Secure Energy Services Inc
TSX:SES

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Secure Energy Services Inc
TSX:SES
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Price: 17.74 CAD -1.22% Market Closed
Market Cap: 3.9B CAD

Secure Energy Services Inc
Investor Relations

Secure Energy Services Inc. operates within the intricate world of midstream and environmental solutions in the oil and gas industry, carving out a distinct niche by mingling traditional services with innovative environmental stewardship. Born out of the pressing need to manage the by-products of energy production sustainably, Secure Energy offers a suite of services that includes oilfield waste management, recycling, and water treatment solutions, all essential for modern energy companies seeking to reduce their environmental footprint. The company’s business model hinges on providing comprehensive and compliant solutions for the treatment and disposal of waste materials, enabling its clients to focus on extracting energy while Secure handles the rest. This approach not only mitigates environmental impact but also helps companies meet increasingly stringent regulatory requirements.

While adapting to the shifting energy landscape, Secure Energy Services has cultivated a dual-stream revenue model anchored in both its core environmental services and essential midstream processing infrastructure. The company operates an extensive network of facilities strategically located to optimize the logistics of gathering, processing, and transporting oilfield waste and crude oil. By offering integrated midstream services, including oil processing, recovery, and marketing, Secure Energy capitalizes on efficiencies and economies of scale that enhance profitability. These facilities enable the recovery and resale of valuable hydrocarbons, effectively turning waste into a revenue stream while optimizing returns for the company and its clients. As the energy sector continues to evolve, Secure Energy stands poised at the intersection of necessity and innovation, providing critical solutions that support sustainable development in a resource-heavy industry.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Oct 30, 2025
AI Summary
Q3 2025

EBITDA Guidance Cut: 2025 adjusted EBITDA guidance was lowered to approximately $500 million, mainly due to weaker metals recycling and lower drilling activity, but still represents 5% growth over 2024.

Q3 Profitability: Adjusted EBITDA for Q3 was $135 million, up 6% year-over-year; underlying profitability stayed stable despite a sharp drop in net income from a noncash provision.

Metals Recycling Headwinds: The metals business faced continued weakness from Canadian steel tariffs and oversupply, leading to a strategic pivot to U.S. markets; full benefit expected in 2026.

Volume Pressures: Produced water, processing, and landfill volumes all fell quarter-over-quarter, driven by lower drilling, planned maintenance, and project deferrals.

Shareholder Returns: $335 million returned to shareholders year-to-date through dividends and buybacks, with outstanding shares down 8%.

Strong Cash Flow & Balance Sheet: The company highlights stable cash flow, a leverage ratio of 2.1x, and over $300 million in liquidity.

Infrastructure Growth: Major long-cycle, contract-backed projects remain on track, with new facilities expected online late 2025 and early 2026 to underpin future growth.

2026 Outlook: Management expects stronger momentum in 2026 as new infrastructure ramps up and metal recycling logistics are optimized.

Key Financials
Adjusted EBITDA
$135 million
Revenue (excluding oil purchase and resale)
$365 million
Net Income
$1 million
Funds Flow from Operations
$96 million
Discretionary Free Cash Flow
$68 million
Growth Capital (Q3)
$54 million
Growth Capital (Year-to-date)
$97 million
Sustaining Capital (Q3)
$24 million
Sustaining Capital (Year-to-date)
$59 million
Share Repurchases (Q3)
1.7 million shares for $27 million
Share Repurchases (Year-to-date)
18.1 million shares for $268 million
Dividend per Share (Quarterly)
$0.10
Total Returned to Shareholders (Year-to-date)
$335 million
Outstanding Shares Reduction
8%
Leverage Ratio (Total Debt-to-EBITDA)
2.1x
Leverage Ratio (Excluding Leases)
1.8x
Liquidity
over $300 million
Produced Water Processed (Average per day)
91,000 barrels
Slurry and Emulsion Processed (Average per day)
36,000 barrels
Oil Recovered from Waste Streams
220,000 barrels
Solid Waste Contained
941,000 tons
Pipeline and Terminaling Volumes (Average per day)
135,000 barrels
Earnings Call Recording
Other Earnings Calls

Management

Mr. Allen Peter Gransch
President, CEO & Director
No Bio Available
Mr. Chad William Magus CA
Chief Financial Officer
No Bio Available
Mr. Corey Ray Higham P.Geo.
Chief Operating Officer
No Bio Available
Mr. James Darryl Anderson
Senior Vice President of Specialty Chemicals
No Bio Available
Mr. Michael Callihoo
Corporate Secretary & General Counsel
No Bio Available
Ms. Rhonda Rudnitski
Vice President of Environment, Social & Governance (ESG)
No Bio Available
Ms. Alison Prokop
Executive
No Bio Available

Contacts

Address
ALBERTA
Calgary
Bow Valley Square 2, 3600-205 5 Ave SW
Contacts