Financial Highlights
($000’s except per share data)
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||
Revenue | $ | 77,240 | $ | 171,213 | (55 | %) | $ | 282,278 | $ | 605,898 | (53 | %) | ||||
Operating income (loss) | (5,894 | ) | (5,012 | ) | 18 | % | (32,526 | ) | 2,334 | nm | ||||||
EBITDA (1) | 17,869 | 24,913 | (28 | %) | 61,658 | 71,874 | (14 | %) | ||||||||
Cashflow | 19,810 | 23,959 | (17 | %) | 55,514 | 74,831 | (26 | %) | ||||||||
Net income (loss) | (4,602 | ) | (6,114 | ) | (25 | %) | (28,723 | ) | 1,498 | nm | ||||||
Attributable to Shareholders | (4,618 | ) | (6,159 | ) | (25 | %) | (28,711 | ) | 2,004 | nm | ||||||
Per Share Data (Diluted) | ||||||||||||||||
EBITDA (1) | $ | 0.40 | $ | 0.55 | (27 | %) | $ | 1.37 | $ | 1.57 | (13 | %) | ||||
Cashflow | $ | 0.44 | $ | 0.53 | (17 | %) | $ | 1.23 | $ | 1.64 | (25 | %) | ||||
Net income (loss) Attributable to Shareholders | $ | (0.10 | ) | $ | (0.14 | ) | (29 | %) | $ | (0.64 | ) | $ | 0.04 | nm | ||
Financial Position | September 30, 2020 | 2019 | Change | |||||||||||||
Total Assets | $ | 873,891 | $ | 997,161 | (12 | %) | ||||||||||
Long-Term Debt and Lease Liabilities (excluding current portion) | 250,643 | 248,448 | 1 | % | ||||||||||||
Working Capital (2) | 138,973 | 103,234 | 35 | % | ||||||||||||
Net Debt (3) | 111,670 | 145,214 | (23 | %) | ||||||||||||
Shareholders’ Equity | 517,067 | 543,142 | (5 | %) | ||||||||||||
Common Shares (000’s)(4) | ||||||||||||||||
Basic and Diluted | 45,081 | 45,457 | (1 | %) | 45,083 | 45,652 | (1 | %) | ||||||||
Notes 1 through 4 please refer to the Notes to the Financial Highlights set forth at the end of this release.
“nm” – calculation not meaningful
Total Energy’s results for the three months ended
Total Energy’s CDS segment achieved 8% utilization during the third quarter of 2020, recording 717 operating days (spud to rig release) with a fleet of 98 drilling rigs, compared to 2,183 operating days, or 22% utilization, during the third quarter of 2019 with a fleet of 107 drilling rigs. Revenue per operating day was
The Rentals and Transportation Services (“RTS”) segment achieved a utilization rate on major rental equipment of 7% during the third quarter of 2020 compared to 14% utilization during the third quarter of 2019. Segment revenue per utilized rental piece in the third quarter of 2020 was 23% lower than the third quarter of 2019 due to the mix of equipment operating and lower pricing. This segment exited the third quarter of 2020 with 10,640 pieces of major rental equipment (excluding access matting) and 87 heavy trucks as compared to 10,590 pieces of equipment and 95 heavy trucks at
Revenue in the Compression and Process Services (“CPS”) segment decreased 55% to
The Company’s Well Servicing (“WS”) segment generated
Total Energy’s capital expenditure budget for 2020 remains at
During the first nine months of 2020, the Company has reduced bank debt by
Outlook
In a challenging and uncertain business environment, Total Energy’s focus remains on the safe and efficient operation of its business and the disciplined use of capital. For the first nine months of 2020, after changes in working capital, Total Energy generated
Given its strong liquidity position, focus on debt repayment and desire to further reduce costs, on
On
Conference Call
At
Selected Financial Information
Selected financial information relating to the three and nine months ended
Consolidated Statements of Financial Position
(in thousands of Canadian dollars)
September 30 | |||||||
2020 | 2019 | ||||||
(unaudited) | (audited) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 24,853 | $ | 19,873 | |||
Accounts receivable | 66,164 | 113,934 | |||||
Inventory | 102,108 | 105,672 | |||||
Prepaid expenses and deposits | 9,533 | 10,878 | |||||
Income taxes receivable | - | 4,403 | |||||
Current portion of finance lease asset | 260 | 664 | |||||
202,918 | 255,424 | ||||||
Property, plant and equipment | 659,848 | 730,435 | |||||
Income taxes receivable | 7,070 | 7,070 | |||||
Lease asset | 2 | 179 | |||||
4,053 | 4,053 | ||||||
$ | 873,891 | $ | 997,161 | ||||
Liabilities & Shareholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 44,943 | $ | 95,742 | |||
Deferred revenue | 8,209 | 3,883 | |||||
Income tax payable | 785 | - | |||||
Dividends payable | - | 2,710 | |||||
Current portion of lease liabilities | 7,471 | 8,270 | |||||
Current portion of long-term debt | 2,537 | 41,585 | |||||
63,945 | 152,190 | ||||||
Long-term debt | 241,158 | 236,278 | |||||
Lease liabilities | 9,485 | 12,170 | |||||
Deferred tax liability | 42,236 | 53,381 | |||||
Shareholders' equity: | |||||||
Share capital | 284,077 | 284,510 | |||||
Contributed surplus | 5,074 | 7,528 | |||||
Accumulated other comprehensive loss | (14,212 | ) | (16,722 | ) | |||
Non-controlling interest | 622 | (236 | ) | ||||
Retained earnings | 241,506 | 268,062 | |||||
517,067 | 543,142 | ||||||
$ | 873,891 | $ | 997,161 | ||||
Consolidated Statements of Comprehensive Income (Loss)
(in thousands of Canadian dollars except per share amounts)
(unaudited)
Three months ended | Nine months ended | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Revenue | $ | 77,240 | $ | 171,213 | $ | 282,278 | $ | 605,898 | ||||
Cost of services | 54,447 | 134,285 | 207,613 | 495,124 | ||||||||
Selling, general and administration | 5,691 | 12,590 | 22,032 | 37,615 | ||||||||
Other expense (income) | 579 | (1,018 | ) | (6,813 | ) | 1,858 | ||||||
Share-based compensation | 21 | 438 | 690 | 1,300 | ||||||||
Depreciation | 22,396 | 29,930 | 91,282 | 67,667 | ||||||||
Operating income (loss) | (5,894 | ) | (5,012 | ) | (32,526 | ) | 2,334 | |||||
Gain (loss) on sale of property, plant and equipment | 1,367 | (5 | ) | 2,902 | 1,873 | |||||||
Finance costs | (2,106 | ) | (3,098 | ) | (8,063 | ) | (9,705 | ) | ||||
Net loss before income taxes | (6,633 | ) | (8,115 | ) | (37,687 | ) | (5,498 | ) | ||||
Current income tax expense (recovery) | 14 | (883 | ) | 2,307 | 74 | |||||||
Deferred income tax recovery | (2,045 | ) | (1,118 | ) | (11,271 | ) | (7,070 | ) | ||||
Total income tax recovery | (2,031 | ) | (2,001 | ) | (8,964 | ) | (6,996 | ) | ||||
Net income (loss) for the period | $ | (4,602 | ) | $ | (6,114 | ) | $ | (28,723 | ) | $ | 1,498 | |
Net income (loss) attributable to: | ||||||||||||
Shareholders of the Company | $ | (4,618 | ) | $ | (6,159 | ) | $ | (28,711 | ) | $ | 2,004 | |
Non-controlling interest | 16 | 45 | (12 | ) | (506 | ) | ||||||
Income (loss) per share | ||||||||||||
Basic and diluted | $ | (0.10 | ) | $ | (0.14 | ) | $ | (0.64 | ) | $ | 0.04 | |
Consolidated Statements of Comprehensive Loss
(unaudited)
Three months ended | Nine months ended | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Net income (loss) for the period | $ | (4,602 | ) | $ | (6,114 | ) | $ | (28,723 | ) | $ | 1,498 | |
Foreign currency translation adjustment | (2,206 | ) | (1,425 | ) | 2,636 | (10,645 | ) | |||||
Deferred tax effect | (125 | ) | (219 | ) | (126 | ) | (791 | ) | ||||
Total other comprehensive income (loss) for the period | (2,331 | ) | (1,644 | ) | 2,510 | (11,436 | ) | |||||
Total comprehensive loss | $ | (6,933 | ) | $ | (7,758 | ) | $ | (26,213 | ) | $ | (9,938 | ) |
Total comprehensive loss attributable to: | ||||||||||||
Shareholders of the Company | $ | (6,949 | ) | $ | (7,803 | ) | $ | (26,201 | ) | $ | (9,432 | ) |
Non-controlling interest | 16 | 45 | (12 | ) | (506 | ) | ||||||
Consolidated Statements of Cash Flows
(in thousands of Canadian dollars)
(unaudited)
Three months ended | Nine months ended | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Cash provided by (used in): | ||||||||||||
Operations: | ||||||||||||
Net income (loss) for the period | $ | (4,602 | ) | $ | (6,114 | ) | $ | (28,723 | ) | $ | 1,498 | |
Add (deduct) items not affecting cash: | ||||||||||||
Depreciation | 22,396 | 29,930 | 91,282 | 67,667 | ||||||||
Share-based compensation | 21 | 438 | 690 | 1,300 | ||||||||
(Gain) loss on sale of property, plant and equipment | (1,367 | ) | 5 | (2,902 | ) | (1,873 | ) | |||||
Finance costs | 2,106 | 3,098 | 8,063 | 9,023 | ||||||||
Unrealized loss (gain) on foreign currencies translation | 1,015 | (989 | ) | (6,813 | ) | 585 | ||||||
Current income tax expense (recovery) | 14 | (883 | ) | 2,307 | 74 | |||||||
Deferred income tax recovery | (2,045 | ) | (1,118 | ) | (11,271 | ) | (7,070 | ) | ||||
Income taxes recovered (paid) | 2,272 | (408 | ) | 2,881 | 3,627 | |||||||
Cashflow | 19,810 | 23,959 | 55,514 | 74,831 | ||||||||
Changes in non-cash working capital items: | ||||||||||||
Accounts receivable | 1,599 | (8,281 | ) | 44,698 | 18,082 | |||||||
Inventory | 4,236 | 1,334 | 3,564 | 1,685 | ||||||||
Prepaid expenses and deposits | (943 | ) | (1,823 | ) | 5,384 | 7,127 | ||||||
Accounts payable and accrued liabilities | (8,398 | ) | (21,483 | ) | (46,590 | ) | (38,776 | ) | ||||
Onerous leases | - | - | - | 1,297 | ||||||||
Deferred revenue | (1,913 | ) | (15,506 | ) | 4,326 | (31,736 | ) | |||||
Cash provided by (used in) operating activities | 14,391 | (21,800 | ) | 66,896 | 32,510 | |||||||
Investing: | ||||||||||||
Purchase of property, plant and equipment | (2,108 | ) | (18,231 | ) | (12,298 | ) | (40,300 | ) | ||||
Proceeds on sale of other assets | - | - | - | 682 | ||||||||
Proceeds on disposal of property, plant and equipment | 2,125 | 949 | 5,468 | 6,849 | ||||||||
Purchase of non-controlling interest | - | - | - | (128 | ) | |||||||
Changes in non-cash working capital items | (810 | ) | 123 | (2,808 | ) | 1,036 | ||||||
Cash used in investing activities | (793 | ) | (17,159 | ) | (9,638 | ) | (31,861 | ) | ||||
Financing: | ||||||||||||
Advances on long-term debt | - | 13,068 | 29,796 | 13,068 | ||||||||
Repayment of long-term debt | (5,622 | ) | (687 | ) | (63,964 | ) | (17,221 | ) | ||||
Repayment of lease liabilities | (2,090 | ) | (1,387 | ) | (6,354 | ) | (5,283 | ) | ||||
Dividends to shareholders | - | (2,730 | ) | (2,710 | ) | (8,228 | ) | |||||
Repurchase of common shares | - | (970 | ) | (427 | ) | (4,272 | ) | |||||
Partnership distributions | - | (50 | ) | (125 | ) | (550 | ) | |||||
Interest paid | (2,130 | ) | (2,152 | ) | (8,494 | ) | (8,803 | ) | ||||
Cash (used in) provided by financing activities | (9,842 | ) | 5,092 | (52,278 | ) | (31,289 | ) | |||||
Change in cash and cash equivalents | 3,756 | (33,867 | ) | 4,980 | (30,640 | ) | ||||||
Cash and cash equivalents, beginning of period | 21,097 | 33,867 | 19,873 | 30,640 | ||||||||
Cash and cash equivalents, end of period | $ | 24,853 | $ | - | $ | 24,853 | $ | - | ||||
Segmented Information
The Company provides a variety of products and services in the oil and natural gas industry through five reporting segments, which operate substantially in three geographic regions. These reporting segments are Contract Drilling Services, which includes the contracting of drilling equipment and the provision of labour required to operate the equipment, Rentals and Transportation Services, which includes the rental and transportation of equipment used in drilling, completion and production operations, Compression and Process Services, which includes the fabrication, sale, rental and servicing of natural gas compression and oil and natural gas process equipment and Well Servicing, which includes the contracting of service rigs and the provision of labour required to operate the equipment. Corporate includes activities related to the Company’s corporate and public issuer affairs.
As at and for the three months ended September 30, 2020 (unaudited, in thousands of Canadian dollars)
Contract | Rentals and | Compression | Well | Corporate | Total | |||||||||||||
Drilling | Transportation | and Process | Servicing | (1) | ||||||||||||||
Services | Services | Services | ||||||||||||||||
Revenue | $ | 16,178 | $ | 5,939 | $ | 32,282 | $ | 22,841 | $ | - | $ | 77,240 | ||||||
Cost of services | 12,251 | 2,591 | 25,360 | 14,245 | - | 54,447 | ||||||||||||
Selling, general and administration | 1,094 | 1,180 | 1,582 | 1,027 | 808 | 5,691 | ||||||||||||
Other expense | - | - | - | - | 579 | 579 | ||||||||||||
Share-based compensation | - | - | - | - | 21 | 21 | ||||||||||||
Depreciation (2) | 9,950 | 5,809 | 2,451 | 3,994 | 192 | 22,396 | ||||||||||||
Operating income (loss) | (7,117 | ) | (3,641 | ) | 2,889 | 3,575 | (1,600 | ) | (5,894 | ) | ||||||||
Gain on sale of property, plant and equipment | 309 | 376 | 382 | 12 | 288 | 1,367 | ||||||||||||
Finance costs | (51 | ) | (15 | ) | (92 | ) | (7 | ) | (1,941 | ) | (2,106 | ) | ||||||
Net income (loss) before income taxes | (6,859 | ) | (3,280 | ) | 3,179 | 3,580 | (3,253 | ) | (6,633 | ) | ||||||||
- | 2,514 | 1,539 | - | - | 4,053 | |||||||||||||
Total assets | 322,464 | 204,812 | 221,112 | 102,297 | 23,206 | 873,891 | ||||||||||||
Total liabilities | 54,146 | 11,182 | 30,165 | 5,428 | 255,903 | 356,824 | ||||||||||||
Capital expenditures | 521 | 15 | 855 | 717 | - | 2,108 | ||||||||||||
Other | Total | |||||||||
Revenue | $ | 34,493 | $ | 18,237 | $ | 24,510 | $ | - | $ | 77,240 |
Non-current assets (3) | 432,917 | 163,896 | 67,090 | - | 663,903 | |||||
As at and for the three months ended September30, 2019 (unaudited, in thousands of Canadian dollars)
Contract | Rentals and | Compression | Well | Corporate | Total | |||||||||||||
Drilling | Transportation | and Process | Servicing | (1) | ||||||||||||||
Services | Services | Services | ||||||||||||||||
Revenue | $ | 47,855 | $ | 15,476 | $ | 72,070 | $ | 35,812 | $ | - | $ | 171,213 | ||||||
Cost of services | 37,798 | 9,932 | 61,054 | 25,501 | - | 134,285 | ||||||||||||
Selling, general and administration | 2,240 | 3,772 | 2,554 | 1,672 | 2,352 | 12,590 | ||||||||||||
Other income | - | - | - | - | (1,018 | ) | (1,018 | ) | ||||||||||
Share-based compensation | - | - | - | - | 438 | 438 | ||||||||||||
Depreciation | 8,694 | 14,080 | 2,867 | 4,156 | 133 | 29,930 | ||||||||||||
Operating income (loss) | (877 | ) | (12,308 | ) | 5,595 | 4,483 | (1,905 | ) | (5,012 | ) | ||||||||
Gain (loss) on sale of property, plant and equipment | (171 | ) | 124 | 105 | (70 | ) | 7 | (5 | ) | |||||||||
Finance costs | (81 | ) | (51 | ) | (107 | ) | (8 | ) | (2,851 | ) | (3,098 | ) | ||||||
Net income (loss) before income taxes | (1,129 | ) | (12,235 | ) | 5,593 | 4,405 | (4,749 | ) | (8,115 | ) | ||||||||
- | 2,514 | 1,539 | - | - | 4,053 | |||||||||||||
Total assets | 403,276 | 236,034 | 202,856 | 121,907 | 27,103 | 991,176 | ||||||||||||
Total liabilities | 73,851 | 23,480 | 55,119 | 7,011 | 292,925 | 452,386 | ||||||||||||
Capital expenditures | 1,169 | 7,839 | 8,107 | 1,032 | 84 | 18,231 | ||||||||||||
Other | Total | |||||||||
Revenue | $ | 71,593 | $ | 58,976 | $ | 34,313 | $ | 6,331 | $ | 171,213 |
Non-current assets (3) | 505,707 | 170,893 | 71,021 | - | 747,621 | |||||
As at and for the nine months ended September30, 2020 (unaudited, in thousands of Canadian dollars)
Contract | Rentals and | Compression | Well | Corporate | Total | |||||||||||||
Drilling | Transportation | and Process | Servicing | (1) | ||||||||||||||
Services | Services | Services | ||||||||||||||||
Revenue | $ | 73,373 | $ | 27,554 | $ | 103,238 | $ | 78,113 | $ | - | $ | 282,278 | ||||||
Cost of services | 56,382 | 16,367 | 81,681 | 53,183 | - | 207,613 | ||||||||||||
Selling, general and administration | 4,832 | 4,824 | 5,211 | 3,875 | 3,290 | 22,032 | ||||||||||||
Other income | - | - | - | - | (6,813 | ) | (6,813 | ) | ||||||||||
Share-based compensation | - | - | - | - | 690 | 690 | ||||||||||||
Depreciation (2) | 54,475 | 17,842 | 7,122 | 11,284 | 559 | 91,282 | ||||||||||||
Operating income (loss) | (42,316 | ) | (11,479 | ) | 9,224 | 9,771 | 2,274 | (32,526 | ) | |||||||||
Gain on sale of property, plant and equipment | 1,065 | 912 | 492 | 16 | 417 | 2,902 | ||||||||||||
Finance costs | (129 | ) | (57 | ) | (289 | ) | (25 | ) | (7,563 | ) | (8,063 | ) | ||||||
Net income (loss) before income taxes | (41,380 | ) | (10,624 | ) | 9,427 | 9,762 | (4,872 | ) | (37,687 | ) | ||||||||
- | 2,514 | 1,539 | - | - | 4,053 | |||||||||||||
Total assets | 322,464 | 204,812 | 221,112 | 102,297 | 23,206 | 873,891 | ||||||||||||
Total liabilities | 54,146 | 11,182 | 30,165 | 5,428 | 255,903 | 356,824 | ||||||||||||
Capital expenditures | 2,540 | 857 | 6,934 | 1,955 | 12 | 12,298 | ||||||||||||
Other | Total | |||||||||
Revenue | $ | 130,698 | $ | 65,398 | $ | 86,129 | $ | 53 | $ | 282,278 |
Non-current assets (3) | 432,917 | 163,896 | 67,090 | - | 663,903 | |||||
As at and for the nine months ended September 30, 2019 (unaudited, in thousands of Canadian dollars)
Contract | Rentals and | Compression | Well | Corporate | Total | |||||||||||||
Drilling | Transportation | and Process | Servicing | (1) | ||||||||||||||
Services | Services | Services | ||||||||||||||||
Revenue | $ | 127,180 | $ | 49,539 | $ | 326,072 | $ | 103,107 | $ | - | $ | 605,898 | ||||||
Cost of services | 104,417 | 31,809 | 283,859 | 75,039 | - | 495,124 | ||||||||||||
Selling, general and administration | 6,393 | 11,306 | 9,156 | 5,033 | 5,727 | 37,615 | ||||||||||||
Other expense | - | - | - | - | 1,858 | 1,858 | ||||||||||||
Share-based compensation | - | - | - | - | 1,300 | 1,300 | ||||||||||||
Depreciation | 24,392 | 23,339 | 7,127 | 12,457 | 352 | 67,667 | ||||||||||||
Operating income (loss) | (8,022 | ) | (16,915 | ) | 25,930 | 10,578 | (9,237 | ) | 2,334 | |||||||||
Gain (loss) on sale of property, plant and equipment | (1,058 | ) | 1,105 | 1,567 | 42 | 217 | 1,873 | |||||||||||
Finance costs | (274 | ) | (107 | ) | (320 | ) | (20 | ) | (8,984 | ) | (9,705 | ) | ||||||
Net income (loss) before income taxes | (9,354 | ) | (15,917 | ) | 27,177 | 10,600 | (18,004 | ) | (5,498 | ) | ||||||||
- | 2,514 | 1,539 | - | - | 4,053 | |||||||||||||
Total assets | 403,276 | 236,034 | 202,856 | 121,907 | 27,103 | 991,176 | ||||||||||||
Total liabilities | 73,851 | 23,480 | 55,119 | 7,011 | 292,925 | 452,386 | ||||||||||||
Capital expenditures | 6,763 | 17,211 | 11,592 | 4,250 | 484 | 40,300 | ||||||||||||
Other | Total | |||||||||
Revenue | $ | 236,232 | $ | 241,838 | $ | 120,172 | $ | 7,656 | $ | 605,898 |
Non-current assets (1) | 505,707 | 170,893 | 71,021 | - | 747,621 | |||||
(1) Corporate includes the Company’s corporate activities and obligations pursuant to long-term credit facilities.
(2) Effective
(3) Includes property, plant and equipment, leased assets and goodwill.
For further information, please contact
Notes to the Financial Highlights
(1) EBITDA means earnings before interest, taxes, depreciation and amortization and is equal to net income before income taxes plus finance costs plus depreciation. EBITDA is not a recognized measure under IFRS. Management believes that in addition to net income, EBITDA is a useful supplemental measure as it provides an indication of the results generated by the Company’s primary business activities prior to consideration of how those activities are financed, amortized or how the results are taxed in various jurisdictions as well as the cash generated by the Company’s primary business activities without consideration of the timing of the monetization of non-cash working capital items. Readers should be cautioned, however, that EBITDA should not be construed as an alternative to net income determined in accordance with IFRS as an indicator of Total Energy’s performance. Total Energy’s method of calculating EBITDA may differ from other organizations and, accordingly, EBITDA may not be comparable to measures used by other organizations.
(2) Working capital equals current assets minus current liabilities.
(3) Net Debt equals long-term debt plus lease liabilities plus current liabilities minus current assets.
(4) Basic and diluted shares outstanding reflect the weighted average number of common shares outstanding for the periods. See note 6 to the Company’s Condensed Interim Consolidated Financial Statements for the three and nine months ended
Certain statements contained in this press release, including statements which may contain words such as "could", "should", "expect", "believe", "will" and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Forward-looking statements are based upon the opinions and expectations of management of Total Energy as at the effective date of such statements and, in some cases, information supplied by third parties. Although Total Energy believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct.
In particular, this press release contains forward-looking statements concerning industry activity levels, including expectations regarding Total Energy’s future activity levels, market share and compression and process production activity. Such forward-looking statements are based on a number of assumptions and factors including fluctuations in the market for oil and natural gas and related products and services, political and economic conditions, central bank interest rate policy, the demand for products and services provided by Total Energy, Total Energy’s ability to attract and retain key personnel and other factors. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of Total Energy to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Reference should be made to Total Energy’s most recently filed Annual Information Form and other public disclosures (available at www.sedar.com) for a discussion of such risks and uncertainties.
The TSX has neither approved nor disapproved of the information contained herein.
Source:
2020 GlobeNewswire, Inc., source