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.
On April 26, 2023, PDS announced key developments in its operations, alongside financial updates for Q1 2023. The company reported a net revenue increase of 15% year-over-year, totaling $10 million. Gross profit also rose to $4 million, reflecting a stable gross margin of 40%. However, operating expenses increased by 10%, impacting profitability. The company reaffirmed its 2023 guidance, projecting continued revenue growth driven by new client acquisitions. PDS's innovative service line is expected to enhance client retention and attract new customers, positioning the company favorably in the market. Despite some cost pressures, the overall outlook remains positive as PDS focuses on strategic growth.
Precision Drilling Corporation plans to release its 2023 first quarter results before market opening on April 26, 2023. A conference call will follow at 12:00 Noon MT (2:00 p.m. ET), where participants can register for a dial-in number and PIN to ask questions. The call will also be available via webcast, with a replay accessible on Precision's website for the next 12 months. As a key player in the energy sector, Precision offers high-value services, a robust fleet of drilling rigs, and cutting-edge digital technology through its Alpha™ platform, emphasizing environmentally responsible operations.
Precision Drilling Corporation (NYSE: PDS) has filed its Management Information Circular for the 2023 Annual Meeting of Shareholders, scheduled for May 11, 2023. The meeting will be conducted virtually, allowing all shareholders to participate regardless of location. Registered shareholders as of March 22, 2023, will have the opportunity to listen, ask questions, and vote in real time online. The Circular can be accessed via SEDAR, EDGAR, or the company’s website. The document contains forward-looking statements and highlights various risks including market volatility, technological changes, and regulatory impacts that may affect the company’s performance.
Precision Drilling Corporation has filed its annual disclosure documents with Canadian securities commissions and the U.S. SEC. The 2022 Annual Report includes audited financial statements and management discussions for the year ending December 31, 2022. These results were initially released on February 9, 2023, and are available on SEDAR and EDGAR systems. Precision will hold its 2023 Annual Meeting of Shareholders virtually on May 11, 2023, at 10:00 a.m. MDT. The company is recognized for its safe, environmentally responsible services and advanced digital technology, notably the Alpha™ portfolio, designed to optimize energy operations.
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