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Precision Drilling Reveals Strong Q3 2025 Financial Performance

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Precision Drilling Corporation, one of North America’s leading drilling services companies, reported robust financial results for the third quarter of 2025. The company highlighted its ongoing commitment to shareholder returns while enhancing its rig fleet to meet increasing customer demands. This announcement was made on October 22, 2025, during a presentation that outlined significant operational and financial achievements.

The third quarter results showed that despite a challenging North American drilling market, which saw a decline of 7% compared to the previous year, Precision Drilling’s performance exceeded expectations. The company recorded an impressive $19 million in Adjusted EBITDA, underscoring its operational efficiency and market resilience.

Financial and Operational Highlights

President and Chief Executive Officer Carey Ford expressed optimism about the company’s position in key markets. He stated, “Precision’s third quarter not only achieved financial results that exceeded most expectations, but also demonstrated our ability to meet shareholder capital allocation commitments.” Ford noted that the company has successfully captured opportunities in U.S. natural gas markets and Canadian heavy oil sectors, which have been crucial for driving revenue growth.

Operating 68 drilling rigs in Canada, Precision reported strong demand for its Super Triple and Super Single rig classes. The company anticipates near full utilization during the upcoming winter season. Two Super Triple rigs have been mobilized from the U.S. to Canada under a multi-year contract, expected to start generating revenue in the fourth quarter.

In the United States, Precision has increased its operational presence from an average of 30 drilling rigs in the first quarter of 2025 to 39 rigs currently. This growth reflects the company’s successful strategies in natural gas basins like the Haynesville and Marcellus. Ford highlighted ongoing discussions with customers, which are expected to increase activity in the near term.

Strategic Investments and Future Outlook

Precision also announced an increase in its planned capital expenditures for 2025, raising the total from $240 million to $260 million. This adjustment is primarily due to customer-backed upgrade expenditures. The company aims to upgrade 27 drilling rigs by the end of the year, focusing on regions with increasing activity levels.

Ford emphasized the company’s commitment to capital allocation plans, noting that Precision has successfully reduced debt by over $100 million as of the end of the third quarter. Looking forward, the company plans to allocate between 35% and 45% of its free cash flow to share repurchases, building on the $54 million of shares repurchased in the first nine months of the year.

Despite current challenges in the drilling market, Precision’s outlook remains optimistic, driven by strong fundamentals in Canadian drilling and increasing customer demand in the U.S. Ford concluded, “We have the team, culture, assets, and balance sheet to continue to serve our customers and drive value for shareholders.”

The company is set to host a conference call and webcast on October 23, 2025, at 11:00 a.m. MT (1:00 p.m. ET) to discuss these results and future strategies. Interested stakeholders can register online to participate or access the webcast via the company’s website.

Precision Drilling continues to solidify its position as a high-performance service provider in the energy sector, leveraging advanced technology and a skilled workforce to deliver value to its customers and shareholders alike.

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