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Secure energy announces third quarter results, achievement of the $75 million synergy target and increased annualized dividend to $0.40 per share

Press Release

  • Generated record Adjusted EBITDA1 of $154 million and $0.50 per basic share in Q3 2022, reflecting realized synergies, strong operational performance and industry fundamentals, up 47% from both Q3 2021 and on a per basic share basis1
  • Recorded net income of $60 million or $0.19 per share in Q3 2022 compared to a net loss of $22 million or $0.07 per share in Q3 2021
  • Realized $76 million of run-rate synergies impacting Adjusted EBITDA, exceeding target of $75 million ahead of expectations
  • Generated $108 million of discretionary free cash flow1, up 42% from Q3 2021 and 40% on a per basic share basis1
  • Improved our Total Debt to EBITDA2 covenant ratio to 2.2x and Total Debt2 outstanding to $1.1 billion. In the three and nine months ended September 30, 2022, the Corporation has repaid or repurchased $89 and $224 million of debt, respectively
  • Announced our 2023 capital allocation priorities which includes continued debt repayment, an increase of our quarterly dividend to $0.10 per share commencing with the dividend payment in January 2023, and equal to $0.40 per share, or an aggregate of approximately $125 million annually, opportunistic share repurchases and expected 2023 growth capital of approximately $50 million
  • Intention to apply for Normal Course Issuer Bid (“NCIB”) in Q4 2022
  • Increased activity levels resulted in higher oil, water, and solid volumes across our environmental and energy infrastructure network, including improved facility utilization and margins
  • On target to exceed our freshwater usage reduction target of 5% in 2022. SECURE has decreased water usage across our facilities by 7.6% in the first half of 2022 through streamlining operations and optimizing use of chemicals
  • Promoted Allen Gransch to President and Corey Higham to Chief Operating Officer
  • Appointed Joseph Lenz of Angelo, Gordon & Co., L.P. to the Board of Directors

CALGARY, AB, Nov. 2, 2022 – SECURE ENERGY Services Inc. (“SECURE” or the “Corporation”) (TSX: SES) reported the Corporation’s operational and financial results for the three and nine months ended September 30, 2022.

“The results achieved in the third quarter of 2022 demonstrate the enhanced scale, utilization and efficiencies we have been able to achieve from the merger with Tervita,” said Rene Amirault, President and Chief Executive Officer of SECURE. “Our disciplined approach to pursuing merger synergies and continued focus on managing costs, along with improved industry fundamentals, drove a 42% increase in discretionary free cash flow compared to the third quarter of 2021. In the near-term, we expect to continue repurchasing our 11% senior secured notes which will result in lower interest costs and improved financial flexibility. Since September 30, 2022, we have repurchased an additional US$46 million of these notes, resulting in US$174 million principal amount outstanding. We are extremely pleased with our efforts to date in achieving these operational and financial objectives.

“I am also pleased to announce the Corporation’s 2023 capital allocation priorities which includes further debt reduction and our commitment to returning cash to shareholders by increasing our base dividend from $0.0075 per share to $0.10 per share effective with our dividend payment in the first quarter of 2023, for an annualized base dividend of $0.40 per share, which equates to a total of approximately $125 million in 2023. Increasing our base dividend is meant to establish our commitment to return cash to shareholders and our commitment to continue to grow the dividend for years to come. The Board and management intend to move forward with an NCIB, providing further opportunities to return capital to shareholders.

“Effective November 2, 2022, Allen Gransch has been appointed President and Corey Higham will take on the expanded role of Chief Operating Officer. Both individuals have been with SECURE since it was founded in 2007 and have been critical to its growth and success. Allen has served as SECURE’s Chief Operating Officer since 2019, and prior to this held executive vice president roles in Corporate Development and Finance. Corey has held various senior leadership positions in our Midstream Infrastructure business, most recently serving as Senior Vice President, Midstream Operations.

“We are also pleased to add Joseph Lenz of Angelo, Gordon & Co. to our Board. Angelo, Gordon & Co., through its affiliates, is currently our largest shareholder and has been very supportive of our business strategy. Joseph has been at Angelo, Gordon & Co. since 2012 and has previously served on two boards within the energy industry. Adding Joseph to the Board reinforces Angelo, Gordon & Co.’s long-term view of SECURE’s strategy and value.

“As we look ahead, SECURE is very well positioned to deliver on our strategic priorities of providing best-in-class customer service and growing the volumes we handle across the business. Our extensive network of environmental and energy infrastructure in place today can handle higher processing, recovery and disposal volumes without significant incremental investment. By thinking differently about energy, waste and the environment, we can offer our customers cost effective solutions that meet our shared ESG objectives.”

In connection with appointing Mr. Lenz, SECURE, Angelo, Gordon & Co. L.P. and certain of its affiliates (collectively, the “AG Parties”) entered into a shareholder agreement (the “Agreement”) dated effective November 1, 2022. Under the terms of the Agreement, among other things, the AG Parties agreed to certain voting obligations and standstill provisions. The Agreement is available under SECURE’s profile on SEDAR at

1  Non-GAAP financial measure/ratio. Refer to the “Non-GAAP and other specified financial measures” section herein.
2 Calculated in accordance with the Corporation’s credit facility agreements. Refer to the “Liquidity and Capital Resources” section in the Q3 2022 Management’s Discussion and Analysis (“MD&A”) which information is incorporated by reference into this new release.


The Corporation’s operating and financial highlights for the three and nine months ended September 30, 2022, and 2021 can be summarized as follows:

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