Precision Drilling Corporation Announces 2015 Fourth Quarter Dividend and 2015 Third Quarter Financial Results
Additional Announcements Include Asset Write Downs, International Contract Award, 2016 Capital Expenditure Plan, and Amendment to Revolving Credit Facility
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 10/22/15 -- (Canadian dollars except as indicated)
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.
Dividend
The Board of Directors of Precision Drilling Corporation (TSX: PD) (NYSE: PDS) ("Precision" or the "Corporation") has declared a dividend on its common shares of $0.07 per common share, payable on November 18, 2015, to shareholders of record on November 6, 2015. For Canadian income tax purposes, all dividends paid by Precision on its common shares are designated as "eligible dividends", unless otherwise indicated by Precision. Precision's senior notes contain covenants that limit our ability to make restricted payments, which could limit our ability to declare and pay future dividends. For further information please see the Liquidity and Capital Resources section later in this release.
Financial Results
Revenue this quarter was $364 million or 38% lower than the third quarter of 2014, mainly due to lower activity from our North American operations. Revenue from our Contract Drilling Services and Completion and Production Services segments decreased over the comparative prior year period by 36% and 49%, respectively.
Earnings before income taxes, finance charges, foreign exchange, impairment of goodwill, impairment of property, plant and equipment and depreciation and amortization (adjusted EBITDA see "Additional GAAP Measures") this quarter were $111 million or 44% lower than the third quarter of 2014. Our activity for the quarter, as measured by drilling rig utilization days, decreased 44% in Canada, 48% in the U.S. and 1% internationally, compared to the third quarter of 2014. Our adjusted EBITDA as a percentage of revenue was 30% this quarter, compared to 34% in the third quarter of 2014. The decrease in adjusted EBITDA as a percentage of revenue was mainly due to decreased activity in our Contract Drilling Services segment, decreased activity and lower pricing in our Completion and Production Services segment and costs associated with restructuring, which were $3 million this quarter.
Net loss this quarter was $87 million, or $0.30 per diluted share, compared to net earnings of $53 million, or $0.18 per diluted share, in the third quarter of 2014.
Net loss for the first nine months of 2015 was $92 million, or $0.32 per diluted share, compared to net earnings of $147 million, or $0.50 per diluted share in 2014, while revenue was $1,211 million, or 30% less than 2014.
Asset Write Downs
Precision reviews the carrying value of its long-lived assets at each reporting period for indications of impairment. During the period, significant decreases in industry activity resulting from the decline in oil and natural gas prices and its impact on current and future business were indicators of impairment in seven of our cash generating asset groups and compelled us to complete an asset recovery test on these groups. The recoverable amount of property plant and equipment and goodwill was determined using a multi-year discounted cash flow with cash flow assumptions based on expected future results. As a result of these tests, it was determined that property, plant and equipment in our Canadian well service business were impaired by $73 million and property, plant and equipment in our U.S. completion and production business were impaired by $7 million. In addition, goodwill associated with our rentals cash generating unit was impaired for its full value of $17 million. The after tax total impairments recorded in the current quarter was $74 million, or $0.25 per share.
International Contract Award
Precision's wholly-owned international subsidiary, Grey Wolf Drilling International Ltd., recently contracted two new-build rigs for deep drilling operations in Kuwait. The two new 3000 HP Super Triple rigs are expected to be deployed in early 2017 on five year contracts with a possible one year extension period at the customer's discretion. Precision anticipates spending US$125 million on the completion of these two new build rigs, US$15 million in 2015, US$98 million in 2016, and US$12 million in 2017.
Capital Plan
Our current expected capital plan for 2015 is $531 million, a decrease of $15 million compared to the $546 million capital plan announced in July 2015. A portion of the 2015 capital plan is utilization based and if activity levels change, Precision has the ability to adjust its plan accordingly. Of the 18 new-build drilling rigs scheduled for delivery in 2015 (13 rigs in the U.S., four in Canada and one internationally) ten were delivered in the first quarter, four in the second and three in the third. During the quarter four Tier 1 Super Triple drilling rigs were moved from the U.S. to Canada and we expect to move one more in the fourth quarter. After delivery of the remaining contracted new-build rig in 2015, Precision's drilling rig fleet will consist of 331 drilling rigs including 236 tier 1 rigs, 73 Tier 2 rigs and 22 PSST rigs. For the Tier 1 rigs, 129 will be in Canada, 101 in the U.S. and six internationally.
Precision expects its 2016 capital expenditure plan to be $180 million which includes $120 million for expansion capital and $60 million for maintenance and infrastructure expenditure. Precision expects that the $180 million will be split $175 million in the Contract Drilling segment and $5 million in the Completion and Production Services segment.
Amendment to Senior Credit Facility
During the quarter, we agreed with the lending group to amend our credit agreement governing our senior credit facility to, among other things, reduce the size from US$650 million to US$550 million; eliminate the covenant of a maximum ratio of total debt to Adjusted EBITDA; amend the covenant of a maximum ratio of consolidated senior debt to Adjusted EBITDA from 3:1 to 2.5:1; amend the covenant of Adjusted EBITDA to consolidated interest expense from 2.75:1 to 2:1 on a temporary basis until first quarter of 2018 when it reverts to 2.5:1; and limit our ability to incur additional unsecured debt to US$250 million unless the new debt is to refinance existing unsecured debt or in the event debt is assumed in an acquisition. The approved amending agreement is expected to be finalized by the end of October 2015. For more detail, see the Liquidity and Capital Resources section later in this release.
CEO Quote
Kevin Neveu Precision's President and Chief Executive officer stated, "We believe the current low commodity price environment is not sustainable over the long term, but we will not underestimate the depth and voracity of this downturn. The cost reduction initiatives we began last November have accelerated through 2015 and we continue to manage our cost structure to address an extended downturn. The outcome of these efforts is evident in the resilient margins and cash flow we have generated since last November, and we will continue to manage our variable cost business model to support margins and cash flows."
"Despite demand uncertainties in most markets, we have earned the opportunity to expand our successful growth in Kuwait, one of the most attractive oil drilling markets in the world, with two new contracted rigs announced today. Our customer in Kuwait has experienced the High Performance, High Value services we offer, and is expanding our relationship from three rigs to five rigs, backed by long-term contracts. Operating five Super Triple rigs in Kuwait puts us well on track to achieving critical mass in the country. We expect these ultra-deep Super Triple rigs to be delivered early in 2017 and will continue to operate on their original contracts well into the next decade."
"In North America, the cautious optimism we expressed last quarter soon began to fade as commodity prices and activity levels resumed the decline through the summer and fall. Precision's active rig count today includes 45 rigs in the U.S. and 54 rigs in Canada. Precision is operating across the major unconventional plays in North America and with increases in market share over the past year, we believe our customers realize the value and efficiency we have helped create with our operations."
"We do not expect activity levels to increase in North America until a sustained commodity price strengthening materializes. If commodity prices remain depressed, we expect the normal industry winter ramp up in Canada to be muted. A bright spot for Precision continues to be the Canadian Deep Gas Basin, where we are in the process of redeploying five previously announced rigs from the U.S. These redeployments will further strengthen our geographic and customer position in this market."
"While Precision is not immune to current market conditions, understanding how we are positioned and how we have set our priorities is important. Our High Performance, High Value business model is aligned with high quality E&P companies, resulting in successful customer relationships across North America and internationally which includes a robust average contract position of 64 rigs in 2016. The $3.5 billion fleet investments made since 2009 positions our fleet at the highest end of the land drilling service providers. Precision crews along with our systems continue to push forward our competitive edge in the industry."
"Financially, we operate a variable cost model with the ability to significantly throttle back capital and operating expenditures in tandem with decreased activity. Our balance sheet was built with a downturn in mind and is comprised of low cost, long maturity debt, a substantially undrawn revolving credit facility and ample cash balance. Finally, our strict capital discipline remains the core focus of our management team and the board, regardless of the market environment. We have built our business to manage cyclicality and we expect to successfully weather this downturn and retain our ability to respond in a rebounding market."
"By announcing our 2016 capital budget in October, weeks in advance of our typical early December reporting, we are providing some visibility to the market during uncertain times. Our 2016 growth capital, reduced considerably compared to prior years, includes only two new rigs for Kuwait backed by long-term contracts. This represents a growth capital reduction of 68% compared to 2015 and we anticipate maintenance and infrastructure spending will also be lower due to reductions in activity."
CFO Quote
Rob McNally, Precision's Executive Vice President and Chief Financial Officer, stated: "My priority continues to be maintaining Precision's financial strength and flexibility, which, as this downturn extends, is shifting more towards reducing our overall debt burden. To better position ourselves for an extended downturn, we have amended our credit agreements to improve availability of our revolving credit facility and reduced the size of the facility by US$100 million. Cash preservation continues to be paramount as this cycle unfolds and until there is a clear resumption in drilling activity, we intend to use cash to reduce our net debt levels. The cost savings initiatives enacted over the past year are expected to generate approximately $40 million in annual savings. Finally, we have reduced our 2015 capital spending plan, and 2016 represents the lowest capital spending plan for Precision since 2009, demonstrating our ability to significantly reduce capital spending in an extended downturn."
SELECT FINANCIAL AND OPERATING INFORMATION
Adjusted EBITDA and funds provided by operations are additional GAAP measures. See "ADDITIONAL GAAP MEASURES".
Precision's strategic priorities for 2015 are as follows:
For the third quarter of 2015, the average natural gas prices and the West Texas Intermediate price of oil were lower than the 2014 averages.
Summary for the three months ended September 30, 2015:
Summary for the nine months ended September 30, 2015:
OUTLOOK
Contracts
Our portfolio of term customer contracts provides a base level of activity and revenue and, as of October 21, 2015, we had term contracts in place for an average of 41 rigs in Canada, 37 in the U.S. and nine internationally for the fourth quarter of 2015 and an average of 46 rigs contracted in Canada, 47 in the U.S. and 12 internationally for the full year. 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
In the U.S., our average active rig count in the quarter was 51 rigs, down 46 rigs over the third quarter in 2014 and down seven rigs from the second quarter of 2015. We currently have 45 rigs active in the U.S.
In Canada, our average active rig count in the quarter was 49 rigs, a decrease of 39 over the third quarter in 2014. We currently have 54 rigs active in Canada and despite tempered expectations for the upcoming drilling season in general, we expect to benefit from our fleet enhancements over the past several years.
Internationally, our average active rig count in the quarter was 11 rigs, in line with the third quarter in 2014 and down two rigs from the second quarter of 2015. We currently have nine rigs active internationally.
Industry Conditions
To date in 2015, drilling activity has decreased relative to this time last year for both Canada and the U.S. According to industry sources, as of October 16, 2015, the U.S. active land drilling rig count was down approximately 59% from the same point last year and the Canadian active land drilling rig count was down approximately 57%.
In Canada there has been strength in natural gas and gas liquids drilling activity related to deep basin drilling in northwestern Alberta and northeastern British Columbia while the bias towards oil-directed drilling in the U.S. continues. To date in 2015, approximately 45% of the Canadian industry's active rigs and 77% of the U.S. industry's active rigs were drilling for oil targets, compared to 59% for Canada and 82% for the U.S. at the same time last year.
Capital Spending
Capital spending in 2015 is expected to be $531 million:
Precision expects its 2016 capital expenditure plan to be $180 million which includes $120 million for expansion capital and $60 million for maintenance and infrastructure expenditure. Precision expects that the $180 million will be split $175 million in the Contract Drilling segment and $5 million in the Completion and Production Services segment.
SEGMENTED FINANCIAL RESULTS
Precision's operations are reported in two segments: the Contract Drilling Services segment, which includes the drilling rig, directional drilling, oilfield supply and manufacturing divisions; and the Completion and Production Services segment, which includes the service rig, snubbing, coil tubing, rental, camp and catering and wastewater treatment divisions.
Revenue from Contract Drilling Services was $324 million this quarter, or 36% lower than the third quarter of 2014, while adjusted EBITDA decreased by 40% to $120 million. The decreases were mainly due to lower drilling rig utilization days in our Canadian, U.S. and international contract drilling businesses partially offset by higher average day rates in Canada and the United States.
Drilling rig utilization days in Canada (drilling days plus move days) were 4,505 during the third quarter of 2015, a decrease of 44% compared to 2014 primarily due to the decrease in industry activity resulting from lower commodity prices. Drilling rig utilization days in the U.S. were 4,647 or 48% lower than the same quarter of 2014 as U.S. activity was down due to lower industry activity. The majority of our North American activity came from oil and liquids-rich natural gas related plays. Drilling rig utilization days in our international business were 999 or 1% lower than the same quarter of 2014 as activity declines in Kurdistan were partially offset by adding a contracted rig in Kuwait and Georgia in 2015.
Compared to the same quarter in 2014, drilling rig revenue per utilization day was up 7% in Canada, 6% in the U.S. and down 23% in international. In Canada the day rate increase was the result of rig mix as proportionately more Tier 1 rigs are working compared to the prior year. The increase in average day rates for the U.S. was primarily due to a higher percentage of revenue being generated from Tier 1 rigs compared to the prior year quarter and idle-but-contracted payments in the quarter relative to the prior year comparative quarter. The average international day rate is down due to the recognition of an early termination payment of $8 million in the prior year comparative period partially offset by changes in the U.S. to Canadian dollar exchange rate.
In Canada, 62% of utilization days in the quarter were generated from rigs under term contract, compared to 45% in the third quarter of 2014. In the U.S., 71% of utilization days were generated from rigs under term contract as compared to 65% in the third quarter of 2014. At the end of the quarter, we had 44 drilling rigs under contract in Canada, 33 in the U.S. and nine internationally.
Operating costs were 59% of revenue for the quarter, which was two percentage points higher than the prior year period. On a per utilization day basis, operating costs for the drilling rig division in Canada were higher over the prior year primarily because of the impact of fixed costs on lower activity increase and an increase in crew labour rates. In the U.S., operating costs for the quarter on a per day basis were higher than the prior year primarily from fixed costs spread across fewer rigs and large turnkey jobs in the quarter relative to the prior year comparative quarter.
Depreciation expense in the quarter was 20% higher than in the third quarter of 2014 due to the addition of new-build rigs deployed in 2014 and the first nine months of 2015.
Revenue from Completion and Production Services was down $42 million or 49% compared to the third quarter of 2014 due to lower activity levels in all service lines and lower average rates. In response to lower oil prices, customers curtailed spending including well completion and production programs lowering activity. Our well servicing activity in the quarter was down 47% from the third quarter of 2014. Revenue was also negatively impacted by the sale of our U.S. coil tubing operations in the fourth quarter of last year. Approximately 86% of our third quarter Canadian service rig activity was oil related.
During the quarter, Completion and Production Services generated 84% of its revenue from Canadian and 16% from U.S. operations.
Average service rig revenue per operating hour in the third quarter was $786 or $103 lower than the third quarter of 2014. The decrease was primarily the result of industry pricing pressure and the sale of our U.S. coil tubing assets which generally received a higher rate per hour.
Adjusted EBITDA was $13 million lower than the third quarter of 2014 due to declines in activity and pricing.
Operating costs as a percentage of revenue increased to 82% in the third quarter of 2015, from 74% in the third quarter of 2014. Service rig operating costs per hour were lower in the third quarter of 2015 due to cost cutting measures and the sale of our U.S. coil tubing which typically operated at a higher cost per hour.
Due to the significant decrease in industry activity resulting from the decline in oil and natural gas prices we completed an impairment test of our businesses in our Completion and Production Services Segment in the third quarter of 2015. The recoverable amount of property plant and equipment and goodwill was determined using a multi-year discounted cash flow approach with cash flow assumptions based on historical and expected future results. As a result of this test it was determined that property, plant and equipment in our Canadian well service business were impaired by $73 million and property, plant and equipment in our U.S. completion and productions business were impaired by $7 million.
Depreciation in the quarter was 20% lower than the third quarter of 2014 because of decommissioning assets in the fourth quarter of 2014 and the disposal of our U.S. coil tubing assets.
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 loss of $13 million for the third quarter of 2015, $5 million less than 2014 comparative period due primarily to lower share based incentive compensation.
OTHER ITEMS
Net financial charges for the quarter were $35 million, an increase of $6 million from the third quarter of 2014. The increase is due to the impact of the weaker Canadian dollar on our U.S. dollar denominated interest expense. We had a foreign exchange gain of $13 million during the third quarter of 2015 due to the weakening of the Canadian dollar versus the U.S. dollar from June 30, 2015, which affected our net U.S. dollar denominated monetary position in the Canadian dollar-based companies.
Income tax expense for the quarter was a recovery of $46 million compared with an expense of $8 million in the same quarter in 2014. Income tax expense is recognized by applying the income tax rate expected for the full financial year to the pre-tax income of the interim reporting period. On June 29, 2015, the province of Alberta increased the Alberta corporate income tax rate from 10% to 12% effective July 1, 2015. The impact of this income tax rate increase was recognized in the second quarter.
In August 2014 the Ontario Court of Appeal ruled in favour of Precision's wholly owned subsidiary, reversing a decision by the Ontario Superior Court of Justice in June 2013 regarding the reassessment of Ontario income tax for the subsidiary's 2001 through 2004 taxation years. The Ontario Minister of Revenue made an application to the Supreme Court of Canada seeking leave to appeal this decision. On March 5, 2015, the Supreme Court of Canada brought the appeal process to an end and in April we received payment of $69 million from the Ontario tax authorities, $55 million for the refund of assessed taxes and $14 million in interest.
LIQUIDITY AND CAPITAL RESOURCES
The oilfield services business is inherently cyclical in nature. To manage this, we focus on maintaining a strong balance sheet. We have the financial flexibility we need to continue to manage our growth and cash flow throughout the business cycle.
We apply a disciplined approach to managing and tracking results of our operations to keep costs down. We maintain a variable cost structure so we can respond 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 rig programs provide more certainty of future revenues and return on our capital investments.
Liquidity
During the third quarter we agreed with our lending group to certain amendments to our senior credit facility with final completion of the amending agreement expected by the end of October 2015. The following are the amendments agreed to:
As at September 30, 2015 we had $2,142 million outstanding under our senior unsecured notes. The current blended cash interest cost of our debt is approximately 6.2%.
Covenants
Senior Facility
The senior credit facility requires that we comply with certain financial covenants including a leverage ratio of consolidated senior debt to earnings before interest, taxes, depreciation and amortization as defined in the agreement (Adjusted EBITDA) of less than 2.5:1. For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness. EBITDA as defined in our revolving term facility agreement differs from Adjusted EBITDA as defined under Additional GAAP Measures by the exclusion of bad debt expense and certain foreign exchange amounts. As at September 30, 2015 our consolidated senior debt to Adjusted EBITDA ratio was 0.21:1.
Under the senior credit facility we are required to maintain an Adjusted EBITDA coverage ratio, calculated as Adjusted EBITDA to interest expense, of greater than 2:1 reverting to 2.5:1 for periods ending after December 31, 2017 for the most recent four consecutive fiscal quarters. As at September 30, 2015 our Adjusted EBITDA coverage ratio was 5.70:1.
In addition, the senior credit facility contains certain covenants that place restrictions on our ability to incur or assume additional indebtedness; dispose of assets; pay dividends, share redemptions or other distributions; change its primary business; incur liens on assets; engage in transactions with affiliates; enter into mergers, consolidations or amalgamations; and enter into speculative swap agreements. At September 30, 2015, we were in compliance with the covenants of the revolving credit facility.
Senior Notes
The senior notes require that we comply with certain financial covenants including an Adjusted EBITDA to interest coverage ratio of greater than 2.5:1 for the most recent four consecutive fiscal quarters. The senior notes contain a restricted payments covenant that limits our ability to make payments in the nature of dividends, distributions and repurchases from shareholders. This restricted payment basket grows by, among other things, 50% of consolidated net earnings and decreases by 100% of consolidated net losses as defined in the note agreements, and payments made to shareholders. Although recent net losses have not yet reduced this basket to a size that will prevent Precision from making such payments, if industry trends persist the basket may reduce such that we are unable to declare and pay dividends in the near future. Based on the unaudited interim financial statements, as at September 30, 2015, the restricted payments basket was $135 million. For further information please see the senior note indentures which are available on SEDAR and EDGAR.
In addition, the senior notes contain certain covenants that limit our ability and the ability of certain subsidiaries to incur additional indebtedness and issue preferred shares; create liens; create or permit to exist restrictions on our ability or certain subsidiaries to make certain payments and distributions; engage in amalgamations, mergers or consolidations; make certain dispositions and engage in transactions with affiliates. At September 30, 2015, we were in compliance with the covenants of our senior notes.
Hedge of investments in foreign operations
We utilize foreign currency long-term debt to hedge our exposure to changes in the carrying values of our net investment in certain foreign operations as a result of changes in foreign exchange rates.
Effective January 1, 2015 we have included the US$400 million of 5.25% Senior Notes due in 2024 as a designated hedge of our investment in our U.S. dollar denominated foreign operations and now all of our U.S. dollar Senior notes are designated as a net investment hedge.
Effective April 30, 2015 a portion of our U.S. dollar denominated debt that was previously treated as a hedge of our net investment in our U.S. operations was designated as a hedge of the investment in our foreign operations that have a U.S. dollar functional currency.
To be accounted for as a hedge, the foreign currency denominated long-term debt must be designated and documented as such and must be effective at inception and on an ongoing basis. We recognize the effective amount of this hedge (net of tax) in other comprehensive income. We recognize ineffective amounts (if any) in earnings.
Average shares outstanding
The following table reconciles the weighted average shares outstanding used in computing basic and diluted earnings per share:
ADDITIONAL GAAP MEASURES
We reference Generally Accepted Accounting Principles (GAAP) measures that are not defined terms under International Financial Reporting Standards to assess performance because we believe they provide useful supplemental information to investors.
Adjusted EBITDA
We believe that adjusted EBITDA (earnings before income taxes, financing charges, foreign exchange, impairment of goodwill, impairment of property, plant and equipment and depreciation and amortization) as reported in the Consolidated Statement of Earnings (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 non-cash depreciation and amortization charges.
Operating Earnings (Loss)
We believe that operating earnings (loss), as reported in the Consolidated Statements of Earnings (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 Operations
We believe that funds provided by operations, as reported in the 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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS
Certain statements contained in this report, 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 historical 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, 2014, which may be accessed on Precision's SEDAR profile at or under Precision's EDGAR profile at . 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 results of new information, future events or otherwise, unless so requires by applicable securities laws.
THIRD QUARTER 2015 EARNINGS CONFERENCE CALL AND WEBCAST
Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 12:00 noon MT (2:00 p.m. ET) on Thursday, October 22, 2015.
The conference call dial in numbers are 1-866-226-1793 or 416-340-2216.
A live webcast of the conference call will be accessible on Precision's website at by selecting "Investor Centre", then "Webcasts". Shortly after the live webcast, an archived version will be available for approximately 30 days.
An archived recording of the conference call will be available approximately one hour after the completion of the call until November 22, 2015 by dialing 1-800-408-3053 or 905-694-9451, pass code 7241161.
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, coil tubing services, 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".
Contacts:
Precision Drilling Corporation
Rob McNally
Executive Vice President & CFO
403.716.4771
403.716.4755 (FAX)
Suite 800, 525 - 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
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