Precision Drilling Announces 2025 Third Quarter Unaudited Financial Statements

Executive Summary

• Precision Drilling reported Q3 2025 revenue of $462 million (‑3% YoY) and Adjusted EBITDA of $118 million, down from $142 million a year earlier.
• Net loss attributable to shareholders was $7 million ($0.51 per share) versus a profit of $39 million in Q3 2024, driven by higher deferred U.S. tax expense and lower day rates.
• Cash flow from operations of $76 million enabled repayment of $10 million of debt, a $9 million share repurchase, and an early achievement of the annual debt‑reduction target; total cash on hand fell to $38 million.

Key Details

• Revenue: $462 M (Q3 2025) vs. $477 M (Q3 2024).
• Adjusted EBITDA: $118 M (incl. $11 M share‑based compensation); down 17% YoY.
• Net loss: $(7 M) attributable to shareholders; basic EPS $(0.51) vs. $2.77 a year prior.
• Cash provided by operations: $76 M; used to repay $10 M of debt and repurchase $9 M of common shares (121,364 shares).
• Capital expenditures: $69 M in the quarter (up from $64 M YoY); $35 M for upgrades, $34 M for maintenance/infrastructure. Revised 2025 capital budget to $260 M (previously $240 M).
• Debt reduction: Long‑term debt reduced to $688 M from $812 M year‑end 2024; cumulative YTD reduction of $101 M, meeting the annual target.
• Share repurchases: Year‑to‑date $54 M of shares repurchased; plan to allocate 35‑45% of free cash flow to buybacks by year‑end.
• Rig fleet activity:
• Canada: 63 active rigs (13% lower utilization days YoY); revenue per utilization day $34,193 vs. $32,325 prior year.
• U.S.: 36 active rigs; revenue per utilization day $31,040 vs. $32,949 prior year; utilization days up 4.5% YoY.
• International: 7 rigs; revenue per utilization day $53,811 vs. $47,223 prior year.
• Completion & Production Services: Revenue $75 M (up from $73 M); Adjusted EBITDA $19 M (≈26% of revenue). Service rig operating hours increased 6% YoY in Canada.
• Share‑based compensation expense: $10.8 M for the quarter (higher due to share price appreciation).
• Deferred income tax expense: $33 M, primarily from U.S. tax deduction waivers; company expects no U.S. tax liability for several years.
• Liquidity: Cash balance $38 M; total available liquidity >$400 M after senior note redemption and credit facility drawdown.

Notable Quotes

“Precision’s third quarter not only achieved financial results that exceeded most expectations, but also demonstrated our ability to meet shareholder capital allocation commitments while continuing to strengthen our competitive position through fleet investments…” – Carey Ford, President & CEO

The release includes a conference call scheduled for 2025‑10‑23; registration links provided.