
|
|
781 |
|
161 |
% |
Australia |
|
335 |
|
|
177 |
|
89 |
% |
|
|
986 |
|
|
1,104 |
|
(11 |
%) |
Revenue per operating day(2),
dollars |
$ |
20,840 |
|
$ |
19,246 |
|
8 |
% |
|
$ |
19,963 |
|
$ |
21,324 |
|
(6 |
%) |
Canada |
|
18,632 |
|
|
15,511 |
|
20 |
% |
|
|
16,944 |
|
|
16,094 |
|
5 |
% |
United States |
|
20,979 |
|
|
17,804 |
|
18 |
% |
|
|
19,740 |
|
|
19,504 |
|
1 |
% |
Australia |
|
29,412 |
|
|
37,339 |
|
(21 |
%) |
|
|
33,613 |
|
|
35,154 |
|
(4 |
%) |
Utilization |
|
27 |
% |
|
13 |
% |
108 |
% |
|
|
21 |
% |
|
12 |
% |
75 |
% |
Canada |
|
19 |
% |
|
10 |
% |
90 |
% |
|
|
15 |
% |
|
9 |
% |
67 |
% |
United States |
|
55 |
% |
|
24 |
% |
129 |
% |
|
|
43 |
% |
|
13 |
% |
231 |
% |
Australia |
|
73 |
% |
|
38 |
% |
92 |
% |
|
|
54 |
% |
|
60 |
% |
(10 |
%) |
Rigs, average for period |
|
95 |
|
|
98 |
|
(3 |
%) |
|
|
97 |
|
|
102 |
|
(5 |
%) |
Canada |
|
77 |
|
|
80 |
|
(4 |
%) |
|
|
79 |
|
|
81 |
|
(2 |
%) |
United States |
|
13 |
|
|
13 |
|
- |
|
|
|
13 |
|
|
16 |
|
(19 |
%) |
Australia |
|
5 |
|
|
5 |
|
- |
|
|
|
5 |
|
|
5 |
|
- |
|
(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.
Fourth quarter 2021 drilling activity in North
America and Australia continued to improve with rising oil and
natural gas prices. Continued recovery of Canadian industry
activity levels from the historic lows of 2020 and market share
gains in the United States drove a significant year over year
increase in North American operating days and increased revenue per
operating day. In Australia, activity and results improved in the
fourth quarter of 2021 compared to the fourth quarter of 2020 as
two drilling rigs returned to service following the completion of
recertifications and upgrades. Negatively impacting fourth quarter
2021 CDS segment results was $0.3 million of non-recurring
equipment reactivation costs as several idle drilling rigs were put
back into service. The fourth quarter EBITDA margin was slightly
lower on a year over year basis primarily as a result of pricing
gains not fully offsetting the impact of a significant decrease in
COVID-19 relief funds and operating cost inflation.
Rentals and Transportation Services
(“RTS”)
|
Three months ended December 31 |
|
Year ended December 31 |
|
|
2021 |
|
|
2020 |
|
Change |
|
|
2021 |
|
|
2020 |
|
Change |
Revenue |
$ |
10,873 |
|
$ |
6,975 |
|
56 |
% |
|
$ |
36,974 |
|
$ |
34,529 |
|
7 |
% |
EBITDA (1) |
$ |
2,712 |
|
$ |
2,198 |
|
23 |
% |
|
$ |
12,640 |
|
$ |
9,473 |
|
33 |
% |
EBITDA (1) as a % of
revenue |
|
25 |
% |
|
32 |
% |
(22 |
%) |
|
|
34 |
% |
|
27 |
% |
26 |
% |
Revenue per utilized piece of
equipment, dollars |
$ |
8,249 |
|
$ |
9,361 |
|
(12 |
%) |
|
$ |
33,500 |
|
$ |
40,642 |
|
(18 |
%) |
Pieces of rental
equipment |
|
9,420 |
|
|
10,650 |
|
(12 |
%) |
|
|
9,420 |
|
|
10,650 |
|
(12 |
%) |
Canada |
|
8,540 |
|
|
9,710 |
|
(12 |
%) |
|
|
8,540 |
|
|
9,710 |
|
(12 |
%) |
United States |
|
880 |
|
|
940 |
|
(6 |
%) |
|
|
880 |
|
|
940 |
|
(6 |
%) |
Rental equipment
utilization |
|
14 |
% |
|
7 |
% |
100 |
% |
|
|
11 |
% |
|
8 |
% |
38 |
% |
Canada |
|
12 |
% |
|
6 |
% |
100 |
% |
|
|
10 |
% |
|
7 |
% |
43 |
% |
United States |
|
30 |
% |
|
13 |
% |
131 |
% |
|
|
19 |
% |
|
19 |
% |
- |
|
Heavy trucks |
|
79 |
|
|
87 |
|
(9 |
%) |
|
|
79 |
|
|
87 |
|
(9 |
%) |
Canada |
|
56 |
|
|
62 |
|
(10 |
%) |
|
|
56 |
|
|
62 |
|
(10 |
%) |
United States |
|
23 |
|
|
25 |
|
(8 |
%) |
|
|
23 |
|
|
25 |
|
(8 |
%) |
(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 2020 due to higher
equipment utilization in both Canada and the United States.
Increased equipment utilization offset lower revenue per utilized
piece and contributed to an increase in EBITDA during the fourth
quarter of 2021 as compared to 2020 despite a year over year
decrease in fourth quarter EBITDA margin. The year over year
decrease in fourth quarter EBITDA margin was due primarily to the
mix of equipment operating and equipment reactivation expenses as
well as realized price increases not fully offsetting the
significant year over year decrease in COVID-19 relief funds and
operating cost inflation.
Compression and Process Services
(“CPS”)
|
Three months ended December 31 |
|
Year ended December 31 |
|
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
|
Change |
Revenue |
$ |
49,314 |
|
$ |
32,767 |
|
50 |
% |
|
$ |
155,315 |
|
$ |
136,005 |
|
14 |
% |
EBITDA (1) |
$ |
3,513 |
|
$ |
5,068 |
|
(31 |
%) |
|
$ |
20,613 |
|
$ |
21,906 |
|
(6 |
%) |
EBITDA (1) as a % of
revenue |
|
7 |
% |
|
15 |
% |
(53 |
%) |
|
|
13 |
% |
|
16 |
% |
(19 |
%) |
Horsepower of equipment on
rent at period end |
|
25,755 |
|
|
23,700 |
|
9 |
% |
|
|
25,755 |
|
|
23,700 |
|
9 |
% |
Canada |
|
10,930 |
|
|
11,150 |
|
(2 |
%) |
|
|
10,930 |
|
|
11,150 |
|
(2 |
%) |
United States |
|
14,825 |
|
|
12,550 |
|
18 |
% |
|
|
14,825 |
|
|
12,550 |
|
18 |
% |
Rental equipment utilization
during the period (HP)(2) |
|
50 |
% |
|
45 |
% |
11 |
% |
|
|
48 |
% |
|
61 |
% |
(21 |
%) |
Canada |
|
33 |
% |
|
39 |
% |
(15 |
%) |
|
|
33 |
% |
|
50 |
% |
(34 |
%) |
United States |
|
75 |
% |
|
62 |
% |
21 |
% |
|
|
72 |
% |
|
86 |
% |
(16 |
%) |
Sales
backlog at period end, $ million |
$ |
147.5 |
|
$ |
43.9 |
|
236 |
% |
|
$ |
147.5 |
|
$ |
43.9 |
|
236 |
% |
(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 and increased equipment overhaul activity. Compression rental
fleet utilization continued to recover in the United States during
the fourth quarter of 2021 but remained slightly lower in Canada on
a year over year basis. Lower utilization of the rental fleet, a
substantial decrease in COVID-19 relief fund receipts, costs
incurred to prepare for substantially higher fabrication activity
levels in 2022 and general operating cost inflation contributed to
a lower EBITDA margin during the fourth quarter of 2021 as compared
to 2020. The fabrication sales backlog continued to grow during the
fourth quarter of 2021, increasing by another $52.0 million, or
54%, compared to the $95.5 million backlog at September 30,
2021.
Well Servicing (“WS”)
|
Three months ended December 31 |
|
Year ended December 31 |
|
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
|
Change |
Revenue |
$ |
25,676 |
|
$ |
20,422 |
|
26 |
% |
|
$ |
92,876 |
|
$ |
98,555 |
|
(6 |
%) |
EBITDA (1) |
$ |
6,551 |
|
$ |
7,055 |
|
(7 |
%) |
|
$ |
22,964 |
|
$ |
28,126 |
|
(18 |
%) |
EBITDA (1) as a % of
revenue |
|
26 |
% |
|
35 |
% |
(26 |
%) |
|
|
25 |
% |
|
29 |
% |
(14 |
%) |
Service hours(2) |
|
30,525 |
|
|
24,333 |
|
25 |
% |
|
|
111,585 |
|
|
113,428 |
|
(2 |
%) |
Canada |
|
16,061 |
|
|
13,042 |
|
23 |
% |
|
|
56,562 |
|
|
42,011 |
|
35 |
% |
United States |
|
3,559 |
|
|
1,837 |
|
94 |
% |
|
|
13,765 |
|
|
10,734 |
|
28 |
% |
Australia |
|
10,906 |
|
|
9,454 |
|
15 |
% |
|
|
41,259 |
|
|
60,683 |
|
(32 |
%) |
Revenue per service hour(2),
dollars |
$ |
841 |
|
$ |
840 |
|
- |
|
|
$ |
832 |
|
$ |
869 |
|
(4 |
%) |
Canada |
|
774 |
|
|
623 |
|
24 |
% |
|
|
708 |
|
|
637 |
|
11 |
% |
United States |
|
709 |
|
|
695 |
|
2 |
% |
|
|
696 |
|
|
727 |
|
(4 |
%) |
Australia |
|
983 |
|
|
1,167 |
|
(16 |
%) |
|
|
1,049 |
|
|
1,055 |
|
(1 |
%) |
Utilization(3) |
|
33 |
% |
|
25 |
% |
32 |
% |
|
|
29 |
% |
|
26 |
% |
12 |
% |
Canada |
|
31 |
% |
|
25 |
% |
24 |
% |
|
|
27 |
% |
|
20 |
% |
35 |
% |
United States |
|
32 |
% |
|
14 |
% |
129 |
% |
|
|
27 |
% |
|
21 |
% |
29 |
% |
Australia |
|
41 |
% |
|
36 |
% |
14 |
% |
|
|
39 |
% |
|
58 |
% |
(33 |
%) |
Rigs, average for period |
|
83 |
|
|
83 |
|
- |
|
|
|
83 |
|
|
83 |
|
- |
|
Canada |
|
57 |
|
|
57 |
|
- |
|
|
|
57 |
|
|
57 |
|
- |
|
United States |
|
12 |
|
|
14 |
|
(14 |
%) |
|
|
14 |
|
|
14 |
|
- |
|
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.
Fourth quarter WS segment revenue increased in
2021 as compared to 2020 due primarily to higher activity levels in
North America. Underpinning this increase was higher North American
oil production activity and significant well abandonment activity
in Canada. The year over year decrease in EBITDA and EBITDA margin
for the three months and year ended December 31, 2021 was primarily
due to a significant year over year decrease in COVID-19 relief
funds, lower pricing in Australia and increased North American
operating costs that were not fully offset by price increases.
Corporate
Total Energy continued to focus on the safe and
efficient operation of its business and the preservation of its
balance sheet strength and financial liquidity during the fourth
quarter of 2021. Despite the additional health and safety
challenges presented by the COVID-19 pandemic, during 2021 Total
Energy recorded its lowest annual consolidated total recordable
injury frequency rate since the Company began measuring
consolidated performance in 2008.
During the fourth quarter of 2021 bank debt was
reduced by $5.6 million, or 3%, and 987,634 common shares were
repurchased under the Company’s normal course issuer bid at an
average price of $5.32 (including commissions). The Company exited
2021 with $137.3 million of positive working capital, including
$33.4 million of cash, and $125 million of available credit under
its $255 million of revolving bank credit facilities. The weighted
average interest rate on the Company’s outstanding debt at December
31, 2021 was 2.68%.
Outlook
Total Energy’s diversified geographic and
business exposure provided a measure of stability following the
outbreak of the COVID-19 pandemic in March of 2020 and contributed
to the generation of significant free cash flow during very
difficult industry conditions. A substantial portion of the
Company’s cash flow generated since the beginning of 2020 has been
directed towards debt repayment, with bank debt (net of cash) being
reduced from January 1, 2020 to December 31, 2021 by $100.8
million, or 39%. Total Energy also returned $10.0 million to
shareholders during 2021 with the repurchase and cancellation of
2.1 million common shares under the Company’s normal course issuer
bid.
Total Energy’s diversified business platform and
efficient cost structure also provides the Company with significant
leverage to recovering global energy industry activity levels, as
evidenced by the Company’s return to profitability during the
second half of 2021 despite only modest increases in industry
activity levels. Demand for Total Energy’s products and services
has continued to strengthen thus far in 2022 and at current
commodity prices the Company expects activity levels will continue
to improve in all business segments on a seasonally adjusted
basis.
Total Energy previously announced a preliminary
2022 capital expenditure budget of $26.1 million that will be
directed towards the continued expansion of the CPS segment’s parts
and service and compression rental business lines as well as the
maintenance and upgrade of equipment in all business segments in
direct response to increasing customer demand. Total Energy expects
to fund its current 2022 capital budget with cash on hand and cash
flow.
On January 12, 2022 Total Energy extended the
maturity of its primary bank credit facility to November 10, 2024.
Given the Company’s strong liquidity position, significant
reduction in bank debt since the previous extension and desire to
reduce standby charges, Total Energy requested that its primary
credit facility be reduced by $30 million to $220.0 million.
Following an additional $20.0 million of voluntary debt repayment
thus far in 2022, $115.0 million of credit is currently available
on the Company’s existing $225.0 million of revolving bank credit
facilities.
While commodity prices are strong, oil and gas
producers have generally restrained their exploration and
development activities as compared to previous periods of similar
high oil and natural gas prices. In such environment, Total Energy
remains focused on the safe and efficient operation of its
business, debt repayment, disciplined capital deployment and
improving shareholder returns, including through share repurchases
under its normal course issuer bid. Subsequent to December 31, 2021
the Company has repurchased and cancelled an additional 290,000
common shares at a total cost of $1.8 million, resulting in a
current outstanding share count of 42.71 million. Total Energy
continues to identify and explore opportunities to leverage its
equipment, technologies and expertise to pursue new business
opportunities, including in the areas of alternative resource
extraction, emerging energy technologies and emissions reduction
and sequestration.
Conference Call
At 9:00 a.m. (Mountain Time) on March 11, 2022
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 11, 2022 by dialing (855) 669-9658 (passcode 8481).
Selected Financial
Information
Selected financial information relating to the
three months and year ended December 31, 2021 and 2020 is included
in this news release. This information should be read in
conjunction with the 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 reproduced in the Company’s
2021 Annual report.
Consolidated Statements of Financial
Position(in thousands of Canadian dollars)(audited)
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
|
$ |
33,365 |
|
|
$ |
22,996 |
|
Accounts receivable |
|
|
|
90,543 |
|
|
|
73,373 |
|
Inventory |
|
|
|
89,921 |
|
|
|
95,586 |
|
Prepaid expenses and deposits |
|
|
|
9,208 |
|
|
|
6,876 |
|
Income taxes receivable |
|
|
|
2,208 |
|
|
|
1,287 |
|
Current portion of finance lease asset |
|
|
|
487 |
|
|
|
566 |
|
|
|
|
|
225,732 |
|
|
|
200,684 |
|
|
|
|
|
|
|
Property, plant and
equipment |
|
|
|
575,913 |
|
|
|
636,996 |
|
Income taxes receivable |
|
|
|
7,070 |
|
|
|
7,070 |
|
Deferred income tax asset |
|
|
|
393 |
|
|
|
57 |
|
Lease asset |
|
|
|
361 |
|
|
|
719 |
|
Goodwill |
|
|
|
4,053 |
|
|
|
4,053 |
|
|
|
|
$ |
813,522 |
|
|
$ |
849,579 |
|
|
|
|
|
|
|
Liabilities &
Shareholders' Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
$ |
65,513 |
|
|
$ |
46,410 |
|
Deferred revenue |
|
|
|
16,274 |
|
|
|
6,365 |
|
Current portion of lease liabilities |
|
|
|
4,030 |
|
|
|
6,417 |
|
Current portion of long-term debt |
|
|
|
2,611 |
|
|
|
2,552 |
|
|
|
|
|
88,428 |
|
|
|
61,744 |
|
|
|
|
|
|
|
Long-term debt |
|
|
|
187,906 |
|
|
|
230,517 |
|
|
|
|
|
|
|
Lease liabilities |
|
|
|
8,101 |
|
|
|
8,420 |
|
|
|
|
|
|
|
Deferred income tax
liability |
|
|
|
35,650 |
|
|
|
37,911 |
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Share capital |
|
|
|
270,905 |
|
|
|
284,077 |
|
Contributed surplus |
|
|
|
5,757 |
|
|
|
4,966 |
|
Accumulated other comprehensive loss |
|
|
|
(26,704 |
) |
|
|
(18,736 |
) |
Non-controlling interest |
|
|
|
561 |
|
|
|
629 |
|
Retained earnings |
|
|
|
242,918 |
|
|
|
240,051 |
|
|
|
|
|
493,437 |
|
|
|
510,987 |
|
|
|
|
|
|
|
|
|
|
$ |
813,522 |
|
|
$ |
849,579 |
|
Consolidated Statements of Comprehensive
Income (Loss)(in thousands of Canadian dollars except per
share amounts)
|
Three months ended December 31 |
|
Year endedDecember 31 |
|
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
|
(unaudited) |
(unaudited) |
|
(audited) |
(audited) |
|
|
|
|
|
|
Revenue |
$ |
134,629 |
|
$ |
83,472 |
|
|
$ |
431,576 |
|
$ |
365,750 |
|
|
|
|
|
|
|
Cost of services |
|
103,657 |
|
|
59,107 |
|
|
|
323,092 |
|
|
266,720 |
|
Selling, general and
administration |
|
8,372 |
|
|
5,277 |
|
|
|
28,234 |
|
|
27,309 |
|
Other expense (income) |
|
448 |
|
|
844 |
|
|
|
(2,206 |
) |
|
(5,969 |
) |
Share-based compensation |
|
228 |
|
|
176 |
|
|
|
804 |
|
|
866 |
|
Depreciation |
|
20,244 |
|
|
22,081 |
|
|
|
83,065 |
|
|
113,363 |
|
Operating income (loss) |
|
1,680 |
|
|
(4,013 |
) |
|
|
(1,413 |
) |
|
(36,539 |
) |
|
|
|
|
|
|
Gain on sale of property,
plant and equipment |
|
643 |
|
|
1,478 |
|
|
|
4,363 |
|
|
4,380 |
|
Finance
costs, net |
|
(1,583 |
) |
|
(2,283 |
) |
|
|
(6,837 |
) |
|
(10,346 |
) |
Net income (loss) before
income taxes |
|
740 |
|
|
(4,818 |
) |
|
|
(3,887 |
) |
|
(42,505 |
) |
|
|
|
|
|
|
Current income tax (recovery)
expense |
|
(285 |
) |
|
768 |
|
|
|
(862 |
) |
|
3,075 |
|
Deferred income tax recovery |
|
(11 |
) |
|
(3,854 |
) |
|
|
(2,597 |
) |
|
(15,125 |
) |
Total income tax recovery |
|
(296 |
) |
|
(3,086 |
) |
|
|
(3,459 |
) |
|
(12,050 |
) |
|
|
|
|
|
|
Net income (loss) |
$ |
1,036 |
|
$ |
(1,732 |
) |
|
$ |
(428 |
) |
$ |
(30,455 |
) |
|
|
|
|
|
|
Net income (loss)
attributable to: |
|
|
|
|
|
Shareholders of the Company |
$ |
1,049 |
|
$ |
(1,739 |
) |
|
$ |
(360 |
) |
$ |
(30,450 |
) |
Non-controlling interest |
|
(13 |
) |
|
7 |
|
|
|
(68 |
) |
|
(5 |
) |
|
|
|
|
|
|
Income (loss) per
share: |
|
|
|
|
|
Basic
and diluted earnings per share |
$ |
0.02 |
|
$ |
(0.04 |
) |
|
$ |
(0.01 |
) |
$ |
(0.68 |
) |
Consolidated Statements of Comprehensive
Income (Loss)
|
Three months ended December 31 |
|
Year endedDecember 31 |
|
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
|
(unaudited) |
(unaudited) |
|
(audited) |
(audited) |
|
|
|
|
|
|
Net income (loss) for
the year |
$ |
1,036 |
|
$ |
(1,732 |
) |
|
$ |
(428 |
) |
$ |
(30,455 |
) |
|
|
|
|
|
|
Other Comprehensive Loss
(OCI): |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment |
|
33 |
|
|
(5,052 |
) |
|
|
(7,968 |
) |
|
(2,416 |
) |
Deferred tax effect |
|
- |
|
|
528 |
|
|
|
- |
|
|
402 |
|
Total other comprehensive income (loss) for the year |
|
33 |
|
|
(4,524 |
) |
|
|
(7,968 |
) |
|
(2,014 |
) |
|
|
|
|
|
|
Total comprehensive income (loss) |
$ |
1,069 |
|
$ |
(6,256 |
) |
|
$ |
(8,396 |
) |
$ |
(32,469 |
) |
|
|
|
|
|
|
Total comprehensive
income (loss) attributable to: |
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the Company |
$ |
1,082 |
|
$ |
(6,263 |
) |
|
$ |
(8,328 |
) |
$ |
(32,464 |
) |
Non-controlling interest |
|
(13 |
) |
|
7 |
|
|
|
(68 |
) |
|
(5 |
) |
Consolidated Statements of Cash
Flows(in thousands of Canadian dollars)
|
Three months ended December 31 |
|
Year endedDecember 31 |
|
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
|
(unaudited) |
(unaudited) |
|
(audited) |
(audited) |
|
|
|
|
|
|
Cash provided by (used
in): |
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
Net income (loss) for the
year |
$ |
1,036 |
|
$ |
(1,732 |
) |
|
$ |
(428 |
) |
$ |
(30,455 |
) |
Add (deduct) items not
affecting cash: |
|
|
|
|
|
Depreciation |
|
20,244 |
|
|
22,081 |
|
|
|
83,065 |
|
|
113,363 |
|
Share-based compensation |
|
228 |
|
|
176 |
|
|
|
804 |
|
|
866 |
|
Gain on sale of property, plant and equipment |
|
(643 |
) |
|
(1,478 |
) |
|
|
(4,363 |
) |
|
(4,380 |
) |
Finance costs, net |
|
1,583 |
|
|
2,283 |
|
|
|
6,837 |
|
|
10,346 |
|
Unrealized loss (gain) on foreign currencies translation |
|
448 |
|
|
903 |
|
|
|
(2,206 |
) |
|
(5,910 |
) |
Current income tax expense (recovery) |
|
(285 |
) |
|
768 |
|
|
|
(862 |
) |
|
3,075 |
|
Deferred income tax recovery |
|
(11 |
) |
|
(3,854 |
) |
|
|
(2,597 |
) |
|
(15,125 |
) |
Income taxes recovered (paid) |
|
(456 |
) |
|
(716 |
) |
|
|
(59 |
) |
|
1,657 |
|
Cashflow |
|
22,144 |
|
|
18,431 |
|
|
|
80,191 |
|
|
73,437 |
|
Changes in non-cash working capital items: |
|
|
|
|
|
Accounts receivable |
|
(346 |
) |
|
(3,569 |
) |
|
|
(17,637 |
) |
|
41,129 |
|
Inventory |
|
9,409 |
|
|
6,522 |
|
|
|
5,107 |
|
|
10,086 |
|
Prepaid expenses and deposits |
|
(462 |
) |
|
(3,506 |
) |
|
|
(2,332 |
) |
|
2,386 |
|
Accounts payable and accrued liabilities |
|
(1,638 |
) |
|
3,192 |
|
|
|
14,337 |
|
|
(43,398 |
) |
Deferred revenue |
|
(1,314 |
) |
|
(1,844 |
) |
|
|
9,909 |
|
|
2,482 |
|
|
|
27,793 |
|
|
19,226 |
|
|
|
89,575 |
|
|
86,122 |
|
Investing: |
|
|
|
|
|
Purchase of property, plant and equipment |
|
(11,753 |
) |
|
(4,606 |
) |
|
|
(28,983 |
) |
|
(16,904 |
) |
Proceeds on disposal of property, plant and equipment |
|
1,351 |
|
|
468 |
|
|
|
10,507 |
|
|
5,936 |
|
Changes in non-cash working capital items |
|
3,881 |
|
|
238 |
|
|
|
4,223 |
|
|
(2,570 |
) |
|
|
(6,521 |
) |
|
(3,900 |
) |
|
|
(14,253 |
) |
|
(13,538 |
) |
Financing: |
|
|
|
|
|
Advances under long-term debt |
|
- |
|
|
- |
|
|
|
- |
|
|
29,796 |
|
Repayment of long-term debt |
|
(5,641 |
) |
|
(10,626 |
) |
|
|
(42,552 |
) |
|
(74,590 |
) |
Repayment of lease liabilities |
|
(1,093 |
) |
|
(1,912 |
) |
|
|
(5,803 |
) |
|
(8,266 |
) |
Partnership distributions to non-controlling interests |
|
- |
|
|
- |
|
|
|
- |
|
|
(125 |
) |
Payment of dividends |
|
- |
|
|
- |
|
|
|
- |
|
|
(2,710 |
) |
Repurchase of common shares |
|
(5,258 |
) |
|
- |
|
|
|
(10,000 |
) |
|
(427 |
) |
Shares issued on exercise of options |
|
42 |
|
|
- |
|
|
|
42 |
|
|
- |
|
Interest paid |
|
(1,526 |
) |
|
(4,645 |
) |
|
|
(6,640 |
) |
|
(13,139 |
) |
|
|
|
|
|
|
|
|
(13,476 |
) |
|
(17,183 |
) |
|
|
(64,953 |
) |
|
(69,461 |
) |
|
|
|
|
|
|
Change in cash and cash equivalents |
|
7,796 |
|
|
(1,857 |
) |
|
|
10,369 |
|
|
3,123 |
|
|
|
|
|
|
|
Cash
and cash equivalents, beginning of period |
|
25,569 |
|
|
24,853 |
|
|
|
22,996 |
|
|
19,873 |
|
|
|
|
|
|
|
Cash
and cash equivalents, end of period |
$ |
33,365 |
|
$ |
22,996 |
|
|
$ |
33,365 |
|
$ |
22,996 |
|
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,
2021 (unaudited, in thousands of Canadian dollars)
|
Contract |
Rentals and |
Compression |
Well |
Corporate |
Total |
|
Drilling |
Transportation |
and Process |
Servicing |
(1) |
|
|
Services |
Services |
Services |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
48,766 |
|
$ |
10,873 |
|
$ |
49,314 |
|
$ |
25,676 |
|
$ |
- |
|
$ |
134,629 |
|
|
|
|
|
|
|
|
Cost of
services |
|
34,748 |
|
|
6,790 |
|
|
44,054 |
|
|
18,065 |
|
|
- |
|
|
103,657 |
|
Selling, general and
administration |
|
1,528 |
|
|
1,491 |
|
|
1,797 |
|
|
1,231 |
|
|
2,325 |
|
|
8,372 |
|
Other
expense |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
448 |
|
|
448 |
|
Share-based
compensation |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
228 |
|
|
228 |
|
Depreciation (2) |
|
9,143 |
|
|
5,070 |
|
|
2,200 |
|
|
3,585 |
|
|
246 |
|
|
20,244 |
|
Operating income (loss) |
|
3,347 |
|
|
(2,478 |
) |
|
1,263 |
|
|
2,795 |
|
|
(3,247 |
) |
|
1,680 |
|
|
|
|
|
|
|
|
Gain (loss) on sale of
property, plant and equipment |
|
210 |
|
|
120 |
|
|
50 |
|
|
271 |
|
|
(8 |
) |
|
643 |
|
Finance costs, net |
|
(2 |
) |
|
(12 |
) |
|
(65 |
) |
|
(4 |
) |
|
(1,500 |
) |
|
(1,583 |
) |
|
|
|
|
|
|
|
Net income (loss) before income taxes |
|
3,555 |
|
|
(2,370 |
) |
|
1,248 |
|
|
3,062 |
|
|
(4,755 |
) |
|
740 |
|
|
|
|
|
|
|
|
Goodwill |
|
- |
|
|
2,514 |
|
|
1,539 |
|
|
- |
|
|
- |
|
|
4,053 |
|
Total
assets |
|
325,143 |
|
|
180,188 |
|
|
206,278 |
|
|
93,274 |
|
|
8,639 |
|
|
813,522 |
|
Total
liabilities |
|
60,691 |
|
|
10,316 |
|
|
45,721 |
|
|
4,058 |
|
|
199,299 |
|
|
320,085 |
|
Capital expenditures |
|
7,934 |
|
|
883 |
|
|
2,714 |
|
|
213 |
|
|
9 |
|
|
11,753 |
|
|
Canada |
United States |
Australia |
Other |
Total |
|
|
|
|
|
|
Revenue |
$ |
69,488 |
|
$ |
37,610 |
|
$ |
27,531 |
|
$ |
- |
|
$ |
134,629 |
|
Non-current assets (3) |
|
378,519 |
|
|
141,552 |
|
|
60,256 |
|
|
- |
|
|
580,327 |
|
As at and for the three months ended December 31,
2020 (unaudited, in thousands of Canadian dollars)
|
Contract |
Rentals and |
Compression |
Well |
Corporate |
Total |
|
Drilling |
Transportation |
and Process |
Servicing |
|
(1) |
|
|
|
Services |
Services |
Services |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
23,288 |
|
$ |
6,975 |
|
$ |
32,767 |
|
$ |
20,442 |
|
$ |
- |
|
$ |
83,472 |
|
|
|
|
|
|
|
|
Cost of services |
|
16,006 |
|
|
4,062 |
|
|
26,516 |
|
|
12,523 |
|
|
- |
|
|
59,107 |
|
Selling, general and
administration |
|
1,068 |
|
|
868 |
|
|
1,263 |
|
|
875 |
|
|
1,203 |
|
|
5,277 |
|
Other expense |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
844 |
|
|
844 |
|
Share-based compensation |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
176 |
|
|
176 |
|
Depreciation (2) |
|
9,822 |
|
|
5,651 |
|
|
2,481 |
|
|
3,957 |
|
|
170 |
|
|
22,081 |
|
Operating income (loss) |
|
(3,608 |
) |
|
(3,606 |
) |
|
2,507 |
|
|
3,087 |
|
|
(2,393 |
) |
|
(4,013 |
) |
|
|
|
|
|
|
|
Gain on sale of property,
plant and equipment |
|
61 |
|
|
153 |
|
|
80 |
|
|
11 |
|
|
1,173 |
|
|
1,478 |
|
Finance
costs, net |
|
(32 |
) |
|
(36 |
) |
|
(85 |
) |
|
(6 |
) |
|
(2,124 |
) |
|
(2,283 |
) |
|
|
|
|
|
|
|
Net
income (loss) before income taxes |
|
(3,579 |
) |
|
(3,489 |
) |
|
2,502 |
|
|
3,092 |
|
|
(3,344 |
) |
|
(4,818 |
) |
|
|
|
|
|
|
|
Goodwill |
|
- |
|
|
2,514 |
|
|
1,539 |
|
|
- |
|
|
- |
|
|
4,053 |
|
Total assets |
|
319,075 |
|
|
199,793 |
|
|
215,533 |
|
|
104,743 |
|
|
10,435 |
|
|
849,579 |
|
Total liabilities |
|
56,557 |
|
|
11,022 |
|
|
29,229 |
|
|
5,899 |
|
|
235,885 |
|
|
338,592 |
|
Capital
expenditures |
|
2,163 |
|
|
167 |
|
|
988 |
|
|
1,288 |
|
|
- |
|
|
4,606 |
|
|
Canada |
United States |
Australia |
Other |
Total |
|
|
|
|
|
|
Revenue |
$ |
46,821 |
|
$ |
18,896 |
|
$ |
17,755 |
|
$ |
- |
|
$ |
83,472 |
|
Non-current assets (3) |
|
419,332 |
|
|
155,175 |
|
|
67,261 |
|
|
- |
|
|
641,768 |
|
(1) Corporate includes the Company’s corporate activities and
obligations pursuant to long-term credit facilities. (2) Effective
April 1, 2020 the Company changed certain estimates relating to the
useful life and residual value of equipment in the Contract
Drilling Services segment. See note 10 to the 2021 Financial
Statements for further details.(3) Includes property, plant and
equipment, lease asset (excluding current portion) and
goodwill.
As at and for the year ended December 31, 2021
(audited, in thousands of Canadian dollars)
|
Contract |
Rentals and |
Compression |
Well |
Corporate |
Total |
|
Drilling |
Transportation |
and Process |
Servicing |
|
(1) |
|
|
|
Services |
Services |
Services |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
146,411 |
|
$ |
36,974 |
|
$ |
155,315 |
|
$ |
92,876 |
|
$ |
- |
|
$ |
431,576 |
|
|
|
|
|
|
|
|
Cost of
services |
|
107,107 |
|
|
20,779 |
|
|
129,685 |
|
|
65,521 |
|
|
- |
|
|
323,092 |
|
Selling, general and
administration |
|
4,729 |
|
|
5,506 |
|
|
6,550 |
|
|
4,701 |
|
|
6,748 |
|
|
28,234 |
|
Other
income |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(2,206 |
) |
|
(2,206 |
) |
Share-based
compensation |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
804 |
|
|
804 |
|
Depreciation(2) |
|
37,507 |
|
|
20,547 |
|
|
9,225 |
|
|
14,844 |
|
|
942 |
|
|
83,065 |
|
Operating income (loss) |
|
(2,932 |
) |
|
(9,858 |
) |
|
9,855 |
|
|
7,810 |
|
|
(6,288 |
) |
|
(1,413 |
) |
|
|
|
|
|
|
|
Gain on sale of
property, plant and equipment |
|
493 |
|
|
1,951 |
|
|
1,533 |
|
|
310 |
|
|
76 |
|
|
4,363 |
|
Finance costs, net |
|
(12 |
) |
|
(71 |
) |
|
(286 |
) |
|
(20 |
) |
|
(6,448 |
) |
|
(6,837 |
) |
|
|
|
|
|
|
|
Net income (loss) before income taxes |
|
(2,451 |
) |
|
(7,978 |
) |
|
11,102 |
|
|
8,100 |
|
|
(12,660 |
) |
|
(3,887 |
) |
|
|
|
|
|
|
|
Goodwill |
|
- |
|
|
2,514 |
|
|
1,539 |
|
|
- |
|
|
- |
|
|
4,053 |
|
Total
assets |
|
325,143 |
|
|
180,188 |
|
|
206,278 |
|
|
93,274 |
|
|
8,639 |
|
|
813,522 |
|
Total
liabilities |
|
60,691 |
|
|
10,316 |
|
|
45,721 |
|
|
4,058 |
|
|
199,299 |
|
|
320,085 |
|
Capital expenditures |
|
20,491 |
|
|
1,224 |
|
|
6,205 |
|
|
1,054 |
|
|
9 |
|
|
28,983 |
|
|
Canada |
United States |
Australia |
Other |
Total |
|
|
|
|
|
|
Revenue |
$ |
242,613 |
|
$ |
105,305 |
|
$ |
83,656 |
|
$ |
2 |
|
$ |
431,576 |
|
Non-current assets (3) |
|
378,519 |
|
|
141,552 |
|
|
60,256 |
|
|
- |
|
|
580,327 |
|
As at and for the year ended December 31, 2020
(audited, in thousands of Canadian dollars)
|
Contract |
Rentals and |
Compression |
Well |
Corporate |
Total |
|
Drilling |
Transportation |
and Process |
Servicing |
|
(1) |
|
|
|
Services |
Services |
Services |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
96,661 |
|
$ |
34,529 |
|
$ |
136,005 |
|
$ |
98,555 |
|
$ |
- |
|
$ |
365,750 |
|
|
|
|
|
|
|
|
Cost of services |
|
72,388 |
|
|
20,429 |
|
|
108,197 |
|
|
65,706 |
|
|
- |
|
|
266,720 |
|
Selling, general and
administration |
|
5,900 |
|
|
5,692 |
|
|
6,474 |
|
|
4,750 |
|
|
4,493 |
|
|
27,309 |
|
Other income |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(5,969 |
) |
|
(5,969 |
) |
Share-based compensation |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
866 |
|
|
866 |
|
Depreciation (2) |
|
64,297 |
|
|
23,493 |
|
|
9,603 |
|
|
15,241 |
|
|
729 |
|
|
113,363 |
|
Operating income (loss) |
|
(45,924 |
) |
|
(15,085 |
) |
|
11,731 |
|
|
12,858 |
|
|
(119 |
) |
|
(36,539 |
) |
|
|
|
|
|
|
|
Gain on sale of property,
plant and equipment |
|
1,126 |
|
|
1,065 |
|
|
572 |
|
|
27 |
|
|
1,590 |
|
|
4,380 |
|
Finance
costs, net |
|
(161 |
) |
|
(93 |
) |
|
(374 |
) |
|
(31 |
) |
|
(9,687 |
) |
|
(10,346 |
) |
|
|
|
|
|
|
|
Net
income (loss) before income taxes |
|
(44,959 |
) |
|
(14,113 |
) |
|
11,929 |
|
|
12,854 |
|
|
(8,216 |
) |
|
(42,505 |
) |
|
|
|
|
|
|
|
Goodwill |
|
- |
|
|
2,514 |
|
|
1,539 |
|
|
- |
|
|
- |
|
|
4,053 |
|
Total assets |
|
319,075 |
|
|
199,793 |
|
|
215,533 |
|
|
104,743 |
|
|
10,435 |
|
|
849,579 |
|
Total liabilities |
|
56,557 |
|
|
11,022 |
|
|
29,229 |
|
|
5,899 |
|
|
235,885 |
|
|
338,592 |
|
Capital
expenditures |
|
4,703 |
|
|
1,024 |
|
|
7,922 |
|
|
3,243 |
|
|
12 |
|
|
16,904 |
|
|
Canada |
United States |
Australia |
Other |
Total |
|
|
|
|
|
|
Revenue |
$ |
177,519 |
|
$ |
84,294 |
|
$ |
103,884 |
|
$ |
53 |
|
$ |
365,750 |
|
Non-current assets (3) |
|
419,332 |
|
|
155,175 |
|
|
67,261 |
|
|
- |
|
|
641,768 |
|
(1) Corporate includes the Company’s corporate activities
and obligations pursuant to long-term credit facilities.
(2) Effective April 1, 2020 the Company changed certain
estimates relating to the useful life and residual value of
equipment in the Contract Drilling Services segment. See note 10 to
the 2021 Financial Statements for further details.
(3) Includes property, plant and equipment, lease asset
(excluding current portion) and goodwill.
Total Energy provides contract drilling
services, equipment rentals and transportation services, well
servicing and compression and process equipment and service to the
energy and other resource industries from operation centers in
North America and Australia. The common shares of Total Energy are
listed and trade on the TSX under the symbol TOT.
For further information, please contact Daniel
Halyk, President & Chief Executive Officer at (403) 216-3921 or
Yuliya Gorbach, Vice-President Finance and Chief Financial Officer
at (403) 216-3920 or by e-mail at: investorrelations@totalenergy.ca
or visit our website at www.totalenergy.ca
Notes to the Financial
Highlights
|
(1) |
EBITDA means earnings before interest, taxes, depreciation and
amortization and is equal to net income (loss) before income taxes
plus finance costs plus depreciation. EBITDA is not a recognized
measure under IFRS. Management believes that in addition to net
income (loss), EBITDA is a useful supplemental measure as it
provides an indication of the results generated by the Company’s
primary business activities prior to consideration of how those
activities are financed, amortized or how the results are taxed in
various jurisdictions as well as the cash generated by the
Company’s primary business activities without consideration of the
timing of the monetization of non-cash working capital items.
Readers should be cautioned, however, that EBITDA should not be
construed as an alternative to net income determined in accordance
with IFRS as an indicator of Total Energy’s performance. Total
Energy’s method of calculating EBITDA may differ from other
organizations and, accordingly, EBITDA may not be comparable to
measures used by other organizations. |
|
|
|
|
(2) |
Working capital equals current assets minus current
liabilities. |
|
|
|
|
(3) |
Net Debt equals long-term debt plus lease liabilities plus current
liabilities minus current assets. Management believes this measure
provides a useful indication of the Company’s liquidity. |
|
|
|
|
(4) |
Basic and diluted shares outstanding reflect the weighted average
number of common shares outstanding for the periods. See note 16 to
the Company’s 2021 Annual 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
www.sedar.com) for a discussion of such risks and
uncertainties.
The TSX has neither approved nor disapproved of
the information contained herein.
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