Precision Drilling Corp
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Precision Drilling Corp
Precision Drilling Corp. engages in the provision od onshore drilling, completion, and production services to the oil and natural gas industry. The company is headquartered in Calgary, Alberta and currently employs 3,900 full-time employees. The company went IPO on 2010-06-02. The firm's segments include Contract Drilling Services and Completion and Production Services. The Contract Drilling Services segment includes drilling rigs, procurement and distribution of oilfield supplies, and manufacture, sale and repair of drilling equipment. The Completion and Production Services segment includes service rigs, oilfield equipment rental and camp and catering services. The company provides onshore drilling services to exploration and production companies in the oil and natural gas and geothermal industries. The company provides well completion, workover, abandonment and re-entry preparation services to oil and natural gas exploration and production companies. The company also provides digital technology offerings.
Precision Drilling Corp. engages in the provision od onshore drilling, completion, and production services to the oil and natural gas industry. The company is headquartered in Calgary, Alberta and currently employs 3,900 full-time employees. The company went IPO on 2010-06-02. The firm's segments include Contract Drilling Services and Completion and Production Services. The Contract Drilling Services segment includes drilling rigs, procurement and distribution of oilfield supplies, and manufacture, sale and repair of drilling equipment. The Completion and Production Services segment includes service rigs, oilfield equipment rental and camp and catering services. The company provides onshore drilling services to exploration and production companies in the oil and natural gas and geothermal industries. The company provides well completion, workover, abandonment and re-entry preparation services to oil and natural gas exploration and production companies. The company also provides digital technology offerings.
Leadership Transition: Precision Drilling welcomed Carey Ford as CEO, Gene Stahl as COO, and Dustin Honing as CFO following Kevin Neveu's retirement after 18 years.
Q3 Financials: Adjusted EBITDA was $118 million, down from $142 million last year, with resilient operating margins that stayed within guidance.
Rig Activity: U.S. rig activity grew, increasing from 27 in Q1 to 40 rigs currently, while Canadian activity dipped due to deferred customer projects; international rig count declined slightly.
Capital Expenditures: The 2025 capital budget increased by $20 million to $260 million to support 5 additional contracted rig upgrades, reflecting strong customer demand.
Debt Reduction: Precision met its annual debt reduction target, cutting debt by $101 million and repurchasing $54 million in shares in the first nine months of the year.
Guidance: Q4 Canadian rig counts expected to match or slightly exceed last winter; U.S. rig momentum to continue with stable margins; 2025 SG&A forecast at $90–95 million before share-based compensation.
Strategy & Outlook: Management reaffirmed commitment to debt reduction, shareholder returns, organic growth, and customer-backed rig upgrades, with ongoing focus on technology and operational excellence.
