Total Energy Services Inc. Announces Q3 2026 Results

CALGARY, Alberta, Nov. 10, 2026 (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, 2026.

Financial Highlights
($000’s except per share data, unaudited)

	Three months ended September 30							Nine months ended September 30
		2026		2025	Change				2026		2025	Change
Revenue	$	342,995	$	260,702	32	%		$	986,854	$	763,027	29	%
Operating income		26,633		19,352	38	%			87,491		67,729	29	%
EBITDA(1)		51,415		42,907	20	%			167,426		138,791	21	%
Cashflow		67,423		41,362	63	%			169,453		124,706	36	%
Net income		21,584		14,584	48	%			72,581		50,622	43	%
Attributable to shareholders		21,516		14,504	48	%			72,347		50,581	43	%
Per Share Data (Diluted)
EBITDA(1)	$	1.40	$	1.13	24	%		$	4.57	$	3.64	26	%
Cashflow	$	1.84	$	1.09	69	%		$	4.62	$	3.27	41	%
Attributable to shareholders:
Net income	$	0.59	$	0.38	55	%		$	1.97	$	1.33	48	%
Common shares (000’s)(4)
Basic		36,439		37,159	(2	%)			36,514		37,535	(3	%)
Diluted		36,609		37,890	(3	%)			36,669		38,088	(4	%)
									September 30		December 31
Financial Position at									2026		2025	Change
Total Assets								$	1,112,179	$	1,000,102	11	%
Long-Term Debt and Lease Liabilities (excluding current portion)									26,503		75,236	(65	%)
Working Capital(2)									48,579		108,023	(55	%)
Net Debt(3)									-		-	-
Shareholders’ Equity									635,535		601,311	6	%

Notes 1 through 4 please refer to the Notes to the Financial Highlights set forth at the end of this release.

Total Energy’s results for the three months ended September 30, 2026 reflect continued strength in the Compression and Process Service segment, stable Australian activity and improving North American drilling and completion industry conditions.  Cash provided by operating activities during the quarter was a record $112.6 million.  Negatively impacting 2026 third quarter financial results was $15.9 million of share-based compensation expense arising from the substantial year to date increase in the market value of the Company’s shares. 

Contract Drilling Services (“CDS”)

		Three months ended September 30								Nine months ended September 30
		2026			2025		Change			2026			2025		Change
Revenue	$	112,188		$	82,374		36	%	$	304,079		$	244,683		24	%
EBITDA (1)	$	27,929		$	19,921		40	%	$	74,308		$	61,180		21	%
EBITDA (1) as a % of revenue		25	%		24	%	4	%		24	%		25	%	(4	%)
Operating days(2)		3,132			2,326		35	%		8,154			7,044		16	%
Canada		1,951			1,407		39	%		4,736			4,252		11	%
United States		269			62		334	%		619			353		75	%
Australia		912			857		6	%		2,799			2,439		15	%
Revenue per operating day(2), dollars	$	35,820		$	35,414		1	%	$	37,292		$	34,736		7	%
Canada		25,260			24,606		3	%		26,784			26,278		2	%
United States		31,227			30,016		4	%		29,611			29,666		-
Australia		59,765			53,551		12	%		56,770			50,216		13	%
Utilization		37	%		25	%	48	%		32	%		25	%	28	%
Canada		33	%		21	%	57	%		27	%		21	%	29	%
United States		24	%		6	%	300	%		19	%		11	%	73	%
Australia		58	%		55	%	5	%		60	%		53	%	13	%
Rigs, average for period		93			102		(9	%)		93			102		(9	%)
Canada		64			73		(12	%)		64			73		(12	%)
United States		12			12		-			12			12		-
Australia		17			17		-			17			17		-

⁽¹⁾  See Note 1 of the Notes to the Financial Highlights set forth at the end of this release.
⁽²⁾  Operating days includes drilling and paid standby days.

CDS segment activity during the third quarter of 2026 was higher than the prior year in all jurisdictions.  Increased equipment utilization and higher day rates received for upgraded equipment resulted in a substantial year over year increase in third quarter segment revenue and EBITDA. 

Rentals and Transportation Services (“RTS”)

		Three months ended September 30								Nine months ended September 30
		2026			2025					2026			2025		Change
Revenue	$	22,916		$	21,041		9	%	$	61,089		$	60,251		1	%
EBITDA (1)	$	8,285		$	7,623		9	%	$	20,150		$	21,657		(7	%)
EBITDA (1) as a % of revenue		36	%		36	%	-			33	%		36	%	(8	%)
Revenue per utilized piece of equipment, dollars	$	13,616		$	13,754		(1	%)	$	42,246		$	43,072		(2	%)
Pieces of rental equipment		8,019			8,050		-			8,019			8,050		-
Canada		6,855			6,867		-			6,855			6,867		-
United States		1,164			1,183		(2	%)		1,164			1,183		(2	%)
Rental equipment utilization		21	%		19	%	11	%		18	%		18	%	-
Canada		19	%		17	%	12	%		16	%		15	%	7	%
United States		32	%		30	%	7	%		33	%		32	%	3	%
Heavy trucks		58			62		(6	%)		58			62		(6	%)
Canada		40			40		-			40			40		-
United States		18			22		(18	%)		18			22		(18	%)

⁽¹⁾ See Note 1 of the Notes to the Financial Highlights set forth at the end of this release.

Third quarter RTS segment revenue increased compared to 2025 due primarily to increased activity in Canada.  The year over year increase in third quarter segment EBITDA was driven by increased equipment utilization as price increases implemented to the end of the third quarter of 2026 were not sufficient to fully offset significant cost inflation over the past year.

Compression and Process Services (“CPS”)

		Three months ended September 30								Nine months ended September 30
		2026			2025		Change			2026			2025		Change
Revenue	$	170,548		$	125,801		36	%	$	517,554		$	365,250		42	%
EBITDA (1)	$	21,036		$	15,097		39	%	$	69,655		$	52,994		31	%
EBITDA (1) as a % of revenue		12	%		12	%	-			14	%		15	%	(7	%)
Horsepower of equipment on rent at period end		38,665			51,313		(25	%)		38,665			51,313		(25	%)
Canada		22,465			23,763		(5	%)		22,465			23,763		(5	%)
United States		16,200			27,550		(41	%)		16,200			27,550		(41	%)
Rental equipment utilization during the period (HP)(2)		80	%		75	%	7	%		70	%		69	%	1	%
Canada		80	%		78	%	3	%		66	%		66	%	-
United States		79	%		73	%	8	%		75	%		71	%	6	%
Sales backlog at period end, $ million	$	733.8		$	380.8		93	%	$	733.8		$	380.8		93	%

⁽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.

Third quarter CPS segment revenue was higher compared to 2025 due to increased North American fabrication sales and parts and service activity that was partially offset by lower compression rental fleet revenue in the United States following the sale of several active compression rental units in 2025.  The year over year increase in third quarter segment EBITDA was driven by increased fabrication and parts and service activity and improved fabrication margins.  The year over year decline in higher margin rental revenues resulted in a modestly lower segment EBITDA margin for the first nine months of 2026 as compared to 2025.  The quarter end fabrication sales backlog increased to $733.8 million compared to the $380.8 million backlog at September 30, 2025. Sequentially, the quarter-end fabrication sales backlog increased by $179.3 million, or 32%, compared to the $554.5 million backlog at June 30, 2026.
  
Well Servicing (“WS”)

		Three months ended September 30								Nine months ended September 30
		2026			2025		Change			2026			2025		Change
Revenue	$	37,343		$	31,486		19	%	$	104,132		$	92,843		12	%
EBITDA (1)	$	11,214		$	4,727		137	%	$	32,498		$	13,490		141	%
EBITDA (1) as a % of revenue		30	%		15	%	100	%		31	%		15	%	107	%
Service hours(2)		31,400			29,298		7	%		90,293			85,806		5	%
Canada		15,702			13,702		15	%		44,783			40,396		11	%
United States		-			1,405		nm			108			5,697		(98	%)
Australia		15,698			14,191		11	%		45,402			39,713		14	%
Revenue per service hour(2), dollars	$	1,189		$	1,075		11	%	$	1,153		$	1,082		7	%
Canada		938			893		5	%		934			919		2	%
United States		-			934		nm			898			921		(2	%)
Australia		1,440			1,264		14	%		1,370			1,271		8	%
Utilization(3)		40	%		29	%	38	%		38	%		29	%	31	%
Canada		35	%		27	%	30	%		33	%		27	%	22	%
United States		-			13	%	nm			3	%		17	%	(82	%)
Australia		59	%		54	%	9	%		58	%		51	%	14	%
Rigs, average for period		61			79		(23	%)		61			79		(23	%)
Canada		49			55		(11	%)		49			55		(11	%)
United States		-			12		nm			-			12		nm
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.
“nm” – calculation not meaningful

Third quarter Well Servicing segment revenue increased compared to 2025 due to increased activity in Australia and Canada following the upgrade and reactivation of several service rigs over the past year.  Increased revenue from Australian and Canadian operations was partially offset by lower WS segment revenue in the United States following the discontinuance of U.S. operations in January 2026.  Segment EBITDA for the third quarter of 2026 was higher compared to 2025 due primarily to an improvement in Australian financial performance and the cessation of operating losses in the United States.

Corporate  

During the third quarter of 2026, Total Energy continued to execute on its $120.1 million 2026 capital expenditure program with $31.7 million of capital expenditures that were primarily directed towards the upgrade of drilling and service rigs in Australia and Canada, the construction of a new service rig for Australia, expansion of CPS segment fabrication capacity in the United States and additions to the RTS segment’s North American rental fleet.  Capital expenditures for the first nine months of 2026 totaled $97.5 million, which includes approximately $19.9 million of the $24.5 million of capital commitments carried forward from 2025.     

Total Energy exited the third quarter of 2026 with $48.6 million of positive working capital, including $93.4 million of cash.  At September 30, 2026 there was $170.0 million of available credit under the Company’s $175.0 million of revolving bank credit facilities and the interest rate on the Company’s outstanding bank debt was 4.12%.

$18.8 million was returned to shareholders during the third quarter of 2026 by way of dividends and share repurchases.  Bank debt was reduced by $20.0 million during the quarter.  Cash on hand exceeded bank debt by $88.4 million at September 30, 2026.

Further to the news release issued on September 14, 2026, Total Energy is pleased to welcome Elizabeth (Liz) Dammann to its Board of Directors.  Ms. Dammann is a professional engineer with over 25 years of experience in the oil and gas industry and currently serves as Vice President, Production and Capital Operations for Tundra Oil and Gas Ltd.

Outlook

Despite continued political and economic uncertainty and capital discipline on the part of oil and gas producers, elevated oil prices began to translate into higher Canadian drilling activity in the second quarter, with U.S. drilling activity following in the third quarter.  The current outlook for the upcoming winter drilling season in Canada is positive, with all the Company’s high capacity singles, AC doubles and triples committed.  Conversion of a second idle Canadian mechanical double to a state of the art AC triple is on time and on budget and such rig has been contracted and is expected to commence drilling by January 2027.  The previously announced upgrade of three Canadian service rigs and one Australian drilling rig are also expected to be completed and the rigs operating by January 2027.  A new service rig being constructed for Australia is expected to be completed and commence operations during the second quarter of 2027.

North American demand for compression and process equipment remains very strong.  The CPS segment’s record $733.8 million fabrication sales backlog at September 30, 2026 provides visibility for the CPS segment’s fabrication business into 2028 and quoting activity remains vibrant.  The U.S. facility expansion is on time and on budget, with completion scheduled for the first quarter of 2027.  Following facility completion, U.S. production is expected to ramp up over the next several quarters as personnel and major components are procured.

Relatively strong natural gas prices realized by Australian producers continued to support stable industry conditions in the third quarter of 2026.  However, recent intervention by the Australian federal government in the natural gas market intended to lower domestic prices threatens such stability and has adversely impacted industry sentiment.  The introduction of legislation to the Australian Parliament in October 2026 relating to the Domestic Gas Reservation Scheme has caused uncertainty around future investment in developing Australia’s natural gas resource.  While there are indications the federal government may modify the scheme in response to state and industry concerns, failure to do so could negatively impact industry activity levels. 

Subsequent to September 30, 2026, Total Energy repaid the remaining $5.0 million drawn on its revolving credit facilities and the Company currently has no bank debt.  This strong financial position allows Total Energy to fund its remaining $47.1 million of capital expenditure commitments while at the same time continuing to pursue attractive investment opportunities and providing shareholders with industry leading returns through dividends and share buybacks.

Conference Call

At 9:00 a.m. Alberta Time (10:00 a.m. EST) on November 12, 2026 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 12, 2026 by dialing (800) 770-2030 (passcode 1002576).

Selected Financial Information

Selected financial information relating to the three and nine months ended September 30, 2026 and 2025 is included in this news release.  This information should be read in conjunction with the condensed interim consolidated financial statements of Total Energy and the notes thereto as well as management’s discussion and analysis to be issued in due course and the Company’s 2025 Annual Report.

Consolidated Statements of Financial Position
(in thousands of Canadian dollars)

		September 30			December 31
		2026			2025
		(unaudited)			(audited)
Assets
Current assets:
Cash and cash equivalents		$	93,396		$	59,637
Accounts receivable			198,571			165,991
Inventory			107,022			127,022
Prepaid expenses and deposits			39,400			18,268
			438,389			370,918
Property, plant and equipment			669,737			625,131
Goodwill			4,053			4,053
		$	1,112,179		$	1,000,102
Liabilities & Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities		$	209,508		$	152,214
Deferred revenue			148,767			89,826
Contingent consideration on business acquisition			-			2,796
Income taxes payable			20,669			7,518
Dividends payable			4,357			3,635
Current portion of lease liabilities			6,509			6,906
			389,810			262,895
Long-term debt			5,000			55,000
Lease liabilities			21,503			20,236
Deferred income tax liability			60,331			60,660
Shareholders' equity:
Share capital			231,740			228,041
Contributed surplus			1,065			5,841
Accumulated other comprehensive loss			(4,091	)		(16,523	)
Non-controlling interest			611			377
Retained earnings			406,210			383,575
			635,535			601,311
		$	1,112,179		$	1,000,102

Consolidated Statements of Income
(in thousands of Canadian dollars except per share amounts)
(unaudited)

			Three months ended September 30						Nine months ended September 30
		2026			2025			2026			2025
Revenue		$	342,995		$	260,702		$	986,854		$	763,027
Cost of services			263,489			203,044			765,318			583,858
Selling, general and administration			15,062			13,571			42,172			40,877
Other income			(1,974	)		(543	)		(2,791	)		(1,232	)
Share-based compensation			15,919			1,983			23,315			2,795
Depreciation			23,866			23,295			71,349			69,000
Operating income			26,633			19,352			87,491			67,729
Gain on sale of property, plant and equipment			916			260			8,586			2,062
Finance costs, net			(488	)		(1,195	)		(844	)		(3,921	)
Net income before income taxes			27,061			18,417			95,233			65,870
Current income tax expense			7,654			3,248			23,836			10,916
Deferred income tax expense (recovery)			(2,177	)		585			(1,184	)		4,332
Total income tax expense			5,477			3,833			22,652			15,248
Net income		$	21,584		$	14,584		$	72,581		$	50,622
Net income (loss) attributable to:
Shareholders of the Company		$	21,516		$	14,504		$	72,347		$	50,581
Non-controlling interest			68			80			234			41
Income per share
Basic		$	0.59		$	0.39		$	1.98		$	1.35
Diluted		$	0.59		$	0.38		$	1.97		$	1.33

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
			2026		2025		2026	2025
Net income		$	21,584	$	14,584	$	72,581	$	50,622
Foreign currency translation			1,597		5,391		12,432		(3,085	)
Total other comprehensive income (loss) for the period			1,597		5,391		12,432		(3,085	)
Total comprehensive income		$	23,181	$	19,975	$	85,013	$	47,537
Total comprehensive income (loss) attributable to:
Shareholders of the Company		$	23,113	$	19,895	$	84,779	$	47,496
Non-controlling interest			68		80		234		41

Consolidated Statements of Cash Flows
(in thousands of Canadian dollars)
(unaudited)

		Three months ended September 30						Nine months ended September 30
		2026			2025			2026			2025
Cash provided by (used in):
Operations:
Net income for the period		$	21,584		$	14,584		$	72,581		$	50,622
Add (deduct) items not affecting cash:
Depreciation			23,866			23,295			71,349			69,000
Share-based compensation			15,919			1,983			23,315			2,795
Gain on sale of property, plant and equipment			(916	)		(260	)		(8,586	)		(2,062	)
Finance costs, net			488			1,195			844			3,921
Foreign currency translation			205			(902	)		(1,776	)		(2,834	)
Current income tax expense			7,654			3,248			23,836			10,916
Deferred income tax expense (recovery)			(2,177	)		585			(1,184	)		4,332
Income taxes recovered (paid)			800			(2,366	)		(10,926	)		(11,984	)
Cashflow			67,423			41,362			169,453			124,706
Changes in non-cash working capital items:
Accounts receivable			12,844			(919	)		(32,580	)		(12,560	)
Inventory			17,252			(35,741	)		20,000			(32,874	)
Prepaid expenses and deposits			(8,332	)		(5,699	)		(21,132	)		(3,370	)
Accounts payable and accrued liabilities			(30,685	)		25,827			(5,888	)		31,266
Deferred revenue			54,113			32,677			58,962			31,987
Cash provided by operating activities			112,615			57,507			188,815			139,155
Investing:
Purchase of property, plant and equipment			(31,735	)		(17,157	)		(97,520	)		(77,926	)
Payment of deferred purchase price			(2,817	)		-			(2,817	)		-
Proceeds on disposal of property, plant and equipment			1,090			1,016			12,028			3,910
Changes in non-cash working capital items			4,965			2,231			30,705			8,389
Cash used in investing activities			(28,497	)		(13,910	)		(57,604	)		(65,627	)
Financing:
Advances on long-term debt			-			-			-			30,000
Repayment of long-term debt			(20,000	)		(10,000	)		(50,000	)		(50,947	)
Repayment of lease liabilities			(1,888	)		(1,790	)		(5,718	)		(5,611	)
Dividends to shareholders			(4,375	)		(3,723	)		(12,416	)		(10,942	)
Repurchase of common shares			(14,396	)		(3,988	)		(28,849	)		(13,721	)
Shares issued on exercise of stock options			-			174			647			174
Interest paid			(576	)		(1,341	)		(1,116	)		(3,813	)
Cash used in financing activities			(41,235	)		(20,668	)		(97,452	)		(54,860	)
Change in cash and cash equivalents			42,883			22,929			33,759			18,668
Cash and cash equivalents, beginning of period			50,513			34,158			59,637			38,419
Cash and cash equivalents, end of period		$	93,396		$	57,087		$	93,396		$	57,087

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, 2026 (unaudited, in thousands of Canadian dollars)

As at and for the three months ended		Contract		Rentals and			Compression			Well			Corporate			Total
September 30, 2026		Drilling		Transportation			and Process			Servicing			(1)
		Services		Services			Services
Revenue	$	112,188	$	22,916		$	170,548		$	37,343		$	-		$	342,995
Cost of services		81,304		12,682			144,663			24,840			-			263,489
Selling, general and administration		3,648		2,036			4,882			1,356			3,140			15,062
Other income		-		-			-			-			(1,974	)		(1,974	)
Share-based compensation		-		-			-			-			15,919			15,919
Depreciation		12,922		4,877			2,934			2,745			388			23,866
Operating income (loss)		14,314		3,321			18,069			8,402			(17,473	)		26,633
Gain on sale of property, plant and equipment		693		87			33			67			36			916
Finance income (costs), net		63		(48	)		(98	)		(8	)		(397	)		(488	)
Net income (loss) before income taxes		15,070		3,360			18,004			8,461			(17,834	)		27,061
Goodwill		-		2,514			1,539			-			-			4,053
Total assets		481,853		160,151			335,210			128,407			6,558			1,112,179
Total liabilities		80,707		38,284			228,545			7,588			121,520			476,644
Capital expenditures		13,142		8,273			6,071			4,198			51			31,735

		Canada		United States		Australia		International		Total
Revenue	$	167,666	$	98,198	$	77,131	$	-	$	342,995
Non-current assets (2)		384,910		114,947		173,933		-		673,790

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

(1) Corporate includes the Company’s corporate activities and obligations pursuant to long-term credit facilities.
(2) Includes property, plant and equipment and goodwill.

As at and for the nine months ended September 30, 2026 (unaudited, in thousands of Canadian dollars)

		Contract		Rentals and			Compression			Well			Corporate			Total
		Drilling		Transportation			and Process			Servicing			(1)
		Services		Services			Services
Revenue	$	304,079	$	61,089		$	517,554		$	104,132		$	-		$	986,854
Cost of services		221,092		35,695			434,701			73,830			-			765,318
Selling, general and administration		9,564		5,863			14,107			3,941			8,697			42,172
Other income		-		-			-			-			(2,791	)		(2,791	)
Share-based compensation		-		-			-			-			23,315			23,315
Depreciation		38,545		15,269			8,633			7,974			928			71,349
Operating income (loss)		34,878		4,262			60,113			18,387			(30,149	)		87,491
Gain on sale of property, plant and equipment		885		619			909			6,137			36			8,586
Finance income (costs), net		146		(148	)		(309	)		(25	)		(508	)		(844	)
Net income (loss) before income taxes		35,909		4,733			60,713			24,499			(30,621	)		95,233
Goodwill		-		2,514			1,539			-			-			4,053
Total assets		481,853		160,151			335,210			128,407			6,558			1,112,179
Total liabilities		80,707		38,284			228,545			7,588			121,520			476,644
Capital expenditures		53,977		11,768			16,375			15,314			86			97,520

		Canada		United States		Australia		International		Total
Revenue	$	454,456	$	311,104	$	221,294	$	-	$	986,854
Non-current assets (2)		384,910		114,947		173,933		-		673,790

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

   ⁽¹⁾        Corporate includes the Company’s corporate activities and obligations pursuant to long-term credit facilities.
   ⁽²⁾        Includes property, plant and equipment and goodwill.

Total Energy provides contract drilling services, equipment rentals and transportation services, well servicing and compression and process equipment and service to the energy and other resource industries from operation centres in North America and Australia.  The common shares of Total Energy are listed and trade on the TSX under the symbol TOT. 

For further information, please contact Daniel Halyk, President & Chief Executive Officer at (403) 216-3921 or Yuliya Gorbach, Vice-President Finance and Chief Financial Officer at (403) 216-3920 or by e-mail at:  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 5 to the Company’s Q3 2026 Condensed Interim Consolidated Financial Statements.

Certain statements contained in this press release, including statements which may contain words such as "could", "should", "expect", "believe", "will" and similar expressions and statements relating to matters that are not historical facts are forward-looking statements.  Forward-looking statements are based upon the opinions and expectations of management of Total Energy as at the effective date of such statements and, in some cases, information supplied by third parties. Although Total Energy believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct.

In particular, this press release contains forward-looking statements concerning industry activity levels, including expectations regarding Total Energy’s future activity levels, market share and compression and process production activity.  Such forward-looking statements are based on a number of assumptions and factors including fluctuations in the market for oil and natural gas and related products and services, political and economic conditions, central bank interest rate policy, the demand for products and services provided by Total Energy, Total Energy’s ability to attract and retain key personnel and other factors. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Total Energy to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements.  Reference should be made to Total Energy’s most recently filed Annual Information Form and other public disclosures (available at http://www.sedarplus.ca/) for a discussion of such risks and uncertainties.

The TSX has neither approved nor disapproved of the information contained herein.