Precision Drilling Corporation ("Precision" or the "Company") (TSX:PD; NYSE:PDS) delivered outstanding second quarter financial results and demonstrated its cash flow potential. During the quarter, Precision generated cash flow from operations of $174 million, allowing it to reduce debt by $102 million, increase its cash position by $17 million, return $23 million to shareholders through share buybacks, and invest $38 million in its fleet. For 2024, Precision remains firmly committed to repaying debt betwee ...

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS We believe that the Net Debt (long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations. As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million. As at Dec ...

Precision Drilling (PDS) is expected to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price cha ...

About Precision Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as AlphaTM that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGree ...

CALGARY, Alberta, May 16, 2024 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (Precision or the Company) is pleased to announce the results of the election of board members at its 2024 Annual and Special Meeting of Shareholders held on May 16, 2024 (the Annual Meeting). Shareholders approved the election of all eight (seven of whom are independent) of the nominee directors presented in the Company's Management Information Circular (the Circular), dated April 3, 2024. The shares represented at the Annual ...

Lavonne Zdunich - Vice President, Investor Relations Kevin Neveu - President and Chief Executive Officer Carey Ford - Chief Financial Officer Good day and thank you for standing by. Welcome to the Precision Drilling Corporation 2024 First Quarter Conference Call. I would now like to hand the conference over to Lavonne Zdunich, Vice President, Investor Relations. Please go ahead. Please note that some comments today will refer to non-IFRS financial measures and include forward-looking statements, which are s ...

Financial Performance - In 2023, Precision generated cash provided by operations of $501 million, a 111% increase over 2022 due to higher activity in Canada and improved North America day rates[18]. - In 2023, the company generated revenue of $1,937.9 million, a 19.8% increase from $1,617.2 million in 2022[77]. - Adjusted EBITDA for 2023 was $611.1 million, representing a 96.1% increase compared to $311.6 million in 2022, with an adjusted EBITDA margin of 31.5%[77]. - Revenue from Contract Drilling Services was $1,704 million in 2023, a 19% increase compared to 2022, driven by higher North American revenue per utilization day rates[106]. - Adjusted EBITDA for 2023 was $631 million, up from $398 million in 2022, primarily due to stronger North American revenue per utilization day and higher Canadian drilling activity[109]. - Canadian drilling revenue was $701 million, a 26% increase from 2022, with a 3% rise in drilling rig activity and a 23% increase in average revenue per utilization day[114]. - Revenue from Completion and Production Services was $241 million, a 29% increase compared to 2022, driven by increased well service activity and stronger hourly service rates[119]. - Net earnings for the fourth quarter were $147 million, or $10.42 per share, compared to $3 million, or $0.27 per share, in Q4 2022[126]. Debt Management - The company reduced debt by $152 million in 2023 and plans to reduce debt by another $150 million to $200 million in 2024, aiming for a sustained Net Debt to Adjusted EBITDA ratio below 1.0 times by the end of 2025[20]. - Ended the year with a Net Debt to Adjusted EBITDA ratio of approximately 1.4 times, with a target of below 1.0 times by the end of 2025[39]. - The company had a total long-term debt of $914.83 million, down from $1.09 billion in 2022[177]. - The company recognized an income tax recovery of $23 million in 2023, compared to an income tax expense of $20 million in 2022[95]. - Finance charges decreased to $83 million in 2023 from $88 million in 2022, attributed to a lower debt balance despite higher variable interest rates[90]. Operational Highlights - Precision's Completion and Production Services segment consisted of 183 registered service rigs at the end of 2023, including 173 in Canada and 10 in the U.S.[35]. - The acquisition of CWC Energy Services Corp. in Q4 2023 increased Precision's marketed service rig count by 36% year over year[17]. - Approximately 75% of Precision's Super Triple fleet is equipped with AlphaTM technologies, enhancing drilling performance and cost efficiencies[18]. - The company achieved a 34% year-over-year increase in Completion and Production Services' Adjusted EBITDA due to the integration of High Arctic Energy Services assets[17]. - Increased Canadian drilling rig utilization days and well servicing rig operating hours, maintaining a leading position in Canada[39]. - The service rig operating hours increased by 18.4% in 2023 compared to 2022, reflecting higher service rig activity[78]. - The average number of drilling rigs under term contracts in 2023 was 62, with utilization days from these contracts accounting for approximately 50% of total contract drilling utilization days[67]. Strategic Initiatives - Precision's strategic priorities for 2023 included maximizing free cash flow and strengthening financial position through debt repayments, all of which were successfully delivered[38]. - The company plans to allocate 25% to 35% of free cash flow before debt repayments to shareholder returns in 2024[20]. - The company expects capital spending in 2024 to be $195 million, with $155 million allocated for maintenance and $40 million for expansion and upgrades[74]. - The company plans to reduce debt by $150 million to $200 million in 2024 and aims for a net debt to adjusted EBITDA ratio below 1.0 times by the end of 2025[75]. Market Conditions - The U.S. active land rig count declined by approximately 21% throughout 2023, but drilling demand is expected to improve in the second quarter of 2024[71]. - In Canada, drilling activity is anticipated to remain high in 2024 due to strong oil prices and increased hydrocarbon export capacity, particularly with the Trans Mountain oil pipeline expansion[70]. - Commodity prices have been negatively affected by increased production, OPEC+ decisions, recession concerns, and a strengthening U.S. dollar[196]. - The volatility in oil and natural gas prices has led to decreased exploration and drilling activities, impacting demand for services[198]. - Intense price competition in the contract drilling industry could erode profit margins and affect revenue[201]. - The cyclical nature of contract drilling has resulted in periods of low demand and excess rig supply, impacting financial performance[202]. - The company faces risks related to regulatory, tax, royalty, and environmental uncertainties in Canada and the U.S.[197]. Capital Expenditures - Capital expenditures for property, plant, and equipment were $227 million in 2023, an increase of $42 million from 2022, with $64 million allocated for expansion and upgrades[91]. - Capital expenditures in 2023 totaled $227 million, with a focus on expansion and upgrade capital[151]. Shareholder Returns - Renewed Normal Course Issuer Bid (NCIB) for share repurchases, allowing purchases of up to 10% of the public float[39]. - The company repurchased and canceled 123,100 common shares for $10 million during 2024[173]. - The company’s share price on the TSX was $71.96 at year-end 2023, down from $103.71 in 2022[177].

Precision Drilling Corporation (NYSE:PDS) Q4 2023 Earnings Conference Call February 6, 2024 2:00 PM ET Company Participants Lavonne Zdunich - Director of Investor Relations Carey Ford - Senior Vice President & Chief Financial Officer Kevin Neveu - President & Chief Executive Officer Conference Call Participants Aaron MacNeil - TD Cowen Kurt Hallead - Benchmark Luke Lemoine - Piper Sandler Waqar Syed - ATB Capital Markets Keith MacKey - RBC Capital Markets Operator Good day, and thank you for standing by. We ...

EXHIBIT 99.1 Precision Drilling Reports 2023 Fourth Quarter and Year-End Unaudited Financial Results CALGARY, Alberta, Feb. 06, 2024 (GLOBE NEWSWIRE) -- This news release contains "forward-looking information and statements" within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the "Cautionary Statement Regarding Forward-Looking Information and Statements" later in this news release. This news re ...

Precision Drilling Corporation (NYSE:PDS) Q3 2023 Earnings Conference Call October 26, 2023 2:00 PM ET Company Participants Lavonne Zdunich - Director of Investor Relations Carey Ford - Senior Vice President & Chief Financial Officer Kevin Neveu - President & Chief Executive Officer Conference Call Participants Aaron MacNeil - TD Cowen Luke Lemoine - Piper Stanley Kurt Hallead - Benchmark Keith Mackey - RBC Capital Markets Cole Pereira - Stifel Waqar Syed - ATB Capital Markets Sean Mitchell - Daniel Energy ...