Total Energy Services Inc. (TOT) 2018年年度报告「TSX」.pdf

1、FOCUS DISCIPLINE GROW THAnnual Report 20182018T O TA L E N E R G Y S E RV I C E S I N C.MANAGEMENTS DISCUSSION AND ANALYSISreport to shareholders 1managements discussion and analysis 2managements responsibility for financial statements 26independent auditors report 27consolidated financial statement

2、s 29notes to consolidated financial statements 33corporate information 65Total Energy Services Inc.(“Total Energy”or the“Company”)is a public energy services company based in Calgary,Alberta that provides a variety of products and services to the oil and natural gas industry through its subsidiaries

3、 and aboriginal partnerships.Total Energy is involved in four businesses:contract drilling services,the rental and transportation of equipment used in the drilling,completion and production of oil and natural gas wells,the fabrication,sale,rental and servicing of new and used natural gas compression

4、 and oil and natural gas process equipment and well servicing.Together these businesses provide a platform for building long-term shareholder value.Total Energy has achieved its growth by maintaining a disciplined acquisition strategy and undertaking strategic internal growth.The shares of Total Ene

5、rgy are listed and trade on the Toronto Stock Exchange under the symbol TOT.2018 was a tumultuous year for the global energy industry.With the exception of Canada,industry participants were generally optimistic that the tepid recovery in oil and natural gas drilling and completion activity that bega

6、n in 2017 would gain momentum through 2018.This was the case until oil prices declined significantly in the fourth quarter of 2018.In Canada,political and legal impediments to investment in oil pipelines and other energy infrastructure continued to weigh negatively on investor sentiment throughout t