Precision Drilling Corp Reports Strong Q3 2024 Results

Precision Drilling Corp ( (PDS) ) has realeased its Q3 earnings. Here is a breakdown of the information Precision Drilling Corp presented to its investors.

Precision Drilling Corp is a prominent provider of land drilling services, operating in the energy sector with a focus on delivering high-performance, high-value drilling services across Canada, the U.S., and internationally. The company is noted for its strategic expansion and commitment to operational excellence.

Precision Drilling Corp announced its third-quarter financial results for 2024, showcasing a strong performance with increased revenue and earnings. The company has demonstrated resilience in its operations, achieving significant debt reduction and engaging in strategic share buybacks.

In the third quarter, Precision Drilling reported a revenue increase to $477 million, driven by heightened activity in Canada and internationally, despite a decrease in U.S. operations. Adjusted EBITDA also rose to $142 million, reflecting improved performance compared to the previous year. The company’s net earnings nearly doubled, reaching $39 million, attributable to successful acquisitions and strategic cost management. Precision Drilling also announced an increase in planned capital expenditures for rig upgrades.

Operationally, the company witnessed a surge in Canadian and international rig utilization, while U.S. operations faced challenges due to volatile commodity prices. The strategic acquisition of CWC Energy Services bolstered the company’s service rig operating hours and revenue, further enhancing its market presence.

Looking ahead, Precision Drilling remains optimistic about its growth prospects, with plans to continue debt reduction, enhance shareholder returns, and capitalize on market opportunities in Canada and the U.S. The company anticipates sustained demand for its services, driven by favorable market conditions and strategic initiatives.