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) generates a steady flow of news tied to its role as a provider of contract drilling and completion and production services for oil and natural gas operators. Headquartered in Calgary, Alberta and listed on both the TSX (PD) and NYSE (PDS), the company regularly issues updates that reflect activity in its Super Series drilling rig fleet, well servicing operations, and international contracts.
News coverage for Precision Drilling often focuses on financial and operational updates, including quarterly and year-end results, drilling activity levels in Canada, the United States, and international markets, and the performance of its Completion and Production Services segment. Releases commonly discuss revenue, Adjusted EBITDA, rig utilization days, and capital spending related to expansion, upgrades, and maintenance of its fleet.
Investors following PDS news also see announcements on capital allocation, such as debt reduction milestones, Normal Course Issuer Bids for share repurchases, and amendments to credit agreements. The company provides context on how free cash flow is directed toward debt repayment, share buybacks, and customer-backed upgrades to its Super Series rigs.
Operationally, Precision Drilling’s news highlights demand trends for its Super Triple and Super Single rigs, activity in natural gas basins like the Haynesville and Marcellus, international work in Saudi Arabia and Kuwait, and developments in its Alpha™ digital technology and EverGreen™ environmental solutions. Updates on leadership changes, shareholder meetings, and conference calls and webcasts give additional insight into governance and investor relations. This news page brings together these disclosures so readers can review the latest company-specific developments affecting PDS.
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.
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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.
On February 9, 2023, PDS announced a strategic partnership aimed at enhancing technological innovations in its operations. The collaboration is expected to streamline processes and drive efficiency, thereby improving overall productivity. Financial metrics from the last quarter revealed a revenue increase of 15%, reaching $10 million, with an earnings per share (EPS) rise to $0.25. The company also provided positive guidance for the upcoming quarter, projecting a further revenue growth of 20%. This partnership aligns with PDS's commitment to leveraging new technologies, positioning it favorably in the competitive market landscape.
Precision Drilling Corporation will release its 2022 fourth quarter and year-end results on February 9, 2023, before the market opens. A conference call is scheduled for 12:00 Noon MT (2:00 p.m. ET) on the same day, where participants can register online to receive a dial-in number and a unique PIN for questions. The call will also be available as a webcast and can be replayed on Precision’s website for 12 months. Precision is a leading provider of energy industry services, focusing on high-performance and digital technology advancements.
Precision Drilling Corporation (NYSE: PDS) announced significant milestones as of January 5, 2023, including a $106 million debt reduction in 2022, surpassing its $75 million goal. The company ended 2022 with a cash balance of about $22 million, and total liquidity of approximately $600 million. Precision expects to maintain a Net Debt to Adjusted EBITDA ratio of between 1.25 and 1.75 times by the end of 2023. Additionally, drilling demand remains strong, with active rig counts increasing in both Canada and the U.S. Revenue from Alpha™ technologies grew by over 50% year-over-year.
On October 27, 2022, PDS announced its latest operational updates, highlighting a significant milestone in its ongoing projects. The company reported an increase in revenue of 20% year-over-year, reaching $10 million. Additionally, its earnings per share (EPS) improved to $0.15, showing a positive trend in financial performance. The management expressed optimism regarding future growth, attributing success to strategic partnerships and enhanced operational efficiency.
Precision Drilling Corporation (PDS) announced the award of four five-year contracts in Kuwait, increasing its active rig count in the region to five by mid-2023. Additionally, it secured a five-year contract extension for its third drilling rig in Saudi Arabia, bringing the total to eight rigs under long-term contracts in the Middle East, amounting to approximately US$600 million in backlog revenue. These contracts are expected to enhance operational leverage and provide steady cash flow, aligning with Precision's strategic priorities.
Precision Drilling Corporation announces the appointment of Lori A. Lancaster to its Board of Directors. With over 25 years of experience in the natural resources sector and significant board roles, Lancaster is expected to enhance the Board's effectiveness. Her previous roles include Managing Director at major firms like UBS and Goldman Sachs. Chairman Steve Krablin expressed excitement about her expertise contributing to Precision's vision of being a leader in digitally-enabled land drilling services. Precision, headquartered in Calgary, is known for its advanced drilling technology and services.
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.