Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Total Energy Services Inc. Announces Q3 2019 Results

CALGARY, Alberta, Nov. 07, 2019 (GLOBE NEWSWIRE) -- Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT) announces its consolidated financial results for the three and nine months ended September 30, 2019.

Financial Highlights
($000’s except per share data)
 Three Months Ended September 30
 Nine Months Ended September 30
  2019 2018Change  2019 2018Change
Revenue$  171,213 $   232,925(26%) $  605,898$  631,963(4%)
Operating Income (Loss)  (5,012) 14,294nm    2,334 25,810(91%)
EBITDA (1)  24,913  34,632(28%)   71,874 85,513(16%)
Cashflow  23,959  34,799(31%)   74,831 78,420(5%)
Net Income (Loss)  (6,114) 8,655nm    1,498 15,645(90%)
Attributable to Shareholders  (6,159) 8,910nm    2,004 15,903(87%)
         
Per Share Data (Diluted)         
EBITDA (1)$   0.55 $   0.75(27%) $  1.57$  1.85(15%)
Cashflow$   0.53 $  0.75(29%) $   1.64$  1.70(4%)
Net Income (Loss) Attributable to Shareholders$  (0.14)$  0.19nm  $   0.04$  0.34(88%)
         
      September 30,December 31, 
      20192018Change
Financial Position        
Total Assets     $ 991,176$  1,078,124(8%)
Long-Term Debt and Lease Liabilities (excluding current portion)   251,724  286,319(12%)
Working Capital (2)       85,778 124,967(31%)
Net Debt (3)       165,946 161,3523%
Shareholders’ Equity       538,790 560,576(4%)
         
Common Shares (000’s)(4)        
Basic and Diluted  45,457   46,099(1%)  45,652 46,186(1%)

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 three months ended September 30, 2019 reflect continued difficult industry conditions in Canada and reduced production activity in the Company’s Compression and Process Services segment offset by relatively stable industry conditions in the United States and Australia. Included in 2019 third quarter cost of services was $8.9 million of incremental depreciation expense resulting from a change in depreciation estimates in the Rentals and Transportation Services (“RTS”) segment effective July 1, 2019, of which $7.9 million is non-recurring.  Also included in third quarter cost of services was $0.5 million of equipment relocation expenses as the RTS segment continued to relocate underutilized equipment from Canada to the United States.  Excluding the $8.4 million of non-recurring expenses, net income for the third quarter of 2019 was $0.3 million.

Total Energy’s Contract Drilling Services (“CDS”) segment achieved 22% utilization during the third quarter of 2019, recording 2,163 operating days (spud to rig release) with a fleet of 107 drilling rigs, compared to 2,836 operating days, or 27% utilization, during the third quarter of 2018 with a fleet of 116 drilling rigs.  Revenue per operating day for the third quarter of 2019 was $22,124, a 9% increase from the prior year comparable period due to increased pricing in the United States and Australia.  During the third quarter of 2019, the CDS segment had 1,136 operating days in Canada with a fleet of 82 rigs (15% utilization), 671 days in the United States with a fleet of 20 rigs (34% utilization) and 356 days in Australia with a fleet of 5 rigs (76% utilization).

The RTS segment achieved a utilization rate on major rental equipment of 14% during the third quarter of 2019 compared to 24% utilization during the third quarter of 2018.  Segment revenue per utilized rental piece in the third quarter of 2019 was 10% higher than revenue per utilized piece in the third quarter of 2018 due primarily to improved pricing for assets relocated to the United States and the mix of equipment operating.  This segment exited the third quarter of 2019 with approximately 10,590 pieces of major rental equipment (excluding access matting) and 95 heavy trucks as compared to 11,000 rental pieces and 112 heavy trucks at September 30, 2018. The RTS segment continued to expand its presence in the United States with the acquisition of certain oilfield transportation assets in August 2019 on a going concern basis for $2.3 million (US$1.7 million).

Revenue in the Compression and Process Services segment (“CPS”) decreased 37% to $72.1 million for the three months ended September 30, 2019 compared to $114.8 million for the same period in 2018.  This decrease was primarily due to lower fabrication sales activity.  This segment exited the third quarter of 2019 with a $39.8 million backlog of fabrication sales orders as compared to $236.7 million at September 30, 2018 and $77.2 million at June 30, 2019. At September 30, 2019, there was 47,000 horsepower in the compression rental fleet, of which approximately 34,000 horsepower was on rent as compared to 31,500 horsepower on rent at September 30, 2018.  The gas compression rental fleet operated at an average utilization rate of 70% during the third quarter of 2019 as compared to 69% during the third quarter of 2018.

Total Energy’s Well Servicing segment (“WS”) generated $35.8 million of revenue during the third quarter of 2019 on 42,210 service hours, or $848 per service hour, with a fleet of 83 service rigs that were located in Canada (57 rigs), the United States (14 rigs) and Australia (12 rigs).  This compares to $41.0 million of revenue during the third quarter of 2018 on 44,447 service hours, or $922 per service hour.  Service rig utilization for the three months ended September 30, 2019 was 35% in Canada, 35% in the United States and 73% in Australia. 

During the third quarter of 2019 Total Energy repurchased 160,000 common shares at an average price (including commissions) of $6.47 per share pursuant to its normal course issuer bid and declared a quarterly dividend of $0.06 per share to shareholders of record on September 30, 2019.  This dividend was paid on October 31, 2019.  For Canadian income tax purposes, all dividends paid by Total Energy on its common shares are designated as “eligible dividends” unless otherwise indicated.

OUTLOOK

Challenging industry conditions and poor field conditions due to wet weather contributed to a continued and significant year over year decrease in Canadian oil and natural gas drilling and completion activity during the third quarter.  Despite limited visibility in Canada going into the upcoming winter drilling season, recent improvements in Canadian natural gas prices are encouraging.  While industry activity levels have moderated in the United States over the past few quarters, the Company continues to gain market share, particularly in the RTS segment through the relocation of underutilized equipment from Canada and targeted investment in new equipment.  Industry conditions remain stable in Australia.

Total Energy’s capital budget for 2019 remains at $40.5 million.  $40.3 million of capital expenditures have been made to September 30, 2019, including $4.8 million of carry forward from 2018, leaving approximately $5.0 million of capital expenditures projected for the remainder of 2019.  Net proceeds of $6.8 million have been realized from the sale of capital assets during the first nine months of 2019, resulting in a $1.9 million gain on sale being realized.

In October 2019, the CDS segment received $17.6 million (US $13.5 million) as compensation for the early termination in 2017 of contracts for three drilling rigs that were operating in the United States.  As no accrual had previously been made, this payment will be recognized as revenue in the fourth quarter of 2019.   

Total Energy continues to generate significant free cash flow despite operating its asset base at historically low utilization levels.  The Company’s liquidity position remains strong, with $85.8 million of working capital at September 30, 2019 (after reclassifying $41.4 million of mortgage debt maturing in April 2020 as current).  Total Energy expects to renew its maturing mortgage debt in the second quarter of 2020 for a minimum five-year term.  At September 30, 2019, $225.1 million was drawn on Total Energy’s $295.0 million of revolving bank credit facilities that mature in June 2022 unless extended.  The Company remains in compliance with all debt covenants and is able to fully draw on the remaining amounts available under its credit facilities.  Total Energy’s primary credit facility provides the Company with the option to increase such facility by $75 million subject to certain terms and conditions including the agreement of the lenders to increase their commitments.

Despite near term challenges and uncertainties, particularly in Canada, Total Energy believes that medium to long-term fundamentals require continued exploration and development in the markets in which it competes in order to meet increasing global demand for oil and natural gas.

CONFERENCE CALL

At 9:00 a.m. (Mountain Time) on November 8, 2019 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) 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 December 8, 2019 by dialing (855) 669-9658 (passcode 3708).

SELECTED FINANCIAL INFORMATION

Selected financial information relating to the three and nine months ended September 30, 2019 and 2018 is attached to 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 2019 third quarter report.

Consolidated Statements of Financial Position
(in thousands of Canadian dollars)
 
 September 30 December 31
  2019  2018
 (unaudited)  (audited)
Assets   
Current assets:   
Cash and cash equivalents$  -  $  30,640 
Accounts receivable 135,804   155,946 
Inventory 83,058   84,743 
Prepaid expenses and deposits 12,853   17,776 
Income taxes receivable 3,598   7,299 
Other assets -   527 
Current portion of finance lease asset 773   - 
  236,086   296,931 
    
Property, plant and equipment 743,302   768,613 
Income taxes receivable 7,070   7,070 
Lease asset 266   - 
Deferred tax asset 399   1,457 
Goodwill 4,053   4,053 
 $  991,176  $  1,078,124 
    
Liabilities & Shareholders' Equity   
Current liabilities:   
Accounts payable and accrued liabilities$  91,150  $  126,608 
Deferred revenue 5,580   37,316 
Dividends payable 2,722   2,752 
Current portion of lease liabilities 8,751   2,376 
Current portion of long-term debt 42,105   2,912 
  150,308   171,964 
    
Long-term debt 239,517   282,863 
    
Lease liabilities 12,207   3,456 
    
Onerous lease liability -   1,574 
    
Deferred tax liability 50,354   57,691 
    
Shareholders' equity:   
Share capital 285,703   288,902 
Contributed surplus 7,329   6,384 
Accumulated other comprehensive loss (16,756)  (5,320)
Non-controlling interest (899)  238 
Retained earnings 263,413   270,372 
  538,790   560,576 
    
 $  991,176  $  1,078,124 
        


Consolidated Statements of Comprehensive Income (Loss)
(in thousands of Canadian dollars except per share amounts)
(unaudited)
 
 Three months endedNine months ended
 September 30September 30
  2019 2018 2019 2018
     
     
Revenue$  171,213  $ 232,925 $  605,898  $  631,963 
     
Cost of services 134,285  184,374  495,124  507,993 
Selling, general and administration 12,590  13,904  37,615   41,543 
Other expense (income) (1,018) 376  1,858  (2,904)
Share-based compensation 438  499  1,300   1,798 
Depreciation 29,930  19,478  67,667   57,723 
Operating income (loss) (5,012) 14,294  2,334  25,810 
     
Gain (loss) on sale of property, plant and equipment (5) 860  1,873  1,980 
Finance costs (3,098) (2,940) (9,705) (10,293)
Net income (loss) before income taxes (8,115) 12,214  (5,498) 17,497 
     
Current income tax expense (recovery) (883) 2,963  74  5,737 
Deferred income tax expense (recovery) (1,118) 596  (7,070) (3,885)
Total income tax expense (recovery) (2,001) 3,559  (6,996) 1,852 
     
Net income (loss) for the period$  (6,114)$  8,655 $  1,498 $  15,645 
     
Net income (loss) attributable to:    
Shareholders of the Company$  (6,159)$  8,910 $  2,004 $  15,903 
Non-controlling interest 45  (255) (506) (258)
     
Income (loss) per share    
Basic and diluted$  (0.14)$  0.19 $  0.04 $  0.34 
     


Condensed Interim Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
 
 Three months endedNine months ended
 September 30September 30
  2019 2018 2019 2018
     
Net income (loss) for the period$  (6,114)$  8,655 $  1,498 $  15,645 
     
Foreign currency translation adjustment (1,425) (6,994) (10,645) (3,295)
Deferred tax effect (219) 680  (791) 275 
     
Total other comprehensive loss for the period (1,644) (6,314) (11,436) (3,020)
     
Total comprehensive income (loss)$  (7,758)$  2,341 $  (9,938)$  12,625 
     
Total comprehensive income (loss) attributable to:    
     
Shareholders of the Company$  (7,803)$  2,596 $  (9,432)$  12,883 
Non-controlling interest 45  (255) (506) (258)
             


Consolidated Statements of Cash Flows
(in thousands of Canadian dollars)
(unaudited)
 
 Three months endedNine months ended
 September 30September 30
  2019 2018 2019 2018
     
Cash provided by (used in):    
     
Operations:    
Net income (loss) for the period$  (6,114)$  8,655  $  1,498 $  15,645 
Add (deduct) items not affecting cash:    
Depreciation 29,930  19,478  67,667  57,723 
Share-based compensation 438  499  1,300  1,798 
Loss (gain) on sale of property, plant and equipment 5  (860) (1,873) (1,980)
Finance costs 3,098  1,987  9,023  9,115 
Unrealized loss (gain) on foreign currencies translation (989) 394  585  (2,698)
Current income tax expense (recovery) (883) 2,963  74  5,737 
Deferred income tax expense (recovery) (1,118) 596  (7,070) (3,885)
Income taxes recovered (paid) (408) 1,087  3,627  (3,035)
Cashflow 23,959  34,799  74,831  78,420 
Changes in non-cash working capital items:    
Accounts receivable (8,281) (18,061) 18,082  2,806 
Inventory 1,334  (11,326) 1,685  (25,328)
Prepaid expenses and deposits (1,823) (291) 7,127  781 
Accounts payable and accrued liabilities (21,483) 3,250  (38,776) 11,574 
Onerous leases -  (201) 1,297  (1,246)
Deferred revenue (15,506) 11,758  (31,736) 18,040 
Cash provided by (used in) operating activities (21,800) 19,928  32,510  85,047 
Investing:    
Purchase of property, plant and equipment (18,231) (7,425) (40,300) (28,502)
Proceeds on sale of other assets -  954  682  1,181 
Proceeds on disposal of property, plant and equipment 949  1,695  6,849  3,798 
Purchase of non-controlling interest -  (332) (128) (332)
Changes in non-cash working capital items 123  344  1,036  (1,675)
Cash used in investing activities (17,159) (4,764) (31,861) (25,530)
Financing:    
Advances on long-term debt 13,068  -  13,068  50,000 
Repayment of long-term debt (687) (2,237) (17,221) (82,080)
Repayment of lease liabilities (1,387) (601) (5,283) (1,669)
Dividends to shareholders (2,730) (2,772) (8,228) (8,247)
Repurchase of common shares (970) (2,122) (4,272) (2,719)
Partnership distributions (50) -  (550) (475)
Interest paid (2,152) (3,087) (8,803) (11,067)
     
Cash provided by (used in) financing activities 5,092  (10,819) (31,289) (56,257)
     
Change in cash and cash equivalents (33,867) 4,345  (30,640) 3,260 
     
Cash and cash equivalents, beginning of period 33,867  20,069  30,640  21,154 
     
Cash and cash equivalents, end of period$  - $  24,414 $  - $  24,414 
     

SEGMENTED INFORMATION

The Company provides a variety of products and services in the oil and natural gas industry through five reporting segments, which operate substantially in three geographic segments.  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 drilling, completion and production operations, Compression and Process Services, which includes the fabrication, sale, rental and servicing of natural gas compression and oil and natural gas 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 September 30, 2019 (unaudited, in thousands of Canadian dollars)

 ContractRentals andCompressionWell CorporateTotal
 DrillingTransportationand ProcessServicing (1) 
 ServicesServicesServices   
       
Revenue$  47,855  $  15,476  $  72,070  $  35,812  $  -   $  171,213  
       
Cost of services  37,798    9,932    61,054    25,501    -     134,285  
Selling, general and administration  2,240    3,772    2,554    1,672    2,352    12,590  
Other income   -     -     -     -     (1,018)  (1,018)
Share-based compensation  -     -     -     -     438    438  
Depreciation (2)  8,694    14,080    2,867    4,156    133    29,930  
Operating income (loss)  (877)  (12,308)  5,595    4,483    (1,905)  (5,012)
       
Gain (loss) on sale of property, plant and equipment  (171)  124    105    (70)  7    (5)
Finance costs  (81)  (51)  (107)  (8)  (2,851)  (3,098)
       
Net income (loss) before income taxes  (1,129)  (12,235)  5,593    4,405    (4,749)  (8,115)
       
Goodwill  -     2,514    1,539   -   -     4,053  
Total assets  403,276    236,034    202,856    121,907    27,103    991,176  
Total liabilities  73,851    23,480    55,119    7,011    292,925    452,386  
Capital expenditures  1,169    7,839    8,107    1,032    84    18,231  
                   
  CanadaUnited StatesAustraliaOtherTotal
Revenue   $71,593 $58,976 $34,313 $6,331 $171,213 
Non-current assets (3)    505,707  170,893  71,021  -  747,621 
                   

As at and for the three months ended September 30, 2018 (unaudited, in thousands of Canadian dollars)

 ContractRentals andCompressionWellCorporateTotal
 DrillingTransportationand ProcessServicing (1) 
 ServicesServicesServices   
       
Revenue$  57,687 $  19,462 $  114,811 $  40,965 $  -  $ 232,925 
       
Cost of services  45,068   12,631   97,869   28,806   -    184,374 
Selling, general and administration  1,836   3,359   3,262   1,120   4,327   13,904 
Other expense  -    -    -    -    376   376 
Share-based compensation  -    -    -    -    499   499 
Depreciation  8,544   4,070   1,874   4,965   25   19,478 
Operating income (loss)  2,239   (598)  11,806   6,074   (5,227)  14,294 
       
Gain (loss) on sale of property, plant and equipment  298   (144)  193   513   -    860 
Finance costs  (17)  (18)  (10)  (26)  (2,869)  (2,940)
       
Net income (loss) before income taxes  2,520   (760)  11,989   6,561   (8,096)  12,214 
       
Goodwill  -    2,514   1,539  -   -    4,053 
Total assets  432,267   240,689   234,413   134,966   21,478   1,063,813 
Total liabilities  50,497   39,190   103,835   4,061   316,992   514,575 
Capital expenditures  2,114   2,916   2,062   333   -    7,425 
                   
  CanadaUnited StatesAustraliaOtherTotal
Revenue   $125,404 $68,713 $38,714 $94 $232,925 
Non-current assets (3)    534,879  154,279  80,623  -  769,781 
                   

As at and for the nine months ended September 30, 2019 (unaudited, in thousands of Canadian dollars)

 ContractRentals andCompressionWell CorporateTotal
 DrillingTransportationand ProcessServicing (1) 
 ServicesServicesServices   
       
Revenue$  127,180  $  49,539  $  326,072  $  103,107  $  -   $  605,898  
       
Cost of services  104,417    31,809    283,859    75,039    -     495,124  
Selling, general and administration  6,393    11,306    9,156    5,033    5,727    37,615  
Other expense  -     -     -     -     1,858    1,858  
Share-based compensation  -     -     -     -     1,300    1,300  
Depreciation (2)  24,392    23,339    7,127    12,457    352    67,667  
Operating income (loss)  (8,022)  (16,915)  25,930    10,578    (9,237)  2,334  
       
Gain (loss) on sale of property, plant and equipment  (1,058)  1,105    1,567    42    217    1,873  
Finance costs  (274)  (107)  (320)  (20)  (8,984)  (9,705)
       
Net income (loss) before income taxes  (9,354)  (15,917)  27,177    10,600    (18,004)  (5,498)
       
Goodwill  -     2,514    1,539   -   -     4,053  
Total assets  403,276    236,034    202,856    121,907    27,103    991,176  
Total liabilities  73,851    23,480    55,119    7,011    292,925    452,386  
Capital expenditures  6,763    17,211    11,592   4,250    484    40,300  
                   
  CanadaUnited StatesAustraliaOtherTotal
Revenue   $236,232 $241,838 $120,172 $7,656 $605,898 
Non-current assets (3)    505,707  170,893  71,021  -  747,621 
                   

As at and for the nine months ended September 30, 2018 (unaudited, in thousands of Canadian dollars)

 ContractRentals andCompressionWellCorporateTotal
 DrillingTransportationand ProcessServices  
 ServicesServicesServices (1) 
       
Revenue$  156,930 $   56,656 $  305,082 $  113,295 $  -  $ 631,963 
       
Cost of services  126,928   37,187   261,728   82,150   -    507,993 
Selling, general and administration  6,285   10,579   9,545   3,357   11,777   41,543 
Other income  -    -    -    -    (2,904)  (2,904)
Share-based compensation  -    -    -    -    1,798   1,798 
Depreciation  24,134   13,012   5,465   15,051   61   57,723 
Operating income (loss)  (417)  (4,122)  28,344   12,737  (10,732)  25,810 
       
Gain on sale of property, plant and equipment  425   218   431   906   -    1,980 
Finance costs  (44)  (74)  (30)  (104) (10,041)  (10,293)
       
Net income (loss) before income taxes  (36)  (3,978)  28,745   13,539  (20,773)  17,497 
       
Goodwill  -    2,514   1,539   -    -    4,053 
Total assets  432,267   240,689   234,413   134,966   21,478   1,063,813 
Total liabilities  50,497   39,190   103,835   4,061   316,992   514,575 
Capital expenditures  10,574   8,064   7,263   2,594   7   28,502 
                   
    CanadaUnited StatesAustraliaOtherTotal
Revenue   $317,839 $198,585 $115,445 $94 $631,963 
Non-current assets (3)    534,879  154,279  80,623  -  769,781 
                   


 (1)Corporate includes the Company’s corporate activities and obligations pursuant to long-term credit facilities.
 (2)Effective July 1, 2019 the Company changed certain estimates relating to the useful life and residual value of equipment in the Rentals and Transportation Services segment. See note 2 to the Condensed Interim Consolidated Financial Statements as at and for the three and nine months ended September 30, 2019 for further details.
 (3) Includes property, plant and equipment, leased assets and goodwill.
   

Total Energy Services Inc. is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services, the fabrication, sale, rental and servicing of natural gas compression and oil and natural gas process equipment and well servicing.  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, 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.
   
 (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 for the three and nine months ended September 30, 2019.
   

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, performances 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.

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).