Precision Drilling Corporation reports developments in contract drilling, well servicing and related oilfield services for energy customers in Canada, the United States and international markets. Company updates commonly cover Super Series drilling rigs, fleet upgrades, utilization trends, well service activity, rental equipment, camps and technical support services.
Precision news also includes quarterly and annual financial results, capital allocation, debt reduction, shareholder returns, annual disclosure documents and shareholder meeting materials. Its operating updates reference the Alpha™ digital technology portfolio for automation and analytics and the EverGreen™ suite of environmental solutions used in its drilling services.
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.
On October 22, 2020, PDS announced key developments impacting its operations and financial outlook. The company demonstrated resilience despite challenges, emphasizing a commitment to strategic initiatives. Revenue figures for the third quarter showed slight fluctuations compared to previous years, influencing shareholder sentiment. The outlook for upcoming quarters remains cautiously optimistic, with a focus on operational efficiency and market expansion.
Precision Drilling Corporation plans to announce its 2020 third quarter financial results before the market opens on October 22, 2020. A conference call and webcast will follow at 12:00 Noon MT (2:00 p.m. ET) on the same day, allowing investors to access the latest company insights.
The conference call can be joined via dial-in numbers 844-515-9176 or 614-999-9312 (International). An archived version of the webcast will be available on their website for 60 days.
Precision Drilling Corporation (NYSE: PDS) released its 2020 Corporate Responsibility Report, highlighting its environmental, social, and governance (ESG) initiatives. The report emphasizes the company's efforts in reducing operational costs, minimizing environmental impact, and enhancing its brand through community involvement and robust governance practices. Key highlights include investments in Super Series Rigs and recognition for increasing efficiencies. Precision is committed to an inclusive workplace and sustainable practices such as geothermal energy projects. Investors can access the full report on Precision’s website.
Precision Drilling Corporation (TSX:PD; NYSE:PDS) announced the renewal of its normal course issuer bid (NCIB) to repurchase up to 23,997,668 common shares, or about 10% of the public float as of August 14, 2020. Purchases will start on August 27, 2020, and conclude by August 26, 2021, or earlier if completed. The company aims to enhance shareholder value through this initiative. In the previous NCIB, Precision acquired 19,586,159 shares at an average price of CAD$1.59.