SECURE Closes $1.075 Billion Asset Sale to Waste Connections – Canadian Energy News, Top Headlines, Commentaries, Features & Events – EnergyNow

Certain statements contained or incorporated by reference in this press release constitute “forward-looking statements” and/or “forward-looking information” within the meaning of applicable securities laws (collectively referred to as “forward-looking statements”). When used in this press release, the words “anticipate”, “expect”, “remain” and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views of SECURE and speak only as of the date of this press release. In particular, this press release contains or implies forward-looking statements pertaining, but not limited, to: the anticipated benefits and impacts of the Transaction, including among other things the total cash consideration of adjustments to be received, impact of the Transaction on SECURE’s financial position, liquidity, results of operations, and capital allocation flexibility following completion of the Transaction; the potential uses of the net cash proceeds from the Transaction; timing of notices of redemption to holders of its outstanding US$153 million aggregate principal amount of 11% Senior Second Lien Secured Notes due 2025; SECURE’s expectations in respect of its business, including deployment of capital, concentration of resources and acceleration of innovation, following completion of the Transaction; SECURE’s strategy and ability to pursue potential future opportunities and the nature thereof; SECURE’s strategic positioning for continued growth and success in key markets; estimates of Adjusted EBITDA for 2024; anticipated impact of the Transaction on the value of SECURE’s business and share price; capital allocation priorities, including deleveraging and repayment of debt; return of capital, including programs for share repurchases.

Forward-looking statements are based on certain factors, expectations and assumptions that SECURE has made in respect thereof as at the date of this press release regarding, among other things: the satisfaction of the conditions to closing of the Transaction and timing thereof; the ability of the Corporation to realize the anticipated benefits of the Transaction; the impacts of the Transaction on SECURE’s business, including the anticipated effect on SECURE’s financial position, capital allocation, resource concentration, innovation, and cash flows; the Corporation’s ability to use the proceeds from the Transaction in the manners it intends and the impact thereof; economic, market and operating conditions, including commodity prices, crude oil and natural gas storage levels; interest rates, exchange rates, and inflation; factors that impact or may impact the value of SECURE’s business and share price; ongoing compliance with debt covenants; the changes in market activity and growth will be consistent with industry activity in Canada and the U.S. and growth levels in similar phases of previous economic cycles; international or geopolitical events, including government responses related thereto and their impact on global energy pricing, oil and gas industry exploration and development activity levels and production volumes; the ability of the Corporation to realize the anticipated benefits of acquisitions or dispositions; anticipated sources of funding being available to SECURE on terms favourable to SECURE; the success of the Corporation’s financial performance, operations and growth projects; the market value of SECURE’s shares; the Corporation’s competitive position; expectations in respect of operating, acquisition and sustaining costs; the Corporation’s ability to attract and retain customers; that counterparties comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion and operation of the relevant facilities; that there are no unforeseen material costs in relation to the Corporation’s facilities and operations; that prevailing regulatory, tax and environmental laws and regulations apply or are introduced as expected, and the timing of such introduction; increases to the Corporation’s share price and market capitalization over the long term; the ability to repay debt and return capital to shareholders, including the manner thereof; the exercise of discretion of the Board in respect of capital allocation, including dividends and other methods of returning capital to shareholders; the Corporation’s ability to obtain and retain qualified personnel (including those with specialized skills and knowledge), technology and equipment in a timely and cost-efficient manner; the Corporation’s ability to access capital and insurance; operating and borrowing costs, including costs associated with the Transaction and maintenance of equipment and property; the ability of the Corporation and its subsidiaries to successfully market services in western Canada and the U.S.; an increased focus on ESG, sustainability and environmental considerations in the oil and gas industry; the impacts of climate-change on the Corporation’s business; the current business environment remaining substantially unchanged; present and anticipated programs and expansion plans of other organizations operating in the energy service industry resulting in an increased demand for the Corporation’s and its subsidiaries’ services; future acquisition and maintenance costs; the Corporation’s ability to achieve its ESG and sustainability targets and goals and the costs associated therewith; and other risks and uncertainties described in SECURE’s current annual information form and from time to time in filings made by SECURE with securities regulatory authorities.

Forward-looking statements involve significant known and unknown risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. Readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, including but not limited to: general global financial conditions, including general economic conditions in Canada and the U.S.; the ability of SECURE to realize the anticipated benefits of the Transaction, the impact thereof on SECURE’s business; risks inherent in the energy industry; the focus of management’s time and attention on the Transaction and other disruptions arising from the Transaction; management’s time and attention on the Transaction and other disruptions arising from the Transaction; liabilities and risks, including environmental liabilities and risks, inherent in SECURE’s operations; changes in the level of capital expenditures made by oil and natural gas producers and the resultant effect on demand for oilfield services during drilling and completion of oil and natural gas wells; volatility in market prices for oil and natural gas and the effect of this volatility on the demand for oilfield services generally; a transition to alternative energy sources; the Corporation’s inability to retain customers; risks inherent in the energy industry, including physical climate-related impacts; the Corporation’s ability to generate sufficient cash flow from operations to meet its current and future obligations; the accuracy of estimates of capital costs and allocations; the ability of the Corporation to continue dividend payments, make purchases under its normal course issuer bid, or to complete other returns of capital to shareholders, as contemplated or at all; the ability to maintain relationships with partners; the seasonal nature of the oil and gas industry; increases in debt service charges including changes in the interest rates charged under the Corporation’s current and future debt agreements; inflation and supply chain disruptions; the Corporation’s ability to access external sources of debt and equity capital and insurance; disruptions to the Corporation’s operations resulting from events out of its control; the timing and amount of stimulus packages and government grants relating to site rehabilitation programs; the cost of compliance with and changes in legislation and the regulatory and taxation environment, including uncertainties with respect to implementing binding targets for reductions of emissions and the regulation of hydraulic fracturing services and services relating to the transportation of dangerous goods; uncertainties in weather and temperature affecting the duration of the oilfield service periods and the activities that can be completed; competition; impairment losses on physical assets; sourcing, pricing and availability of raw materials, consumables, component parts, equipment, suppliers, facilities, and skilled management, technical and field personnel; supply chain disruption; the Corporation’s ability to effectively complete acquisition and divestiture transactions on acceptable terms or at all; a failure to realize the benefits of acquisitions, and risks related to the associated business integration, as applicable; the Corporation’s ability to invest in and integrate technological advances and match advances of the Corporation’s competition; the viability, economic or otherwise, of such technology; credit, commodity price and foreign currency risk to which the Corporation is exposed in the conduct of its business; compliance with the restrictive covenants in the Corporation’s current and future debt agreements; the Corporation’s or its customers’ ability to perform their obligations under long-term contracts; misalignment with the Corporation’s partners and the operation of jointly owned assets; the Corporation’s ability to source products and services on acceptable terms or at all; the Corporation’s ability to retain key or qualified personnel, including those with specialized skills or knowledge; uncertainty relating to trade relations and associated supply disruptions; the effect of changes in government and actions taken by governments in jurisdictions in which the Corporation operates; the effect of climate change and related activism on the Corporation’s operations and ability to access capital and insurance; cyber security and other related risks; the Corporation’s ability to bid on new contracts and renew existing contracts; potential closure and post-closure costs associated with landfills operated by the Corporation; the Corporation’s ability to protect its proprietary technology and intellectual property rights; legal proceedings and regulatory actions to which the Corporation may become subject, including any claims for infringement of a third parties’ intellectual property rights; the Corporation’s ability to meet its ESG targets or goals and the costs associated therewith; claims by, and consultation with, Indigenous Peoples in connection with project approval; disclosure controls and internal controls over financial reporting; and other risk factors identified in SECURE’s current annual information form and from time to time in filings made by the Corporation with securities regulatory authorities.

The guidance in respect of the Corporation’s expectations of Adjusted EBITDA in 2024 in this press release may be considered to be a financial outlook for the purposes of applicable Canadian securities laws. Such information is based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available, and which may become available in the future. These projections constitute forward-looking statements and are based on several material factors and assumptions set out above. Actual results may differ significantly from such projections. See above for a discussion of certain risks that could cause actual results to vary. The financial outlook contained in this press release has been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook contained herein should not be used for purposes other than those for which it is disclosed herein. SECURE and its management believe that the financial outlook contained in this press release has been prepared based on assumptions that are reasonable in the circumstances, reflecting management’s best estimates and judgments, and represents, to the best of management’s knowledge and opinion, expected and targeted financial results. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

Although forward-looking statements contained in this press release are based upon what the Corporation believes are reasonable assumptions, the Corporation cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements in this press release are made as of the date hereof and are expressly qualified by this cautionary statement. Unless otherwise required by applicable securities laws, SECURE does not intend, or assume any obligation, to update these forward-looking statements.

Although SECURE believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, actual results could differ materially from the forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Statements” and “Risk Factors” included in SECURE’s current Annual Information Form, and other documents SECURE files with securities regulatory authorities from time to time, each as filed on SEDAR+ at www.sedarplus.ca and available on SECURE’s website at www.secure-energy.com.

The forward-looking statements in this press release are made as of the date hereof and are expressly qualified by this cautionary statement. Unless otherwise required by applicable securities laws, SECURE does not intend, or assume any obligation, to update these forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon.

SECURE is a leading waste management and energy infrastructure business headquartered in Calgary, Alberta. The Corporation’s extensive infrastructure network located throughout western Canada and North Dakota includes waste processing and transfer facilities, industrial landfills, metal recycling facilities, crude oil and water gathering pipelines, crude oil terminals and storage facilities. Through this infrastructure network, the Corporation carries out its principal business operations, including the processing, recovery, recycling and disposal of waste streams generated by our energy and industrial customers and gathering, optimization, terminalling and storage of crude oil and natural gas liquids. The solutions the Corporation provides are designed not only to help reduce costs, but also lower emissions, increase safety, manage water, recycle by-products and protect the environment.

SECURE’s shares trade under the symbol SES and are listed on the Toronto Stock Exchange. For more information, visit www.SECURE-energy.com.

TSX Symbol: SES

SOURCE SECURE Energy Services Inc.

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