- Precision Drilling Corp PDS Q1 revenues rose 59% Y/Y to CA$559 million, led by higher North American drilling activity (+13% Y/Y) and service activity and day rates.
- Contract Drilling Services revenue increased 55% Y/Y to CA$486 million, while Completion and Production Services revenue stood at CA$75 million (+95% Y/Y).
- Drilling rig utilization days rose 17% Y/Y in the U.S. and 9% Y/Y in Canada, while well service activity grew 53% Y/Y.
- Adjusted EBITDA increased to CA$203 million from CA$37 million, led by higher activity and day rates and lower share-based compensation.
- EPS stood at CA$5.57 compared with a net loss per share of CA$(3.25) a year ago.
- Cash provided by operations came in at CA$28 million vs. cash used in operations of CA$(65) million a year ago.
- Capital expenditures stood at CA$51 million compared with CA$36 million a year ago. PDS repurchased shares worth CA$5 million in Q1.
- The company currently has 57 active rigs in the U.S. Internationally, the company currently has five active rigs in the Middle East, which is expected to increase to eight by mid-2023 on completion of rig recertifications and represents backlog revenue of around CA$755 million going into 2028.
- PDS expects 2023 debt reduction of CA$150 million in 2023. It remains committed to its longer-term targets of reducing debt by CA$500 million from 2022-2025.
- The company cut its capital spending budget for 2023 to CA$195 million from CA$235 million due to fewer drilling rig upgrades and lower maintenance costs.
- Price Action: PDS shares traded lower by 0.11% at $49.69 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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