Total Energy Services Inc. (TOT) 2016年年度报告「TSX」.pdf

1、FOCUS DISCIPLINE GROW THAnnual Report 20162016T 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 3managements responsibility for financial statements 18independent auditors report 19consolidated financial statement

2、s 20notes to consolidated financial statements 24corporate information 53Total Energy Services Inc.(“Total Energy”or the“Company”)is a growth oriented energy services company based in Calgary,Alberta.Through various operating divisions and wholly-owned subsidiaries and partnerships,Total Energy is i

3、nvolved in three businesses:contract drilling services,rentals and transportation services and the fabrication,sale,rental and servicing of new and used natural gas compression and process equipment.Together these businesses provide a platform for building long-term shareholder value.Total Energy ha

4、s achieved its growth by maintaining a disciplined acquisition strategy and undertaking strategic internal growth.The shares of Total Energy are listed and trade on the Toronto Stock Exchange under the symbol TOT.T O TA L E N E R G Y S E RV I C E S I N C.REPORT TO SHAREHOLDERS1F O C U S D I S C I P

5、L I N E G R OW T H2016 began with significant angst and ended with cautious optimism.The deterioration in oil prices that began in the second half of 2014 culminated in a severe contraction in North American energy industry capital spending during 2016,which in turn gave rise to industry activity le

6、vels reaching lows never before experienced by Total Energy.To illustrate just how challenging a year it was,2016 represented the first year in the Companys 20 year history that it was not profitable.Throughout the downturn,Total Energy has remained focused and disciplined in executing its strategy