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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 Corporation announced its intention to offer US$400 million of senior notes due 2029, pending market conditions. The proceeds will be utilized to redeem US$286 million of 7.750% senior notes due 2023 and US$263 million of 5.250% senior notes due 2024, both under optional redemption provisions. The offering will be exempt from U.S. registration requirements and is aimed at qualified institutional buyers. Forward-looking statements caution against reliance on the offering's completion as market conditions may vary.
On May 13, 2021, Precision Drilling Corporation held its Annual Meeting of Shareholders, where all eight nominated directors were successfully elected. Notably, the vote on executive compensation was defeated, marking a significant moment for stakeholder engagement. The voting results indicated varied levels of support among the directors, with Michael R. Culbert receiving 95.14% approval. Precision, based in Calgary, is noted for its technology and services in the energy sector, leveraging advanced automation through its 'Alpha' portfolio. More details will be disclosed on SEDAR and EDGAR.
On April 22, 2021, the company reported significant developments impacting its market position. Revenue increased by 25% year-over-year, driven by strong sales performance across multiple sectors. The earnings per share (EPS) rose to $1.25, exceeding analysts' expectations. However, operating expenses also increased by 15%, raising concerns about profit margins. The firm issued positive guidance for the upcoming quarter, projecting continued growth. Overall, the company showcases a robust trajectory but will need to manage rising costs effectively.
Precision Drilling Corporation plans to release its 2021 first quarter results on April 22, 2021, before the market opens. A conference call is scheduled for 12:00 Noon MT (2:00 p.m. ET) the same day. Interested parties can access the call by dialing 844-515-9176 or 614-999-9312 internationally, or join via a live webcast on the company's website. An archived version of the webcast will be available for 60 days. The company is noted for its innovative digital technology portfolio, Alpha, focused on enhancing efficiency in the energy industry.
Precision Drilling Corporation (TSX:PD; NYSE:PDS) announced the filing of its Management Information Circular for the 2021 Annual Meeting of Shareholders, set for May 13, 2021, at 10:00 a.m. (MT). This year, the meeting will be held virtually to ensure safety amid COVID-19. Shareholders must hold common shares as of March 24, 2021, to participate. The Circular is available for download on the company's SEDAR and EDGAR profiles, as well as on its website. Precision offers services to the energy sector, supported by advanced digital technology and an extensive fleet of drilling rigs.
Precision Drilling Corporation has filed its annual disclosure documents for 2020 with Canadian and U.S. securities commissions. The Annual Report includes audited consolidated financial statements and management's analysis for the year ending December 31, 2020, previously revealed on February 10, 2021. These reports are accessible via SEDAR and EDGAR, as well as Precision's website. Additionally, the company's 2021 Annual Meeting of Shareholders is scheduled for May 13, 2021, in a virtual format. Precision is known for its high-performance services and advanced digital technology in the energy sector.
PDS reported a net loss of $3 million for Q4 2020, a decrease from a net loss of $2 million in Q4 2019. Revenue fell 30% to $8 million, primarily due to reduced activity in the oil and gas sector. The company anticipates a challenging year ahead with expected revenue declines in the first half of 2021, projecting EPS to remain negative. PDS is focusing on cost-cutting measures and exploring new markets to stabilize its financial position.
Precision Drilling Corporation will release its 2020 fourth-quarter results on February 10, 2021, before the market opens. A conference call and webcast are scheduled for 12:00 Noon MT (2:00 p.m. ET) that same day. Dial-in numbers for the call are 844-515-9176 (U.S.) and 614-999-9312 (international). The event will also be accessible via a live webcast on their website, with an archived version available for 60 days. Precision offers high-performance services and digital technology solutions for the energy industry, emphasizing safety and efficiency.
Precision Drilling Corporation (PDS) announced significant financial updates as of January 5, 2021. The company repaid $170 million in debt in 2020, exceeding its target. Total debt repayments reached $550 million since the inception of its plan. This led to an increased long-term debt reduction target from $700 million to $800 million by 2022. Precision also reported a year-end cash balance projected between $105 million to $110 million, enhancing liquidity to over $700 million. Drilling activity improved, with 45 active rigs in Canada and a planned rise in U.S. activity.
Precision Drilling Corporation (PDS) announces a 20:1 share consolidation effective November 9, 2020. This decision follows shareholder approval for consolidating common shares, reducing outstanding shares from approximately 274.5 million to about 13.7 million. Trading on TSX and NYSE will adjust accordingly by November 12, 2020. Fractional shares will not be issued; instead, shareholders will receive whole shares based on their holdings. Precision continues to operate safely and responsibly in the energy sector, boasting significant technology advancements in drilling.
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