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Precision Drilling(PDS) - 2022 Q1 - Earnings Call Presentation
2022-04-28 15:38
Presented by the Daily Oil Bulletin Precision Drilling Corporation Innovation & Technology Excellence CHAMPION April 2022 Investor Presentation FORWARD-LOOKING STATEMENTS Certain statements contained in this report, including statements that contain words such as "could", "should", "can", "anticipate", "estimate", "intend", "plan", "expect", "believe", "will", "may", "continue", "project", "potential" and similar expressions and statements relating to matters that are not historical facts constitute "forwar ...
Precision Drilling(PDS) - 2022 Q1 - Quarterly Report
2022-03-30 20:01
Exhibit 99.1 March 30, 2022 Management Information Circular 2022 Annual and Special Meeting of Shareholders To be held on May 12, 2022 10:00 a.m. (MDT) Precision Drilling W E L C O M E T O O U R 2 0 2 2 M A N A G E M E N T IN F O R M ATIO N CIR C U L A R T his d o c u m e n t in clu d e s im p o r t a n t in fo r m a tio n a b o u t P r e cisio n D rillin g C o r p o r a tio n ( P r e c i s i o n o r t h e C o m p a n y ) a n d t h e b u sin e s s O f O u r 2 0 2 2 A n n u al a n d S p e cial M e e tin g O ...
Precision Drilling(PDS) - 2021 Q4 - Earnings Call Transcript
2022-02-11 01:31
Precision Drilling Corporation (NYSE:PDS) Q4 2021 Results Earnings Conference Call February 10, 2022 2:00 PM ET Company Participants Carey Ford - SVP & CFO Kevin Neveu - President, CEO & Director Conference Call Participants Aaron MacNeil - TD Securities James West - Evercore ISI Taylor Zurcher - Tutor, Pickering and Holt Waqar Syed - ATB Capital Markets Ian MacPherson - Piper Sandler Cole Pereira - Stifel Keith Mackey - RBC Capital John Daniel - Daniel Energy Partners Operator Good day, ladies and gentleme ...
Precision Drilling(PDS) - 2021 Q4 - Annual Report
2022-02-10 11:10
EXHIBIT 99.1 Precision Drilling Corporation Announces 2021 Fourth Quarter and Year-End Unaudited Financial Results CALGARY, Alberta, Feb. 10, 2022 (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 ...
Precision Drilling(PDS) - 2021 Q3 - Earnings Call Transcript
2021-10-21 21:22
Financial Data and Key Metrics Changes - Precision Drilling reported an adjusted EBITDA of CAD 45 million for Q3 2021, which would have been CAD 59 million without a share-based compensation expense accrual of CAD 14 million [4] - The company received CAD 6 million in CEWS assistance payments, with a total impact of approximately CAD 24 million for 2021 [5] - The long-term debt position net of cash was approximately CAD 1.1 billion, with total liquidity around CAD 500 million, excluding letters of credit [12] - Year-to-date debt reduction reached CAD 60 million, with expectations to achieve a total reduction of CAD 100 million to CAD 125 million for the year [13] Business Line Data and Key Metrics Changes - U.S. drilling activity averaged 41 rigs in Q3, an increase of 2 rigs from Q2, with daily operating margins at USD 5,211, down USD 1,541 from Q2 [6] - Canadian drilling activity averaged 51 rigs, a significant increase from Q3 2020, with daily operating margins at CAD 6,238, down CAD 2,268 from Q3 2020 [8] - International operations averaged 6 rigs, with average day rates at USD 52,277, down USD 2,610 from the prior year [9] - The C&P segment reported adjusted EBITDA of CAD 5.4 million, up CAD 1.5 million compared to the prior year quarter, driven by a 107% increase in Well Service hours [10] Market Data and Key Metrics Changes - The U.S. market is experiencing a dwindling inventory of uncompleted wells, indicating a need for operators to shift focus back to drilling [20] - In Canada, the outlook is strengthening with key commodity prices suggesting peak industry demand could reach 250 to 300 rigs [31] - Internationally, activity remains steady, with ongoing contract renewals in Saudi Arabia and Kuwait [33][34] Company Strategy and Development Direction - The company is focused on capital discipline and sustainable shareholder returns, which are expected to lead to a healthier industry balance [19] - Precision is prioritizing environmental initiatives through the launch of the Precision EverGreen brand, aimed at reducing emissions and enhancing drilling performance [22][23] - The company is also expanding its Alpha digital technologies, with 46 rigs equipped and a 38% sequential increase in app activity [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in energy demand and favorable commodity prices, with expectations for increased drilling activity in 2022 [18][20] - The company is committed to maintaining pricing discipline, even if it means turning down work to achieve desired rates [29] - Management noted that while the global energy transition is underway, hydrocarbons will remain a critical part of the energy supply chain for the foreseeable future [21] Other Important Information - Capital expenditures for the quarter were CAD 20 million, with a full-year guidance increase to CAD 74 million due to opportunistic purchases [11] - The company expects normalized margins in Q4 to be USD 1,500 to USD 2,000 higher than Q3 [7] Q&A Session Summary Question: How is the company managing labor cost inflation? - Management indicated that contracts have provisions to pass labor cost inflation to customers, and they are actively working on recruiting strategies to mitigate these pressures [41][42] Question: What is the outlook for rig count and pricing power? - Management noted that while they are currently operating 45 rigs, they expect to exceed 50 by year-end, with a strong focus on pricing discipline [70] Question: What are the expectations for well abandonment programs? - The well servicing program is expected to continue until the end of next year, with traditional demand likely to replace any lost work once the program concludes [72] Question: How is the company addressing international rig reactivations? - Management stated that reactivating rigs internationally would incur lower operational costs compared to capital expenditures, with a focus on the Arabian Gulf region [65][74]
Precision Drilling(PDS) - 2021 Q2 - Earnings Call Transcript
2021-07-22 23:53
Precision Drilling Corporation (NYSE:PDS) Q2 2021 Earnings Conference Call July 22, 2021 2:00 PM ET Company Participants Dustin Honing - Director, Investor Relations and Corporate Development Kevin Neveu - President and Chief Executive Officer Carey Ford - Senior Vice President and Chief Financial Officer Conference Call Participants Ian Macpherson - Piper Sandler Taylor Zurcher - Tudor, Pickering and Holt Aaron MacNeil - TD Securities J.B. Lowe - Citi Cole Pereira - Stifel Waqar Syed - ATB Markets Sean Mit ...
Precision Drilling (PDS) Investor Presentation - Slideshow
2021-06-24 19:47
| --- | --- | --- | |-------|-------|---------------------------------| | | | | | | | | | | | | | | | | | | | Precision Drilling | | | | Investor Presentation June 2021 | © PRECISION DRILLING CORPORATION1 FORWARD-LOOKING STATEMENTS Certain statements contained in this report, including statements that contain words such as "could", "should", "can", "anticipate", "estimate", "intend", "plan", "expect", "believe", "will", "may", "continue", "project", "potential" and similar expressions and statements relatin ...
Precision Drilling(PDS) - 2021 Q1 - Earnings Call Transcript
2021-04-22 22:23
Precision Drilling Corporation (NYSE:PDS) Q1 2021 Earnings Conference Call April 22, 2021 2:00 PM ET Company Participants Dustin Honing - IR and Corporate Development Kevin Neveu - President and CEO Carey Ford - SVP and CFO Conference Call Participants Taylor Zurcher - Tudor Pickering & Holt Waqar Syed - ATB Capital Markets Cole Pereira - Stifel John Daniel - Daniel Energy Partners Keith Mackey - RBC Capital Markets Jeff Fetterly - Peters & Company Operator Ladies and gentlemen, thank you for standing by, a ...
Precision Drilling (PDS) Investor Presentation - Slideshow
2021-03-08 10:10
DRILLING Innovation & Technology Excellence CHAMPION PRECISION DRILLING CORPORATION February 2021 Forward-looking Statements Certain statements contained in this report, including statements that contain words such as "could", "should", "can", "anticipate", "estimate", "intend", "plan", "expect", "believe", "will", "may", "continue", "project", "potential" and similar expressions and statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning of a ...
Precision Drilling(PDS) - 2020 Q4 - Earnings Call Transcript
2021-02-10 21:44
Precision Drilling Corporation (NYSE:PDS) Q4 2020 Results Conference Call February 10, 2021 2:00 PM ET Company Participants Dustin Honing - Manager, IR and Corporate Development Kevin Neveu - President and CEO Carey Ford - SVP and CFO Conference Call Participants Taylor Zurcher - Tudor, Pickering, Holt Connor Lynagh - Morgan Stanley Keith Mackey - RBC Cole Pereira - Stifel Aaron MacNeil - TD Securities Blake Gendron - Wolfe Research Operator Ladies and gentlemen, thank you for standing by, and welcome to th ...