Overview
SECURE provides environmental and energy infrastructure services in Western Canada and North Dakota, including waste management, oil and water gathering, metal recycling, and storage. Its operations use a network of facilities and pipelines to process waste, transport energy liquids, and recover metals, earning fees and proceeds from sold recovered materials. The value comes from a large, strategically located footprint that enables end-to-end handling of waste, liquids, and recyclables across a regional scale. The goal is to help customers reduce costs and improve netbacks while expanding responsibly and maintaining strong community and environmental stewardship.
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Simplify's take
What believers are saying
- Q2 2026 revenue reached $422 million, up 19%, with EBITDA at $129 million.
- SECURE raised 2026 growth capital to $100 million on April 30, 2026 for high-return projects.
- Management kept 2026 EBITDA guidance at $520 million to $550 million after strong first-half execution.
What critics are saying
- GFL closed SECURE on September 1, 2026; SECURE delisted September 2, 2026.
- Virden sued SECURE on October 21, 2026, alleging $334,500 remediation and contract breaches.
- CES patent litigation survived appeals by January 28, 2026; a $100 million damages claim remains active.
What makes SECURE unique
- Western Canada's dense waste and water network supported $422 million revenue in Q2 2026.
- Montney disposal and Industrial Heartland assets create hard-to-replicate local permitting advantages.
- SECURE's 75 facilities bundled waste management, pipelines, terminals, and recycling under one platform.
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