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 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.
Precision Drilling Corporation has filed its Management Information Circular in connection with the upcoming 2022 Annual and Special Meeting of Shareholders, scheduled for May 12, 2022, at 10:00 a.m. (MT). Due to COVID-19, the meeting will be virtual-only, allowing all shareholders equal access. Registered shareholders can participate if they held shares as of March 23, 2022. The Circular is available on the Company's SEDAR and EDGAR profiles, as well as its website. Caution is advised regarding forward-looking statements due to inherent risks and uncertainties.