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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