Energy company Total Energy Services reveals Q2 2025 financial outcomes
Total Energy Services Inc., a leading provider of products and services to the energy and resource industries, has announced its financial results for the second quarter of 2025. The company's common shares are listed and traded on the TSX under the symbol TOT.
In Q2 2025, Total Energy Services reported total consolidated revenue of CAD 502.3 million and a consolidated EBITDA of CAD 45.4 million across all segments. The detailed revenue and EBITDA by segment are as follows:
| Segment | Revenue (CAD 000s) | Operating Income (proxy for EBITDA, CAD 000s) | |-------------------------------|--------------------|----------------------------------------------| | Contract Drilling Services | 162,309 | 15,747 | | Rentals and Transportation | 39,210 | 3,913 | | Compression and Process | 239,449 | 31,603 | | Well Servicing | 61,357 | 3,707 | | Corporate (unallocated) | - | (6,593) (operating loss) | | Total / Consolidated | 502,325 | 48,377 (Operating income) |
The operating income figure above closely aligns with segment EBITDA but excludes finance costs, depreciation, share-based compensation, etc. Total depreciation was CAD 45.7 million, shared among segments.
The company achieved a net income of CAD 17.1 million in Q2 2025. However, segment EBITDA was somewhat pressured by changes in equipment mix and utilization, particularly lowering EBITDA compared to prior years despite revenue growth.
The record results were driven particularly by growth in Australian drilling activity and strong demand for compression and process equipment in North America, though North American drilling was lower. The increase in Australian drilling and service rig activity, continued strong North American demand for compression and process equipment, and improved performance from Canadian well servicing more than offset a substantial decline in United States drilling and completion activity and a modest decline in Canadian drilling activity.
Total Energy's Board of Directors has approved a $19.5 million increase to the Company's 2025 capital expenditure budget to $102.4 million. This increase is directed primarily towards the expansion of the Compression and Process Services segment's United States compression fabrication capacity.
The company exited the second quarter of 2025 with $111.8 million of positive working capital, including $34.2 million of cash, and $75.0 million of available credit under its $175 million of revolving bank credit facilities.
Certain statements in the press release are forward-looking statements, involving known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
The TSX has neither approved nor disapproved of the information contained in the press release.
[1] Total Energy Services Inc. Q2 2025 Financial Results News Release. (2025, August 3). Business Wire. [2] Total Energy Services Inc. Q2 2025 Management's Discussion and Analysis. (2025, August 3). SEDAR.
- Despite a decline in Canadian drilling activity, Total Energy Services reported strong growth in the second quarter of 2025, attributed primarily to growth in Australian drilling activity and North American demand for compression and process equipment.
- The Board of Directors of Total Energy Services approved a significant increase in the company's 2025 capital expenditure budget, with the primary focus on expanding the Compression and Process Services segment's United States compression fabrication capacity.
- Even though the company's EBITDA was somewhat pressured by changes in equipment mix and utilization, Total Energy Services exited the second quarter of 2025 with a positive working capital of $111.8 million, including $34.2 million of cash and $75.0 million of available credit under its revolving bank credit facilities.
- The detailed revenue and EBITDA by segment for Total Energy Services in Q2 2025 were reported, with the Contract Drilling Services, Rentals and Transportation, Compression and Process, and Well Servicing segments contributing significantly to the total consolidated revenue of CAD 502.3 million and consolidated EBITDA of CAD 45.4 million.
- In the reveal of its Q2 2025 Financial Results, Total Energy Services, listed and traded on the TSX under the symbol TOT, announced its record results, but cautions readers about certain forward-looking statements that could potentially differ from actual results due to underlying risks and uncertainties.
