(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.
The Board of Directors of Precision Drilling Corporation
(TSX:PD) (NYSE:PDS) ("Precision" or the "Corporation") has declared
a third quarter dividend on its common shares of $0.05 per share,
payable on August 15, 2013, to shareholders of record on August 6,
2013. For Canadian income tax purposes, all dividends paid by
Precision on its common shares are designated as "eligible
dividends", unless otherwise indicated by the Corporation.
Net earnings this quarter were $0.5 million or $nil per diluted
share compared to $18 million or $0.06 per diluted share in the
second quarter of 2012.
Revenue this quarter was $379 million, or 1% lower than the
second quarter of 2012, mainly due to lower North American activity
partially offset by higher average dayrates and increased
international and directional drilling activity.
Earnings before income taxes, finance charges, foreign exchange,
and depreciation and amortization ("adjusted EBITDA") this quarter
was $88 million or 9% lower than the second quarter of 2012. Our
adjusted EBITDA margin was 23% this quarter, compared to 25% in the
second quarter of 2012. The decrease in adjusted EBITDA margin was
mainly the result of lower activity levels across most North
American business lines partially offset by higher dayrates and
increased international profitability. Our activity in this
quarter, as measured by drilling rig utilization days, decreased
10% in Canada and 17% in the United States compared to the second
quarter of 2012.
North American drilling activity was down this quarter versus
the prior year quarter as a result of wet weather in Canada,
continuing low natural gas prices and lower levels of customer
activity.
Revenue and adjusted EBITDA for the quarter were lower than the
first quarter 2013 revenue and adjusted EBITDA of $596 million and
$215 million, respectively, primarily as a result of decreased
seasonal activity levels in Canada.
Precision is adding five contracted new build Super Series rigs
to its North American drilling fleet bringing the total number of
announced new build rigs in 2013 to six. Also, we have signed an
upgrade contract for an existing drilling rig for operations in
Mexico. The 2013 capital expenditures are expected to increase from
$533 million to $654 million as a result of these additional
capital commitments.
Kevin Neveu, President and Chief Executive Officer, stated: "I
am pleased that several years of aggressive fleet repositioning,
highlighted by Super Series rig investments, continues to generate
sustained financial returns which are reflected in our resilient
activity levels and firm day rates despite the competitive
pressures in the U.S. and weather related delays in the Canadian
post break-up seasonal recovery."
"We have a long history of drilling horizontal wells, pushing
efficiency boundaries and ultimately creating more economic
drilling opportunities for our customers and for Precision. Many
believe that the drilling efficiency achievements necessary for
cost effective resource development is a losing proposition for the
land drillers. Precision's reputation for excellence in safety,
environmentally responsible operations and, most importantly, the
efficiency of our Super Series rigs are well recognized by our
customers and invariably make us a winner in this highly
competitive game."
"In the second quarter of 2013, about 90 percent of our active
North American rigs were drilling horizontal wells and our scale
was demonstrated by our activity in essentially all unconventional
basins in North America."
"I am encouraged by continued customer demand for our High
Performance, High Value rigs and services and particularly pleased
by our ability to deploy additional capital for five new build
Super Series rigs in Canada and the United States. These rigs are
all well-supported with firm customer contracts and will generate
financial returns in line with our long term expectations."
"In the United States, Precision contracted three ST-1500 rigs,
all intended for oil and gas liquids targets and one of these is
working for a new customer for Precision's Super Series rig design.
In Canada, the two ST-1500 rigs are contracted for northwestern
Alberta natural gas drilling. Additionally, this summer Precision
expects to experience increased activity supporting delineation
drilling in northeastern British Columbia, related to potential LNG
export projects. Including delivery of these five new build rigs
and the previously announced 2013 new build rig, we will have a
fleet of 196 Tier 1 drilling rigs in North America."
"On the international front, we are growing our presence and
have successfully deployed the two drilling rigs to Northern Iraq
in the Kurdistan region, one of which has been drilling for several
weeks and one of which is expected to begin drilling before the end
of July. Also, we have entered into an agreement with an integrated
service provider for an upgraded 3,000 horsepower drilling rig to
work in Mexico under long-term contract. Upon delivery of this rig,
which is expected to be late in the third quarter of this year,
Precision's international drilling fleet will consist of 13 rigs
with eight rigs in Mexico, three in Saudi Arabia and two in the
Kurdistan region of Iraq. The construction of two high capacity
Super Series rigs for Kuwait is ongoing and the rigs are expected
to be deployed in the middle of 2014."
"Our Completion and Production Services business is driven
primarily by fundamentals in the Canadian oilfield, which in this
quarter, like most second quarters, were slow due to spring
break-up. However, we have made meaningful investments in our
rental fleet and in coil tubing operations and believe we are well
positioned to capture business in the second half of the year with
seasonal activity increases. The planned addition of two large
diameter coil rigs targeted for the Marcellus, bringing our fleet
in the region to eight units, further underlines the strength and
value of our emerging presence in this strategic market."
"With today's dividend announcement, Precision has announced $55
million in dividend payments to shareholders in the past eight
months," concluded Mr. Neveu.
SELECT FINANCIAL AND OPERATING INFORMATION
Financial Highlights
----------------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
(Stated in
thousands of
Canadian dollars,
except where % %
noted) 2013 2012 Change 2013 2012 Change
----------------------------------------------------------------------------
Revenue 378,898 381,966 (0.8) 974,618 1 ,022,032 (4.6)
Adjusted EBITDA(1) 88,248 97,192 (9.2) 303,429 342,766 (11.5)
Adjusted EBITDA %
of revenue 23.3% 25.4% 31.1% 33.5%
Net earnings 473 18,261 (97.4) 93,786 129,342 (27.5)
Cash provided by
operations 182,345 275,346 (33.8) 245,293 437,786 (44.0)
Funds provided by
operations(1) 33,791 62,373 (45.8) 178,473 310,112 (42.4)
Capital spending:
Expansion 81,788 158,876 (48.5) 158,303 295,348 (46.4)
Upgrade 34,117 29,962 13.9 71,658 84,221 (14.9)
Maintenance and
infrastructure 20,332 32,236 (36.9) 36,881 63,188 (41.6)
Proceeds on sale (4,148) (3,730) 11.2 (6,686) (8,809) (24.1)
----------------------------------------------------------------------------
Net capital
spending 132,089 217,344 (39.2) 260,156 433,948 (40.0)
Net earnings - per
share ($):
Basic 0.00 0.07 (100.0) 0.34 0.47 (27.7)
Diluted 0.00 0.06 (100.0) 0.33 0.45 (26.7)
Dividend paid per
share ($) 0.05 - n/m 0.10 - n/m
----------------------------------------------------------------------------
(1) Adjusted EBITDA and funds provided by operations are additional GAAP
measures. See "ADDITIONAL GAAP MEASURES".
n/m - calculation not meaningful.
Operating Highlights
----------------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
% %
2013 2012 Change 2013 2012 Change
----------------------------------------------------------------------------
Contract drilling
rig fleet 324 352 (8.0) 324 352 (8.0)
Drilling rig
utilization days:
Canada 3,606 4,005 (10.0) 14,707 16,375 (10.2)
United States 7,320 8,827 (17.1) 14,598 18,278 (20.1)
International 815 398 104.8 1,534 583 163.1
Service rig fleet 219 211 3.8 219 211 3.8
Service rig
operating hours 51,677 50,560 2.2 141,069 144,602 (2.4)
----------------------------------------------------------------------------
Financial Position
----------------------------------------------------------------------------
(Stated in thousands of Canadian June 30, December 31,
dollars, except ratio) 2013 2012
----------------------------------------------------------------------------
Working capital 243,126 278,021
Long-term debt(1) 1,279,167 1,218,796
Total long-term financial liabilities 1,310,857 1,245,290
Total assets 4,370,678 4,300,263
Long-term debt to long-term debt plus
equity ratio(1) 0.36 0.36
----------------------------------------------------------------------------
(1) Net of unamortized debt issue costs.
Revenue in the second quarter of this year was $3 million lower
than the second quarter in 2012 mainly due to a decrease in
activity days in both Canada and the United States, partially
offset by higher dayrates in both markets, increased international
activity and growth in our U.S. Completion and Production Services
division. Compared to the second quarter of 2012, revenue from our
Contract Drilling Services segment was down 1% while revenue in our
Completion and Production Services segment was up 6%.
Adjusted EBITDA margin (adjusted EBITDA as a percentage of
revenue) was 23% this quarter, compared to 25% in the second
quarter of 2012. The 23% adjusted EBIDTA margin was a result of
higher dayrates from the new build and upgraded Tier 1 rigs that we
have deployed over the past few years offset by the impact of lower
utilization on fixed costs. Our portfolio of term customer
contracts, a highly variable operating cost structure and economies
achieved through vertical integration of the supply chain all help
in managing our adjusted EBITDA margins.
Our vision is to be recognized as the High Performance, High
Value provider of services for global energy exploration and
development. We work toward that vision by defining and measuring
our results against strategic priorities. Our 2013 priorities are
threefold:
1. Execute our High Performance, High Value strategy
Continue to drive execution excellence in our people, internal
systems and infrastructure supporting our world class safety,
training and development programs, upgrading and consolidating our
Nisku operations and leveraging our investments in our Houston and
Red Deer Tech Centers.
To June 30, 2013 our safety performance and mechanical downtime
have shown improvement over the same period in 2012 and we are
continuing to invest in our systems and infrastructure.
2. Execute on existing organic growth opportunities
Remain poised to seize growth opportunities, leveraging our
balance sheet strength and flexibility. Deliver new build rigs to
the North American market and upgrade existing drilling rigs to
higher specification assets on customer contracts globally.
To June 30, 2013 we have delivered the two remaining rigs from
the 2012 new build program, announced six new build rigs for 2013
and we continue to deliver upgraded rigs to customers under
contract.
Grow High Performance, High Value service lines for
unconventional field development, such as integrated directional
drilling, coil tubing and rentals.
To June 30, 2013 we have increased our coil tubing fleet to ten
units from five as at December 31, 2012. In the second half of
2013, we expect our coil tubing fleet to grow by two units and we
expect to execute integrated directional drilling projects in
Canada and the United States.
3. Build our brand
Uphold our reputation and market breadth in North America while
strengthening our presence in select oilfield markets
internationally.
To June 30, 2013 we continue to operate a high percentage of our
rigs drilling directional or horizontal wells in unconventional
basins across North America and have expanded our activities in
Mexico and entered a new market in Northern Iraq.
For the second quarter of 2013, the West Texas Intermediate
price of oil was consistent with the 2012 average while natural gas
prices were higher.
Three months ended Year ended
June 30, December 31,
2013 2012 2012
----------------------------------------------------------------------------
Average oil and natural gas prices
Oil
West Texas Intermediate (per barrel)
(US$) 94.16 93.43 94.13
Natural gas
Canada
AECO (per MMBtu) (Cdn$) 3.53 1.90 2.39
United States
Henry Hub (per MMBtu) (US$) 4.01 2.28 2.75
----------------------------------------------------------------------------
Summary for the three months ended June 30, 2013:
-- Operating earnings (see "Additional GAAP Measures" in this news release)
this quarter were $16 million and 4% of revenue, compared to $31 million
and 8% of revenue in 2012. Operating earnings were negatively impacted
by the decrease in activity in most of our North American based
operations compared to the second quarter in 2012.
-- General and administrative expenses this quarter were $32 million or $7
million higher than the second quarter of 2012 primarily because
incentive compensation costs tied to the price of our common shares
increased over the comparable quarter. During the second quarter of
2012 our common share price fell, resulting in a recovery of previously
expensed amounts.
-- Net finance charges were $24 million, an increase of $3 million compared
with the second quarter of 2012 primarily because of a non-recurring
gain recognized in 2012 and interest related to prior year commodity tax
audits.
-- Average revenue per utilization day for contract drilling rigs increased
in the second quarter of 2013 to US$23,850 from the prior year second
quarter of US$23,145 in the United States and increased in Canada to
$22,276 from $20,649 for the second quarter of 2012. The increase in
revenue rates for the second quarter in Canada and the United States was
due to rig mix in part from Tier 1 and upgraded rigs entering the fleet
compared to the prior year quarter. In Canada, for the second quarter of
2013, 50% of Precision's utilization days were achieved from drilling
rigs working under term contracts compared to 44% in the 2012
comparative period. In the United States, for the second quarter of
2013, 58% of Precision's utilization days were generated from rigs
working under term contracts compared to 78% in the 2012 comparative
period. Turnkey revenue for the second quarter of 2013 was US$18
million, compared with US$15 million in the 2012 comparative period.
Within Precision's Completion and Production Services segment, average
hourly rates for service rigs were $817 in the second quarter of 2013
compared to $734 in the second quarter of 2012. The increase in the
average hourly rate is the result of an increase in coil tubing hours.
-- Average operating costs per utilization day for drilling rigs increased
in the second quarter of 2013 to US$14,912 from the prior year second
quarter of US$14,548 in the United States while in Canada costs
increased to $13,497 in 2013 from $12,799 in 2012. The cost increase per
day in the United States was primarily due to turnkey and fixed costs
spread over a lower activity base. The cost increase in Canada was
primarily due to a labour rate increase that became effective in the
fourth quarter of 2012. Within Precision's Completion and Production
Services segment, average hourly operating costs for service rigs
increased to $769 in the second quarter of 2013 as compared to $621 in
the second quarter of 2012 primarily due to costs associated with coil
tubing and fixed costs spread over a lower activity base.
-- Precision realized revenue from directional services of $27 million in
the second quarter of 2013 a $5 million increase over the prior year
period.
-- Funds provided by operations (see "Additional GAAP Measures" in this
news release) in the second quarter of 2013 were $34 million, a decrease
of $29 million from the prior year comparative quarter of $62 million.
The decrease is the result of lower earnings for the quarter compared to
last year and more income tax paid in the current year quarter.
-- Capital expenditures for the purchase of property, plant and equipment
were $136 million in the second quarter, a decrease of $85 million over
the same period in 2012. Capital spending for the second quarter of 2013
included $82 million for expansion capital, $34 million for upgrade
capital and $20 million for the maintenance of existing assets and
infrastructure spending.
Summary for the six months ended June 30, 2013:
-- Revenue for the first half of 2013 was $975 million, a decrease of 5%
from the 2012 period.
-- Operating earnings were $146 million, a decrease of $55 million or 27%
from 2012. Operating earnings were 15% of revenue in 2013 compared to
20% in 2012.
-- General and administrative costs were $71 million, an increase of $7
million over the first half of 2012 primarily as a result of the
increase in incentive compensation costs tied to the performance of
Precision's common shares in 2013.
-- Net finance charges were $47 million, an increase of $4 million from the
first half of 2012.
-- Funds provided by operations (see "Additional GAAP Measures" in this
news release) in the first half of 2013 were $175 million, a decrease of
$135 million from the prior year comparative period of $310 million.
-- Capital expenditures for the purchase of property, plant and equipment
were $267 million in the first half of 2013, a decrease of $176 million
over the same period in 2012. Capital spending for 2013 to date included
$158 million for expansion capital, $72 million for upgrade capital and
$37 million for the maintenance of existing assets and infrastructure.
OUTLOOK
Contracts
Our portfolio of term customer contracts provides a base level
of activity and revenue, and as of July 24, 2013 we have term
contracts in place for an average of 53 rigs in Canada, 40 in the
United States and 11 internationally for the third quarter of 2013
and an average of 54 rig contracts in Canada, 42 in the United
States and 10 internationally for the full year. In Canada, term
contracted rigs normally generate 250 utilization days per rig year
because of the seasonal nature of well access. In most regions in
the United States and internationally, term contracts normally
generate 365 utilization days per rig year.
Drilling Activity
In the United States, our average active rig count in the
quarter was 80 rigs, down 17 rigs over the second quarter in 2012
and down one rig over the first quarter of 2013. We currently have
80 rigs active in the United States.
In Canada, our average active rig count in the quarter was 40
rigs, down four rigs over the second quarter in 2012 and down 84
rigs over the first quarter of 2013. We currently have 74 rigs
active in Canada and expect typical seasonal volatility through the
third quarter, but in general, during the second half of the year
we expect to benefit from the fleet enhancements made over the past
few years when compared to the prior year period.
Internationally, our average active rig count in the quarter was
nine rigs, up five over the second quarter in 2012 and in line with
the first quarter of 2013. Our active rig count internationally is
expected to grow by two rigs over the next two quarters as our
second of two rigs goes to work in Northern Iraq and we have an
additional rig going to work in Mexico. We expect to have 12 rigs
working internationally under contract by the end of the year.
Industry Conditions
To date in 2013, drilling activity has been lower in Canada and
the United States compared to this time last year. According to
industry sources, as of July 19, 2013, the U.S. active land
drilling rig count was down about 9% from the same point last year
and the Canadian active land drilling rig count was in line with
the prior year. Despite the active industry rig count softness,
demand for Tier 1 assets continues to be strong, benefiting the
drilling contractors with a high percentage of Tier 1 assets.
The trend toward oil-directed drilling in North America has
continued in 2013. To date approximately 71% of the Canadian
industry's active rigs and 78% of the U.S. industry's active rigs
were drilling for oil targets, compared to 71% for Canada and 68%
for the U.S. at the same time last year.
Capital Spending
We expect capital spending in 2013 to be approximately $654
million, of which $267 million was spent during the first six
months of the year:
-- $330 million for expansion capital, which includes the cost to complete
the two remaining new build drilling rigs from the 2012 new build rig
program, six new build rigs for the North American market, the cost to
complete about 60% of two new build rigs going to Kuwait, long lead
equipment and new equipment for our Completion and Production Services
segment;
-- $139 million for upgrade capital, which includes the upgrade of
approximately 20 rigs, including international and North American rigs
and to purchase long lead time items for our capital inventory; and
-- $185 million for sustaining and infrastructure expenditures, which is
based on currently anticipated activity levels and some of the cost to
consolidate and upgrade our operating facilities.
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, rental, camp and catering and wastewater treatment
divisions.
Three months ended Six months ended
June 30, June 30,
(Stated in
thousands of
Canadian % %
dollars) 2013 2012 Change 2013 2012 Change
----------------------------------------------------------------------------
Revenue:
Contract
Drilling
Services 327,336 332,181 (1.5) 823,574 863,247 (4.6)
Completion and
Production
Services 55,420 52,263 6.0 159,008 163,348 (2.7)
Inter-segment
eliminations (3,858) (2,478) 55.7 (7,964) (4,563) 74.5
----------------------------------------------------------------------------
378,898 381,966 (0.8) 974,618 1,022,032 (4.6)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Adjusted
EBITDA:(1)
Contract
Drilling
Services 101,555 103,476 (1.9) 308,760 331,032 (6.7)
Completion and
Production
Services 2,293 8,985 (74.5) 32,408 48,189 (32.8)
Corporate and
other (15,600) (15,269) 2.2 (37,739) (36,455) 3.5
----------------------------------------------------------------------------
88,248 97,192 (9.2) 303,429 342,766 (11.5)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) See "ADDITIONAL GAAP MEASURES".
SEGMENT REVIEW OF CONTRACT DRILLING SERVICES
Three months ended Six months ended
June 30, June 30,
(Stated in
thousands of % %
Canadian dollars) 2013 2012 Change 2013 2012 Change
----------------------------------------------------------------------------
Revenue 327,336 332,181 (1.5) 823,574 863,247 (4.6)
Expenses:
Operating 213,320 222,059 (3.9) 490,366 513,193 (4.4)
General and
administrative 12,461 6,646 87.5 24,448 19,022 28.5
----------------------------------------------------------------------------
Adjusted EBITDA
(1) 101,555 103,476 (1.9) 308,760 331,032 (6.7)
Depreciation 63,398 58,672 8.1 137,109 126,007 8.8
----------------------------------------------------------------------------
Operating
earnings(1) 38,157 44,804 (14.8) 171,651 205,025 (16.3)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating earnings
as a percentage
of revenue 11.7% 13.5% 20.8% 23.8%
----------------------------------------------------------------------------
Drilling rig
revenue per
utilization day
in Canada (Cdn$) 22,276 20,649 7.9 22,293 20,983 6.2
----------------------------------------------------------------------------
Drilling rig
revenue per
utilization day
in the United
States(2) (US$) 23,850 23,145 3.0 23,920 23,186 3.2
----------------------------------------------------------------------------
(1) See "ADDITIONAL GAAP MEASURES".
(2) Includes revenue from idle but contracted rig days.
Three months ended June 30,
Canadian onshore drilling
statistics:(1) 2013 2012
----------------------------------------------------------------------------
Precision Industry(2) Precision Industry(2)
----------------------------------------------------------------------------
Number of drilling rigs
(end of period) 188 820 197 817
Drilling rig operating days
(spud to release) 3,213 13,579 3,580 15,129
Drilling rig operating day
utilization 19% 18% 20% 20%
Number of wells drilled 371 1,162 403 1,314
Average days per well 8.7 11.7 8.9 11.5
Number of metres drilled
(000s) 707 2,604 688 2,750
Average metres per well 1,905 2,241 1,708 2,093
Average metres per day 220 192 192 182
----------------------------------------------------------------------------
Six months ended June 30,
Canadian onshore drilling
statistics:(1) 2013 2012
----------------------------------------------------------------------------
Precision Industry(2) Precision Industry(2)
----------------------------------------------------------------------------
Number of drilling rigs
(end of period) 188 820 197 817
Drilling rig operating days
(spud to release) 13,002 56,877 14,622 63,250
Drilling rig operating day
utilization 38% 39% 42% 43%
Number of wells drilled 1,426 4,726 1,275 4,333
Average days per well 9.1 12.0 11.5 14.6
Number of metres drilled
(000s) 2,536 9,951 2,307 9,160
Average metres per well 1,779 2,106 1,809 2,114
Average metres per day 195 175 158 145
----------------------------------------------------------------------------
(1) Canadian operations only.
(2) Canadian Association of Oilwell Drilling Contractors ("CAODC") and
Precision - excludes non-CAODC rigs and non-reporting CAODC members.
United States onshore
drilling statistics:(1) 2013 2012
----------------------------------------------------------------------------
Precision Industry(2) Precision Industry(2)
----------------------------------------------------------------------------
Average number of active
land rigs for quarters
ended:
March 31 81 1,706 104 1,947
June 30 80 1,710 97 1,924
----------------------------------------------------------------------------
Year to date average 81 1,708 100 1,935
----------------------------------------------------------------------------
(1) United States lower 48 land operations only.
(2) Baker Hughes rig counts.
Revenue from Contract Drilling Services was $327 million this
quarter or 1% lower than the second quarter of 2012, while adjusted
EBITDA of $102 million decreased 2%. The decreases were mainly due
to lower drilling rig utilization in both Canada and the U.S.
partially offset by growth in our international contract drilling
business and increases in average dayrates in North America.
Operating results for our international business improved as we
began to realize revenue from increased activity. On average, we
had nine rigs working internationally during the second quarter of
2013 compared with four in the corresponding quarter of 2012.
Drilling utilization days in our international operations were 815
days, 105% higher than the prior year comparative period.
Drilling rig utilization days in Canada (drilling days plus move
days) during the second quarter of 2013 were 3,606, a decrease of
10% compared to 2012 while drilling rig utilization days in the
United States were 7,320 or 17% lower than the same quarter of
2012. The declines in activity were primarily due to decreased
market demand as customers conserved cash and deferred drilling
programs and in the Western Canada Sedimentary Basin ("WCSB") we
had an unusually high number of rigs waiting on weather in June
2013. The majority of our North America activity came from oil and
liquids-rich natural gas related plays.
Drilling rig revenue per utilization day in Canada was up 8% and
3% in the U.S. over 2012. The increase in average dayrates for
Canada and the U.S. was the result of improved rig mix and
continued demand for Tier 1 assets. In the U.S. the increase in the
average dayrate was primarily driven by turnkey revenue spread over
lower activity and idle but contracted rig revenue.
In Canada, 50% of utilization days in the second quarter were
generated from rigs under term contract, compared to 44% in the
second quarter of 2012. In the U.S., 58% of utilization days were
generated from rigs under term contract as compared to 78% in the
second quarter of 2012. At the end of the quarter we had 55
drilling rigs under contract in Canada, 47 in the U.S. and ten
internationally.
Operating costs were 65% of revenue for the quarter, which was
two percentage points lower than the prior year period. On a per
utilization day basis, operating costs for the drilling rig
division in Canada were above the prior year primarily because of
an increase in crew wage expense. In the U.S., operating costs for
the quarter on a per day basis were up from the second quarter in
2012 as a result of higher relative turnkey costs and the impact of
fixed costs on lower activity partially offset by a reduction in
repair and maintenance costs.
Depreciation expense in the quarter was 8% higher than in the
second quarter of 2012. Depreciation was higher, despite a decrease
in overall drilling activity, as a result of a greater proportion
of operating days from our Tier 1 drilling rigs in 2013 relative to
2012 and depreciation from the growth in directional drilling and
international contract drilling. With the exception of certain PSST
drilling rigs and directional drilling equipment, contract drilling
operations use the unit of production method of calculating
depreciation.
SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES
Three months ended Six months ended
June 30, June 30,
(Stated in thousands
of Canadian % %
dollars) 2013 2012 Change 2013 2012 Change
----------------------------------------------------------------------------
Revenue 55,420 52,263 6.0 159,008 163,348 (2.7)
Expenses:
Operating 49,307 39,932 23.5 118,205 107,469 10.0
General and
administrative 3,820 3,346 14.2 8,395 7,690 9.2
----------------------------------------------------------------------------
Adjusted EBITDA(1) 2,293 8,985 (74.5) 32,408 48,189 (32.7)
Depreciation 7,073 6,101 15.9 16,318 14,135 15.4
----------------------------------------------------------------------------
Operating
earnings(1) (4,780) 2,884 (265.7) 16,090 34,054 (52.8)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating earnings
as a percentage of
revenue (8.6%) 5.5% 10.1% 20.8%
----------------------------------------------------------------------------
Well servicing
statistics:
Number of service
rigs (end of
period) 219 211 3.8 219 211 3.8
Service rig
operating hours 51,677 50,560 2.2 141,069 144,602 (2.4)
Service rig
operating hour
utilization 26% 26% 36% 39%
Service rig
revenue per
operating hour
(Cdn$) 817 734 11.3 815 789 3.3
----------------------------------------------------------------------------
(1) See "ADDITIONAL GAAP MEASURES".
Revenue from Completion and Production Services was up $3
million or 6% compared to the second quarter of 2012 due to
expansion of services in the United States partially offset by
lower activity in Canada. Adjusted EBITDA was $7 million lower than
the second quarter of 2012 due to start-up costs associated with
expanding activity in the United States and lower activity in
Canada. The decline in industry activity was mainly because
customers reduced spending to work within cash flow, which reduced
activity in the majority of our service lines.
Well servicing activity in the second quarter was 2% higher than
the second quarter of 2012 primarily due to our expansion in the
United States. Approximately 85% of the second quarter service rig
activity was oil related. Our rental division activity in the
second quarter was lower than the second quarter of 2012 mainly due
to the excess amount of surface storage capacity in the WCSB.
Average service rig revenue per operating hour in the second
quarter was $817, or $83 higher than the second quarter of 2012.
Increased coil tubing operations in the current quarter, which
operate at higher rates, was only partially offset by a reduction
in the average service rig rate due to geographic mix.
Operating costs as a percentage of revenue increased to 89% in
the second quarter of 2013, from 76% in the second quarter of 2012.
Operating costs per service rig operating hour were higher than in
the second quarter of 2012 mainly because of the higher cost
associated with the new coil tubing operations.
Depreciation in the second quarter of 2013 was 16% higher than
the second quarter of 2012 because of the depreciation expense
associated with new equipment. We use the straight-line method of
calculating depreciation for our completion and production business
lines, except for the well servicing division, where we use the
unit of production method.
SEGMENT REVIEW OF CORPORATE AND OTHER
Our corporate segment is viewed as support functions that
provide assistance to more than one segment. The Corporate and
other segment had an adjusted EBITDA loss of $16 million for the
second quarter of 2013, in line with the prior year comparative
period.
OTHER ITEMS
Net financial charges for the quarter were $24 million, an
increase of $3 million from the second quarter of 2012. The
increase was primarily because of a non-recurring gain recognized
in 2012 and interest related to prior year commodity tax
audits.
We had a foreign exchange gain of $5 million during the second
quarter of 2013 due to the weakening of the Canadian dollar versus
the U.S. dollar and the impact thereof on the net U.S. dollar
denominated monetary position in the Canadian dollar-based
companies.
Income taxes for the quarter were a recovery of $4 million in
line with the prior year comparative period. Our effective tax rate
on earnings before income taxes for the first half of 2013 was
13%.
In June 2013, a wholly owned subsidiary of Precision lost a tax
appeal in the Ontario Superior Court of Justice related to a
reassessment of Ontario income tax for the subsidiary's 2001 thru
2004 taxation years. Precision has appealed the decision to the
Ontario Court of Appeal and we expect this appeal to be heard by
mid-2014. Despite the decision in the Superior Court, management
believes it is more likely than not that Precision will prevail on
appeal. Should Precision lose on appeal, approximately $55 million
of the long-term income tax recoverable related to this issue would
be expensed.
LIQUIDITY AND CAPITAL RESOURCES
The oilfield services business is inherently cyclical in nature.
To manage this, we focus on maintaining a strong balance sheet so
we have the financial flexibility we need to continue to manage our
growth and cash flow, no matter where we are in 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 be responsive 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
As at June 30, 2013 our liquidity is supported by a cash balance
of $127 million, a senior secured credit facility of US$850
million, operating facilities totaling approximately $55 million
and a US$25 million secured facility for letters of credit.
At June 30, 2013, including letters of credit, we had
approximately $1,349 million outstanding under our secured and
unsecured credit facilities and $25 million in unamortized debt
issue costs.
Amount Availability Used for Maturity
----------------------------------------------------------------------------
Senior facility
(secured)
----------------------------------------------------------------------------
US$850 million Undrawn, except General corporate November 17, 2017
(extendible, US$27 million in purposes
revolving term outstanding
credit facility letters of
with US$250 million credit
accordion feature)
----------------------------------------------------------------------------
Operating facilities (secured)
----------------------------------------------------------------------------
$40 million Undrawn, except Letters of credit
$17 million in and general
outstanding corporate purposes
letters of
credit
----------------------------------------------------------------------------
US$15 million Undrawn Short term working
capital
requirements
----------------------------------------------------------------------------
Demand letter of credit facility (secured)
----------------------------------------------------------------------------
US$25 million Undrawn Letters of credit
----------------------------------------------------------------------------
Senior notes (unsecured)
----------------------------------------------------------------------------
$200 million Fully drawn Debt repayment March 15, 2019
----------------------------------------------------------------------------
US$650 million Fully drawn Debt repayment and November 15, 2020
general corporate
purposes
----------------------------------------------------------------------------
US$400 million Fully drawn Capital December 15, 2021
expenditures and
general corporate
purposes
----------------------------------------------------------------------------
Our secured facility includes financial ratio covenants that are
tested quarterly and we are compliant with these covenants and
expect to remain compliant.
The current blended cash interest cost of our debt is about
6.6%.
Hedge of investments in U.S. operations
We have designated our U.S. dollar denominated long-term debt as
a hedge of our investment in our operations in the U.S. 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 tables reconcile the weighted average shares
outstanding used in computing basic and diluted earnings per
share:
Three months ended Six months ended
June 30, June 30,
2013 2012 2013 2012
----------------------------------------------------------------------------
Weighted average shares
outstanding - basic 276,617 276,301 276,558 276,207
Effect of warrants 9,425 9,068 9,486 9,914
Effect of share options and
other equity compensation plans 814 812 867 1,120
----------------------------------------------------------------------------
Weighted average shares
outstanding - diluted 286,856 286,181 286,911 287,241
----------------------------------------------------------------------------
----------------------------------------------------------------------------
QUARTERLY FINANCIAL SUMMARY
(Stated in thousands of Canadian dollars, except per share
amounts)
2012 2013
----------------------------------------------------------------------------
Quarters ended September 30 December 31 March 31 June 30
----------------------------------------------------------------------------
Revenue 484,761 533,948 595,720 378,898
Adjusted EBITDA(1) 151,000 177,026 215,181 88,248
Net earnings (loss): 39,357 (116,339) 93,313 473
Per basic share 0.14 (0.42) 0.34 0.00
Per diluted share 0.14 (0.42) 0.33 0.00
Funds provided by
operations(1) 146,124 142,576 144,682 33,791
Cash provided by
operations 61,183 136,317 62,948 182,345
Dividends per share - 0.05 0.05 0.05
----------------------------------------------------------------------------
2011 2012
----------------------------------------------------------------------------
Quarters ended September 30 December 31 March 31 June 30
----------------------------------------------------------------------------
Revenue 492,944 587,408 640,066 381,966
Adjusted EBITDA(1) 186,248 229,839 245,574 97,192
Net earnings: 83,468 28,046 111,081 18,261
Per basic share 0.30 0.10 0.40 0.07
Per diluted share 0.29 0.10 0.39 0.06
Funds provided by
operations(1) 73,182 256,103 247,739 62,373
Cash provided by
operations 20,281 218,857 162,440 275,346
----------------------------------------------------------------------------
(1) See "ADDITIONAL GAAP MEASURES".
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, and depreciation and
amortization) as reported in the Interim Consolidated Statement of
Earnings 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
We believe that operating earnings, as reported in the Interim
Consolidated Statements of Earnings, 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
Interim Consolidated Statements of Cash Flow is a useful measure
because it provides an indication of the funds our principal
business activities generated 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: payment of a third
quarter dividend; Precision expects the 2013 capital expenditures
to increase from $533 million to $654 million as a result of
certain additional capital commitments; the five new build Super
Series rigs in Canada and the United States will generate financial
returns in line with our long term expectations; this summer
Precision expects to experience increased activity supporting
delineation drilling in northeastern British Columbia, related to
potential LNG export projects; including delivery of all five of
the new build rigs and the previously announced 2013 new build rig,
Precision will have a fleet of 196 Tier 1 drilling rigs in North
America; a drilling rig deployed to Northern Iraq in the Kurdistan
region is expected to begin drilling before the end of July; upon
delivery of the upgraded 3,000 horsepower drilling rig to work in
Mexico, which is expected to be late in the third quarter of this
year, Precision's international drilling fleet will consist of 13
rigs with eight rigs in Mexico, three in Saudi Arabia and two in
the Kurdistan region of Iraq; the construction of two high capacity
Super Series rigs for Kuwait is ongoing and the rigs are expected
to be developed in the middle of 2014; Precision believes it is
well positioned to capture business in the second half of the year
with seasonal activity increases; Precision's 2013 priorities; in
the second half of 2013, Precision expects its coil tubing fleet to
grow by two units and Precision expects to execute projects in
Canada and the United States; Precision expects it's expected rig
count in the Unites States to remain relatively unchanged over the
coming months; Precision expects to benefit from the fleet
enhancements made over the past few years when compared to the
prior year period; Precision's active rig count internationally is
expected to grow by two rigs over the next two quarters as its
second of two rigs goes to work in Northern Iraq and Precision has
an additional rig going to work in Mexico; Precision expects to
have 12 rigs working internationally under contract by the end of
the year; the amount and use of planned capital expenditures;
Precision expects the appeal to the Ontario Court of Appeal related
to an assessment of Ontario income tax to be heard by mid-2014 and
management of Precision believes it is more likely than not that
Precision will prevail on the appeal; should Precision lose on
appeal, approximately $55 million of the long-term income tax
recoverable related to this issue would be expensed; and Precision
expects to remain compliant with the financial ratio covenants of
its secured facility.
These forward-looking information and statements are based on
certain assumptions and analysis made by the Corporation in light
of its experience and its perception of historical trends, current
conditions and expected future developments as well as other
factors it believes are appropriate in the circumstances. However,
whether actual results, performance or achievements will conform to
the Corporation's expectations and predictions is subject to a
number of known and unknown risks and uncertainties which could
cause actual results to differ materially from the Corporation's
expectations. Such risks and uncertainties include, but are not
limited to: fluctuations in the price and demand for oil and
natural gas; fluctuations in the level of oil and natural gas
exploration and development activities; fluctuations in the demand
for contract drilling, well servicing and ancillary oilfield
services; capital market liquidity available to fund customer
drilling programs; availability of cash flow, debt and/or equity
sources to fund the Corporation's capital and operating
requirements, as needed; sustainability of our dividend; the
effects of seasonal and weather conditions on operations and
facilities; the existence of competitive operating risks inherent
in its businesses; general economic, market or business conditions;
changes in laws or regulations; the availability of qualified
personnel, management or other key inputs; currency exchange
fluctuations; and other unforeseen conditions which could impact
the use of services supplied by Precision and Precision's ability
to respond to such conditions.
Consequently, all of the forward-looking information and
statements made in this report are qualified by these cautionary
statements and there can be no assurance that the actual results or
developments anticipated by the Corporation will be realized or,
even if substantially realized, that they will have the expected
consequences to, or effects on, the Corporation or its business or
operations. Readers are therefore cautioned not to place undue
reliance on such forward-looking information and statements. Except
as may be required by law, the Corporation assumes no obligation to
update publicly any such forward-looking information and
statements, whether as a result of new information, future events
or otherwise.
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(UNAUDITED)
June 30, December 31,
(Stated in thousands of Canadian dollars) 2013 2012
----------------------------------------------------------------------------
ASSETS
Current assets:
Cash $ 127,394 $ 152,768
Accounts receivable 396,442 509,547
Income taxes recoverable 7,484 -
Inventory 9,278 13,787
----------------------------------------------------------------------------
Total current assets 540,598 676,102
Non-current assets:
Income tax recoverable 64,579 64,579
Property, plant and equipment 3,449,040 3,242,929
Intangibles 4,431 6,101
Goodwill 312,030 310,552
----------------------------------------------------------------------------
Total non-current assets 3,830,080 3,624,161
----------------------------------------------------------------------------
Total assets $ 4,370,678 $ 4,300,263
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 297,472 $ 333,893
Income tax payable - 64,188
----------------------------------------------------------------------------
Total current liabilities 297,472 398,081
Non-current liabilities:
Share based compensation 9,409 8,676
Provisions and other 22,281 17,818
Long-term debt 1,279,167 1,218,796
Deferred tax liabilities 491,839 485,592
----------------------------------------------------------------------------
Total non-current liabilities 1,802,696 1,730,882
Shareholders' equity:
Shareholders' capital 2,253,713 2,251,982
Contributed surplus 27,064 24,474
Retained earnings (deficit) 21,508 (44,621)
Accumulated other comprehensive loss (31,775) (60,535)
--------------------------------------------------------------------------
Total shareholders' equity 2,270,510 2,171,300
----------------------------------------------------------------------------
Total liabilities and shareholders' equity $ 4,370,678 $ 4,300,263
----------------------------------------------------------------------------
----------------------------------------------------------------------------
INTERIM CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
Three months ended Six months ended
June 30, June 30,
(Stated in thousands of
Canadian dollars, except
per share amounts) 2013 2012 2013 2012
----------------------------------------------------------------------------
Revenue $ 378,898 $ 381,966 $ 974,618 $ 1,022,032
Expenses:
Operating 258,769 259,513 600,607 616,099
General and
administrative 31,881 25,261 70,582 63,167
----------------------------------------------------------------------------
Earnings before income
taxes, finance charges,
foreign exchange and
depreciation and
amortization 88,248 97,192 303,429 342,766
Depreciation and
amortization 72,580 66,669 157,473 141,493
----------------------------------------------------------------------------
Operating earnings 15,668 30,523 145,956 201,273
Foreign exchange (5,015) (5,034) (8,309) 333
Finance charges 23,950 21,061 46,509 42,981
----------------------------------------------------------------------------
Earnings (loss) before
income (3,267) 14,496 107,756 157,959
Income taxes:
Current 2,455 9,186 20,550 32,025
Deferred (6,195) (12,951) (6,580) (3,408)
----------------------------------------------------------------------------
(3,740) (3,765) 13,970 28,617
----------------------------------------------------------------------------
Net earnings $ 473 $ 18,261 $ 93,786 $ 129,342
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings per share:
Basic $ 0.00 $ 0.07 $ 0.34 $ 0.47
Diluted $ 0.00 $ 0.06 $ 0.33 $ 0.45
----------------------------------------------------------------------------
----------------------------------------------------------------------------
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three months ended Six months ended
June 30, June 30,
(Stated in thousands of
Canadian dollars) 2013 2012 2013 2012
----------------------------------------------------------------------------
Net earnings $ 473 $ 18,261 $ 93,786 $ 129,342
Unrealized gain on
translation of assets and
liabilities of operations
denominated in foreign
currency 55,755 28,972 87,875 3,948
Foreign exchange loss on
net investment hedge with
U.S. denominated debt,
net of tax (37,380) (21,000) (59,115) (2,205)
----------------------------------------------------------------------------
Comprehensive income $ 18,848 $ 26,233 $ 122,546 $ 131,085
----------------------------------------------------------------------------
----------------------------------------------------------------------------
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
Three months ended Six months ended
June 30, June 30,
(Stated in thousands of
Canadian dollars) 2013 2012 2013 2012
----------------------------------------------------------------------------
Cash provided by (used
in):
Operations:
Net earnings $ 473 $ 18,261 $ 93,786 $ 129,342
Adjustments for:
Long-term compensation
plans 4,240 1,776 10,757 11,227
Depreciation and
amortization 72,580 66,669 157,473 141,493
Foreign exchange (5,246) (5,346) (8,548) 206
Finance charges 23,950 21,061 46,509 42,981
Income taxes (3,740) (3,765) 13,970 28,617
Other 224 2,186 1,162 2,357
Income taxes paid (24,045) (3,764) (94,724) (4,574)
Income taxes recovered 1,960 306 1,960 342
Interest paid (36,787) (35,523) (44,280) (42,783)
Interest received 182 512 408 904
----------------------------------------------------------------------------
Funds provided by
operations 33,791 62,373 178,473 310,112
Changes in non-cash
working capital balances 148,554 212,973 66,820 127,674
----------------------------------------------------------------------------
182,345 275,346 245,293 437,786
Investments:
Business acquisitions,
net of cash acquired - (25) - (25)
Purchase of property,
plant and equipment (136,237) (221,074) (266,842) (442,757)
Proceeds on sale of
property, plant and
equipment 4,148 3,730 6,686 8,809
Changes in non-cash
working capital
balances (10,774) (35,594) 4,967 (73,705)
----------------------------------------------------------------------------
(142,863) (252,963) (255,189) (507,678)
Financing:
Dividends paid (13,832) - (27,657) -
Issuance of common
shares on the exercise
of options 240 133 720 1,305
----------------------------------------------------------------------------
(13,592) 133 (26,937) 1,305
----------------------------------------------------------------------------
Effect of exchange rate
changes on cash and cash
equivalents 6,667 6,184 11,459 (545)
----------------------------------------------------------------------------
Increase (decrease) in
cash and cash equivalents 32,557 28,700 (25,374) (69,132)
Cash and cash equivalents,
beginning of period 94,837 369,644 152,768 467,476
----------------------------------------------------------------------------
Cash and cash equivalents,
end of period $ 127,394 $ 398,344 $ 127,394 $ 398,344
----------------------------------------------------------------------------
----------------------------------------------------------------------------
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
----------------------------------------------------------------------------
(Stated in thousands of Shareholders' Contributed
Canadian dollars) capital surplus
----------------------------------------------------------------------------
Balance at January 1,
2013 $ 2,251,982 $ 24,474
Net earnings for the
period - -
Other comprehensive
income for the period - -
Dividends - -
Issued on redemption of
non-management
directors DSUs 634 (598)
Share options exercised 1,097 (377)
Share based compensation
expense - 3,565
----------------------------------------------------------------------------
Balance at June 30, 2013 $ 2,253,713 $ 27,064
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Accumulated
other Retained
(Stated in thousands of comprehensive earnings Total
Canadian dollars) loss (deficit) equity
----------------------------------------------------------------------------
Balance at January 1,
2013 $ (60,535) $ (44,621) $ 2,171,300
Net earnings for the
period - 93,786 93,786
Other comprehensive
income for the period 28,760 - 28,760
Dividends - (27,657) (27,657)
Issued on redemption of
non-management
directors DSUs - - 36
Share options exercised - - 720
Share based compensation
expense - - 3,565
----------------------------------------------------------------------------
Balance at June 30, 2013 $ (31,775) $ 21,508 $ 2,270,510
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Stated in thousands of Shareholders' Contributed
Canadian dollars) capital surplus
----------------------------------------------------------------------------
Balance at January 1,
2012 $ 2,248,217 $ 18,396
Net earnings for the
period - -
Other comprehensive
income for the period - -
Share options exercised 1,993 (688)
Issued on redemption of
non-management
directors DSUs 221 (221)
Issued on waiver of
right to dissent by
dissenting unitholder 9 (3)
Share based compensation
expense - 4,363
----------------------------------------------------------------------------
Balance at June 30, 2012 $ 2,250,440 $ 21,847
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Accumulated
other Retained
(Stated in thousands of comprehensive earnings Total
Canadian dollars) loss (deficit) equity
----------------------------------------------------------------------------
Balance at January 1,
2012 $ (50,862) $ (83,160) $ 2,132,591
Net earnings for the
period - 129,342 129,342
Other comprehensive
income for the period 1,743 - 1,743
Share options exercised - - 1,305
Issued on redemption of
non-management
directors DSUs - - -
Issued on waiver of
right to dissent by
dissenting unitholder - - 6
Share based compensation
expense - - 4,363
----------------------------------------------------------------------------
Balance at June 30, 2012 $ (49,119) $ 46,182 $ 2,269,350
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SECOND QUARTER 2013 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, July 25, 2013.
The conference call dial in numbers are 1-800-766-6630 or
416-695-6622.
A live webcast of the conference call will be accessible on
Precision's website at www.precisiondrilling.com 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
August 1, 2013 by dialing 1-800-408-3053 or 905-694-9451, passcode
7578848.
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 & 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 Carey Ford Vice
President, Finance and Investor Relations 403.716.4575 403.716.4755
(FAX) Precision Drilling Corporation Suite 800, 525 - 8th Avenue
S.W. Calgary, Alberta, Canada T2P 1G1 www.precisiondrilling.com
Precision Drilling (TSX:PD)
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