Source Energy Services Ltd
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Source Energy Services Ltd
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Source Energy Services Ltd
Source Energy Services Ltd. engages in the production, supply, and distribution of northern white frac sand. The company is headquartered in Calgary, Alberta and currently employs 351 full-time employees. The company went IPO on 2017-04-13. The firm's services include Proppants, Logistics, Terminals, Chemicals and Field Solutions. The company offers a range of proppant sizes of 20/40, 30/50, 40/70 and 100 mesh for specific well requirements. The company offers last mile logistic solutions, including trucking delivery directly to the wellsite and Sahara proppant storage units. The company owns and operates in-basin terminals in the WCSB. Its terminals are unit-train capable that can hold up to 100 cars on the track. The company also provides storage and logistics services for other bulk oil and gas well completion materials and has developed Sahara, a wellsite mobile sand storage and handling system. Its terminals in Red Deer and Grande Prairie, Alberta are equipped with chemical storage. The firm provides its customers with an end-to-end solution for frac sand.
Source Energy Services Ltd. engages in the production, supply, and distribution of northern white frac sand. The company is headquartered in Calgary, Alberta and currently employs 351 full-time employees. The company went IPO on 2017-04-13. The firm's services include Proppants, Logistics, Terminals, Chemicals and Field Solutions. The company offers a range of proppant sizes of 20/40, 30/50, 40/70 and 100 mesh for specific well requirements. The company offers last mile logistic solutions, including trucking delivery directly to the wellsite and Sahara proppant storage units. The company owns and operates in-basin terminals in the WCSB. Its terminals are unit-train capable that can hold up to 100 cars on the track. The company also provides storage and logistics services for other bulk oil and gas well completion materials and has developed Sahara, a wellsite mobile sand storage and handling system. Its terminals in Red Deer and Grande Prairie, Alberta are equipped with chemical storage. The firm provides its customers with an end-to-end solution for frac sand.
Record Revenue: Source Energy Services reported record annual revenue of $700.3 million for 2025, driven by increased sand sales volumes.
Volume Growth: Sand sales volume reached 3.7 million tons for the year, up 5% over 2024, with a strong Q4 rebound (18% higher than Q4 2024).
Margin Decline: Gross margin and adjusted gross margin both decreased compared to last year, impacted by product and terminal mix, Peace River commissioning costs, and weather-related charges.
Profitability: Net income rose significantly to $33.1 million, helped by lower share-based compensation and a legal settlement recovery.
Flat Outlook for 2026: Management expects 2026 volumes to be flat year-over-year, but steadier across the quarters, with upside possible in the second half due to LNG and gas market dynamics.
Capex Guidance: 2026 net capital expenditures are expected to be between $30 million and $40 million, mainly for optimization and mine development.
Shareholder Returns: The company initiated and executed a share repurchase program, buying back and canceling 465,000 shares during the year.
