Total Energy Services Inc. Announces Q1 2025 Results

Financial Performance - Total Energy Services Inc. reported a revenue of $251.9 million for the three months ended March 31, 2025, representing a 23% increase from $204.7 million in the same period of 2024 [2] - Operating income rose to $26.1 million, an 18% increase from $22.0 million year-over-year [2] - EBITDA increased by 17% to $50.5 million compared to $43.3 million in the prior year [2] - Net income attributable to shareholders was $19.0 million, up 23% from $15.5 million in Q1 2024 [2] Segment Performance - Contract Drilling Services (CDS) revenue increased by 12% to $91.1 million, with EBITDA rising 13% to $25.2 million [4][6] - Rentals and Transportation Services (RTS) revenue grew by 3% to $23.0 million, but EBITDA decreased by 13% to $8.4 million [7][8] - Compression and Process Services (CPS) segment saw a significant revenue increase of 37% to $106.2 million, with EBITDA up 44% to $15.7 million [10][11] - Well Servicing (WS) revenue increased by 34% to $31.6 million, with EBITDA rising 23% to $5.3 million [12][14] Financial Position - Total assets increased by 7% to $999.6 million as of March 31, 2025, compared to $937.7 million at the end of 2024 [2] - Shareholders' equity rose to $586.3 million, a 3% increase from $571.0 million [2] - The company reported positive working capital of $83.6 million, including $65.1 million in cash [16] Capital Expenditures and Outlook - Total Energy invested $34.5 million in capital expenditures during Q1 2025, focusing on upgrading Australian drilling and service rigs [15] - The company has increased its 2025 capital expenditure budget to $73.9 million, targeting growth opportunities and equipment upgrades [18] - Despite recent oil price weaknesses and political uncertainties, industry conditions remain stable in North America and Australia [17]