Precision Drilling's North American activity slows on weak natural gas prices [BNN Bloomberg (Canada)]
Precision Drilling Corporation (PDS)
Last precision drilling corporation earnings: 4/30 06:00 am
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US:NYSE Investor Relations:
precisiondrilling.com/investor-relations/default.aspx
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Source: BNN Bloomberg
On Tuesday, Calgary-based Precision Drilling Corp. reported earnings of $146.7 million for the last three months of 2023, up from a profit of $3.5 million a year earlier, even as its revenue edged lower. CEO Kevin Neveu told analysts on a conference call that while Precision's revenue rates and well service activities increased in the quarter, drilling rig utilization days — a metric that reflects overall oil and gas drilling activity levels — fell. In Canada, drilling rig utilization days declined 2.5 per cent year-over-year, while it declined 24.5 per cent in the U.S. in the fourth quarter. A major reason for the slowdown in activity is North American natural gas prices, which have tumbled due to a combination of factors including over-supply and warm winter weather. Last year, U.S. natural gas prices averaged $2.57 per mmBTU, about 62 per cent below the 2022 average annual price. In the U.S., Precision's active rig count has hovered around the low 40s since mid-2023, compa
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News
- Precision Drilling Corporation Announces Voting Results from the 2024 Annual and Special Meeting of Shareholders [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Precision Drilling Corporation Announces Voting Results from the 2024 Annual and Special Meeting of ShareholdersGlobeNewswire
- Precision Drilling Co. (NYSE: PDS) had its price target raised by analysts at Piper Sandler from $81.00 to $101.00. They now have an "overweight" rating on the stock.MarketBeat
- Precision Drilling Corporation Holding Virtual-Only 2024 Annual and Special Meeting of Shareholders on May 16 [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Precision Drilling Corporation Holding Virtual-Only 2024 Annual and Special Meeting of Shareholders on May 16GlobeNewswire
PDS
Earnings
- 4/25/24 - Beat
PDS
Sec Filings
- 5/17/24 - Form 6-K
- 5/2/24 - Form 6-K
- 4/25/24 - Form 6-K
- PDS's page on the SEC website