Source Energy Services Ltd
TSX:SHLE

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Source Energy Services Ltd
TSX:SHLE
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Price: 15.8 CAD 7.7% Market Closed
Market Cap: 208.4m CAD

Source Energy Services Ltd
Investor Relations

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.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 7, 2025
AI Summary
Q3 2025

Volume Drop: Sand sales volumes in Q3 2025 were 665,000 tonnes, down 31% from last year due to delayed completions stemming from weak commodity prices and economic uncertainty.

Revenue Impact: Sand revenue fell by $42 million, but average realized price per tonne increased by $3.15 due to terminal mix shifts.

Rebound Expected: Management expects a strong Q4 rebound and full-year 2025 sand volumes to be flat or slightly up versus 2024, with growth likely continuing into 2026.

CapEx Guidance: 2025 capital expenditures are expected in the $45–50 million range, with 2026 plans not yet finalized.

Shareholder Returns: The company reduced debt by $11.7 million in Q3 and began share repurchases, buying back 167,500 shares during the quarter.

Key Financials
Sand Sales Volumes
665,000 tonnes
Sand Revenue
$100.3 million
Wellsite Solutions Revenue
$23.9 million
Terminal Services Revenue
$1.1 million
Adjusted Gross Margin per Ton
$45.57
Adjusted EBITDA
$20.3 million
Debt Reduction
$11.7 million reduced in Q3; $19.9 million year-to-date
Share Repurchases
167,500 shares in Q3; 392,000 since program launch
Available Liquidity
$65.7 million
Capital Expenditures (Q3, net of disposals, excluding Taylor)
$18.5 million
2025 Capital Expenditures Guidance
$45–50 million
Earnings Call Recording
Other Earnings Calls

Management

Mr. Scott Melbourn
President, CEO & Director
No Bio Available
Mr. Derren J. Newell CA
Executive VP & CFO
No Bio Available
Mr. Kurtis Kisio
Vice President of Sales & Marketing
No Bio Available
Mr. Shawn Furlong
President of Production
No Bio Available
Mr. Jarett Finney
President of Distribution
No Bio Available

Contacts

Address
ALBERTA
Calgary
500-438 11 Ave SE
Contacts