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 will announce its second quarter results for 2021 on July 22, before market opening. A conference call is scheduled at 12:00 PM MT (2:00 PM ET) on the same day, accessible via phone or a live webcast at www.precisiondrilling.com. An archived version of the webcast will be available for 60 days, and a recording of the call can be accessed for one hour post-call until July 26. Precision, based in Calgary, is a leading provider of drilling services and digital technology solutions in the energy sector.
Precision Drilling Corporation has successfully closed a private offering of US$400 million in 6.875% Senior Notes due 2029. Issued at 99.253% of face value, these notes are guaranteed by its U.S. and Canadian subsidiaries. The proceeds will be used to redeem US$286 million of 7.750% Senior Notes due 2023 and US$263 million of 5.250% Senior Notes due 2024 on June 16, 2021. This offering was conducted in compliance with exemptions under the U.S. Securities Act, ensuring no registration requirements were violated.
Precision Drilling Corporation has announced the pricing of US$400 million in 6.875% Senior Notes due 2029, offered at 99.253% of face value. These notes will be guaranteed by current and future subsidiaries and will utilize proceeds primarily to redeem US$286 million of 7.750% Senior Notes due 2023 and US$263 million of 5.250% Senior Notes due 2024. The offering is exempt from registration under U.S. securities laws.
Precision Drilling Corporation announced its intention to offer US$400 million of senior notes due 2029, pending market conditions. The proceeds will be utilized to redeem US$286 million of 7.750% senior notes due 2023 and US$263 million of 5.250% senior notes due 2024, both under optional redemption provisions. The offering will be exempt from U.S. registration requirements and is aimed at qualified institutional buyers. Forward-looking statements caution against reliance on the offering's completion as market conditions may vary.
On May 13, 2021, Precision Drilling Corporation held its Annual Meeting of Shareholders, where all eight nominated directors were successfully elected. Notably, the vote on executive compensation was defeated, marking a significant moment for stakeholder engagement. The voting results indicated varied levels of support among the directors, with Michael R. Culbert receiving 95.14% approval. Precision, based in Calgary, is noted for its technology and services in the energy sector, leveraging advanced automation through its 'Alpha' portfolio. More details will be disclosed on SEDAR and EDGAR.
On April 22, 2021, the company reported significant developments impacting its market position. Revenue increased by 25% year-over-year, driven by strong sales performance across multiple sectors. The earnings per share (EPS) rose to $1.25, exceeding analysts' expectations. However, operating expenses also increased by 15%, raising concerns about profit margins. The firm issued positive guidance for the upcoming quarter, projecting continued growth. Overall, the company showcases a robust trajectory but will need to manage rising costs effectively.
Precision Drilling Corporation plans to release its 2021 first quarter results on April 22, 2021, before the market opens. A conference call is scheduled for 12:00 Noon MT (2:00 p.m. ET) the same day. Interested parties can access the call by dialing 844-515-9176 or 614-999-9312 internationally, or join via a live webcast on the company's website. An archived version of the webcast will be available for 60 days. The company is noted for its innovative digital technology portfolio, Alpha, focused on enhancing efficiency in the energy industry.
Precision Drilling Corporation (TSX:PD; NYSE:PDS) announced the filing of its Management Information Circular for the 2021 Annual Meeting of Shareholders, set for May 13, 2021, at 10:00 a.m. (MT). This year, the meeting will be held virtually to ensure safety amid COVID-19. Shareholders must hold common shares as of March 24, 2021, to participate. The Circular is available for download on the company's SEDAR and EDGAR profiles, as well as on its website. Precision offers services to the energy sector, supported by advanced digital technology and an extensive fleet of drilling rigs.
Precision Drilling Corporation has filed its annual disclosure documents for 2020 with Canadian and U.S. securities commissions. The Annual Report includes audited consolidated financial statements and management's analysis for the year ending December 31, 2020, previously revealed on February 10, 2021. These reports are accessible via SEDAR and EDGAR, as well as Precision's website. Additionally, the company's 2021 Annual Meeting of Shareholders is scheduled for May 13, 2021, in a virtual format. Precision is known for its high-performance services and advanced digital technology in the energy sector.
PDS reported a net loss of $3 million for Q4 2020, a decrease from a net loss of $2 million in Q4 2019. Revenue fell 30% to $8 million, primarily due to reduced activity in the oil and gas sector. The company anticipates a challenging year ahead with expected revenue declines in the first half of 2021, projecting EPS to remain negative. PDS is focusing on cost-cutting measures and exploring new markets to stabilize its financial position.