Financial Performance - In 2024, the company's revenue decreased by 1.8% to $1,902 million, primarily due to decreased drilling activity and lower revenue per utilization day rates in the U.S.[84] - Adjusted EBITDA for 2024 was $521 million, a 14.7% decrease from 2023, attributed to lower U.S. drilling results and higher share-based compensation charges[84][93] - The company reported a net earnings loss of $111.3 million in 2024, a 61.5% decrease compared to 2023[84] - Net earnings attributable to shareholders decreased to $111 million or $7.81 per share, down from $289 million or $21.03 per share in the prior year[94] - Revenue from Contract Drilling Services was $1,618 million, a 5% decrease compared to 2023, primarily due to lower U.S. revenue per utilization day rates and drilling activity[116] - Adjusted EBITDA for 2024 was $532 million, down from $631 million in 2023, reflecting weaker U.S. drilling results[119] Debt Management - In 2024, Precision reduced debt by $176 million, repurchased $75 million of shares, and increased cash balance by $20 million, achieving a Net Debt to Adjusted EBITDA ratio of approximately 1.4 times[17] - Precision plans to reduce debt by at least $100 million in 2025 and aims for a total reduction of $700 million between 2022 and 2027[81] - The company aims to achieve a sustained Net Debt to Adjusted EBITDA ratio of below 1.0 times in 2025[20] - Debt was reduced by $176 million in 2024, including $113 million from unsecured senior note redemptions[96] - Long-term debt repayments amounted to $176 million, with $75 million allocated for NCIB share repurchases[166] Operational Performance - Canadian drilling utilization days increased by 12% over 2023, while international drilling utilization days rose by 37% following the reactivation of four rigs[18] - Well servicing rig operating hours increased by 26% year-over-year, with Completion and Production Services revenue up by 23% and Adjusted EBITDA up by 30%[18] - Increased Canadian drilling activity by 12% year over year, with international activity up 37%[42] - U.S. drilling activity fell by approximately 28% in 2024, while Canadian activity increased by 12% and international activity rose by 37%[93] - The contract drilling rig fleet remained stable at 214 rigs, with utilization days in Canada increasing by 12% to 23,685 days[85] Strategic Initiatives - Precision's strategic priorities for 2024 included generating free cash flow and increasing direct capital returns to shareholders[41] - Established strategic priorities for 2025, including maximizing free cash flow and enhancing shareholder returns through debt reduction[43] - The company operates a fleet of 214 land drilling rigs, with 97 in Canada, 104 in the U.S., and 13 in the Middle East[31] - Approximately 80% of Super Triple rigs are equipped with AlphaTM technologies, enhancing drilling performance and cost efficiencies[32] Market Conditions - The average West Texas Intermediate oil price in 2024 was $75.73 per barrel, a 2% decrease from 2023[49] - The average WTI oil price in 2024 was $75.73 per barrel, a 2% decrease from 2023, while Henry Hub natural gas prices averaged $2.41 per MMBtu, a 10% decrease[91] - The long-term outlook for global energy demand remains positive, with significant increases expected in oil and natural gas driven by economic growth and emerging power demands[73] - Global military and political conditions, along with economic factors, can significantly affect supply and demand for oil and natural gas[203] - The volatility of crude oil and natural gas prices accounts for much of the cyclical nature of the oilfield services business in recent years[201] Cash Flow and Liquidity - Delivered $482 million in cash provided by operations, increasing cash balance by $20 million[42] - The company maintained a strong liquidity position, exiting 2024 with a cash balance of $74 million and over $575 million in available liquidity[151] - Cash provided by operations in 2024 was $482 million, down from $501 million in 2023, influenced by lower U.S. drilling results and higher share-based compensation[161] - Cash used in financing activities increased to $261 million in 2024 from $252 million in 2023[164] Capital Expenditures - Invested $52 million in expansion and upgrade capital to enhance drilling rigs[42] - The company expects capital spending in 2025 to be $225 million, with $175 million allocated for maintenance and $50 million for expansion and upgrades[80] - Capital expenditures for property, plant, and equipment were $217 million, a decrease of $10 million from 2023[98] - Capital expenditures in 2024 totaled $217 million, with a portion allocated for expansion and upgrade capital for new-build projects[162] Partnerships and Collaborations - A partnership was formed with two Indigenous partners, with Precision contributing $4 million in assets[101]

Core Insights - PDS Biotechnology Corporation announced promising clinical results for its immunotherapy, Versamune® HPV, in combination with PDS01ADC and a PD-L1 immune checkpoint inhibitor for treating recurrent/metastatic HPV-associated cancers [1][2][4] Group 1: Clinical Results - The median overall survival (mOS) for immune checkpoint inhibitor (ICI) naïve patients was reported at 42.4 months, significantly higher than the historical range of 7-12 months [1][5] - In HPV16-positive ICI resistant patients, the mOS was 17 months, compared to the historical result of 3-4 months [1][9] - The objective response rate (ORR) for HPV16-positive ICI naïve patients was 75%, while the historical ORR for this group was 11-24% [1][5] Group 2: Trial Details - The clinical trial was a single-center, non-randomized study led by the National Cancer Institute (NCI), involving 50 patients with recurrent/metastatic HPV-positive cancers [2][6] - Among the enrolled patients, 52% were men, with a median age of 56 years, and 37 patients were HPV16-positive [2][6] - The trial evaluated Versamune® HPV at a fixed dose, PDS01ADC at both high (16.8 ug/kg) and low (8.0 ug/kg) doses, and bintrafusp alfa (BA) at high and low doses [3] Group 3: Future Directions - The company plans to initiate the VERSATILE-003 Phase 3 trial of Versamune® HPV combined with pembrolizumab for recurrent/metastatic HPV16-positive head and neck squamous cell carcinoma [2][7] - The results support the continued investigation of both Versamune® HPV and PDS01ADC in ongoing and future clinical trials [6][7]

Group 1 - The Conservative Income Portfolio targets value stocks with high margins of safety and aims to reduce volatility through well-priced options [1][3] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1] - Trapping Value provides Covered Calls and focuses on capital preservation in its investment strategies [2][3] Group 2 - The fixed income portfolio emphasizes purchasing securities with high income potential and significant undervaluation compared to peers [2] - Trapping Value's team has over 40 years of combined experience in generating options income while prioritizing capital preservation [3]

Core Insights - PDS Biotechnology Corporation is a late-stage immunotherapy company focused on enhancing the immune system's ability to target and eliminate cancers [4] - The company will participate in a fireside chat at the B. Riley Securities Precision Oncology & Radiopharma Conference on February 28, 2025 [1][2] Company Overview - PDS Biotechnology is developing its lead investigational targeted immunotherapy, Versamune® HPV, in combination with a standard immune checkpoint inhibitor and a triple combination including PDS01ADC, an IL-12 fused antibody drug conjugate [4] - The company plans to initiate a pivotal clinical trial for advanced HPV16-positive head and neck squamous cell cancers [4] Event Details - The fireside chat will take place from 11:30 AM to 12:00 PM ET at the Lotte New York Palace Hotel, New York, NY [2] - PDS Biotech leadership will also conduct one-on-one meetings during the conference [2] Additional Information - An archived transcript of the fireside chat will be available on the company's Investor Relations section one week after the event [3]

Financial Data and Key Metrics Changes - Precision Drilling reported annual revenue of CAD 1.9 billion, essentially flat year-over-year, with adjusted EBITDA of CAD 521 million, a 15% decrease year-over-year [10] - Funds from operations were CAD 463 million, a 13% decrease, while cash from operations remained similar to the prior year at CAD 482 million [11] - The company achieved a debt reduction of CAD 176 million and completed CAD 75 million in share repurchases, representing 4% of outstanding shares [11] Business Line Data and Key Metrics Changes - In the U.S. drilling segment, average rig activity was 34 rigs in Q4, a decrease of 1 rig from Q3, with daily operating margins of USD 9,165, below guidance [13] - Canadian drilling activity averaged 55 rigs, an increase of 1 rig from Q4 2024, with daily operating margins of CAD 14,559, an increase of approximately CAD 2,131 from Q3 2024 [14] - Internationally, average drilling activity was 8 rigs with average day rates of USD 49,636, consistent with the prior year [16] Market Data and Key Metrics Changes - The Canadian market outlook remains positive, with indications of increased activity during the breakup period, expected to exceed last year's record levels [41] - The U.S. land market has been challenging, with gas-directed activity declining and oil-directed activity impacted by various factors [32][36] - Internationally, oil activity is expected to remain flat for 2025, with no suspension requests in Saudi Arabia and firm operations in Kuwait [46] Company Strategy and Development Direction - The company’s 2025 strategic priorities focus on maximizing free cash flow, reducing debt, and enhancing shareholder returns through share repurchases [4] - Precision aims to grow revenue in existing service lines and strengthen its competitive position through operational excellence and market penetration of its products [9] - The company is transitioning its strategy to allocate more cash towards share buybacks while considering growth-focused investments [31] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding gas opportunities in the U.S. while acknowledging challenges in the oil market due to operator capital discipline and commodity price volatility [34][36] - The Canadian market is expected to see increased demand, particularly with LNG Canada starting up, which should enhance rig demand [42] - Management remains focused on maintaining operational efficiency and leveraging technology to improve market positioning [38][85] Other Important Information - Capital expenditures for the quarter were CAD 59 million, with a total of CAD 217 million for the year, slightly above guidance due to equipment delivery timing [18] - The company has a capital plan of CAD 225 million for 2025, with a focus on sustaining infrastructure and upgrades [18] - As of December 31, long-term debt was CAD 748 million, with a net debt-to-EBITDA ratio of approximately 1.4x [20] Q&A Session Summary Question: Can you speak to contract duration for idle but contracted rigs in the U.S.? - Management noted that there has been significant churn in the U.S. market, with many contracts being short-term, indicating downside risk for the first couple of quarters [52][54] Question: What assumptions support expected activity growth in the second half of the year? - Management highlighted conversations with customers indicating a comfort level for gas prices in the high 3s to mid-4s range, suggesting potential rig count stability and opportunities in Q2 and Q3 [56][58] Question: How do you see Canadian activity levels progressing throughout the year? - Management indicated that Q1 margins are impacted by rig reactivations and a shift in rig mix, but they expect pricing traction and improved margins as the year progresses [60][66] Question: What is the impact of tariffs on your operations? - Management expressed that the reduced tariff levels have less impact compared to larger macroeconomic factors, and they have strategies in place to manage potential tariff-related costs [71][73] Question: Is there any indication of private equity returning to the E&P space? - Management confirmed that there is capital returning to the E&P space, which is a positive sign for future activity levels [78] Question: How do you view the tuck-in acquisition opportunities in the current market? - Management acknowledged that while the market for consolidation exists, valuation remains a challenge, and they are focused on pursuing opportunities at the right price [92][94]

Core Viewpoint - Precision Drilling reported quarterly earnings of $0.76 per share, significantly missing the Zacks Consensus Estimate of $1.40 per share, and down from $3.45 per share a year ago, indicating a -45.71% earnings surprise [1][2] Financial Performance - The company posted revenues of $334.62 million for the quarter ended December 2024, which was 1.70% below the Zacks Consensus Estimate and down from $372.34 million year-over-year [2] - Over the last four quarters, Precision Drilling has surpassed consensus EPS estimates two times and topped revenue estimates only once [2] Stock Performance - Precision Drilling shares have declined approximately 6.7% since the beginning of the year, contrasting with the S&P 500's gain of 3.2% [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.91 on revenues of $367.84 million, and for the current fiscal year, it is $8.46 on revenues of $1.37 billion [7] - The trend of estimate revisions for Precision Drilling has been unfavorable leading up to the earnings release [6] Industry Context - The Oil and Gas - Drilling industry is currently ranked in the bottom 26% of over 250 Zacks industries, suggesting that the outlook for the industry could materially impact the stock's performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could be a useful measure for investors [5]

Core Viewpoint - Precision Drilling Corporation is set to release its 2024 fourth quarter and year-end results on February 12, 2025, followed by a conference call on February 13, 2025 [1] Company Overview - Precision Drilling is a leading provider of safe and environmentally responsible services to the energy industry, offering access to a fleet of Super Series drilling rigs [5] - The company has developed an industry-leading digital technology portfolio known as Alpha™, which utilizes advanced automation software and analytics for efficient results [5] - Precision's services are complemented by the EverGreen™ suite of environmental solutions, aimed at reducing the environmental impact of operations [5] - The company also provides well service rigs, camps, and rental equipment, supported by technical services and experienced personnel [5] - Precision is headquartered in Calgary, Alberta, Canada, and is listed on the Toronto Stock Exchange under the symbol "PD" and on the New York Stock Exchange under "PDS" [6]

PRINCETON, N.J., Dec. 03, 2024 (GLOBE NEWSWIRE) -- PDS Biotechnology Corporation (Nasdaq: PDSB) (“PDS Biotech” or the “Company”), a late-stage immunotherapy company focused on transforming how the immune system targets and kills cancers and the development of infectious disease vaccines, today announced a Key Opinion Leader (“KOL”) event to discuss the pathology and growing prevalence of HPV16-positive head and neck squamous cell carcinoma (“HNSCC") as well as the Company’s upcoming VERSATILE-003 Phase 3 cl ...

Austin, Nov. 19, 2024 (GLOBE NEWSWIRE) -- The Drill Bit Market Size was valued at USD 2.28 billion in 2023 and is anticipated to reach USD 4.12 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.81% from 2024 to 2032. Book Your Sample PDF for Drill Bit Market Report @ https://www.snsinsider.com/sample-request/2410 Drill Bit Market Report Scope: Report AttributesDetailsMarket Size in 2023USD 2.28 billionMarket Size by 2032USD 4.12 billionCAGRCAGR of 6% by 2024-2032Base Year2023Forecast Pe ...

Analyst’s Disclosure: I/we have a beneficial long position in the shares of ESI:CA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. My articles, blog posts, and comments on this platform do not constitute investment recommendations, but rather express my personal opinions ...