Secure Energy Services Inc
F:SEP
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Secure Energy Services Inc
F:SEP
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Secure Energy Services Inc
Secure Energy Services Inc. is a Canadian service company that handles waste, water, and other byproducts for the oil and gas industry. It collects, transports, processes, recycles, and disposes of industrial waste from drilling and production sites, and it also provides related environmental and logistics services. Its customers are energy producers and field service companies that need safe, regulated ways to manage material they do not want to handle themselves. The company makes money by charging fees for waste treatment, disposal, water management, and transportation services, and in some cases by selling or recycling recovered materials. Its business sits in the middle of the energy value chain: it is not drilling for oil, but it helps producers keep their operations running by moving and handling the messy side of production. That makes demand tied to activity in oil and gas fields, especially where environmental rules and safe disposal matter. What sets the business apart is that it combines industrial waste handling with energy-field logistics and infrastructure. Instead of offering a single service, it provides a network of facilities, trucks, and disposal assets that help customers outsource a job they cannot easily do themselves. For investors, that means the company’s revenue depends on recurring service needs from the energy sector and on the role it plays as a regulated middleman for waste and water management.
Secure Energy Services Inc. is a Canadian service company that handles waste, water, and other byproducts for the oil and gas industry. It collects, transports, processes, recycles, and disposes of industrial waste from drilling and production sites, and it also provides related environmental and logistics services. Its customers are energy producers and field service companies that need safe, regulated ways to manage material they do not want to handle themselves.
The company makes money by charging fees for waste treatment, disposal, water management, and transportation services, and in some cases by selling or recycling recovered materials. Its business sits in the middle of the energy value chain: it is not drilling for oil, but it helps producers keep their operations running by moving and handling the messy side of production. That makes demand tied to activity in oil and gas fields, especially where environmental rules and safe disposal matter.
What sets the business apart is that it combines industrial waste handling with energy-field logistics and infrastructure. Instead of offering a single service, it provides a network of facilities, trucks, and disposal assets that help customers outsource a job they cannot easily do themselves. For investors, that means the company’s revenue depends on recurring service needs from the energy sector and on the role it plays as a regulated middleman for waste and water management.
Transaction: SECURE’s board unanimously backed the GFL transaction, saying it gives shareholders an immediate premium while still keeping upside through equity in the combined company.
Quarter: Q1 adjusted EBITDA was $137 million, up 13% year over year, on $383 million of revenue, with margins holding at 36%.
Outlook: Management said 2026 results now look likely to land toward the high end of the adjusted EBITDA guidance range.
Capital: Growth capital is being raised to about $100 million from $75 million to speed up high-return infrastructure projects, mainly in waste and water disposal.
Drivers: The business benefited from stable volumes, disciplined pricing, higher-margin mix, and stronger metals recycling, while oil price swings had only a limited direct impact.
Shareholder returns: The dividend was increased 5% to $0.105 per share, nearly 1 million shares were repurchased, and revolver debt has already been reduced by $76 million since quarter-end.
