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Precision Drilling Corporation (PDS) is Canada's largest oilfield services company and one of the leading firms in the United States. The company is also expanding its global footprint with operations in Mexico, Saudi Arabia, Iraq, Kuwait, and the United Arab Emirates. Founded in the early 1950s as a private drilling contractor, Precision has grown into a major provider of contract drilling, well servicing, and strategic support services.
Core Business: Precision specializes in offering contract drilling services, including the procurement and distribution of oilfield supplies, and the manufacture, sale, and repair of drilling equipment. The company’s versatile fleet of high-performance land rigs can handle a wide range of drilling projects, from shallow to extremely deep or extended-reach wells, both in North America and internationally.
Completion and Production Services: Beyond drilling, Precision Drilling also excels in offering completion and production services. These include service rigs, oilfield equipment rental, and camp and catering services, which provide comprehensive solutions to oil and gas exploration and production companies.
Recent Achievements: In 2023, Precision Drilling achieved a significant milestone by reducing its total debt by $152 million, meeting its debt reduction goal. The financial stability of the company was further reinforced by its year-end liquidity update, making it well-positioned for future growth and operational expansion.
Current Projects: The company is actively engaged in various international projects, leveraging its on-the-ground expertise, cutting-edge equipment, and deep industry knowledge to deliver value to customers daily. Precision’s commitment to operational excellence and customer satisfaction continues to drive its success.
With a strong financial position, a versatile and modern fleet, and an expanding international presence, Precision Drilling Corporation remains a key player in the oilfield services industry, committed to delivering top-tier services and innovative solutions to its clients.
Precision Drilling reported Q4 2024 financial results with revenue of $468 million, down 8% from 2023. Adjusted EBITDA was $121 million, including $15 million in share-based compensation charges. Net earnings were $15 million ($1.06 per share), compared to $147 million ($10.42 per share) in 2023.
The company achieved its 2024 debt reduction and shareholder return targets, reducing debt by $176 million and repurchasing $75 million of common shares while increasing cash by $20 million. For 2025, Precision plans to reduce debt by at least $100 million and increase shareholder returns to 35-45% of free cash flow.
Operational highlights include increased activity in Canadian and international drilling (up 12% and 37% respectively), while U.S. activity decreased. Canadian revenue per utilization day was $35,675, U.S. revenue per utilization day was US$30,991, and international revenue per utilization day was US$49,636.
Precision Drilling has announced its upcoming 2024 fourth quarter and year-end results release, scheduled for Wednesday, February 12, 2025, after market close. The company will host a conference call the following day, Thursday, February 13, 2025, beginning at 11:00 a.m. MT (1:00 p.m. ET).
Interested participants must pre-register through a provided URL link to receive a dial-in number and unique PIN for asking questions during the call. Additionally, the event will be accessible via webcast, with a replay available on Precision's website for 12 months following the presentation.
XtremeX Mining Technology (XMT) has announced plans to deploy its innovative AC-electric automated drilling rig with Ivanhoe Electric (NYSE: IE) at the Santa Cruz copper project in Arizona. The company recently secured an $11M Series-A financing led by GoGreen Partners.
The revolutionary hybrid drilling system, which adapts oil and gas technology for mining, will target depths up to 2,000 meters. Under the agreement, Ivanhoe Electric gains exclusive access to three XMT rigs for up to five years. The technology promises faster, safer, and more sustainable drilling operations with improved core recovery and high-fidelity drill chips.
The project involves collaboration with strategic partners including Precision Drilling, Baker Hughes, and the Mines Venture Fund 1, LP. The field trial at Santa Cruz will test the rig's capabilities in accelerating the drilling process and reducing costs for mineral exploration.
Precision Drilling has announced that it has met its 2024 debt repayment and share repurchase targets. The company has allocated significant capital towards reducing its debt and buying back shares, which is expected to enhance shareholder value and demonstrate confidence in its future prospects. In addition, the company provided updates on its capital allocation, financial performance, and operational metrics.
Precision Drilling released its financial results for Q3 2024. The company reported revenue of $492 million, a decrease from $507 million in Q3 2023. Net earnings were $19 million ($1.30 per diluted share), down from $32 million ($2.26 per diluted share) in the same quarter last year. The company experienced lower drilling activity in North America, partially offset by higher day rates and increased international operations.
Precision Drilling (PDS) has announced its upcoming 2024 third quarter results release and conference call schedule. The company plans to release its Q3 2024 results after market close on Tuesday, October 29, 2024. A conference call is scheduled for Wednesday, October 30, 2024, at 11:00 a.m. MT (1:00 p.m. ET).
To participate in the conference call, interested parties must register through a provided URL link. Upon registration, participants will receive a dial-in number and a unique PIN, allowing them to ask questions during the call. Additionally, the call will be webcast and accessible through a separate link. A replay of the webcast will be available on Precision's website for 12 months following the call.
Precision Drilling (PDS) has announced the renewal of its Normal Course Issuer Bid (NCIB) program, allowing the company to repurchase up to 10% of its public float, or approximately 1,393,000 common shares. The Toronto Stock Exchange (TSX) has approved this renewal, which will be effective from September 18, 2024, to September 17, 2025. Precision Drilling believes that share repurchases under the NCIB represent an attractive investment opportunity and are in the best interests of the company and its shareholders.
The company plans to fund the purchases through cash flow from operations. All shares acquired will be cancelled. Precision Drilling has also entered into an automatic share purchase plan with a broker to facilitate repurchases under the NCIB.
Precision Drilling (PDS) has released its 2024 Q2 financial results, showcasing resilience in a challenging market. The company reported revenue of $380 million, a slight decrease from $386 million in Q2 2023. Despite this, Precision Drilling achieved an Adjusted EBITDA of $98 million, maintaining a strong 26% margin. The company's net earnings stood at $15 million or $1.05 per share.
Precision Drilling continued its debt reduction strategy, repaying $64 million of debt in the first half of 2024. The company's total debt now stands at $978 million, down from $1.1 billion at the end of 2023. This financial discipline, combined with operational efficiency improvements, positions Precision Drilling well for future growth despite current market headwinds.
Precision Drilling has announced an extension of its senior credit facility and provided an update on its 2024 debt repayment and share repurchase targets. The company has successfully extended its senior credit facility, which will now mature in 2027. Precision Drilling also announced that it is on track to meet its 2024 debt repayment goals, having already repaid $150 million this year. Additionally, the company aims to repurchase up to $100 million of its shares by the end of 2024. These steps are part of Precision Drilling's broader strategy to enhance shareholder value and strengthen its financial position.
Precision Drilling will release its 2024 Q2 financial results after market close on July 30, 2024. A conference call is scheduled for July 31, 2024, at 11:00 a.m. MT (1:00 p.m. ET) for detailed discussions and Q&A sessions. Registration is required to participate, and a replay will be available on Precision's website for 12 months.
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