Secure Energy Services Inc T.SES

SECURE ENERGY REPORTS SECOND QUARTER RESULTS

[Betteryear2]

• Realized $67 million of run-rate synergies impacting Adjusted EBITDA1, reaching 89% of our $75 million target, on track to deliver the remainder by end of 2022
• Earned $127 million and $0.41 per basic share of Adjusted EBITDA1 in Q2, reflecting strong operational performance and realized synergies, up 310% from Q2 2021 and 116% on a per basic share basis
• Improved our Total Debt to EBITDA2 covenant ratio to 2.5x
• Settled US$77 million, or 26% of our 11% senior secured notes as we continue to optimize our capital structure
• Released our 2021 Sustainability Report, demonstrating our commitment to sustainability with tangible short-term goals
• Generated revenue (excluding oil purchase and resale) of $355 million up 203% from Q2 2021
• G&A as a percentage of revenue (excluding oil purchase and resale) improved to 8% from 11% in Q2 2021
• Adjusted EBITDA margin1 of 36%, up from 26% in Q2 2021
• Achieved net income of $54 million and $0.17 per share, an increase of $67 million from Q2 2021
• Generated $66 million of discretionary free cash flow1, up 267% from Q2 2021, and 91% on a per basic share basis1
• Increased funds flow from operations to $80 million, 371% higher than Q2 2021

CALGARY, AB, July 27, 2022 /CNW/ - SECURE ENERGY Services Inc. ("SECURE" or the "Corporation") (TSX: SES) reported the Corporation's operational and financial results for the three and six months ended June 30, 2022.