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Precision Drilling (PDS) investor relations material
Precision Drilling Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Q2 2025 revenue was $407M, down 5% year-over-year, with strong cash flow and 12 consecutive quarters of positive earnings.
Leading land driller in Canada and a top US presence, with advanced rigs and technology driving operational efficiency and margin expansion.
Strategic focus on maximizing free cash flow, enhancing shareholder returns, and disciplined capital deployment.
High utilization rates and robust demand for Super Spec rigs in North America supported strong margins.
Capital budget increased to $240M for 2025 to fund 22 Super Series rig upgrades in response to strong customer demand.
Financial highlights
Adjusted EBITDA was $108M, including $4M share-based compensation; net earnings were $16M ($1.21/share).
Revenue was $407M, down from $429M in Q2 2024; cash from operations was $147M.
Capital expenditures for Q2 were $53M; 2025 capital plan increased to $240M.
Free cash flow yield estimated at 25% for 2025; Canadian and US margins per day up over 60% in three years.
Share count reduced by 7% over the last four quarters.
Outlook and guidance
2025 capital plan raised to $240M, with 22 rig upgrades planned; no new rig builds expected this decade.
Debt reduction target for 2025 is at least $100M; 35–45% of free cash flow before debt payments allocated to share repurchases.
Net Debt to Adjusted EBITDA ratio targeted below 1.0x by end of 2025.
Canadian drilling expected to strengthen with LNG Canada and TMX expansion; US rig activity to rise in H2 2025.
International activity stable with most rigs under long-term contracts through 2027-2028.
Assess impact of Trans Mountain pipeline on Super Single rig use.
Explain the increase in 2025 capital budget.
What is the outlook for international drilling?
What's driving increased customer demand for rig upgrades?
What's the long-term strategy for the double-rig segment?
What's the typical contract duration sought by gas customers?
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Next Precision Drilling earnings date
Q3 202523 Oct, 2025
Next Precision Drilling earnings date
Q3 202523 Oct, 2025
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Frequently asked questions
Precision Drilling Corporation is a Canada-based oilfield services company that provides contract drilling, well servicing, and support services to exploration and production companies. The company operates a fleet of land drilling rigs and service rigs across North America and select international markets. Its services support conventional and unconventional oil and gas development. Precision Drilling Corporation is headquartered in Calgary, Canada, and its shares are listed on the NYSE.
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