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October 25, 2012
06:32 EDTPDSPrecision Drilling Q3 was hit by North America slowdown in demand
CEO Kevin Neveu commented: "Precision's Q3 results reflect weakening North American customer demand, a muted Canadian seasonal recovery, continued reductions in dry gas and gas-liquids drilling and a pause in the rapid growth of oil directed drilling in the North Dakota Bakken. Despite these challenging market conditions, we continue to see customer demand through additional long-term contracts for upgrades of Precision's existing rigs and for Precision's newly introduced "rack and pinion" heavy oil well service rig. These additional customer commitments coupled with the 11 contracted new build Super Series drilling rigs deployed during the third quarter demonstrate our ability to seize market opportunities backed with firm customer commitments." But he adds, "PDS is seeing increased long-term contracts for upgraded and new rigs. Neveu says Canadian drilling activity was 29% lower than a year earlier in 3Q while the US rig count industrywide is down 10%, and 7% lower than mid-year. He attributes that to oil-and-gas producer slowing capital spending to stay within 2012 budgets."
News For PDS From The Last 14 Days
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October 27, 2014
15:00 EDTPDSPrecision Drilling says expects number of rigs to rise through 2015
Says recent oil price slide is "concerning," but doesn't expect a reduction in drilling near term. Says winter drilling season should be strong. Says will deliver around 3 rigs per month over next several quarters. Says "could not be more pleased" with current strategy. Comments from company's Q3 earnings conference call.
14:08 EDTPDSPrecision Drilling sees FY14 CapEx $908M, down from prior view of $934M
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06:06 EDTPDSPrecision Drilling raises Q4 dividend by 17% to 7c per share
The board of Precision Drilling has declared a dividend on its common shares of 7c per common share, a 17% increase over the prior quarter. The dividend is payable on November 24, to shareholders of record on November 14.
06:05 EDTPDSPrecision Drilling reports Q3 EPS 18c, consensus 17c
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