STOCK TITAN
  1. Home
  2. News
  3. PDS

Precision Drilling Corporation - PDS STOCK NEWS

Welcome to our dedicated page for Precision Drilling Corporation news (Ticker: PDS), a resource for investors and traders seeking the latest updates and insights on Precision Drilling Corporation stock.

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.

News

Precision Drilling Corporation 2024 First Quarter Results Conference Call and Webcast

Rhea-AI Summary
Precision Drilling (PDS) is set to announce its 2024 first quarter results on April 25, 2024, with a conference call scheduled for the same day. Participants can register for the call to ask questions and access the webcast for further details.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
4.39%
Tags
earnings
-
News

Precision Drilling Corporation Announces Filing of Annual Disclosure Documents

Rhea-AI Summary
Precision Drilling Corporation (PDS) has filed its 2023 Annual Report with audited financial statements and management's discussion. The financial results for 2023 were previously released. The Annual Report is available on SEDAR+ and Form 40-F on the SEC's EDGAR system. The company's 2024 Annual and Special Meeting of Shareholders will be held virtually on May 16, 2024.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.36%
Tags
none
-
News

Precision Drilling Reports 2023 Fourth Quarter and Year-End Unaudited Financial Results

Rhea-AI Summary
Precision Drilling announces strong 2023 fourth quarter results, generating revenue of $507 million, Adjusted EBITDA of $151 million, and net earnings of $147 million. The company achieved annual debt reduction and shareholder capital return targets, reducing debt by $152 million and repurchasing $30 million of common shares. Precision plans to reduce debt by another $150 million to $200 million in 2024 and allocate 25% to 35% of free cash flow towards share repurchases. The 2024 capital budget is $195 million, lower than the $227 million invested in 2023.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
5.72%
Tags
earnings
News

Precision Drilling Meets 2023 Debt Repayment and Share Repurchase Targets and Provides Capital Allocation, Financial and Operational Updates

Rhea-AI Summary
Precision Drilling Corporation (PD; PDS) announced a series of positive updates including 2023 debt repayment and year-end liquidity update, capital allocation framework update, and financial and operational update. The company reduced total debt by $152 million in 2023 and ended the year with a cash balance of approximately $55 million and total liquidity of approximately $615 million. Precision also plans to improve capital returns to shareholders in 2024 by increasing debt reduction and share buyback allocations.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
5.38%
Tags
buyback
-
News

Precision Drilling Corporation 2023 Fourth Quarter and Year-End Results Conference Call and Webcast

Rhea-AI Summary
Precision Drilling Corporation (PD) to release 2023 Q4 and year-end results on February 6, 2024, followed by a conference call. Participants can register for the call and access the webcast through provided links.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.72%
Tags
none
-
News

Precision Drilling Completes Acquisition of CWC Energy Services Corp.

Rhea-AI Summary
Precision Drilling Corporation (TSX:PD; NYSE:PDS) has completed the acquisition of CWC Energy Services Corp. for approximately $127 million, including cash, shares, and assumption of debt. The integration is expected to generate $20 million in annual operating synergies and $20 million from real estate sales. Precision now has 72 active service rigs in Canada, 73 active drilling rigs in Canada, and 51 active drilling rigs in the U.S.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.01%
Tags
acquisition
News

Precision Drilling Announces 2023 Third Quarter Unaudited Financial Results

Rhea-AI Summary
Precision Drilling announces strong 2023 third quarter financial results with increased revenue and adjusted EBITDA. Demand for Super Triple and Super Single rigs remains high in Canada. The company expects increased drilling activity in the U.S. and international markets. Precision plans to complete the acquisition of CWC Energy Service Corp. and increase capital spending to support rig upgrades.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-4.05%
Tags
earnings
-
News

Precision Drilling Corporation 2023 Third Quarter Results Conference Call and Webcast

Rhea-AI Summary
Precision Drilling Corporation to release Q3 2023 results on October 26, 2023
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.8%
Tags
earnings
-
News

Precision Announces Renewal of Normal Course Issuer Bid

Rhea-AI Summary
Precision Drilling Corporation has received approval from the Toronto Stock Exchange (TSX) to implement a normal course issuer bid (NCIB) for a portion of its common shares. The NCIB allows the company to acquire up to 1,326,321 Common Shares, or approximately 10% of the public float, for cancellation. Purchases under the NCIB will be made through the facilities of the TSX, NYSE, and other designated exchanges, at a price per Common Share representative of the market price at the time of acquisition.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.6%
Tags
none
News

Precision Drilling Announces Acquisition of CWC Energy Services

Rhea-AI Summary
Precision Drilling Corporation announces acquisition of CWC Energy Services Corp.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.36%
Tags
acquisition

FAQ

What is the current stock price of Precision Drilling Corporation (PDS)?

The current stock price of Precision Drilling Corporation (PDS) is $62.3 as of November 15, 2024.

What is the market cap of Precision Drilling Corporation (PDS)?

The market cap of Precision Drilling Corporation (PDS) is approximately 890.7M.

What does Precision Drilling Corporation do?

Precision Drilling Corporation specializes in contract drilling, well servicing, and strategic support services for oil and gas exploration and production companies.

Where does Precision Drilling operate?

The company operates in Canada, the United States, Mexico, Saudi Arabia, Iraq, Kuwait, and the United Arab Emirates.

What are Precision Drilling's core services?

The core services include contract drilling, the manufacture and repair of drilling equipment, well servicing, oilfield equipment rental, and camp and catering services.

How has Precision Drilling performed financially?

In 2023, Precision Drilling reduced its total debt by $152 million and provided a year-end liquidity update, indicating a stable financial position.

What types of projects does Precision Drilling handle?

Precision Drilling handles a range of projects from shallow to very deep or extended-reach wells using its versatile fleet of high-performance land rigs.

When was Precision Drilling founded?

Precision Drilling was founded as a private drilling contractor in the early 1950s.

Does Precision Drilling operate internationally?

Yes, Precision Drilling has a growing international presence with operations in multiple countries outside North America.

What recent achievement has Precision Drilling made?

In 2023, Precision Drilling successfully reduced its total debt by $152 million.

What is included in Precision Drilling's completion and production services?

The completion and production services include service rigs, oilfield equipment rental, and camp and catering services.

What sets Precision Drilling apart from its competitors?

Precision Drilling's extensive fleet, operational expertise, and strong focus on customer satisfaction set it apart in the oilfield services industry.

Stock PDS logo
Precision Drilling Corporation

NYSE:PDS

PDS Rankings

#2645 Ranked by Market Cap
N/A Ranked by Dividends

PDS Stock Data

890.67M
14.07M
2.13%
63.54%
1.31%
Oil & Gas Drilling
Energy
Link
United States of America
Calgary