CALGARY, Jan. 10, 2022 - Total Energy Services Inc. (TSX:TOT) ("Total" or the "Company") announces its preliminary 2022 capital expenditure budget of $26.1 million. Included in this budget is $6.7 million of expansion capital and $19.4 million for equipment maintenance and upgrades. In addition, approximately $2.0 million of 2021 capital expenditure commitments will carry forward into 2022.
$6.7 million of expansion capital is being allocated primarily to the Company's Compression and Process Services segment to support the continued growth of its North American compression rental and parts and service businesses.
The $19.4 million capital maintenance budget will be directed towards equipment upgrades, re-certifications and maintenance in all business segments, including $6.8 million for upgrades to the Canadian drilling rig fleet in response to strong customer demand for high performance rigs that minimize the environmental impact of drilling operations.
Total intends to finance its preliminary 2022 capital expenditure budget with cash on hand and cash flow from operations.
Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to 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 & CEO at (403) 216-3921 or by e-mail at: investorrelations@totalenergy.ca or visit our website at www.totalenergy.ca.
The TSX has neither approved nor disapproved of the information contained herein.
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