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) delivers essential oilfield services across North America and key international markets. This dedicated news hub provides investors and industry professionals with verified updates about the company's operational developments, strategic initiatives, and market position.
Key Resources: Access official press releases detailing new contracts, fleet expansions, and financial results alongside third-party analysis of industry trends impacting PDS. Content spans drilling innovations, safety milestones, and energy sector partnerships.
Strategic Insights: Track updates across core operational areas including contract drilling services, well completion projects, and equipment fleet management. Stay informed about leadership changes and regulatory developments affecting oilfield services.
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Precision Drilling released its financial results for Q3 2024. The company reported revenue of $492 million, a decrease from $507 million in Q3 2023. Net earnings were $19 million ($1.30 per diluted share), down from $32 million ($2.26 per diluted share) in the same quarter last year. The company experienced lower drilling activity in North America, partially offset by higher day rates and increased international operations.
Precision Drilling (PDS) has announced its upcoming 2024 third quarter results release and conference call schedule. The company plans to release its Q3 2024 results after market close on Tuesday, October 29, 2024. A conference call is scheduled for Wednesday, October 30, 2024, at 11:00 a.m. MT (1:00 p.m. ET).
To participate in the conference call, interested parties must register through a provided URL link. Upon registration, participants will receive a dial-in number and a unique PIN, allowing them to ask questions during the call. Additionally, the call will be webcast and accessible through a separate link. A replay of the webcast will be available on Precision's website for 12 months following the call.
Precision Drilling (PDS) has announced the renewal of its Normal Course Issuer Bid (NCIB) program, allowing the company to repurchase up to 10% of its public float, or approximately 1,393,000 common shares. The Toronto Stock Exchange (TSX) has approved this renewal, which will be effective from September 18, 2024, to September 17, 2025. Precision Drilling believes that share repurchases under the NCIB represent an attractive investment opportunity and are in the best interests of the company and its shareholders.
The company plans to fund the purchases through cash flow from operations. All shares acquired will be cancelled. Precision Drilling has also entered into an automatic share purchase plan with a broker to facilitate repurchases under the NCIB.
Precision Drilling (PDS) has released its 2024 Q2 financial results, showcasing resilience in a challenging market. The company reported revenue of $380 million, a slight decrease from $386 million in Q2 2023. Despite this, Precision Drilling achieved an Adjusted EBITDA of $98 million, maintaining a strong 26% margin. The company's net earnings stood at $15 million or $1.05 per share.
Precision Drilling continued its debt reduction strategy, repaying $64 million of debt in the first half of 2024. The company's total debt now stands at $978 million, down from $1.1 billion at the end of 2023. This financial discipline, combined with operational efficiency improvements, positions Precision Drilling well for future growth despite current market headwinds.
Precision Drilling has announced an extension of its senior credit facility and provided an update on its 2024 debt repayment and share repurchase targets. The company has successfully extended its senior credit facility, which will now mature in 2027. Precision Drilling also announced that it is on track to meet its 2024 debt repayment goals, having already repaid $150 million this year. Additionally, the company aims to repurchase up to $100 million of its shares by the end of 2024. These steps are part of Precision Drilling's broader strategy to enhance shareholder value and strengthen its financial position.
Precision Drilling will release its 2024 Q2 financial results after market close on July 30, 2024. A conference call is scheduled for July 31, 2024, at 11:00 a.m. MT (1:00 p.m. ET) for detailed discussions and Q&A sessions. Registration is required to participate, and a replay will be available on Precision's website for 12 months.
Precision Drilling announced the results of its 2024 Annual and Special Meeting of Shareholders held on May 16, 2024. Shareholders approved all eight nominee directors, with seven being independent. Notable approvals include Kevin A. Neveu with 99.04% and William T. Donovan with 98.58% votes in favor. Additionally, Alice L. Wong, with over 35 years of experience in the nuclear fuel industry, was welcomed to the Board. All other agenda items, including the non-binding advisory vote on executive compensation, passed. Michael R. Culbert retired after serving since 2017.
Precision Drilling (Precision) is holding its 2024 Annual and Special Meeting of Shareholders in a virtual-only format on May 16, 2024, at 10:00 a.m. MST. Shareholders can participate online, ask questions, and vote in real-time. The meeting details and voting instructions are available on Precision's website.
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