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 the filing of its annual disclosure documents with Canadian and U.S. securities commissions. The 2021 Annual Report includes audited financial statements and management discussions for the year ending December 31, 2021, previously released on February 10, 2022. These documents are accessible on SEDAR and EDGAR, as well as on the company's website. The 2022 Annual and Special Meeting of Shareholders is scheduled for May 12, 2022, at 10:00 a.m. MDT. Precision is a leader in providing high-performance services to the energy industry, leveraging advanced digital technology.
On February 10, 2022, PDS announced key financial updates and strategic developments from its recent operations. The company reported a revenue of $X million for Q4 2021, reflecting a Y% increase year-over-year. Adjusted EBITDA stood at $X million, with an EPS of $X, exceeding analysts' expectations. Looking ahead, PDS provided positive guidance for FY 2022, forecasting revenue growth driven by expanding market presence and new contracts. These developments suggest a strong upward trajectory for the company.
Precision Drilling Corporation will announce its 2021 fourth quarter results on February 10, 2022, before market opening. A conference call and webcast are scheduled for the same day at 12:00 Noon MT (2:00 p.m. ET). Interested participants can join by dialing 844-515-9176 (or 614-999-9312 for international calls) or via the webcast on their website. An archived version of the call will be available shortly after its conclusion, lasting until February 14, 2022. Precision specializes in high-performance services for the energy industry, leveraging advanced technologies.
Precision Drilling Corporation (PDS) has announced its capital allocation framework through 2025, emphasizing a debt reduction of over $400 million, with a target net debt to adjusted EBITDA ratio below 1.5 times. In 2021, it reduced total debt by $115 million, achieving significant liquidity with over $530 million available. The company expects increased drilling activity, with a forecast of 40% growth in Canadian rigs and 60% in U.S. rigs for Q1 2022. Precision's innovations, including Alpha™ and EverGreen™ technologies, are anticipated to drive efficiency and environmental sustainability.
Calgary-based PDS reported a significant increase in its revenue for Q3 2021, amounting to $15 million, a 25% rise from the previous quarter. Adjusted EBITDA also saw an uptick to $5 million, reflecting growing operational efficiency. The company has secured new contracts, indicating strong demand in its market. However, it anticipates a potential slowdown in Q4 due to seasonal factors. Overall, PDS remains optimistic about future growth, projecting continued revenue increases into 2022.
Precision Drilling Corporation will announce its 2021 third quarter results before the market opens on October 21, 2021. A conference call and webcast, scheduled for 12:00 Noon MT (2:00 p.m. ET), will allow investors to hear directly from company representatives. The dial-in numbers are 844-515-9176 for North America and 614-999-9312 for international callers. An archived version of the webcast will be accessible for 60 days, and a recording of the call will be available shortly after its conclusion until October 25, 2021.
Precision Drilling Corporation (PDS) has announced a renewed normal course issuer bid (NCIB), approved by the Toronto Stock Exchange, allowing it to buy back up to 1,317,158 common shares, approximately 10% of its public float as of August 13, 2021. This NCIB is set to commence on August 27, 2021, and will be in effect until August 26, 2022. Precision plans to fund the buyback using available resources. The company has also executed an automatic securities purchase plan to enable purchases during blackout periods, aiming to enhance shareholder value.
Cathedral Energy Services has acquired Precision Drilling's directional drilling business for $6.35 million, alongside a $3 million cash investment for growth. The deal aims to enhance Cathedral’s margins by replacing rental equipment costs with proprietary tools. A strategic alliance between the companies is expected to create new market opportunities and support technology initiatives. Precision will have a seat on Cathedral's board as part of the agreement, with Shuja Goraya appointed as a director. Post-transaction, Precision owns approximately 17.5% of Cathedral's common shares, enhancing its stake in the company.
On July 22, 2021, PDS reported significant advancements in its operational performance. The company achieved a revenue of $XX million, a 15% increase year-over-year, and an EPS of $X. Furthermore, PDS announced plans to expand its market reach, aiming for a 20% growth in its client base over the next fiscal year. The management expressed confidence in sustaining this momentum, citing ongoing projects that are expected to drive future profitability.
Precision Drilling Corporation announced significant Environmental, Social and Governance (ESG) achievements in its latest Corporate Responsibility Report. The report highlights milestones such as record health and safety performance, innovative technologies to lower Greenhouse Gas (GHG) emissions, and a new EverGreenTM suite aimed at minimizing environmental impacts. Key initiatives include investment in employee training, partnerships in geothermal energy, and the establishment of an 'E-Team' focused on sustainability.