Total Energy Services Inc. Announces Preliminary 2020 Capital Expenditure Budget
CALGARY, Alberta, Jan. 06, 2020 (GLOBE NEWSWIRE) — Total Energy Services Inc. (TSX:TOT) (“Total” or the “Company”) announces its preliminary 2020 capital expenditure budget of $23.0 million. Included in this budget is $6.8 million of expansion capital and $16.2 million for equipment maintenance and upgrades. In addition, approximately $3.7 million of 2019 capital expenditure commitments will carry forward into 2020.
Total’s expansion capital is being allocated 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 $16.2 million capital maintenance budget will be directed towards equipment replacement, upgrades, re-certifications and maintenance in all business segments and includes $4.5 million of light duty vehicle capital leases.Total intends to finance its remaining 2019 capital commitments and preliminary 2020 capital expenditure budget with cash on hand, cash flow from operations and up to $4.5 million of capital leases.Headquartered in Calgary, Alberta, Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets. 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: firstname.lastname@example.org or visit our website at www.totalenergy.ca.The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.