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Name | Symbol | Market | Type |
---|---|---|---|
Precision Drilling Corporation New | NYSE:PDS | NYSE | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.52 | 5.12% | 72.30 | 72.72 | 69.19 | 69.19 | 168,959 | 23:42:33 |
This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to Adjusted EBITDA, Covenant EBITDA, Operating Earnings (Loss), Funds Provided by (Used in) Operations and Working Capital. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures used by other companies, see “Non-GAAP Measures” later in this news release.
Precision Drilling announces 2018 fourth quarter financial results:
Precision’s President and CEO Kevin Neveu stated: “Precision executed on its 2018 business plan and delivered operating and financial results far exceeding our expectations. This execution was clear in all key financial and operating metrics; delivering strong rig and crew operating and safety performance, diligent variable and fixed cost control, growth in U.S. market share and forging the path to commercializing our technology initiatives, all while strictly controlling our capital spending. Precision’s execution in 2018 resulted in better than expected cash flow, allowing us to accelerate our debt repayment plan well beyond our stated target range for the year, retiring $174 million of debt in 2018.”
“In the fourth quarter, strong demand for our Super Series rigs and firm pricing in the U.S. combined with aggressive cost management in our Canadian businesses drove better than expected financial results. We enter 2019 with liquidity of over $800 million and remain firmly committed to our deleveraging plan, recently increasing our longer-term debt reduction target range by $100 million to $400 million to $600 million by the end of 2021.”
“While customer sentiment has recently improved with firming WTI pricing, the extreme volatility and widened Canadian differentials experienced during the fourth quarter weighed heavily on our customers’ planning as we entered 2019. We see the effects sharply in Canada as winter drilling activity is trending down 30% from last winter. In Canada, currently we have 58 rigs operating and do not expect activity to strengthen until the second half of the year as oil inventories decline and takeaway capacity improves. Canadian differentials have narrowed substantially following the Government of Alberta’s mandatory production curtailment program driving improved cash flows for many of our customers and potentially strengthening the outlook for later in the year. Despite near-term softness, our Canadian business is well positioned to generate strong cash flow through leveraging our scale with unmatched rig fleet quality and Precision’s High Performance operations.”
“In the U.S. we have 81 rigs operating, 16 more than this time last year representing 25% year-over-year growth. While our U.S. activity is steady, our customers are still cautiously assessing 2019 spending plans. Precision has signed eight term contracts year-to-date, in addition to 11 in the fourth quarter of 2018, indicative of continued strength in high spec rig demand. Over the last year we have increased our AC Super Triple 1500 rig fleet in the U.S. by five, including two rigs redeployed from Canada and three new builds largely assembled from spare components and vendor credits. Additionally, we completed 31 rig upgrades including pad-walking systems, third mud pump additions and Process Automation Control upgrades. All cash deployed to mobilize, build new and upgrade rigs was backed with take or pay customer contracts at leading edge rates and we managed these U.S. fleet enhancements with relatively modest capital spending.”
“Currently we have eight rigs operating in the Middle East all performing exceedingly well. In Saudi Arabia we expect to sign long-term contracts on the two rigs currently up for renewal by the end of the quarter, and in Kuwait we are on time and on budget to deploy a sixth new build rig in June. By mid-year we expect to have nine rigs operating in the Middle East, all under long-term contracts providing stable cash flow visibility.”
“Precision’s technology strategy displayed significant progress throughout 2018, with 33 Process Automation Control systems installed, 31 of which are active in the field. During the year, we were able to demonstrate to our customers our system’s ability to deliver consistent and repeatable, high-quality results while improving safety, performance and operational efficiency. Going into 2019, our priorities revolve around further commercialization of the Process Automation Control platform, PD-Apps and PD-Analytics as Precision remains a leader in advanced rig technology offerings.”
“Precision remains focused on the things in which it can control, namely, allocating free cash flow toward debt repayment, capital discipline, cost management and operational excellence. Commodity price volatility is likely to persist throughout 2019; however, we believe we are well-positioned across each of our geographies to manage our business and create value for our customers and investors,” concluded Mr. Neveu.
SELECT FINANCIAL AND OPERATING INFORMATION
Adjusted EBITDA and funds provided by operations are Non-GAAP measures. See “NON-GAAP MEASURES”.
Financial Highlights
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
(Stated in thousands of Canadian dollars, except per share amounts) | 2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||||||
Revenue | 427,010 | 347,187 | 23.0 | 1,541,189 | 1,321,224 | 16.6 | |||||||||||||||||
Adjusted EBITDA(1) | 134,492 | 90,914 | 47.9 | 375,131 | 304,981 | 23.0 | |||||||||||||||||
Net loss | (198,328 | ) | (47,005 | ) | 321.9 | (294,270 | ) | (132,036 | ) | 122.9 | |||||||||||||
Cash provided by operations | 93,489 | 23,289 | 301.4 | 293,334 | 116,555 | 151.7 | |||||||||||||||||
Funds provided by operations(1) | 92,595 | 28,323 | 226.9 | 311,214 | 183,935 | 69.2 | |||||||||||||||||
Capital spending: | |||||||||||||||||||||||
Expansion | 9,064 | 966 | 838.3 | 35,444 | 11,946 | 196.7 | |||||||||||||||||
Upgrade | 2,402 | 2,984 | (19.5 | ) | 30,757 | 37,086 | (17.1 | ) | |||||||||||||||
Maintenance and infrastructure | 18,128 | 13,553 | 33.8 | 48,375 | 25,791 | 87.6 | |||||||||||||||||
Intangibles | 687 | 7,452 | (90.8 | ) | 11,567 | 23,179 | (50.1 | ) | |||||||||||||||
Proceeds on sale | (12,020 | ) | (4,787 | ) | 151.1 | (24,457 | ) | (14,841 | ) | 64.8 | |||||||||||||
Net capital spending | 18,261 | 20,168 | (9.5 | ) | 101,686 | 83,161 | 22.3 | ||||||||||||||||
Net loss per share: | |||||||||||||||||||||||
Basic and diluted | (0.68 | ) | (0.16 | ) | 325.0 | (1.00 | ) | (0.45 | ) | 122.2 | |||||||||||||
(1) See “NON-GAAP MEASURES”. | |||||||||||||||||||||||
Operating Highlights | |||||||||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||||||||||||||
Contract drilling rig fleet | 236 | 256 | (7.8 | ) | 236 | 256 | (7.8 | ) | |||||||||||||||
Drilling rig utilization days: | |||||||||||||||||||||||
Canada | 4,517 | 4,983 | (9.4 | ) | 18,617 | 18,883 | (1.4 | ) | |||||||||||||||
U.S. | 7,318 | 5,365 | 36.4 | 26,714 | 20,479 | 30.4 | |||||||||||||||||
International | 736 | 736 | - | 2,920 | 2,920 | - | |||||||||||||||||
Revenue per utilization day: | |||||||||||||||||||||||
Canada(1) (Cdn$) | 22,802 | 23,457 | (2.8 | ) | 21,644 | 21,143 | 2.4 | ||||||||||||||||
U.S.(2) (US$) | 23,369 | 20,226 | 15.5 | 21,864 | 19,861 | 10.1 | |||||||||||||||||
International (US$) | 51,982 | 50,319 | 3.3 | 50,469 | 50,240 | 0.5 | |||||||||||||||||
Operating cost per utilization day: | |||||||||||||||||||||||
Canada (Cdn$) | 15,115 | 13,544 | 11.6 | 14,493 | 13,140 | 10.3 | |||||||||||||||||
U.S. (US$) | 15,042 | 13,647 | 10.2 | 14,337 | 13,846 | 3.5 | |||||||||||||||||
Service rig fleet | 210 | 210 | - | 210 | 210 | - | |||||||||||||||||
Service rig operating hours | 35,773 | 44,325 | (19.3 | ) | 157,467 | 172,848 | (8.9 | ) | |||||||||||||||
Revenue per operating hour (Cdn$) | 753 | 644 | 16.9 | 709 | 637 | 11.3 | |||||||||||||||||
(1) Includes lump sum revenue from contract shortfall. | |||||||||||||||||||||||
(2) Includes revenue from idle but contracted rig days. | |||||||||||||||||||||||
Financial Position | ||||
(Stated in thousands of Canadian dollars, except ratios) | December 31, 2018 | December 31, 2017 | ||
Working capital(1) | 240,539 | 232,121 | ||
Cash | 96,626 | 65,081 | ||
Long-term debt(2) | 1,706,253 | 1,730,437 | ||
Total long-term financial liabilities | 1,723,350 | 1,754,059 | ||
Total assets | 3,636,043 | 3,892,931 | ||
Long-term debt to long-term debt plus equity ratio | 0.52 | 0.49 | ||
(1) See “NON-GAAP MEASURES”. | ||||
(2) Net of unamortized debt issue costs. | ||||
Summary for the three months ended December 31, 2018:
Summary for the year ended December 31, 2018:
STRATEGY
Precision’s strategic priorities for 2018 were as follows:
Precision’s strategic priorities for 2019 are as follows:
OUTLOOK
For the fourth quarter of 2018, the average West Texas Intermediate (WTI) price of oil was 6% higher than the prior year comparative period while the average Henry Hub gas price was 33% higher and the average AECO price was 11% lower.
Three months ended December 31, | Year ended December 31, | |||||
2018 | 2017 | 2018 | 2017 | |||
Average oil and natural gas prices | ||||||
Oil | ||||||
West Texas Intermediate (per barrel) (US$) | 58.89 | 55.45 | 64.88 | 50.95 | ||
Natural gas | ||||||
Canada | ||||||
AECO (per MMBtu) (CDN$) | 1.49 | 1.67 | 1.49 | 2.16 | ||
United States | ||||||
Henry Hub (per MMBtu) (US$) | 3.81 | 2.86 | 3.12 | 2.98 | ||
Contracts
During 2018 we entered into 54 term contracts. The following chart outlines the average number of drilling rigs by quarter that we had under contract for 2018 and 2019 as of February 13, 2019.
Average for the quarter ended 2018 | Average for the quarter ended 2019 | |||||||||
Mar. 31 | June 30 | Sept. 30 | Dec. 31 | Mar. 31 | June 30 | Sept. 30 | Dec. 31 | |||
Average rigs under term contract as of February 13, 2019: | ||||||||||
Canada | 8 | 9 | 9 | 11 | 8 | 6 | 6 | 5 | ||
U.S. | 36 | 48 | 50 | 51 | 55 | 44 | 31 | 21 | ||
International | 8 | 8 | 8 | 8 | 8 | 5 | 5 | 5 | ||
Total | 52 | 65 | 67 | 70 | 71 | 54 | 42 | 31 | ||
(1) As of February 13, 2019. | ||||||||||
The following chart outlines the average number of drilling rigs that we had under contract for 2018 and the average number of rigs we have under contract for 2019 and 2020 as of February 13, 2019.
Average for the year ended | |||
2018 | 2019 | 2020 | |
Average rigs under term contract as of February 13, 2019: | |||
Canada | 9 | 6 | 2 |
U.S. | 46 | 38 | 8 |
International | 8 | 6 | 4 |
Total | 63 | 50 | 14 |
(1) As of February 13, 2019. | |||
In Canada, term contracted rigs normally generate 250 utilization days per year because of the seasonal nature of well site access. In most regions in the U.S. and internationally, term contracts normally generate 365 utilization days per year.
Drilling Activity
The following chart outlines the average number of drilling rigs that we had working or moving by quarter for the periods noted.
Average for the quarter ended 2017 | Average for the quarter ended 2018 | |||||||||
Mar. 31 | June 30 | Sept. 30 | Dec. 31 | Mar. 31 | June 30 | Sept. 30 | Dec. 31 | |||
Average Precision active rig count: | ||||||||||
Canada | 76 | 29 | 49 | 54 | 72 | 31 | 52 | 49 | ||
U.S. | 47 | 59 | 61 | 58 | 64 | 72 | 76 | 80 | ||
International | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | ||
Total | 131 | 96 | 118 | 120 | 144 | 111 | 136 | 137 | ||
To start 2019, drilling activity has increased relative to this time last year in U.S. and decreased in Canada. According to industry sources, as of February 8, 2019, the U.S. active land drilling rig count was up approximately 7% from the same point last year while the Canadian active land drilling rig count was down approximately 26%. To date in 2019, approximately 60% of the Canadian industry’s active rigs and 81% of the U.S. industry’s active rigs are drilling for oil targets, compared with 66% for Canada and 80% for the U.S. at the same time last year.
Industry Conditions
We expect Tier 1 rigs to remain the preferred rigs of customers globally. The economic value created by the significant drilling and mobility efficiencies delivered by the most advanced XY pad-walking rigs has been highlighted and widely accepted by our customers. The trend to longer-reach horizontal completions and importance of the rig delivering these complex wells consistently and efficiently has been well established by the industry. We expect demand for leading edge high efficiency Tier 1 rigs will continue to strengthen, as drilling rig capability has been a key economic facilitator of horizontal/unconventional resource exploitation. Development and field application of drilling equipment process automation coupled with closed loop drilling controls and de-manning of rigs will continue this technical evolution while creating further cost efficiencies and performance value for customers.
Capital Spending
Capital spending in 2019 is expected to be $169 million and includes $53 million for sustaining and infrastructure and $116 million for upgrade and expansion, approximately $68 million of which relates to the completion of our sixth new build rig in Kuwait. We expect that the $169 million will be split $161 million in the Contract Drilling Services segment, $6 million in the Completion and Production Services segment and $2 million to the Corporate segment.
SEGMENTED FINANCIAL RESULTS
Precision’s operations are reported in two segments: Contract Drilling Services, which includes the drilling rig, directional drilling, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes the service rig, snubbing, rental, camp and catering and wastewater treatment divisions.
Three months ended December 31, | Year ended December 31, | |||||||||||
(Stated in thousands of Canadian dollars) | 2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||
Revenue: | ||||||||||||
Contract Drilling Services | 391,843 | 308,973 | 26.8 | 1,396,492 | 1,173,930 | 19.0 | ||||||
Completion and Production Services | 36,715 | 40,600 | (9.6 | ) | 150,760 | 154,146 | (2.2 | ) | ||||
Inter-segment eliminations | (1,548 | ) | (2,386 | ) | (35.1 | ) | (6,063 | ) | (6,852 | ) | (11.5 | ) |
427,010 | 347,187 | 23.0 | 1,541,189 | 1,321,224 | 16.6 | |||||||
Adjusted EBITDA:(1) | ||||||||||||
Contract Drilling Services | 122,131 | 100,280 | 21.8 | 412,134 | 342,970 | 20.2 | ||||||
Completion and Production Services | 7,011 | 2,714 | 158.3 | 14,881 | 11,888 | 25.2 | ||||||
Corporate and Other | 5,350 | (12,080 | ) | (144.3 | ) | (51,884 | ) | (49,877 | ) | 4.0 | ||
134,492 | 90,914 | 47.9 | 375,131 | 304,981 | 23.0 | |||||||
(1) See “NON-GAAP MEASURES”. | ||||||||||||
SEGMENT REVIEW OF CONTRACT DRILLING SERVICES
Three months ended December 31, | Year ended December 31, | |||||||||||
(Stated in thousands of Canadian dollars, except where noted) | 2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||
Revenue | 391,843 | 308,973 | 26.8 | 1,396,492 | 1,173,930 | 19.0 | ||||||
Expenses: | ||||||||||||
Operating | 258,255 | 200,615 | 28.7 | 945,203 | 798,655 | 18.3 | ||||||
General and administrative | 11,457 | 8,078 | 41.8 | 39,155 | 32,305 | 21.2 | ||||||
Adjusted EBITDA(1) | 122,131 | 100,280 | 21.8 | 412,134 | 342,970 | 20.2 | ||||||
Depreciation | 95,934 | 82,680 | 16.0 | 334,555 | 334,587 | (0.0 | ) | |||||
Impairment of property, plant and equipment | - | 15,313 | (100.0 | ) | - | 15,313 | (100.0 | ) | ||||
Operating earnings (loss)(1) | 26,197 | 2,287 | 1,045.5 | 77,579 | (6,930 | ) | (1,219.5 | ) | ||||
Operating earnings (loss)(1) as a percentage of revenue | 6.7 | % | 0.7 | % | 5.6 | % | (0.6 | )% | ||||
(1) See “NON-GAAP MEASURES”. |
Three months ended December 31, | ||||||||
Canadian onshore drilling statistics:(1) | 2018 | 2017 | ||||||
Precision | Industry(2) | Precision | Industry(2) | |||||
Number of drilling rigs (end of period) | 117 | 574 | 136 | 627 | ||||
Drilling rig operating days (spud to release) | 4,020 | 15,235 | 4,298 | 16,249 | ||||
Drilling rig operating day utilization | 33 | % | 28 | % | 35 | % | 29 | % |
Number of wells drilled | 401 | 1,602 | 447 | 1,674 | ||||
Average days per well | 10.0 | 9.5 | 9.6 | 9.7 | ||||
Number of metres drilled (000s) | 1,153 | 4,609 | 1,245 | 4,780 | ||||
Average metres per well | 2,874 | 2,877 | 2,786 | 2,855 | ||||
Average metres per day | 287 | 303 | 290 | 294 |
Year ended December 31, | ||||||||
Canadian onshore drilling statistics:(1) | 2018 | 2017 | ||||||
Precision | Industry(2) | Precision | Industry(2) | |||||
Number of drilling rigs (end of period) | 117 | 574 | 136 | 627 | ||||
Drilling rig operating days (spud to release) | 16,479 | 64,491 | 16,696 | 66,138 | ||||
Drilling rig operating day utilization | 34 | % | 29 | % | 34 | % | 29 | % |
Number of wells drilled | 1,663 | 6,781 | 1,729 | 6,929 | ||||
Average days per well | 9.9 | 9.5 | 9.7 | 9.5 | ||||
Number of metres drilled (000s) | 4,694 | 19,313 | 4,597 | 19,047 | ||||
Average metres per well | 2,823 | 2,848 | 2,659 | 2,737 | ||||
Average metres per day | 285 | 299 | 275 | 288 | ||||
(1) Canadian operations only. | ||||||||
(2) Canadian Association of Oilwell Drilling Contractors (“CAODC”), and Precision – excludes non-CAODC rigs and non-reporting CAODC members. |
United States onshore drilling statistics:(1) | 2018 | 2017 | |||
Precision | Industry(2) | Precision | Industry(2) | ||
Average number of active land rigs for quarters ended: | |||||
March 31 | 64 | 951 | 47 | 722 | |
June 30 | 72 | 1,021 | 59 | 874 | |
September 30 | 76 | 1,032 | 61 | 927 | |
December 31 | 80 | 1,050 | 58 | 902 | |
Year to date average | 73 | 1,014 | 56 | 856 | |
(1) United States lower 48 operations only. | |||||
(2) Baker Hughes rig counts. |
Revenue from Contract Drilling Services was $392 million this quarter, or 27% higher than the fourth quarter of 2017, while adjusted EBITDA (see “NON-GAAP MEASURES”) increased by 22% to $122 million. The increase in revenue was primarily due to higher utilization days as well as higher spot market rates in the U.S. During the quarter we recognized $1 million in shortfall payments in our Canadian contract drilling business compared with $13 million in the prior year comparative period. In the U.S. we recognized turnkey revenue of US$11 million compared with US$3 million in the comparative period and we recognized US$0.3 million in idle but contracted rig revenue compared with US$1 million in the comparative quarter of 2017.
Drilling rig utilization days in Canada (drilling days plus move days) were 4,517 during the fourth quarter of 2018, a decrease of 9% compared to 2017 primarily due to decreased industry activity brought on by lower commodity prices and takeaway capacity challenges in Canada. Drilling rig utilization days in the U.S. were 7,318, or 36% higher than the same quarter of 2017 as our U.S. activity was up with higher industry activity. Drilling rig utilization days in our international business were 736, in-line with the same quarter of 2017.
Compared with the same quarter in 2017, drilling rig revenue per utilization day in Canada decreased 3% as lower shortfall revenue in the current quarter was partially offset by increases in spot market rates and higher expenses recovered through the day rate compared with the prior period. Drilling rig revenue per utilization day for the quarter in the U.S. was up 16% compared to the prior year as we realized higher average day rates and turnkey revenue. International revenue per utilization day for the quarter was up by 3% compared with the prior year comparative period due to fewer rig moves.
In Canada, 15% of our utilization days in the quarter were generated from rigs under term contract, compared with 13% in the fourth quarter of 2017. In the U.S., 62% of utilization days were generated from rigs under term contract as compared with 55% in the fourth quarter of 2017.
Operating costs were 66% of revenue for the quarter, one percentage point higher than the prior year period. On a per utilization day basis, operating costs for the drilling rig division in Canada were higher than the prior year period due to timing of equipment certification and equipment maintenance costs and higher expenses recovered through the day rate. In the U.S., operating costs for the quarter on a per day basis were higher than the prior year period primarily due to expenses recovered through the day rate and higher turnkey activity.
Depreciation expense in the quarter was $13 million higher than the prior year comparative period due to the recognition of accelerated depreciation on excess spare equipment.
SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES
Three months ended December 31, | Year ended December 31, | |||||||||||
(Stated in thousands of Canadian dollars, except where noted) | 2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||
Revenue | 36,715 | 40,600 | (9.6 | ) | 150,760 | 154,146 | (2.2 | ) | ||||
Expenses: | ||||||||||||
Operating | 28,515 | 35,595 | (19.9 | ) | 128,731 | 134,368 | (4.2 | ) | ||||
General and administrative | 1,189 | 2,291 | (48.1 | ) | 7,148 | 7,890 | (9.4 | ) | ||||
Adjusted EBITDA(1) | 7,011 | 2,714 | 158.3 | 14,881 | 11,888 | 25.2 | ||||||
Depreciation | 5,351 | 8,410 | (36.4 | ) | 23,879 | 29,638 | (19.4 | ) | ||||
Operating earnings (loss)(1) | 1,660 | (5,696 | ) | (129.1 | ) | (8,998 | ) | (17,750 | ) | (49.3 | ) | |
Operating earnings (loss)(1) as a percentage of revenue | 4.5 | % | (14.0 | )% | (6.0 | )% | (11.5 | )% | ||||
Well servicing statistics: | ||||||||||||
Number of service rigs (end of period) | 210 | 210 | - | 210 | 210 | - | ||||||
Service rig operating hours | 35,773 | 44,325 | (19.3 | ) | 157,467 | 172,848 | (8.9 | ) | ||||
Service rig operating hour utilization | 19 | % | 23 | % | 21 | % | 23 | % | ||||
Service rig revenue per operating hour | 753 | 644 | 16.9 | 709 | 637 | 11.3 | ||||||
(1) See “NON-GAAP MEASURES”. |
Revenue from Completion and Production Services was down $4 million or 10% compared with the fourth quarter of 2017 due to lower activity in our Canadian businesses. Our service rig operating hours in the quarter were down 19% from the fourth quarter of 2017 while rates increased an average of 17%. Approximately 81% of our fourth quarter Canadian service rig activity was oil related.
During the quarter, Completion and Production Services generated 90% of its revenue from Canadian operations and 10% from U.S. operations compared with the fourth quarter of 2017 where 92% of revenue was generated in Canada and 8% in the U.S.
Average service rig revenue per operating hour in the quarter was $753 or $109 higher than the fourth quarter of 2017. The increase was primarily the result of increased costs passed through to the customer and rig mix.
Adjusted EBITDA (see “NON-GAAP MEASURES”) was higher than the fourth quarter of 2017 primarily because of higher average rates and improved cost structure, partially offset by lower activity.
Operating costs as a percentage of revenue was 78% compared with the prior year comparative quarter of 88%.
Depreciation expense in the quarter was $3 million lower than the prior year comparative period due to the recognition of gains on disposal of capital assets in the current year compared with losses on disposal in the prior year.
SEGMENT REVIEW OF CORPORATE AND OTHER
Our Corporate and Other segment provides support functions to our operating segments. The Corporate and Other segment had an adjusted EBITDA (see “NON-GAAP MEASURES”) of $5 million, a $17 million increase compared with the fourth quarter of 2017 primarily due to lower share-based incentive compensation and the receipt of the transaction termination fee partially offset by costs associated with our unsuccessful arrangement agreement.
OTHER ITEMS
Share-based Incentive Compensation Plans
We have several cash-settled share-based incentive plans for non-management directors, officers, and other eligible employees. The fair values of the amounts payable under these plans are recognized as an expense with a corresponding increase in liabilities over the period that the participant becomes entitled to payment. The recorded liability is re-established at the end of each reporting period until settlement with the resultant change to fair value of the liability recognized in net earnings (loss) for the period.
We also have two equity-settled share-based incentive plans. Under the Executive Performance Share (PSU) plan, which commenced in May 2017, the fair value of the PSUs granted is calculated at the date of grant using a Monte Carlo simulation, and that value is recorded as compensation expense over the grant's vesting period with an offset to contributed surplus. Upon redemption of the PSUs into common shares, the associated amount is reclassified from contributed surplus to shareholders' capital. The share option plan is treated similarly, except that the fair value of the share purchased options granted are valued using the Black-Scholes option pricing model and consideration paid by employees upon exercise of the equity purchase options are recognized in share capital.
A summary of the amounts expensed (recovered) under these plans during the reporting periods are as follows:
Three months ended December 31, | Year ended December 31, | ||||||
(Stated in thousands of Canadian dollars) | 2018 | 2017 | 2018 | 2017 | |||
Cash settled share-based incentive plans | (14,208 | ) | (1,622 | ) | 6,391 | (3,166 | ) |
Equity settled share-based incentive plans: | |||||||
Executive PSU | 1,527 | 551 | 5,871 | 1,912 | |||
Stock option plan | 681 | 645 | 3,336 | 3,188 | |||
Total share-based incentive compensation plan expense (recovery) | (12,000 | ) | (426 | ) | 15,598 | 1,934 | |
Allocated: | |||||||
Operating | (5,437 | ) | (711 | ) | 3,656 | 414 | |
General and Administrative | (6,563 | ) | 285 | 11,942 | 1,520 | ||
(12,000 | ) | (426 | ) | 15,598 | 1,934 |
Cash settled shared-based compensation recovery was $14 million in the current quarter compared to $2 million in the same quarter in 2017. The increase is primarily due to the declining share price experienced in the current quarter compared to an increasing share price in the comparative 2017 period.
Executive PSU share-based incentive compensation expense for the quarter was $2 million compared to $1 million in the same quarter in 2017. This increase is a result of the plan being implemented part way through the second quarter in 2017 and from additional grants in 2018.
Financing Charges
Net financial charges for the quarter were $32 million, a decrease of $6 million compared with the fourth quarter of 2017 primarily because of debt retired in 2017 and mid-2018 partially offset by a weaker Canadian dollar on our U.S. dollar denominated interest expense.
Gain on Repurchase and Redemption of Unsecured Senior Notes
During the quarter we redeemed US$30 million of our 6.5% unsecured senior notes due 2021 and repurchased and cancelled US$44 million principal amount of our 5.25% unsecured senior notes due 2024 resulting in a net gain of $7 million.
Income Tax
Income tax expense for the quarter was a recovery of $2 million compared with a recovery of $17 million in the same quarter in 2017. The tax recovery in the quarter decreased over the prior year period due to improved results prior to the non-taxable portion of the goodwill impairment.
LIQUIDITY AND CAPITAL RESOURCES
The oilfield services business is inherently cyclical in nature. To manage this, we focus on maintaining a strong balance sheet so we have the financial flexibility we need to continue to manage our growth and cash flow, regardless of where we are in the business cycle. We maintain a variable operating cost structure so we can be responsive to changes in demand.
Our maintenance capital expenditures are tightly governed by and highly responsive to activity levels with additional cost savings leverage provided through our internal manufacturing and supply divisions. Term contracts on expansion capital for new-build and upgrade rig programs provide more certainty of future revenues and return on our capital investments.
Liquidity
Amount | Availability | Used for | Maturity |
Senior facility (secured) | |||
US$500 million (extendible, revolvingterm credit facility) | Undrawn, except US$28 million inoutstanding letters of credit | General corporate purposes | November 21, 2022 |
Operating facilities (secured) | |||
$40 million | Undrawn, except $28 million inoutstanding letters of credit | Letters of credit and generalcorporate purposes | |
US$15 million | Undrawn | Short term working capitalrequirements | |
Demand letter of credit facility (secured) | |||
US$30 million | Undrawn, except US$2 million inoutstanding letters of credit | Letters of credit | |
Senior notes (unsecured) | |||
US$166 million – 6.5% | Fully drawn | Capital expenditures and generalcorporate purposes | December 15, 2021 |
US$350 million – 7.75% | Fully drawn | Debt redemption and repurchases | December 15, 2023 |
US$351 million – 5.25% | Fully drawn | Capital expenditures and generalcorporate purposes | November 15, 2024 |
US$400 million – 7.125% | Fully drawn | Debt redemption and repurchases | January 15, 2026 |
As at December 31, 2018, we had $1,729 million outstanding under our unsecured senior notes. The current blended cash interest cost of our debt is approximately 6.7%.
During the year we redeemed US$80 million and repurchased and cancelled US$3 million of our 6.5% unsecured senior notes due 2021 and repurchased and cancelled US$49 million principal amount of our 5.25% unsecured senior notes due 2024.
Covenants
Following is a listing of our applicable financial covenants as at December 31, 2018.
Covenant | As at December 31, | ||||
Senior Facility (secured) | |||||
Consolidated senior debt to consolidated covenant EBITDA(1) | < 2.50 | (0.16 | ) | ||
Consolidated covenant EBITDA to consolidated interest expense(1) | > 2.00 | 3.31 | |||
Senior Notes (unsecured) | |||||
Consolidated interest coverage ratio | > 2.00 | 2.80 | |||
(1) For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness. |
At December 31, 2018, we were in compliance with the covenants of our senior credit facility and unsecured senior notes.
Average shares outstanding
The following table reconciles the weighted average shares outstanding used in computing basic and diluted net loss per share:
Three months ended December 31, | Year ended December 31, | ||||
(Stated in thousands) | 2018 | 2017 | 2018 | 2017 | |
Weighted average shares outstanding – basic | 293,782 | 293,239 | 293,560 | 293,239 | |
Effect of stock options and other equity compensation plans | — | — | — | — | |
Weighted average shares outstanding – diluted | 293,782 | 293,239 | 293,560 | 293,239 | |
QUARTERLY FINANCIAL SUMMARY
(Stated in thousands of Canadian dollars, except per share amounts) | 2018 | |||||||
Quarters ended | March 31 | June 30 | September 30 | December 31 | ||||
Revenue | 401,006 | 330,716 | 382,457 | 427,010 | ||||
Adjusted EBITDA(2) | 97,469 | 62,182 | 80,988 | 134,492 | ||||
Net loss | (18,077 | ) | (47,217 | ) | (30,648 | ) | (198,328 | ) |
Net loss per basic and diluted share | (0.06 | ) | (0.16 | ) | (0.10 | ) | (0.68 | ) |
Funds provided by operations(2) | 104,026 | 50,225 | 64,368 | 92,595 | ||||
Cash provided by operations | 38,189 | 129,695 | 31,961 | 93,489 |
(Stated in thousands of Canadian dollars, except per share amounts) | 2017 | |||||||
Quarters ended | March 31 | June 30 | September 30 | December 31 | ||||
Revenue(1) | 368,673 | 290,860 | 314,504 | 347,187 | ||||
Adjusted EBITDA(2) | 84,308 | 56,520 | 73,239 | 90,914 | ||||
Net loss | (22,614 | ) | (36,130 | ) | (26,287 | ) | (47,005 | ) |
Net loss per basic and diluted share | (0.08 | ) | (0.12 | ) | (0.09 | ) | (0.16 | ) |
Funds provided by (used in) operations(2) | 85,659 | (15,187 | ) | 85,140 | 28,323 | |||
Cash provided by operations | 33,770 | 2,739 | 56,757 | 23,289 | ||||
(1) Comparatives for revenue have changed for the periods ending March 2017 and June 2017 to reflect a recast of certain amounts previously netted against operating expense. See our 2017 Annual Report. | ||||||||
(2) See “NON-GAAP MEASURES”. | ||||||||
NON-GAAP MEASURES
In this press release we reference non-GAAP (Generally Accepted Accounting Principles) measures. Adjusted EBITDA, Covenant EBITDA, Operating Earnings (Loss), Funds Provided by (Used in) Operations and Working Capital are terms used by us to assess performance as we believe they provide useful supplemental information to investors. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures used by other companies.
Adjusted EBITDA
We believe that adjusted EBITDA (earnings before income taxes, loss or gain on redemption and repurchase of unsecured senior notes, finance charges, foreign exchange, impairment of goodwill, impairment of property, plant and equipment and depreciation and amortization), as reported in the Interim Consolidated Statement of Loss, is a useful measure, because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
Covenant EBITDA
Covenant EBITDA, as defined in our senior credit facility agreement, is used in determining the Corporation’s compliance with its covenants. Covenant EBITDA differs from Adjusted EBITDA by the exclusion of bad debt expense, restructuring costs and certain foreign exchange amounts.
Operating Earnings (Loss)
We believe that operating earnings (loss), as reported in the Interim Consolidated Statements of Loss, is a useful measure because it provides an indication of the results of our principal business activities before consideration of how those activities are financed and the impact of foreign exchange and taxation.
Funds Provided By (Used In) Operations
We believe that funds provided by (used in) operations, as reported in the Interim Consolidated Statements of Cash Flow, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital, which is primarily made up of highly liquid balances.
Working Capital
We define working capital as current assets less current liabilities as reported on the Interim Consolidated Statement of Financial Position.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS
Certain statements contained in this release, including statements that contain words such as "could", "should", "can", "anticipate", "estimate", "intend", "plan", "expect", "believe", "will", "may", "continue", "project", "potential" and similar expressions and statements relating to matters that are not historic facts constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking information and statements").
In particular, forward looking information and statements include, but are not limited to, the following:
These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:
Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:
Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2018, which may be accessed on Precision’s SEDAR profile at www.sedar.com or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this news release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
(Stated in thousands of Canadian dollars) | December 31,2018 | December 31,2017 | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash | $ | 96,626 | $ | 65,081 | |||
Accounts receivable | 372,336 | 322,585 | |||||
Income tax recoverable | — | 29,449 | |||||
Inventory | 34,081 | 24,631 | |||||
503,043 | 441,746 | ||||||
Assets held for sale | 19,658 | — | |||||
Total current assets | 522,701 | 441,746 | |||||
Non-current assets: | |||||||
Income taxes recoverable | 2,449 | 2,256 | |||||
Deferred tax assets | 36,880 | 41,822 | |||||
Property, plant and equipment | 3,038,612 | 3,173,824 | |||||
Intangibles | 35,401 | 28,116 | |||||
Goodwill | — | 205,167 | |||||
Total non-current assets | 3,113,342 | 3,451,185 | |||||
Total assets | $ | 3,636,043 | $ | 3,892,931 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 274,489 | $ | 209,625 | |||
Income tax payable | 7,673 | — | |||||
Total current liabilities | 282,162 | 209,625 | |||||
Non-current liabilities: | |||||||
Share based compensation | 6,520 | 13,536 | |||||
Provisions and other | 10,577 | 10,086 | |||||
Long-term debt | 1,706,253 | 1,730,437 | |||||
Deferred tax liabilities | 72,779 | 118,911 | |||||
Total non-current liabilities | 1,796,129 | 1,872,970 | |||||
Shareholders’ equity: | |||||||
Shareholders’ capital | 2,322,280 | 2,319,293 | |||||
Contributed surplus | 52,332 | 44,037 | |||||
Deficit | (978,874 | ) | (684,604 | ) | |||
Accumulated other comprehensive income | 162,014 | 131,610 | |||||
Total shareholders’ equity | 1,557,752 | 1,810,336 | |||||
Total liabilities and shareholders’ equity | $ | 3,636,043 | $ | 3,892,931 | |||
INTERIM CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED)
Three months ended December 31, | Year ended December 31, | ||||||||||||||
(Stated in thousands of Canadian dollars, except per share amounts) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Revenue | $ | 427,010 | $ | 347,187 | $ | 1,541,189 | $ | 1,321,224 | |||||||
Expenses: | |||||||||||||||
Operating | 285,222 | 233,824 | 1,067,871 | 926,171 | |||||||||||
General and administrative | 21,496 | 22,449 | 112,387 | 90,072 | |||||||||||
Other recoveries | (14,200 | ) | - | (14,200 | ) | - | |||||||||
Earnings before income taxes, loss (gain) on redemption and repurchase of unsecured senior notes, finance charges, foreign exchange, impairment of goodwill, impairment of property, plant and equipment and depreciation and amortization | 134,492 | 90,914 | 375,131 | 304,981 | |||||||||||
Depreciation and amortization | 99,041 | 94,229 | 365,660 | 377,746 | |||||||||||
Impairment of property, plant and equipment | - | 15,313 | - | 15,313 | |||||||||||
Operating earnings (loss) | 35,451 | (18,628 | ) | 9,471 | (88,078 | ) | |||||||||
Impairment of goodwill | 207,544 | - | 207,544 | - | |||||||||||
Foreign exchange | 3,198 | (1,534 | ) | 4,017 | (2,970 | ) | |||||||||
Finance charges | 32,220 | 38,196 | 127,178 | 137,928 | |||||||||||
Loss (gain) on redemption and repurchase of unsecured senior notes | (6,848 | ) | 9,021 | (5,672 | ) | 9,021 | |||||||||
Loss before tax | (200,663 | ) | (64,311 | ) | (323,596 | ) | (232,057 | ) | |||||||
Income taxes: | |||||||||||||||
Current | 2,177 | (1,670 | ) | 8,573 | (1,331 | ) | |||||||||
Deferred | (4,512 | ) | (15,636 | ) | (37,899 | ) | (98,690 | ) | |||||||
(2,335 | ) | (17,306 | ) | (29,326 | ) | (100,021 | ) | ||||||||
Net loss | $ | (198,328 | ) | $ | (47,005 | ) | $ | (294,270 | ) | (132,036 | ) | ||||
Loss per share: | |||||||||||||||
Basic and Diluted | $ | (0.68 | ) | $ | (0.16 | ) | $ | (1.00 | ) | $ | (0.45 | ) | |||
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
Three months ended December 31, | Year ended December 31, | ||||||||||||||
(Stated in thousands of Canadian dollars) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net loss | $ | (198,328 | ) | $ | (47,005 | ) | $ | (294,270 | ) | $ | (132,036 | ) | |||
Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency | 128,674 | 9,146 | 175,630 | (146,545 | ) | ||||||||||
Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt, net of tax | (104,716 | ) | (10,383 | ) | (145,226 | ) | 121,699 | ||||||||
Comprehensive loss | $ | (174,370 | ) | $ | (48,242 | ) | $ | (263,866 | ) | $ | (156,882 | ) | |||
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
Three months ended December 31, | Year ended December 31, | ||||||||||||||
(Stated in thousands of Canadian dollars) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Cash provided by (used in): | |||||||||||||||
Operations: | |||||||||||||||
Net loss | $ | (198,328 | ) | $ | (47,005 | ) | $ | (294,270 | ) | $ | (132,036 | ) | |||
Adjustments for: | |||||||||||||||
Long-term compensation plans | (1,599 | ) | 2,519 | 17,401 | 6,795 | ||||||||||
Depreciation and amortization | 99,041 | 94,229 | 365,660 | 377,746 | |||||||||||
Impairment of property, plant and equipment | — | 15,313 | — | 15,313 | |||||||||||
Impairment of goodwill | 207,544 | — | 207,544 | — | |||||||||||
Foreign exchange | 2,556 | (1,280 | ) | 2,341 | (2,873 | ) | |||||||||
Finance charges | 32,220 | 38,196 | 127,178 | 137,928 | |||||||||||
Loss (gain) on redemption and repurchase of unsecured senior notes | (6,848 | ) | 9,021 | (5,672 | ) | 9,021 | |||||||||
Income taxes | (2,335 | ) | (17,306 | ) | (29,326 | ) | (100,021 | ) | |||||||
Other | (27 | ) | (1,320 | ) | (1,269 | ) | (2,025 | ) | |||||||
Income taxes paid | (477 | ) | (345 | ) | (4,446 | ) | (3,645 | ) | |||||||
Income taxes recovered | 1,775 | — | 33,283 | 11,932 | |||||||||||
Interest paid | (41,369 | ) | (63,929 | ) | (108,622 | ) | (136,065 | ) | |||||||
Interest received | 442 | 230 | 1,412 | 1,865 | |||||||||||
Funds provided by operations | 92,595 | 28,323 | 311,214 | 183,935 | |||||||||||
Changes in non-cash working capital balances | 894 | (5,034 | ) | (17,880 | ) | (67,380 | ) | ||||||||
Cash provided by operations | 93,489 | 23,289 | 293,334 | 116,555 | |||||||||||
Investments: | |||||||||||||||
Purchase of property, plant and equipment | (29,594 | ) | (17,503 | ) | (114,576 | ) | (74,823 | ) | |||||||
Purchase of intangibles | (687 | ) | (7,452 | ) | (11,567 | ) | (23,179 | ) | |||||||
Proceeds on sale of property, plant and equipment | 12,020 | 4,787 | 24,457 | 14,841 | |||||||||||
Changes in non-cash working capital balances | (1,190 | ) | 2,727 | 892 | (7,989 | ) | |||||||||
Cash used in investing activities | (19,451 | ) | (17,441 | ) | (100,794 | ) | (91,150 | ) | |||||||
Financing: | |||||||||||||||
Redemption and repurchase of unsecured senior notes | (92,065 | ) | (571,975 | ) | (168,722 | ) | (571,975 | ) | |||||||
Debt issuance costs | — | (9,196 | ) | — | (9,196 | ) | |||||||||
Debt amendment fees | (638 | ) | (1,452 | ) | (638 | ) | (1,793 | ) | |||||||
Proceeds from issuance of long-term debt | — | 509,180 | — | 509,180 | |||||||||||
Issuance of common shares on the exercise of options | — | — | 275 | — | |||||||||||
Cash used in financing activities | (92,703 | ) | (73,443 | ) | (169,085 | ) | (73,784 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 5,529 | 934 | 8,090 | (2,245 | ) | ||||||||||
Increase (decrease) in cash and cash equivalents | (13,136 | ) | (66,661 | ) | 31,545 | (50,624 | ) | ||||||||
Cash and cash equivalents, beginning of period | 109,762 | 131,742 | 65,081 | 115,705 | |||||||||||
Cash and cash equivalents, end of period | $ | 96,626 | $ | 65,081 | $ | 96,626 | $ | 65,081 | |||||||
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(Stated in thousands of Canadian dollars) | Shareholders’capital | Contributedsurplus | Accumulatedothercomprehensiveincome | Deficit | Totalequity | ||||||||||||||
Balance at January 1, 2018 | $ | 2,319,293 | $ | 44,037 | $ | 131,610 | $ | (684,604 | ) | $ | 1,810,336 | ||||||||
Net loss for the period | — | — | — | (294,270 | ) | (294,270 | ) | ||||||||||||
Other comprehensive income for the period | — | — | 30,404 | — | 30,404 | ||||||||||||||
Redemption of non-management directors DSUs | 2,609 | (809 | ) | — | — | 1,800 | |||||||||||||
Share options exercised | 378 | (103 | ) | — | — | 275 | |||||||||||||
Share based compensation expense | — | 9,207 | — | — | 9,207 | ||||||||||||||
Balance at December 31, 2018 | $ | 2,322,280 | $ | 52,332 | $ | 162,014 | $ | (978,874 | ) | $ | 1,557,752 | ||||||||
(Stated in thousands of Canadian dollars) | Shareholders’capital | Contributedsurplus | Accumulatedothercomprehensiveincome | Deficit | Totalequity | ||||||||||||||
Balance at January 1, 2017 | $ | 2,319,293 | $ | 38,937 | $ | 156,456 | $ | (552,568 | ) | $ | 1,962,118 | ||||||||
Net loss for the period | — | — | — | (132,036 | ) | (132,036 | ) | ||||||||||||
Other comprehensive loss for the period | — | — | (24,846 | ) | — | (24,846 | ) | ||||||||||||
Share based compensation expense | — | 5,100 | — | — | 5,100 | ||||||||||||||
Balance at December 31, 2017 | $ | 2,319,293 | $ | 44,037 | $ | 131,610 | $ | (684,604 | ) | $ | 1,810,336 | ||||||||
FOURTH QUARTER 2018 EARNINGS CONFERENCE CALL AND WEBCAST
Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 1:00 p.m. MT (3:00 p.m. ET) on Thursday, February 14, 2019.
The conference call dial in numbers are 1-844-515-9176 or 614-999-9312.
A live webcast of the conference call will be accessible on Precision’s website at www.precisiondrilling.com by selecting “Investor Relations”, then “Webcasts & Presentations”. Shortly after the live webcast, an archived version will be available for approximately 60 days.
An archived recording of the conference call will be available approximately one hour after the completion of the call until February 20, 2019 by dialing 1-855-859-2056 or 404-537-3406, pass code 4578429.
About Precision
Precision is a leading provider of safe and High Performance, High Value services to the oil and gas industry. Precision provides customers with access to an extensive fleet of contract drilling rigs, directional drilling services, well service and snubbing rigs, camps, rental equipment, and wastewater treatment units backed by a comprehensive mix of technical support services and skilled, experienced personnel.
Precision is headquartered in Calgary, Alberta, Canada. Precision is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.
For further information, please contact:
Carey Ford, Senior Vice President and Chief Financial Officer713.435.6111
Ashley Connolly, Manager, Investor Relations403.716.4725
800, 525 - 8th Avenue S.W.Calgary, Alberta, Canada T2P 1G1Website: www.precisiondrilling.com
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