Monday, September 8, 2014

Precision Drilling Corporation - PD.t

Precision Drilling Corporation - PD.t is Canada's largest oilfield services company and one of the largest in the United States. Precision also has a growing presence internationally.

Precision provides contract drilling, well servicing and strategic support services to customers. Precision supplies on-the-ground expertise - people, equipment and knowledge - to provide value to customers on a daily basis.







On July 24, 2014 the company reported Numbers

" 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 $0.06 per common share, payable on August 20, 2014, to shareholders of record on August 8, 2014.
For Canadian income tax purposes, all dividends paid by Precision on its common shares are designated as "eligible dividends", unless otherwise indicated by Precision.

We recorded a net loss this quarter of $7 million, or loss per diluted share of $0.02, compared to net earnings of $0.5 million, or $0.00 per diluted share, in the second quarter of 2013. Effective January 1, 2014 we began calculating depreciation on our drilling rigs and service rigs on a straight-line basis which reduced net earnings for the quarter by approximately $14 million or $0.05 per diluted share compared with what net earnings would have been using the previous depreciation method.

Revenue this quarter was $475 million or 25% higher than the second quarter of 2013, mainly due to higher pricing and drilling activity in the U.S. and internationally along with higher drilling activity in Canada.
Earnings before income taxes, finance charges, foreign exchange, and depreciation and amortization (adjusted EBITDA) this quarter were $130 million or 47% higher than the second quarter of 2013. Our activity for the quarter, as measured by drilling rig utilization days, increased 33% in Canada, 16% in the U.S. and 18% internationally, compared to the second quarter of 2013. Our adjusted EBITDA margin was 27% this quarter, compared to 23% in the second quarter of 2013. The increase in adjusted EBITDA margin was mainly due to increases in activity and profitability in our Contract Drilling Services segment partially offset by increases in share based compensation accruals, which were $14 million this quarter. EBITDA margin in our Completion and Production Services segment increased 4 percentage points over the prior year, while activity as measured by service rig hours was down 1%

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http://pennystockjournal.blogspot.com/2014/09/precision-drilling-corporation-pdt.html



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