SECURE Waste Infrastructure Corp. Company Profile, Financials

Source: SECURE Waste Infrastructure Corp. Annual Information Form For the year ended December 31, 2025.

Quick Facts / Company Snapshot

Metric	Details
Company Name	SECURE Waste Infrastructure Corp.
Former Name	SECURE Energy Services Inc.
Ticker Symbol	TSX: SES
Stock Index	S&P/TSX Composite Index
Industry Focus	Waste Management and Energy Infrastructure
Headquarters	Calgary, Alberta, Canada
Year Amalgamated	2007
Total Employee Count	1,937
Chief Executive Officer	Allen Gransch
Chairman of the Board	Michael (Mick) Dilger
Waste Management Revenue (2025)	85% of total consolidated revenue
Energy Infrastructure Revenue (2025)	15% of total consolidated revenue
Total Common Shares Outstanding	217,388,262 (As of December 31, 2025)
Asset Retirement Obligations	$167 million
Revolving Credit Facility Size	$900 million
2029 Senior Unsecured Notes	$300 million
2032 Senior Unsecured Notes	$300 million
S&P Corporate Credit Rating	B+
Fitch Corporate Credit Rating	BB-
Total Dividends Declared (2025)	$89 million

Source: SECURE Waste Infrastructure Corp. Annual Information Form For the year ended December 31, 2025.

Company Overview

SECURE Waste Infrastructure Corp. is a preeminent publicly traded entity specialising in environmental solutions and midstream infrastructure. Headquartered in Calgary, Alberta, the business commands a vast physical footprint spanning Western Canada and key industrial hubs in the United States, particularly North Dakota and Oklahoma. Originally established as an energy services firm, the corporation underwent a strategic pivot over the past half-decade. To formalise this operational evolution, it officially changed its name from SECURE Energy Services Inc. to SECURE Waste Infrastructure Corp. on January 1, 2025.

• Strategic Repositioning: The corporate rebranding reflects a deliberate transition away from traditional oilfield services towards generating highly recurring, infrastructure-driven cash flows.
• Operational Integration: The firm’s comprehensive network interlinks waste collection, specialised fluid processing, metals recycling, and crude oil terminalling.

The corporate architecture relies on a decentralised operating model, allowing field-level teams to manage regional customer relationships while leveraging centralised oversight for capital allocation and corporate development. The enterprise serves a diverse clientele that includes upstream oil and natural gas producers, mining operators, petrochemical refiners, and municipal entities. SECURE’s primary value proposition centres on lowering customer operating costs while concurrently reducing greenhouse gas emissions and advancing environmental reclamation.

• Workforce Distribution: The workforce is strategically deployed across the network, with 1,708 employees dedicated to Waste Management, 72 in Energy Infrastructure, and 157 stationed in corporate functions.
• Capital Governance: Management rigorously screens capital allocations against targeted return thresholds to ensure new pipeline or processing developments generate immediate cash flow via contracted volumes.

By aligning environmental stewardship with industrial efficiency, SECURE has cultivated substantial barriers to entry. The arduous regulatory permitting processes required to construct Class I landfills or deep disposal wells grant the incumbent operator significant pricing power and volume certainty within its operating basins.

Business Segments

Segment	Revenue Contribution (2025)	Revenue Contribution (2024)
Waste Management	85%	83%
Energy Infrastructure	15%	17%

Source: SECURE Waste Infrastructure Corp. Annual Information Form For the year ended December 31, 2025.

Waste Management

The Waste Management segment functions as the financial and operational engine of the corporation, anchored by long-life, fully permitted processing and disposal assets. This division systematically handles the collection, treatment, and ultimate neutralisation of hazardous and non-hazardous industrial by-products. Through an integrated pipeline and trucking logistics network, the segment processes complex liquid emulsions, wastewater, industrial sludges, and scrap metals.

• System Synergy: Treated water transported directly from producer facilities is pushed into owned disposal assets, securing reliable throughput independent of third-party trucking constraints.
• Segment Resiliency: The high cost and regulatory friction of establishing competing infrastructure ensures that SECURE maintains high retention rates among its energy and industrial customers.

Within this segment, recovery operations represent a highly lucrative circular economy initiative. By separating usable hydrocarbons from waste fluid mixtures, SECURE returns pipeline-specification crude oil to the market. Similarly, the metals recycling arm converts industrial and residential scrap into marketable commodities, supporting North American and overseas steel production.

Energy Infrastructure

The Energy Infrastructure segment provides the necessary logistical linkages to move processed crude oil and natural gas liquids from remote field locations directly to major downstream trading hubs. Leveraging a combination of proprietary gathering pipelines, storage tanks, and large-scale terminalling facilities, this division enables clients to avoid transportation bottlenecks and optimise the commercial value of their raw production.

• Volume Commitments: Operations are predominantly underpinned by minimum volume commitments from upstream producers, guaranteeing baseline revenues regardless of short-term commodity price swings.
• Marketing Enhancements: Beyond basic physical movement, the segment actively engages in crude oil marketing, capturing pricing differentials across various locations and timelines through financial and physical trades.

A cornerstone of this segment is the strategic application of emulsion treating. By removing water, solids, and soluble salts from raw heavy oil production, SECURE ensures the fluid meets stringent pipeline specifications before injecting it into major third-party carrier networks. This value-added service substantially increases the realised price per barrel for its producer clients.

History and Evolution

2025 Operational and Financial Highlights

The 2025 fiscal year was characterised by aggressive organic expansion and strategic consolidation in the metals market. Coinciding with its formal name change, SECURE closed a vital acquisition of an Edmonton-based metals recycling business on January 31, 2025. This transaction brought Western Canada’s only 5,000-horsepower mega shredder into the portfolio, instantly upgrading the firm’s shredding density and allowing acceptance of a broader array of residential and industrial scrap.

• Market Agility: When Canadian domestic steel demand softened due to US import tariffs and foreign oversupply, the corporation leveraged its private rail fleet to reroute 95% of its scrap metal shipments to more favourable, tariff-exempt markets in the United States.
• Infrastructure Growth: The company brought a newly expanded, pipeline-connected water disposal facility online in the Alberta Montney region during the fourth quarter to address surging customer volumes.

Concurrent with physical expansion, management initiated a significant recapitalisation programme. In May 2025, SECURE upsized its Senior Secured Revolving Credit Facility to $900 million and extended its maturity to 2028. Later in the year, the firm issued $300 million in 2032 Unsecured Notes to optimise its debt maturity profile. The board also approved aggressive shareholder return mechanisms, repurchasing approximately 8% of total outstanding stock through a Substantial Issuer Bid (SIB) and a Normal Course Issuer Bid (NCIB).

2024 Strategic Divestiture and Debt Restructuring

In 2024, the corporation fundamentally reshaped its balance sheet following a regulatory mandate. On February 1, 2024, SECURE finalized the sale of 29 facilities—formerly acquired via the Tervita Corporation merger—to R360 Environmental Solutions Canada Inc., a subsidiary of Waste Connections, Inc., generating $1.15 billion in cash proceeds. This landmark transaction immediately provided the liquidity necessary to eradicate expensive legacy debt structures.

• Debt Elimination: Management deployed the divestiture proceeds to fully extinguish the balance on the revolving credit facility and redeem $153 million (USD) in high-yield 2025 Senior Secured Notes at a premium.
• Yield Optimisation: A subsequent $300 million debt offering of 2029 Unsecured Notes was utilised to retire costlier 2026 Unsecured Notes, generating long-term interest savings despite recording a $16 million extinguishment loss.

Operationally, 2024 saw sequential capacity upgrades at the Clearwater heavy oil terminal. Phase 2 expansion was completed in the third quarter, significantly increasing the terminal’s treating capabilities for trucked-in emulsion. Capital was also heavily returned to stakeholders, highlighted by a massive $250 million SIB executed in June and the buyback of 22.1 million common shares via the NCIB throughout the calendar year.

2023 Infrastructure Expansion

The 2023 operating environment validated SECURE’s pivot toward infrastructure-heavy assets. The corporation divested several non-core oilfield services units that no longer aligned with its waste management thesis. Capital was instead redirected toward high-return physical assets, culminating in the successful commissioning of the Nipisi terminal in the Clearwater heavy oil play during the fourth quarter.

• Montney Focus: The initial expansion phase of the Montney disposal facility was substantially completed in the second quarter, capturing rising wastewater volumes generated by intense regional hydraulic fracturing activities.
• Governance Shift: Executive leadership underwent a planned transition, with Michael (Mick) Dilger assuming the role of Chairman of the Board, replacing Brad Munro who had served in an interim capacity.

Products and Services

Product / Service	Segment	Key Asset / Infrastructure Base
Liquid Waste Processing	Waste Management	55 processing facilities
Metals Recycling	Waste Management	10 facilities; Mega shredder
Waste Transfer Stations	Waste Management	5 hazardous transfer hubs
Chemical Blending	Waste Management	1 central plant; 3 invert facilities
Water Disposal	Waste Management	98 disposal wells
Solids Disposal	Waste Management	13 owned industrial landfills
Crude Oil Terminalling	Energy Infrastructure	13 pipeline-connected nodes
Crude Oil Pipelines	Energy Infrastructure	3 dedicated gathering systems

Source: SECURE Waste Infrastructure Corp. Annual Information Form For the year ended December 31, 2025.

Liquid Waste Processing and Emulsion Treating

SECURE operates 55 liquid waste processing facilities meticulously engineered to segregate complex mixtures of water, oil, chemicals, and solid debris. Utilising a sequential process of gravity settling, mechanical compression, heated tankage, shakers, and high-speed centrifuges, the facilities effectively isolate marketable crude oil from residual sludge. Recovered fluids that meet strict formation injection criteria are subsequently routed to deep disposal wells.

• Emulsion Solutions: Raw crude oil often emerges contaminated with suspended solids and water-soluble salts. The emulsion treating process scrubs these impurities, yielding pipeline-grade crude that is immediately injected into connecting transmission networks.
• Centralised Processing: By clustering operations around high-density drilling pads, the system efficiently handles the immense volumes of flowback and completion fluids generated by modern shale fracturing.

Waste Transfer Stations and Field Services

Acting as the logistical gateways to the broader disposal network, the company’s five hazardous waste transfer stations inspect, segregate, and stage diverse industrial by-products. The firm operates a dedicated fleet of over 45 specialised trucks and maintains more than 10,000 containment bins. Field service teams deployed to client sites provide critical on-the-ground project management, ensuring proper regulatory classification and packaging of dangerous goods prior to transport.

Metals Recycling

The metals division functions as a sophisticated circular economy hub. Sourcing material from demolition sites, rail maintenance projects, and energy sector clean-ups, the division operates 10 yards across Western Canada. It manages approximately 9,200 mobile scrap bins and leverages a private fleet of 282 rail cars (221 owned, 61 leased) to transport sorted ferrous and non-ferrous commodities.

• Mega Shredder Advantage: The 5,000-horsepower mega shredder in Edmonton transforms bulky industrial scrap into marketable dimensions at an unprecedented scale, significantly reducing processing times.
• Logistical Autonomy: The extensive rail car fleet bypasses domestic trucking bottlenecks, enabling direct delivery to electric arc furnace (EAF) steel mills across North America and overseas.

Chemical Blending and Drilling Fluids

Supported by PhD-led laboratories in Calgary and Leduc, SECURE designs and manufactures proprietary specialty chemicals designed to lower waste intensity and optimise hydrocarbon flow. The main blending facility in Red Deer produces tailor-made solutions for corrosion control and emulsion breaking. Furthermore, invert (oil-based mud) mixing facilities strategically located in Grande Prairie, Drayton Valley, and Fox Creek deliver high-performance drilling fluids directly to active rigs.

Water and Solids Disposal

Residual wastewater unable to be recycled is directed into the company’s massive subterranean network of 98 disposal wells. These Class IB (Canada) and Class II (US) wells safely sequester produced water, spent sweetening agents, and saline flowback. Conversely, solid waste is securely entombed within the firm’s 13 owned industrial landfills.

• Class I Capabilities: The Pembina Area Landfill features a triple-liner system designed for hazardous industrial solids, including naturally occurring radioactive material (NORM) and contaminated pipeline pigging waste.
• Cavern Disposal: For highly toxic or high-pH fluids incompatible with standard landfills, the Hughenden salt cavern facility injects waste slurry deep underground, displacing brine while allowing residual hydrocarbons to float to the surface for extraction.

Crude Oil Terminalling, Storage, and Pipeline Transportation

The Energy Infrastructure segment manages three distinct gathering pipelines: the 43.5-kilometre Kerrobert Light system in Saskatchewan, the 120-kilometre East Kaybob system, and the heavy oil Nipisi Terminal. These conduits feed into 13 separate terminal access points equipped with on-site storage.

• Pricing Optimisation: Dedicated storage at hubs like Husky’s Hardisty terminal and Enbridge’s North 40 in Edmonton allows SECURE to blend disparate crude grades and time its market sales to capture premium pricing spreads.
• Equalization Penalties: The segment generates substantial margin by collecting industry-mandated penalties when handling crude oil that deviates from the standard density band established by the Crude Oil Logistics Committee (COLC).

Geographical Presence

Geography	Revenue Contribution (2025)	Revenue Contribution (2024)
Canada	96% (Calculated by FirmsWorld)	95% (Calculated by FirmsWorld)
United States	4%	5%

Source: SECURE Waste Infrastructure Corp. Annual Information Form For the year ended December 31, 2025.

Western Canada

The overwhelming majority of SECURE’s asset base and revenue generation is concentrated within the Western Canadian Sedimentary Basin. Alberta serves as the operational nucleus, hosting 40 liquid waste processing sites, eight owned landfills, the primary chemical blending plants, and corporate headquarters. Saskatchewan contributes significantly through six processing facilities, three landfills, five metals recycling yards, and the Kerrobert terminal. British Columbia supports the western flank with five processing facilities, a secure landfill, and a metals yard.

• Pipeline Dominance: The 120-kilometre East Kaybob system and the newly commissioned Nipisi terminal create a dense web of connectivity directly linking major Alberta production fields to Edmonton trading hubs.
• Metals Logistics: All Canadian metal recycling yards are strategically situated near major Canadian National Railway or Canadian Pacific Kansas City freight lines to streamline continental export.

United States

Operations in the United States focus on the highly active resource plays of North Dakota and Oklahoma. SECURE manages four liquid waste processing facilities and one special volume industrial landfill in North Dakota, strictly regulated by the North Dakota Industrial Commission (NDIC) and the Department of Environmental Quality (NDDEQ).

• Storage Foothold: The US presence is anchored by a 27% indirect ownership stake in Barcas Pipeline Ventures LLC, which provides critical crude oil storage capacity at the Cushing, Oklahoma mega-hub.
• Revenue Dynamics: While representing a smaller fraction of the consolidated enterprise, the US footprint generated 4% of total corporate revenue in 2025, driven by cross-border demand for specialised water disposal.

Profit and Loss

Financial Metric	2025	2024	2023
Dividends Declared	$89 million	$99 million	$117 million
Loss on Extinguishment of Debt	Not separately disclosed in the provided source.	$16 million	Not separately disclosed in the provided source.
Premium Paid on Debt Redemption	Not separately disclosed in the provided source.	$23 million	Not separately disclosed in the provided source.

Source: SECURE Waste Infrastructure Corp. Annual Information Form For the year ended December 31, 2025.

An important voluntary shift in accounting policy impacted the presentation of revenue in 2025. To better reflect core business performance, the corporation transitioned from presenting gross commodity sales in revenue to recording the net gains and losses on physically settled commodity contracts. This retrospective change aligned financial reporting with how management evaluates marketing and trading activities, eliminating artificial top-line inflation caused by pure volume pass-throughs.

• Equalisation Revenues: A material slice of profitability within the Energy Infrastructure segment is derived not from raw sales, but from the collection of density-based equalisation penalties on crude oil processing.
• Debt Servicing Costs: The 2024 fiscal year included heavy one-time costs associated with balance sheet restructuring, notably a $12 million premium paid to retire the 2026 Unsecured Notes and an $11 million premium attached to the 2025 Senior Secured Notes.

Balance Sheet

Metric	2025
Asset Retirement Obligations	$167 million
Senior Secured Revolving Credit Facility Limit	$900 million
2029 Senior Unsecured Notes	$300 million
2032 Senior Unsecured Notes	$300 million
Letter of Credit Facility (EDC Guaranteed)	$50 million
Total Common Shares Outstanding	217,388,262

Source: SECURE Waste Infrastructure Corp. Annual Information Form For the year ended December 31, 2025.

The corporation’s balance sheet reflects a highly capital-intensive business model heavily reliant on physical fixed assets. Debt structures are carefully laddered to prevent immediate maturity crunches. The $900 million Revolving Credit Facility, maturing in 2028, provides massive liquidity headroom and is secured by a first-priority lien over all personal and real property.

• Future Liabilities: The $167 million asset retirement obligation (ARO) represents the estimated future costs of permanently decommissioning, abandoning, and reclaiming well sites, landfills, and processing plants.
• Covenant Compliance: Leverage is tightly managed; the corporation must ensure its Total Debt to Consolidated EBITDA ratio remains below 4.50 to 1.0, while interest coverage must remain above 2.50 to 1.0.

Cash Flow

Metric	2025	2024
Substantial Issuer Bid (SIB) Repurchases	$136 million	$250 million
Normal Course Issuer Bid (NCIB) Repurchases	$147 million	$256 million
Block Share Purchase (TPG Angelo Gordon)	Not separately disclosed in the provided source.	$150 million
Proceeds from Facility Divestitures	Not separately disclosed in the provided source.	$1.15 billion
Redemption of 2025 Secured Notes	Not separately disclosed in the provided source.	$223 million
Redemption of 2026 Unsecured Notes	Not separately disclosed in the provided source.	$358 million
Issuance of Senior Unsecured Notes	$300 million	$300 million

Source: SECURE Waste Infrastructure Corp. Annual Information Form For the year ended December 31, 2025.

SECURE generates robust, recurring operating cash flows driven by long-term customer contracts and essential infrastructure utilisation. The monumental $1.15 billion cash injection from the 2024 divestiture of 29 facilities served as a major catalyst for subsequent capital allocations. Rather than hoarding cash, management initiated a massive deleveraging campaign, paying down $581 million in expensive debt instruments.

• Shareholder Enrichment: Cash flow was heavily directed back to equity holders, with the company executing $283 million in total share buybacks during 2025, following an even larger $656 million repurchase effort in 2024 (including the TPG block trade).
• Strategic Reinvestment: While deleveraging was a priority, cash was simultaneously deployed into organic growth initiatives, such as the $90 million investment in the Nipisi terminal and the purchase of the Edmonton mega shredder.

Board of Directors and Leadership Team

Executive Officers

The executive team operates from the Calgary headquarters, driving strategic vision and rigorous operational oversight across the decentralised asset base.

• Allen Gransch (President and CEO, Director): Serving as CEO since May 2024, Gransch joined SECURE in 2007. A Chartered Professional Accountant, he previously held roles as CFO and COO, successfully integrating the Tervita merger.
• Corey Higham (Chief Operating Officer): Appointed COO in 2022, Higham brings extensive engineering expertise, having overseen midstream operations, facility construction, and regulatory affairs since 2007.
• Chad Magus (Chief Financial Officer): A former KPMG senior accountant, Magus assumed the CFO role in 2017 after joining the company in 2014, leading all corporate finance and financial reporting mandates.
• Michael Callihoo (Corporate Secretary and General Counsel): With a background in midstream energy law, Callihoo directs the company’s legal strategy, corporate governance, and complex commercial negotiations.

Board of Directors

The Board provides independent oversight, strictly regulating risk appetite, capital allocation, and executive compensation.

• Michael (Mick) Dilger (Chairman): Appointed Chairman in January 2023, Dilger is the former President and CEO of Pembina Pipeline Corporation, bringing decades of tier-one midstream infrastructure experience.
• Rene Amirault (Vice-Chairman): The founding visionary of SECURE, Amirault served as CEO from 2007 until his retirement in 2024. He maintains a significant 0.9% equity stake in the firm.
• Mark Bly: An independent businessman with 35 years of experience at BP PLC, specialising in global operational risk management and structural engineering.
• Wendy Hanrahan: Former Executive VP at TC Energy, she brings profound knowledge in supply chain logistics, business process integration, and human resources.
• Joseph Lenz: Managing Director at TPG AG Credit Solutions, Lenz serves as the designated nominee under the Shareholder Agreement, leveraging his deep institutional investment background.
• Susan Riddell Rose: President and CEO of Rubellite Energy Corp, she provides a critical upstream producer’s perspective, having previously served on the board of Tervita.
• Deanna Zumwalt: Former CEO of Coril Holdings and current Chair of the Audit Committee, she possesses vast experience in energy marketing and stringent financial auditing.

Audit Committee Mandate and Functions

The Audit Committee is governed by a rigorous, legally binding mandate designed to ensure absolute financial integrity and regulatory compliance. Composed entirely of independent, financially literate directors—Joseph Lenz, Wendy Hanrahan, and Chair Deanna Zumwalt—the committee holds ultimate oversight over the external auditors, KPMG LLP.

• Financial Scrutiny: The committee meticulously reviews all quarterly and annual financial statements, MD&A, and off-balance sheet transactions prior to public distribution.
• Internal Controls: It establishes secure, anonymous whistleblower channels for employees to report questionable accounting practices and continuously evaluates the architecture of internal reporting controls.
• Risk Governance: Beyond traditional accounting, the committee directly monitors the firm’s Energy Infrastructure Risk Policy, overseeing the exposure limits related to crude oil marketing and physical trading positions.

Subsidiaries, Associates, and Joint Ventures

Entity Name	Ownership Percentage	Operating Jurisdictions
SECURE Specialty Chemicals Corp.	100%	Canada (AB, BC, MB, NT, ON, SK)
SES USA Holdings Inc.	100%	United States (DE, IL, ND, OK, TX, WY)
SECURE Waste Infrastructure USA LLC	100%	United States (CO, IL, ND, OK, TX)

Source: SECURE Waste Infrastructure Corp. Annual Information Form For the year ended December 31, 2025.

The corporate structure relies on heavily integrated, wholly owned subsidiaries to segregate operational liabilities and comply with distinct cross-border tax and regulatory regimes. SECURE Specialty Chemicals Corp. encompasses the research, development, and commercial distribution of the company’s proprietary drilling fluids and production chemicals across Canada.

• American Expansion: SES USA Holdings Inc. and its direct subsidiary, SECURE Waste Infrastructure USA LLC, form the legal bedrock for the corporation’s expansion into the lucrative shale basins of North Dakota, Texas, and Oklahoma.
• Financial Contribution: Although the subsidiaries are vital components, the US entities collectively generated roughly 4% of the consolidated enterprise’s top-line revenue in 2025.

Other Investments (Including Minority / Portfolio Holdings)

Entity Name	Ownership Percentage	Nature of Investment	Business Activity
Barcas Pipeline Ventures LLC	27%	Strategic / Joint Venture	Crude oil storage

Source: SECURE Waste Infrastructure Corp. Annual Information Form For the year ended December 31, 2025.

In addition to its wholly owned operational assets, the corporation holds a highly strategic 27% minority interest in Barcas Pipeline Ventures LLC. Acquired in April 2019, this joint venture gives SECURE a critical foothold in Cushing, Oklahoma—the preeminent crude oil trading hub in North America.

• Storage Access: The investment provides physical crude oil storage capacity, enabling the company’s energy marketing team to exploit temporal pricing differentials (contango or backwardation) in the US midcontinent market.
• Regulatory Exposure: Participation in the Cushing venture subjects the corporation to the specific environmental and oil & gas regulatory frameworks governed by the state of Oklahoma.

Physical Properties

The corporation’s physical asset base is extraordinarily expansive, requiring constant maintenance, security, and regulatory compliance monitoring. The primary corporate headquarters is situated in a high-rise at 2300, 225-6th Avenue S.W. in Calgary, Alberta.

• Waste Processing Hubs: The network encompasses 55 distinct liquid waste processing facilities dispersed across Alberta (40), Saskatchewan (6), British Columbia (5), and North Dakota (4).
• Chemical and Logistics Real Estate: The operations are supported by a massive 110,000-square-foot heated indoor distribution hub in Leduc, Alberta, situated on 3.5 acres, supplemented by a 23,400-square-foot surface rental repair shop on a separate two-acre parcel.

The physical footprint of the Energy Infrastructure and disposal divisions dictates the regional flow of industrial by-products. SECURE owns and manages 13 expansive industrial landfills, with an additional two operated under third-party contracts. The subterranean infrastructure is equally massive, comprising 98 active deep water disposal wells and a highly specialised salt cavern in Hughenden, Alberta.

• Pipeline Assets: The physical crude gathering system stretches over 163 total kilometres, with the East Kaybob system alone accounting for 120 kilometres of 6-inch and 4-inch lateral piping.
• Mobile Equipment Fleet: Beyond static properties, the asset base includes a roaming fleet of 282 rail cars, 45 specialised collection trucks, and approximately 19,200 total containment and scrap bins deployed at customer sites.

Founders

SECURE was originally amalgamated in 2007 by a core group of industry veterans led by Rene Amirault. Serving as the foundational visionary, Amirault held the position of Chief Executive Officer from the company’s inception until his strategic retirement in April 2024.

• Legacy Impact: Under Amirault’s stewardship, the company expanded from a nascent startup into a multi-billion-dollar infrastructure behemoth, successfully absorbing major competitors like Tervita Corporation.
• Ongoing Influence: While retired from executive duties, Amirault remains intimately involved in corporate governance, currently serving as Vice-Chairman of the Board and retaining a significant 1.95 million share equity stake in the enterprise.

Investments and Capital Expenditure Plans

Capital allocation at SECURE is governed by a strict mandate: investments must generate predictable, stable cash flows, ideally backstopped by long-term customer contracts. The company actively rejects speculative capital projects, focusing instead on expanding capacity at highly utilised nodes within its existing network.

• Clearwater Dominance: A prime example of this strategy is the sequential capital investment in the Nipisi terminal. With approximately $90 million invested to date, the facility reached a shipping capacity of 75,000 barrels per day, followed by a Phase 3 processing equipment expansion launched in 2025.
• Brownfield Rejuvenation: Rather than purely focusing on greenfield builds, capital is allocated to revitalising dormant assets. In 2025, the firm directed expansion capital into a previously suspended facility in Alberta’s Industrial Heartland, upgrading critical infrastructure to recommence operations by mid-2026.

Future capital expenditure is strictly prioritised. Free cash flow is first directed toward contracted growth projects and accretive tuck-in acquisitions. Only after the physical asset base is adequately funded does management pivot toward shareholder returns through robust dividend payouts and opportunistic NCIB share repurchases.

Shareholding Pattern

Shareholder Category	Number of Shares	% of Outstanding Shares
TPG Angelo Gordon	19,480,364	8.96%
Directors and Executive Officers	23,132,882	10.64%

Source: SECURE Waste Infrastructure Corp. Annual Information Form For the year ended December 31, 2025.

The equity structure is heavily influenced by institutional ownership and strong insider alignment. The preeminent institutional stakeholder is TPG Angelo Gordon, which governs an 8.96% block of the outstanding common shares. The relationship is formalised by a strict Shareholder Agreement enacted in November 2022.

• Board Representation: The agreement guarantees TPG Angelo Gordon the right to designate one acceptable nominee (currently Joseph Lenz) to the Board of Directors.
• Transfer Restrictions: To prevent sudden hostile shifts in control, TPG must provide 48-hour advanced notice to the corporation before executing any private transaction that would result in an external party controlling 10% or more of SECURE’s stock.

Management alignment is exceptionally strong, with the executive suite and board collectively controlling 10.64% of the firm. This ensures that leadership decisions regarding debt leverage, capital expenditure, and dividends are intimately tied to the direct financial outcomes experienced by the broader public shareholder base.

Future Strategy

The executive strategy focuses on three complementary pillars engineered to produce sustainable free cash flow: organic margin expansion, disciplined capital deployment, and highly strategic mergers and acquisitions. SECURE is intent on driving recurring revenue by deepening integration with existing clients, proving that outsourcing waste management is cheaper and more compliant than internalizing it.

• Inflation Mitigation: The firm actively enforces contractual price escalators and targeted spot-price adjustments across its service lines to offset supply chain inflation and protect operating margins.
• Synergistic M&A: The acquisition playbook prioritises “tuck-in” transactions that increase regional density and asset utilisation. The integration of the Edmonton mega shredder is a textbook example, immediately broadening the scope of acceptable scrap feedstocks.

Complementing financial objectives, SECURE’s strategy is deeply intertwined with its Environmental, Social, and Governance (ESG) commitments. The company enforces a rigorous Supplier Code of Conduct, ensuring vendors adhere to strict labour, human rights, and environmental sustainability standards. Furthermore, its Indigenous Relations Policy actively incorporates measures to promote Indigenous business ownership and participation within SECURE’s own supply chain.

Key Strengths

SECURE’s most formidable competitive advantage is its massive, near-irreplaceable infrastructure network. The geographic footprint creates a “moat” around the business; obtaining the environmental permits and community consent to build new competing industrial landfills or deep disposal wells involves extreme capital cost and years of regulatory friction.

• Recurring Cash Flow Base: By securing long-term minimum volume commitments on its pipelines and establishing itself as the sole regional disposal option in certain basins, the company isolates itself from the extreme volatility of daily commodity price fluctuations.
• Logistical Control: Owning 221 rail cars and operating proprietary gathering pipelines grants SECURE immense logistical flexibility. When domestic metal markets faltered, the private rail fleet allowed the company to pivot instantly, avoiding the trucking constraints that cripple competitors.

Key Challenges and Risks

Trade, Inflation, and Market Volatility

SECURE’s operations are highly sensitive to macroeconomic trade policies. Tariffs levied on steel and aluminium can instantly disrupt the pricing and demand for recycled scrap metal. In 2025, American tariffs on finished Canadian steel products depressed domestic mill production, forcing SECURE to aggressively reroute its scrap metal inventory across the border to maintain sales velocity.

• Inflationary Squeeze: If fuel, labour, and steel costs rise faster than SECURE can pass them on via price escalators, operating margins will compress.
• Foreign Exchange Exposure: A significant volume of crude oil and chemical sales is transacted in, or pegged to, US dollars. Fluctuations in the CAD/USD exchange rate pose material translation and transactional risks.

Cybersecurity and Operational Hazards

Operating heavy industrial infrastructure invites severe physical and digital risks. A breach in the firm’s IT networks could cripple field communications, compromise confidential client data, or disrupt the automated safety systems governing pipeline flow. The expanding use of artificial intelligence (AI) in logistics introduces additional algorithmic risks if systems generate erroneous decisions.

• Catastrophic Failures: The physical handling of explosive crude oil, toxic hydrogen sulphide, and hazardous chemicals exposes the firm to extreme liability. Pipeline ruptures, disposal well blowouts, or landfill liner leakages could trigger devastating environmental pollution, massive regulatory fines, and permanent reputational damage.
• Force Majeure Events: The geography of Western Canada leaves the network vulnerable to severe weather disruptions. Spring break-up thaws destroy secondary roads, halting heavy truck traffic, while rampant summer wildfires and extreme winter freeze-ups can force the temporary abandonment of processing facilities.

Environmental, Climate, and Regulatory Pressures

The regulatory environment governing hydrocarbon extraction and waste disposal is becoming exponentially more punitive. The Canadian federal government’s Greenhouse Gas Pollution Pricing Act (GGPPA) imposes a steeply escalating carbon tax, which stood at $95 per tonne in 2025. While provincial equivalence programs like Alberta’s TIER provide temporary relief, the long-term cost of emitting carbon continues to threaten operating economics.

• Water and Seismicity Restrictions: Hydraulic fracturing requires massive water usage. Regulators frequently impose strict withdrawal limits. Furthermore, induced seismicity (earthquakes) linked to deep water disposal has prompted authorities to shut down wells in volatile regions, risking the stranding of SECURE’s assets.
• Policy Instability: Sudden shifts in government, such as the proroguing of the Canadian Parliament in early 2025 and administrative changes in the US, create immense uncertainty regarding the future of the Clean Fuel Regulations and proposed Oil and Gas Sector GHG caps.

Industry Activity and Commodity Cycles

Despite focusing on midstream infrastructure, SECURE remains tethered to the health of the upstream exploration and production (E&P) sector. Demand for drilling fluids, water disposal, and transfer stations correlates directly with the number of rigs actively drilling in the WCSB and North Dakota.

• Customer Consolidation: Widespread merger and acquisition activity among upstream producers is shrinking the customer base. If an acquiring entity already possesses internal waste processing capabilities, SECURE risks losing massive legacy accounts.
• Crude Price Collapses: Extended downturns in global oil prices—triggered by OPEC+ decisions, Chinese economic slowdowns, or Middle Eastern conflicts—force producers to slash capital budgets, immediately curtailing the waste volumes delivered to SECURE’s gates.

Litigation and Intellectual Property

Operating in a highly technical space invites fierce intellectual property disputes. The corporation is currently locked in a massive legal battle with Canadian Energy Services L.P. (CES) regarding a patented heavy oil extraction chemical technology.

• High-Stakes Claims: Following the Supreme Court of Canada’s refusal to hear CES’s appeal in January 2026, SECURE definitively secured ownership of the patent. Subsequently, in May 2025, SECURE launched an infringement claim against CES seeking at least $100 million in damages—a sum that remains subject to final judicial determination.

Financial and Leverage Risks

While recently recapitalised, SECURE must constantly service a massive debt load, exposing it to volatile interest rates via its floating-rate revolving credit facility.

• Credit Downgrades: Any failure to meet strict financial covenants could trigger immediate debt acceleration. A downgrade of its B+ (S&P) or BB- (Fitch) ratings would drastically increase the cost of future refinancing.
• Trading Exposures: The crude oil marketing desk frequently holds “open positions”—the net difference between physical buy and sell contracts. Sudden shocks in energy prices can result in devastating financial losses before these positions can be unwound.

Social, Reputation, and ESG Scrutiny

Public tolerance for fossil fuel-adjacent infrastructure is rapidly deteriorating. Environmental activism poses a tangible threat to operations via protests, site blockades, and coordinated vandalism.

• Greenwashing Litigation: As the firm promotes its 2025 Sustainability Report, it faces heightened legal scrutiny under new amendments to the Competition Act (Canada). Any perceived overstatement of GHG reductions or environmental benefits can trigger severe regulatory penalties and investor flight.
• Indigenous Claims: SECURE operates extensively across traditional territories. Evolving legislation, such as the implementation of the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP), grants Indigenous communities greater authority over project approvals. Unresolved land claims or consultation failures can indefinitely delay critical infrastructure expansions.

Conclusion and Strategic Outlook

SECURE Waste Infrastructure Corp. has definitively transformed from a cyclical oilfield services provider into a resilient, infrastructure-anchored powerhouse. By aggressively divesting non-core operations and deploying the proceeds to eradicate legacy debt, the corporation has engineered a formidable balance sheet capable of weathering severe macroeconomic volatility. The integration of critical assets—from deep disposal wells and crude terminals to the heavy-duty mega shredder—ensures that the company remains deeply entrenched within the North American industrial supply chain.

Moving forward, the enterprise faces complex headwinds, spanning volatile international tariffs, stringent carbon emission caps, and the physical threats of climate change. However, by adhering to a disciplined capital allocation framework that prioritises contracted volumes and robust shareholder returns, SECURE is strategically positioned to capitalise on the mandatory, non-discretionary waste management needs of the global energy and industrial sectors.

Official Site: https://secure.ca/