Precision Drilling Corporation framed rig upgrades as its highest-return use of capital, emphasizing that nearly all upgrades are contract-backed or supported by upfront customer payments, locking in returns before spending occurs. Management made clear that as wells get longer and more complex in gas-weighted and heavy-oil basins, rig upgrades are no longer optional — they are essential to staying competitive and capturing durable cash flow.

Precision Drilling solid execution in a softer market; debt target achieved early, upgrades stepped up, Canada winter poised for strong run.

Despite persistent market volatility and a softening U.S. drilling landscape, Precision Drilling Corporation (TSX:PD; NYSE:PDS) entered 2025 with steady financial performance, operational strength in Canada, and a continued focus on shareholder returns.

Precision Drilling recently released its Q4 2024 and year-end financial results, providing insights into its performance across the U.S., Canada, and international markets. While U.S. operations faced headwinds, the company remains focused on efficiency improvements, technology integration, and strategic investments to position itself for long-term success. Additionally, extended reach lateral…

The analysis of Precision Drilling (NYSE: PDS; TSX: PD) highlights the company’s strengths, challenges, and potential opportunities as it navigates the evolving oil and gas landscape.

In the first quarter of 2024, the Precision Drilling revenue declined to $528 million from $559 million due to reduced U.S. drilling activity, while adjusted EBITDA also fell to $143 million from $203 million, impacted by higher share-based compensation charges.