Precision Drilling Corp. had strong Q3 financial results, with increased revenue, adjusted EBITDA, and net earnings

From GlobeNewswire: 2024-10-29 17:25:00

Precision Drilling Corporation reported strong third-quarter financial results, with revenue reaching $477 million, an increase from $447 million in the same period last year. Adjusted EBITDA was $142 million, up from $115 million in 2023. Net earnings nearly doubled to $39 million. Precision reduced debt by $49 million during the quarter, totaling $152 million year to date. Share repurchases were $17 million in the quarter and $50 million year to date. Capital expenditures were increased to $210 million to fund rig upgrades and drill pipe purchases for 2025. Operational highlights include increased activity in Canada, the U.S., and internationally, with high demand for Super Triple and Super Single rigs. Precision formed a strategic Joint Partnership for well servicing operations in northeast British Columbia with Indigenous partners. Management is optimistic about the company’s strategic priorities, including generating free cash flow, improving capital returns to shareholders, and delivering operational excellence. The company’s international and Canadian businesses led third-quarter results, demonstrating resilience and growth. The global energy demand outlook remains positive. Oil prices are stable, and industry fundamentals are strong. Precision remains focused on its long-term debt reduction target and driving higher total shareholder returns.



Read more at GlobeNewswire:: Precision Drilling Announces 2024 Third Quarter Unaudited