07:32 AM EDT, 10/29/2021 (MT Newswires) -- Secure Energy Services (SES.TO), which rose 3.1% and nearer to 52-week highs yesterday, overnight Thursday reported a net loss of $22 million or $0.07 per share in the third quarter, widening from $5 million or $0.03 per share in the same period a year ago.
The higher loss was primarily driven by the impact of the company's merger with Tervita, which closed at the start of July. Secure noted that it realized $31 million of annualized synergies during the quarter from the transaction.
Total revenue jumped to $1.25 billion from $452 million in the third quarter of 2020 as oil purchase and resale gains rose to $936 million from $349 million. The company's adjusted EBITDA increased year over year to $105 million from $37 million.
The company said higher commodity prices and increased activity levels led to higher volumes at its facilities and landfills, as well as stronger demand for its drilling and completions services.
Capital expenditures reached $13 million in the third quarter, up from $10 million in the year-ago period. Secure expects capex of $7 million to $10 million for the rest of the year.