Thursday, February 9, 2023
10:24 AM EST – Precision Drilling : Announces 2022 fourth-quarter and year-end financial results: Realized $511 million of revenue during the quarter, an increase of 73% over the same period last year and 19% compared with the third quarter of 2022. Increased North American drilling activity by 28% while revenue per utilization day was US$31,242 in the U.S. and $29,886 in Canada, increases of $9,266 and $6,938, respectively, as compared with the fourth quarter of 2021. Daily operating margins (revenue less operating costs per utilization day) in the U.S. and Canada increased 103% and 54%, respectively, as compared with the 2021 fourth quarter. Achieved Adjusted EBITDA of $91 million, a 43% increase from the 2021 quarter as we continue to maximize our operating leverage in a growing activity environment. Current quarter Adjusted EBITDA included $75 million of share-based compensation charges. Precision Drilling (T.PD) shares were $7.98 at 88.97.
Stocks in Play: Precision Drilling, Thu, 09 Feb 2023 10:27:07 EST