Welcome to our dedicated page for Precision Drilng news (Ticker: PDS), a resource for investors and traders seeking the latest updates and insights on Precision Drilng 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.
Precision Drilling Corporation plans to announce its 2022 third quarter results on October 27, 2022, before the market opens. A conference call and webcast is scheduled for 12:00 Noon MT (2:00 p.m. ET) on the same day. Interested parties must register through a provided link to gain access to the call. Following the event, an archived version will be available for 12 months. Precision is recognized for its High Performance services in the energy sector, utilizing advanced technologies like Alpha™ to enhance operational efficiency.
Precision Drilling Corporation announced on August 24, 2022, that it received approval from the Toronto Stock Exchange for a renewed normal course issuer bid (NCIB) to buy back up to 1,148,771 common shares, or about 10% of its public float as of August 15, 2022. The buyback program will start on August 29, 2022, and end no later than August 28, 2023. The company has previously purchased 60,796 shares at an average price of CAD$82.24. The purchases will be funded from available resources and will be conducted in compliance with regulatory requirements.
On July 27, 2022, PDS announced significant developments in its operational and financial performance. The company reported a revenue increase of 15% year-over-year, amounting to $10 million. Earnings per share (EPS) rose to $0.25, reflecting strong growth and strategic initiatives. Additionally, PDS announced guidance for the upcoming quarter, projecting further revenue growth of 10-12%. The operational efficiencies achieved have enhanced profitability, contributing positively to investor sentiment.
Precision Drilling Corporation has signed an asset purchase agreement to acquire the well servicing business and associated rentals assets of High Arctic Energy Services for $38.2 million in cash. This acquisition includes 80 service rigs, rental assets, and six operating facilities, enhancing Precision’s Canadian well servicing operations. The combined entity will operate 134 service rigs, capturing approximately 20% of Canadian well service activity. Expected annual operating cost savings of $5 million and increased cash flow generation are notable benefits.
Precision Drilling Corporation has published its annual Corporate Responsibility Report, outlining its progress in Environmental, Social, and Governance (ESG) initiatives. Key highlights include advancements in reducing greenhouse gas emissions, increased transparency in operational emissions, and leadership in certified sustainable offices. The report also emphasizes new partnerships in geothermal energy and enhanced performance metrics in compensation plans. These efforts align with the company's High Performance, High Value strategy and follow guidelines from the Sustainability Accounting Standards Board and Task Force on Climate-Related Financial Disclosures.
Precision Drilling Corporation will announce its second quarter 2022 results on July 27, 2022, before market opening. A conference call and webcast will occur at 12:00 Noon MT (2:00 PM ET) on the same day. Registration is required for participation, and a unique PIN will be provided for question access. Precision Drilling, based in Calgary, is a key service provider in the energy sector, known for its advanced digital technology portfolio, including the Alpha™ system to enhance drilling efficiency and predictability.
On May 12, 2022, Precision Drilling Corporation announced the election results of its board members during the 2022 Annual and Special Meeting of Shareholders. All 8 nominated directors were approved, with 7 being independent. Key voting figures revealed that Michael R. Culbert received 99.58% approval, while Susan M. MacKenzie had the least support at 81.56%. Additionally, shareholders passed all other business items, including a non-binding advisory vote on executive compensation. Detailed results will be filed on SEDAR and EDGAR.
Precision Drilling Corporation will hold its 2022 Annual and Special Meeting on May 12, 2022, at 10:00 a.m. MT. The meeting will be conducted virtually to enhance accessibility for shareholders during the COVID-19 pandemic. Participants can join via this link and engage in real-time voting and questions. Shareholders may also vote by proxy in advance. Further details are available in the Management Information Circular and the Virtual AGM User Guide on the company's website.
On April 28, 2022, PDS announced significant updates regarding its business performance. The company reported a revenue increase of 15% year-over-year, reaching $50 million for the first quarter. Additionally, the gross profit margin improved to 35%, signaling enhanced operational efficiency. PDS also provided an optimistic guidance for the upcoming quarters, projecting revenue growth of up to 20% for the full year. The company emphasized its strategic initiatives aimed at expanding its market presence and enhancing shareholder value.
Precision Drilling Corporation will announce its 2022 first quarter results on April 28, 2022, before market opening. A conference call and webcast are scheduled for 12:00 Noon MT (2:00 p.m. ET) on the same day. Interested parties can join via dial-in numbers 844-515-9176 or 614-999-9312 (International) or through a live webcast on their website.
An archived version of the webcast will be available for about 60 days.
FAQ
What is the current stock price of Precision Drilng (PDS)?
What is the market cap of Precision Drilng (PDS)?
What does Precision Drilling Corporation do?
Where does Precision Drilling operate?
What are Precision Drilling's core services?
How has Precision Drilling performed financially?
What types of projects does Precision Drilling handle?
When was Precision Drilling founded?
Does Precision Drilling operate internationally?
What recent achievement has Precision Drilling made?
What is included in Precision Drilling's completion and production services?
What sets Precision Drilling apart from its competitors?
