Precision Drilling Corporation
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- Precision Drilling Corporation (NYSE:PDS), founded in 1951 and headquartered in Calgary, Alberta, Canada, provides onshore contract drilling, completion, and production services to exploration and production companies in the oil, natural gas, and geothermal industries across Canada, the United States, and select international markets. The company operates through two primary segments—Contract Drilling Services, which offers land-based drilling rigs including Super Series models, directional drilling, turnkey drilling, procurement and distribution of oilfield supplies, and the manufacture, sale, and repair of drilling equipment; and Completion and Production Services, which encompasses service rigs, oilfield equipment rental, camp and catering services, and wastewater treatment units—supported by proprietary technologies such as the Alpha™ suite of automation, AI, and analytics tools for enhanced efficiency and risk reduction, and the EverGreen™ suite of environmental solutions featuring smart monitoring, alternative energies, and hydrogen-based emissions reductions. Precision maintains a fleet of drilling and service rigs, with operations emphasizing high-performance, high-value delivery through advanced rig designs like Super Triple, Super Single, and tele double configurations. In recent developments, Precision successfully integrated its 2023 acquisition of CWC Energy Services Corp., achieving $20 million in annual synergies, boosting Completion and Production Services revenue by 23% and Adjusted EBITDA by 30% in 2024, following the earlier High Arctic acquisition that more than doubled segment revenue and EBITDA since 2021; the company also scaled Alpha™ and EverGreen™ technologies across its fleet, nearly doubling EverGreen™ revenue through expanded penetration on Super Triple and Super Single rigs, invested $217 million in fleet upgrades and infrastructure including strategic drill pipe purchases, reduced debt by $101 million in 2025, and plans $225 million in 2025 capital expenditures incorporating customer-funded US fleet enhancements for extended-reach laterals.
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