Precision Drilling Corporation announced its 2025 second quarter results, with revenue of $407 million and Adjusted EBITDA of $108 million. The company repaid $74 million of debt and repurchased $14 million of common shares during the quarter. Precision plans to upgrade 22 of its Super Series rigs to meet customer demand, leading to increased capital expenditures of $240 million for 2025. The company experienced growth in Canada and the U.S., with active rig counts and revenue per utilization day increasing in both regions. Additionally, Precision’s completion and production services revenue was lower due to decreased service rig operating hours.

Precision’s strategic priorities for 2025 include maximizing free cash flow, enhancing shareholder returns, and growing revenue in existing service lines through upgrades and acquisitions. The company’s vision is to be globally recognized as a provider of land drilling services. Precision’s outlook remains strong, with expectations of increased demand for drilling in Canada and improving sentiment for natural gas drilling in the U.S. The company’s long-term debt reduction target is $700 million between 2022 and 2027, with $525 million already reduced since the beginning of 2022.

The company cautions that forward-looking information and statements in the news release are subject to known and unknown risks and uncertainties that could impact actual results. These risks include volatility in oil and gas prices, changes in drilling technology, and economic and market conditions. Precision will not update or revise forward-looking statements except as required by law. The company’s financial measures and ratios, including Adjusted EBITDA, net capital spending, working capital, and total long-term financial liabilities, provide supplemental information to investors.

Read more at GlobeNewswire: Precision Drilling Announces 2025 Second Quarter Unaudited