Precision Drilling

Precision Drilling Corp. engages in the provision of onshore drilling, completion, and production services to the oil and natural gas industry. It operates through the following business segments: Contract Drilling Services and Completion and Production Services. The Contract Drilling Services segment includes rig and directional drilling, procurement and distribution of oilfield supplies, and the manufacture, sale, and repair of drilling equipment. The Completion and Production Services segment includes service rigs, oilfield equipment rental, and camp and catering services. The company was founded in 1951 and is headquartered in Calgary, Canada.

Earnings data Q1 2021

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Earnings data Q1 2024

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Earnings data Q4 2024

Precision Drilling excels in Q4, eyes debt reduction and expansion

Precision Drilling's Q4 performance exceeded expectations, showcasing strong revenue growth and margin discipline. While facing challenges in share-based compensation and CapEx, the company is well-positioned to capitalize on opportunities for debt reduction and expansion.

Precision Drilling (PDS) excels in Q1, eyes strategic growth

Precision Drilling's strong financial performance, focus on debt reduction, and strategic cost control measures position the company well for future growth. Challenges in rig fungibility and market shortages require careful navigation, while seizing opportunities in shifting demand landscapes is crucial for sustained success.

Precision Drilling surpasses Q2 expectations, eyes growth amid challenges

Precision Drilling's Q2 performance exceeded expectations, driven by strong financial results and successful debt reduction efforts.
The company's focus on reducing debt, expanding Evergreen solutions, and enhancing software offerings positions it well for future growth.
Challenges include potential delays in rig additions by smaller producers and rig capacity shortages in Canada, which require strategic solutions.

Precision Drilling reports strong Q3 results, focuses on debt reduction and Gulf region expansion

Precision Drilling's Q3 performance showcased strength in Canada but challenges in the U.S. The company's debt reduction strategy and focus on shareholder returns are key highlights. Opportunities lie in expanding presence in the Gulf region and strategic mergers.

Precision Drilling reports robust 2023 results, eyes international growth

Precision Drilling (PDS) delivered strong financial performance in 2023, focusing on debt reduction and shareholder value enhancement.
The company faces challenges in balancing increased activity levels with reduced international expenditures and managing debt reduction targets.
Opportunities lie in expanding international activities, enhancing shareholder returns, adopting automation technology, and leveraging disciplined market rates for growth.
Strategic priorities, market positioning, and technological advancements position Precision Drilling well for future growth and operational efficiency.

Precision Drilling surpasses Q1 expectations, eyes Canadian growth opportunities

Precision Drilling delivered strong Q1 results, focusing on debt reduction, shareholder returns, and operational efficiency. Challenges include market dynamics in the Lower 48 and cost range for international rig readiness. Opportunities lie in Canadian rig count growth, automation technology adoption, and potential rig movements.

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CALGARY, Alberta, Jan. 06, 2022 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (“Precision” or “the Company”) (TSX:PD; NYSE:PDS) provides a series of announcements including: 1) An introduction to its capital allocation framework through 2025; 2) 2021 debt reduction and year-end liquidity updates; and 3) Operations update for drilling activity, Alpha™ technologies and EverGreen™ solutions.

Precision Drilling Introduces Capital Allocation Framework Through 2025 and Provides Balance Sheet and Operational Updates

Precision is currently sitting on the 200-day moving average after falling 30% since mid-October. Precision is cleaning up its balance sheet and will be in a very good spot if we continue to see higher oil prices.

Precision Drilling: Good Buying Opportunity

Precision Drilling Corp Brands, Inc. (PDS) CEO Kevin Neveu on Q3 2021 Results - Earnings Call Transcript

Precision Drilling (PDS) delivered earnings and revenue surprises of -71.97% and -3.28%, respectively, for the quarter ended September 2021. Do the numbers hold clues to what lies ahead for the stock?

Precision Drilling (PDS) Reports Q3 Loss, Misses Revenue Estimates

CALGARY, Alberta, Oct. 21, 2021 (GLOBE NEWSWIRE) -- This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to Adjusted EBITDA (earnings before income taxes, loss (gain) on repurchase of unsecured senior notes, gain on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Covenant EBITDA, Operating Earnings (Loss), Funds Provided by (Used in) Operations and Working Capital. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures used by other companies, see “Non-GAAP Measures” later in this news release.

Precision Drilling Corporation Announces 2021 Third Quarter Unaudited Financial Results

CALGARY, Alberta, Oct. 04, 2021 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (“Precision”) intends to release its 2021 third quarter results before the market opens on Thursday, October 21, 2021 and has scheduled a conference call and webcast to begin promptly at 12:00 Noon MT (2:00 p.m. ET) on the same day.

Precision Drilling Corporation 2021 Third Quarter Results Conference Call and Webcast

CALGARY, Alberta, July 23, 2021 (GLOBE NEWSWIRE) -- Cathedral Energy Services Ltd. (TSX:CET) (“Cathedral”) and Precision Drilling Corporation (TSX: PD, NYSE: PDS) (“Precision”) are pleased to announce the closing of Cathedral's acquisition of Precision's directional drilling business (the “Transaction”) for a purchase price of $6,350,000.   The Transaction includes operating assets and personnel of Precision's directional drilling business (including its operations facility in Nisku, Alberta), along with an additional $3 million cash investment by Precision to support growth and expansion of Cathedral, including continuing the buildout of RapidFireTM measurement-while-drilling guidance systems and nDuranceTM drilling motors. Additionally, the Transaction is expected to enhance margins as expenses related to rental equipment used by Precision are replaced with proprietary Cathedral tools.

Cathedral Energy Services and Precision Drilling Announce Business Transaction, Strategic Alliance and Newly Appointed Board Member

Precision Drilling Corporation (PDS) CEO Kevin Neveu on Q2 2021 Results - Earnings Call Transcript

Precision Drilling (PDS) delivered earnings and revenue surprises of -11.51% and -2.03%, respectively, for the quarter ended June 2021. Do the numbers hold clues to what lies ahead for the stock?

Precision Drilling (PDS) Reports Q2 Loss, Lags Revenue Estimates

CALGARY, Alberta, July 22, 2021 (GLOBE NEWSWIRE) -- This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to Adjusted EBITDA, Covenant EBITDA, Operating Earnings (Loss), Funds Provided by (Used in) Operations and Working Capital. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures used by other companies, see “Non-GAAP Measures” later in this news release.

Precision Drilling Corporation Announces 2021 Second Quarter Unaudited Financial Results

CALGARY, Alberta, July 15, 2021 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (“Precision” or the “Company”) is pleased to announce several key Environmental, Social and Governance (ESG) accomplishments aligned with our High Performance, High Value strategy and one of our three 2021 strategic priorities to “demonstrate leading ESG performance”.

Precision Drilling Announces Release of Second Annual Corporate Responsibility Report, Creation of Environmental Team and Launch of EverGreen™ Brand

CALGARY, Alberta, July 08, 2021 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (“Precision”) intends to release its 2021 second quarter results before the market opens on Thursday, July 22, 2021, and has scheduled a conference call and webcast to begin promptly at 12:00 Noon MT (2:00 p.m. ET) on the same day.

Precision Drilling Corporation 2021 Second Quarter Results Conference Call and Webcast

CALGARY, Alberta, June 15, 2021 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (“Precision” or the “Company”) announced today the closing of its previously announced private offering of US$400 million aggregate principal amount of 6.875% Senior Notes due 2029 (the “Notes”), issued at a price equal to 99.253% of the face value, in a transaction that was exempt from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes are guaranteed on a senior unsecured basis by current and future U.S. and Canadian subsidiaries of Precision that also guarantee Precision's revolving credit facility and certain other future indebtedness. As previously announced, Precision will use the net proceeds from the offering, together with unutilized capacity under its revolving credit facility to: (i) redeem in full US$286 million aggregate principal amount of its 7.750% Senior Notes due 2023 (the “2023 Notes”) and (ii) redeem in full US$263 million aggregate principal amount of its 5.250% Senior Notes due 2024 (“2024 Notes”). The redemption of the 2023 Notes and 2024 Notes will occur on June 16, 2021 and interest will cease to accrue on the 2023 Notes and 2024 Notes on that date.

Precision Drilling Corporation Announces Closing of Offering of US$400,000,000 of 6.875% Senior Notes Due 2029 and Redemption of 7.75% Senior Notes Due 2023 and 5.25% Senior Notes Due 2024

CALGARY, Alberta, June 02, 2021 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (“Precision” or the “Company”) announced today that it has priced US$400,000,000 aggregate principal amount of its 6.875% Senior Notes due 2029 (the “Notes”), issued at a price equal to 99.253% of the face value, in a private offering that is exempt from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes will be guaranteed on a senior unsecured basis by current and future U.S. and Canadian subsidiaries that also guarantee Precision's revolving credit facility and certain other future indebtedness. Precision plans to use the net proceeds from the offering, together with unutilized capacity under its revolving credit facility, to: (i) redeem in full US$286 million aggregate principal amount of its 7.750% Senior Notes due 2023 (“2023 Notes”); and (ii) redeem in full US$263 million aggregate principal amount of its 5.250% Senior Notes due 2024 (“2024 Notes”), with conditional redemption notices for such redemptions issued yesterday.

Precision Drilling Corporation Announces Pricing of Private Offering of US$400,000,000 of Senior Notes Due 2029

CALGARY, Alberta, June 01, 2021 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (“Precision” or the “Company”) announced today that it intends, subject to market and other conditions, to offer US$400,000,000 aggregate principal amount of senior notes due 2029 (the “Notes”) in a private offering that is exempt from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes will be guaranteed on a senior unsecured basis by current and future U.S. and Canadian subsidiaries that also guarantee Precision's revolving credit facility and certain other future indebtedness. Precision plans to use the net proceeds from the offering, together with unutilized capacity under its revolving credit facility, to: (i) redeem in full US$286 million aggregate principal amount of its 7.750% Senior Notes due 2023 (“2023 Notes”); and (ii) redeem in full US$263 million aggregate principal amount of its 5.250% Senior Notes due 2024 (“2024 Notes”). The redemption of the 2023 Notes and the 2024 Notes is conditional upon the completion of the Notes offering.

Precision Drilling Corporation Announces Proposed Private Offering of US$400,000,000 of Senior Notes and Conditional Early Redemption of 7.75% Senior Notes Due 2023 and 5.25% Senior Notes Due 2024

CALGARY, Alberta, May 13, 2021 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (“Precision” or the “Company”) is pleased to announce the results of the election of board members at its 2021 Annual Meeting of Shareholders held on May 13, 2021 (the “Annual Meeting”). Shareholders approved the election of all 8 (7 of whom are independent) of the nominee directors presented in the Company's Management Information Circular, dated March 31, 2021.

Precision Drilling Corporation Announces the Results of the 2021 Annual Meeting of Shareholders

Precision Drilling Corporation's (PDS) CEO Kevin Neveu on Q1 2021 Results - Earnings Call Transcript

CALGARY, Alberta, April 22, 2021 (GLOBE NEWSWIRE) -- This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to Adjusted EBITDA, Covenant EBITDA, Operating Earnings (Loss), Funds Provided by (Used in) Operations and Working Capital. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures used by other companies, see “Non-GAAP Measures” later in this news release.

Precision Drilling Corporation Announces 2021 First Quarter Unaudited Financial Results

Precision Drilling (PDS) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Precision Drilling (PDS) Expected to Beat Earnings Estimates: Can the Stock Move Higher?

CALGARY, Alberta, April 06, 2021 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (“Precision”) intends to release its 2021 first quarter results before the market opens on Thursday, April 22, 2021, and has scheduled a conference call and webcast to begin promptly at 12:00 Noon MT (2:00 p.m. ET) on the same day.

Precision Drilling Corporation 2021 First Quarter Results Conference Call and Webcast

This news release contains "forward-looking information and statements" within the meaning of applicable securities laws. For important information with respect to such forward-looking information and statements and the further assumptions and risks to which they are subject, see the "Cautionary Statement Regarding Forward-Looking Information and Statements" later in this news release.

Precision Drilling Announces Filing of Management Information Circular and Virtual-Only Annual Meeting of Shareholders

PDS has rebounded sharply from recent lows, and is currently near one-year highs. The company has done a great job with cost reduction, debt reduction, and with pricing power can begin to raise day-rates.

Precision Drilling Corp: Up Big With More Room To Grow

Precision Drilling Corporation (PDS) CEO Kevin Neveu on Q4 2020 Results - Earnings Call Transcript

Precision Drilling (PDS) delivered earnings and revenue surprises of 7.89% and -0.80%, respectively, for the quarter ended December 2020. Do the numbers hold clues to what lies ahead for the stock?

Precision Drilling (PDS) Reports Q4 Loss, Misses Revenue Estimates

CALGARY, Alberta, Feb. 10, 2021 (GLOBE NEWSWIRE) -- This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to Adjusted EBITDA, Covenant EBITDA, Operating Earnings (Loss), Funds Provided by (Used in) Operations and Working Capital. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures used by other companies, see “Non-GAAP Measures” later in this news release. Amounts presented are in Canadian dollars, unless otherwise stated.

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