Core Viewpoint - Precision Drilling Corporation reported its fourth quarter and full year 2025 results, highlighting a strategic focus on capital allocation to enhance shareholder value while navigating a challenging energy market environment [2][3]. Financial Highlights - Fourth quarter revenue was $479 million, a 2.2% increase from $468 million in the same quarter last year, driven by higher U.S. rig activity [6][17]. - Adjusted EBITDA for the fourth quarter was $126 million, up 4.9% from $121 million in the previous year [6][17]. - The net loss attributable to shareholders was $42 million, translating to a loss of $3.23 per share, compared to net earnings of $15 million or $1.06 per share in the same period last year [6][17]. - For the year ended December 31, 2025, total revenue was $1.844 billion, a 3% decrease from $1.902 billion in 2024 [20][39]. - Cash provided by operations was $413 million, allowing for a debt reduction of $101 million and share repurchases totaling $76 million [20][26]. Operational Highlights - The company averaged 66 active drilling rigs in Canada, slightly up from 65 in the same quarter last year, while U.S. rig utilization increased by 25% over the last nine months of 2025 [6][14]. - Internationally, the company operated seven active rigs, down from eight in the fourth quarter of 2024, with revenue per utilization day increasing to $53,505 from $49,636 [6][14]. - Canadian well service rig operating hours increased by 6% year-over-year, totaling 61,231 hours [6][14]. Capital Allocation Plans - For 2026, the company plans to invest $245 million in fleet and infrastructure, reduce debt by $100 million, and allocate up to 50% of free cash flow towards share repurchases [6][20]. - The capital spending plan includes $182 million for maintenance and infrastructure and $63 million for expansion and upgrades [32]. Strategic Priorities - The company aims to maximize free cash flow through disciplined capital deployment and strict cost management, targeting a sustained Net Debt to Adjusted EBITDA ratio below 1.0 times [26][30]. - Enhancing shareholder returns through debt reduction and share repurchases is a key focus, with plans to allocate 35% to 45% of free cash flow for share repurchases [26][30]. - Revenue growth is targeted through contracted upgrades and optimized pricing, with significant investments in customer-funded rig upgrades [26][30]. Market Outlook - The near-term outlook for global energy demand growth is tempered by geopolitical uncertainties, but there are signs of stabilization, particularly in natural gas markets [24][25]. - Long-term fundamentals for energy remain favorable, driven by economic expansion and rising energy needs from emerging economies [25][30].

Core Viewpoint - Precision Drilling Corporation reported its third quarter results for 2025, highlighting a strong operational performance despite a challenging North American drilling market, with a focus on shareholder returns and fleet enhancements to meet customer demand [2][4][10]. Financial Highlights - Revenue for Q3 2025 was $462 million, a decrease of 3.1% from $477 million in Q3 2024, outperforming industry declines of 15% in Canada and 7% in the U.S. [8][13]. - Adjusted EBITDA was $118 million, down 17.4% from $142 million in the same quarter last year, primarily due to increased operating costs and share-based compensation [8][13]. - Net earnings attributable to shareholders were a loss of $7 million, compared to a profit of $39 million in Q3 2024, reflecting higher deferred income tax expenses [8][13]. - Cash provided by operations was $76 million, enabling the company to repay $10 million of debt and repurchase $9 million of common shares [8][11]. Operational Highlights - The company operated 68 drilling rigs in Canada and 39 in the U.S., with Canadian Super Triple and Super Single rig classes showing robust demand [6][7]. - U.S. activity increased by over 10% year-over-year, particularly in natural gas basins like Haynesville and Marcellus, despite a general decline in the North American drilling market [5][26]. - Canadian revenue per utilization day rose to $34,193, up from $32,325, while U.S. revenue per utilization day decreased to US$31,040 from US$32,949 [8][14]. Capital Expenditures and Debt Management - Capital expenditures for Q3 2025 were $69 million, with an increase in the capital budget for 2025 from $240 million to $260 million, driven by customer-funded upgrades [8][10]. - The company reduced long-term debt by over $100 million as of the end of Q3 2025, achieving its annual debt reduction target [11][25]. Strategic Outlook - The company remains optimistic about the winter drilling season in Canada, expecting activity levels to meet or exceed last year's performance, contingent on supportive commodity prices [24][29]. - Precision's strategy includes maximizing free cash flow, enhancing shareholder returns through debt reduction and share repurchases, and growing revenue through contracted upgrades and optimized pricing [25][21].

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