Brief: Total Energy Services Announces Q4 2019 Results

Total Energy Services

12/03/2020 21:09

March 12 (Reuters) - Total Energy Services Inc  TOT.TO :
    * TOTAL ENERGY SERVICES INC. ANNOUNCES Q4 2019 RESULTS
    * TOTAL ENERGY SERVICES INC - QTRLY EARNINGS PER SHARE $0.19
    * TOTAL ENERGY SERVICES INC - BOARD OF DIRECTORS HAS
DETERMINED TO
SUSPEND PAYMENT OF A DIVIDEND EFFECTIVE IMMEDIATELY
    * TOTAL ENERGY SERVICES INC - TO REDUCE COMPANY'S 2020
CAPITAL
EXPENDITURE BUDGET FROM $23.0 MILLION TO $10.0 MILLION
    * TOTAL ENERGY SERVICES- DETERMINED TO SUSPEND PAYMENT OF
DIVIDEND
EFFECTIVE IMMEDIATELY AND REDUCE 2020 CAPEX BUDGET FROM $23.0
MILLION TO $10.0 MILLION
    * TOTAL ENERGY SERVICES- UNTIL SUCH TIME AS MARKET
CONDITIONS
STABILIZE, FCF WILL BE DIRECTED TOWARDS ACCELERATED REPAYMENT OF
DEBT AND SHARE BUYBACKS
    * TOTAL ENERGY SERVICES- EXPECTS N. AMERICAN INDUSTRY
ACTIVITY
LEVELS TO FALL IN NEAR TERM
    * TOTAL ENERGY SERVICES- INDUSTRY CONDITIONS REMAIN STABLE
IN
AUSTRALIA AND THE RECENT WILDFIRES HAD NO IMPACT ON TOTAL
ENERGY’S AUSTRALIAN OPERATIONS
    * TOTAL ENERGY SERVICES- QTRLY REVENUE $151.5 MILLION VERSUS
$219.8 MILLION

Source text for Eikon:  ID:nGNX7PTfjN 
Further company coverage:  TOT.TO 

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