Le Lézard
Classified in: Business
Subjects: CORPORATE OFFICERS, MISCELLANEOUS

Total Energy Services Inc. Announces Preliminary 2022 Capital Expenditure Budget


CALGARY, Alberta, Jan. 10, 2022 (GLOBE NEWSWIRE) -- 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: [email protected] or visit our website at www.totalenergy.ca.

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



These press releases may also interest you

at 18:39
Genesis Land Development Corp. ("Genesis") is pleased to report that at its annual meeting of shareholders held on May 25, 2022 that each of the nominees proposed by management as a director of Genesis were elected as directors. The detailed results...

at 18:37
The Government, of Canada, the Province of British Columbia, and the City of Vancouver will be making a major announcement related to housing....

at 18:30
NexPoint Advisors, L.P., investment adviser to the NexPoint Diversified Real Estate Trust ("NXDT" and together with affiliated entities "NexPoint"), today announced the extension of the offering period for its previously announced offer to purchase...

at 18:20
Canadian Net Real Estate Investment Trust ("Canadian Net" or the "Trust") announces its results for the quarter ended March 31st, 2022, and monthly distributions for the months of July, August, and September 2022. RESULTS For the...

at 18:06
In the news release, FTSI Debuts an Appointment Management Solution as Part of a Comprehensive FinTech Ecosystem, issued 25-May-2022 by FTSI over PR Newswire, we are advised by the company that the webinar mentioned in the 6th paragraph, should read...

at 18:05
OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") , a leading technology-as-a-service provider for financial institutions in China, today announced its unaudited financial results for the first quarter ended March 31, 2022....



News published on 10 january 2022 at 20:40 and distributed by: