Core Viewpoint - Precision Drilling Corporation reported its third quarter 2025 results, highlighting a resilient performance despite a challenging North American drilling market, with a focus on shareholder returns and fleet investments to meet customer demand [2][4][10]. Financial Highlights - Revenue for Q3 2025 was $462 million, a 3% decrease from $477 million in Q3 2024, outperforming industry declines of 15% in Canada and 7% in the U.S. [7][18]. - Adjusted EBITDA was $118 million, down 17.4% from $142 million in Q3 2024, impacted by higher operating costs and share-based compensation [7][18]. - Net earnings attributable to shareholders were a loss of $7 million, compared to a profit of $39 million in Q3 2024, primarily due to increased deferred income tax expenses [7][18]. - Cash provided by operations was $76 million, enabling the company to repay $10 million of debt and repurchase $9 million of common shares [7][18]. - Capital expenditures for Q3 2025 were $69 million, with a revised 2025 capital budget increased to $260 million from $240 million [7][18]. Operational Highlights - The company operated 68 drilling rigs in Canada, with strong demand for Super Triple and Super Single rig classes, expecting near full utilization during the winter season [6][10]. - U.S. activity increased by over 10% year-over-year, with 39 active rigs compared to 30 in Q1 2025, driven by strength in natural gas basins [8][26]. - International operations averaged seven active rigs, generating stable free cash flow [9][27]. Market Positioning - Precision's favorable positioning in U.S. natural gas and Canadian heavy oil markets, combined with technical expertise, has allowed the company to capture opportunities for capital deployment [4][10]. - The company plans to allocate 35% to 45% of free cash flow to share repurchases, having already repurchased $54 million in shares year-to-date [11][23]. Strategic Outlook - The company anticipates strong demand for its North American Super Series rigs, with expectations for winter drilling activity to meet or exceed last year's levels [25][29]. - In the U.S., the natural gas rig count has increased approximately 20% year-to-date, reflecting positive customer sentiment towards LNG off-take and AI demand [26][29]. - Internationally, the company maintains long-term contracts for its rigs, with expectations for stable operations through 2027 and 2028 [27][29].

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].

Core Viewpoint - Precision Drilling Corporation has appointed Mr. Carey Ford as the new President and Chief Executive Officer, succeeding Kevin Neveu, who has retired after 18 years in the role [1][6]. Leadership Changes - Mr. Ford has been with Precision since 2011 and served as Chief Financial Officer since 2016, where he has strengthened investor confidence and guided the company's financial strategy [2]. - The Board has also appointed Gene Stahl as Chief Operating Officer, who has over 28 years of experience with the company, and Dustin Honing as Chief Financial Officer, who has nearly 15 years of experience at Precision [4]. Strategic Direction - Mr. Ford expressed enthusiasm for his new role and emphasized the company's commitment to serving customers and operating safely, while also looking forward to guiding Precision into its next growth phase [3]. - The Board expressed full confidence in Mr. Ford's leadership and highlighted the company's focus on advancing its technology-driven strategy and delivering sustainable long-term value for stakeholders [5]. Company Overview - Precision is a leading provider of safe and environmentally responsible services to the energy industry, with a focus on High Performance and High Value services [7]. - The company offers an extensive fleet of Super Series drilling rigs and has developed a digital technology portfolio known as Alpha, which utilizes advanced automation software and analytics [7]. - Precision is headquartered in Calgary, Alberta, Canada, and is publicly traded on the Toronto Stock Exchange and the New York Stock Exchange [8].

Company Overview - Precision Drilling Corporation is a leading provider of safe and environmentally responsible services to the energy industry, offering access to an extensive fleet of Super Series drilling rigs [4] - The company has commercialized an industry-leading digital technology portfolio known as Alpha™, which utilizes advanced automation software and analytics to deliver efficient, predictable, and repeatable results for energy customers [4] - Precision also offers well service rigs, camps, and rental equipment, supported by a comprehensive mix of technical support services and skilled personnel [4] Upcoming Financial Results - Precision Drilling intends to release its 2025 third quarter results after the market closes on Wednesday, October 22, 2025 [1] - A conference call is scheduled for Thursday, October 23, 2025, at 11:00 a.m. MT (1:00 p.m. ET) to discuss the results [1] - Participants can register for the conference call to receive a dial-in number and unique PIN for questions [1][2] Additional Information - Precision Drilling 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 the symbol "PDS" [5] - For more information, the company can be contacted through its Vice President of Investor Relations, Lavonne Zdunich [6]

Company Overview - Precision Drilling Corporation is a leading provider of safe and environmentally responsible services to the energy industry, offering access to an extensive fleet of Super Series drilling rigs [4] - The company has commercialized an industry-leading digital technology portfolio known as Alpha™, which utilizes advanced automation software and analytics to deliver efficient, predictable, and repeatable results for energy customers [4] - Precision also provides well service rigs, camps, and rental equipment, supported by a comprehensive mix of technical support services and skilled personnel [4] Upcoming Financial Results - Precision intends to release its 2025 third quarter results after the market closes on October 22, 2025 [1] - A conference call is scheduled for October 23, 2025, at 11:00 a.m. MT (1:00 p.m. ET) to discuss the results [1] - Participants can register for the conference call to receive a dial-in number and unique PIN for questions [1][2] Webcast and Replay - The conference call will also be webcast, and a replay will be available on Precision's website for 12 months [2]

Core Viewpoint - Precision Drilling Corporation reported stronger than anticipated financial and operational results for the second quarter of 2025, driven by excellent free cash flow, new contracts, and strong demand for its Super Series rig fleet [2][5][21]. Financial Highlights - Revenue for Q2 2025 was $407 million, a decrease of 5.3% from $429 million in Q2 2024, primarily due to lower U.S. and international activity [6][14]. - Adjusted EBITDA was $108 million, down 6.1% from $115 million in the same quarter last year, with a consistent EBITDA margin of 27% [6][21]. - Net earnings attributable to shareholders were $16 million or $1.21 per share, compared to $21 million or $1.44 per share in Q2 2024, marking the 12th consecutive quarter of positive earnings [5][21]. - Cash provided by operations was $147 million, allowing the company to repay $74 million of debt and repurchase $14 million of common shares [7][21]. Operational Highlights - The average number of active drilling rigs in Canada was 50, slightly up from 49 in Q2 2024, while U.S. active rigs averaged 33, down from 36 [8][16]. - Canadian revenue per utilization day increased to $37,725 from $36,075 year-over-year, driven by customer-funded rig upgrades [6][21]. - U.S. revenue per utilization day decreased to $31,113 from $33,227, reflecting lower industry activity [6][21]. - International operations generated $36 million in revenue with seven active rigs, down from eight in Q2 2024 [10][21]. Strategic Initiatives - The company revised its 2025 capital budget to $240 million from $200 million to support upgrades of 22 Super Series rigs, responding to increased customer demand [12][26]. - Precision aims to maximize free cash flow through disciplined capital deployment and enhance shareholder returns via debt reduction and share repurchases [22][26]. - The company is positioned to further adjust capital spending based on evolving customer demand, with a focus on technological advancements in its rig fleet [12][22]. Market Outlook - In Canada, increased takeaway capacity from the Trans Mountain pipeline expansion is expected to support heavy oil activity, while LNG Canada’s first shipment is anticipated to drive demand for Super Triple rigs [27][30]. - In the U.S., natural gas drilling is expected to increase as customers become more optimistic about LNG off-take and AI demand, with a focus on natural gas basins like Haynesville and Marcellus [28][30]. - Internationally, the company maintains a steady level of activity with five rigs in Kuwait and two in Saudi Arabia, under long-term contracts extending into 2027 and 2028 [10][29].

Company Overview - Precision Drilling Corporation is a leading provider of safe and environmentally responsible services to the energy industry, offering access to an extensive fleet of Super Series drilling rigs [4] - The company has commercialized an industry-leading digital technology portfolio known as Alpha™, which utilizes advanced automation software and analytics to deliver efficient, predictable, and repeatable results for energy customers [4] - Precision also provides well service rigs, camps, and rental equipment, supported by a comprehensive mix of technical support services and skilled personnel [4] Upcoming Financial Results - Precision intends to release its 2025 second quarter results after the market closes on Tuesday, July 29, 2025 [1] - A conference call is scheduled for 11:00 a.m. MT (1:00 p.m. ET) on Wednesday, July 30, 2025, to discuss the results [1] - Participants can register for the conference call to receive a dial-in number and unique PIN for questions [1] Webcast and Replay - The conference call will also be webcast, and a replay will be available on Precision's website for 12 months [2]

Core Points - Precision Drilling Corporation successfully elected all eight nominee directors at its 2025 Annual and Special Meeting of Shareholders, with seven being independent [1] - The voting results showed high approval rates for the nominee directors, with William T. Donovan receiving 97.27% of votes in favor and Lori A. Lancaster receiving 98.62% [2] - All other business items, including the advisory vote on executive compensation, were also approved at the meeting [2] Company Overview - Precision Drilling is a leading provider of high-performance and environmentally responsible services to the energy industry, featuring an extensive fleet of Super Series drilling rigs [4] - The company has developed a digital technology portfolio known as Alpha™, which employs advanced automation software and analytics to enhance operational efficiency [4] - Precision also offers a suite of environmental solutions called EverGreen™, aimed at minimizing the environmental impact of its operations [4] - The company is headquartered in Calgary, Alberta, Canada, and is publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbols "PD" and "PDS" respectively [5]

Core Points - Precision Drilling Corporation is holding its 2025 Annual and Special Meeting of Shareholders on May 15, 2025, at 10:00 a.m. MST in a virtual-only format, allowing equal participation for all shareholders regardless of location [1] - Shareholders can access the meeting online, listen, ask questions, and vote in real time if connected to the internet, with advance proxy voting available as in previous years [2][3] - Additional information regarding participation and voting instructions is available in Precision's Management Information Circular and Virtual AGM User Guide on their website [3] 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 and a digital technology portfolio known as Alpha [4] - The company emphasizes its commitment to reducing environmental impact through its EverGreen suite of environmental solutions and provides well service rigs, camps, and rental equipment supported by skilled personnel [4] - 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" [5]