Precision Drilling Corporation (PRE1)

Overview

Precision Drilling Corporation is a leading provider of onshore drilling and various completion and production services primarily to the oil and natural gas industries. Established in 1951 and headquartered in Calgary, Canada, the company has expanded its footprint across North America and the Middle East. Precision Drilling operates through two main segments: Contract Drilling Services and Completion and Production Services. These services cater to the needs of exploration and production companies, assisting them from the drilling phase of wells through to completion, maintenance, and production. With a substantial fleet of land drilling rigs and a wide range of service rigs, the company plays a crucial role in the exploration and development of oil and natural gas reserves. By the end of 2021, Precision Drilling's operations included a significant presence in countries such as Canada, the United States, Kuwait, Saudi Arabia, the Kurdistan region of Iraq, and Georgia, showcasing its global capabilities and commitment to supporting the energy industry's evolving needs.

Products and Services

• Contract Drilling Services

  This segment provides essential onshore well drilling services to exploration and production companies within the oil and natural gas industry. Precision Drilling offers comprehensive services under this category, including land drilling, turnkey drilling solutions, procurement, and distribution of oilfield supplies. Additionally, it specializes in the manufacture and refurbishment of drilling and service rig equipment. As of the end of 2021, the company operated a vast fleet of 227 land drilling rigs, featuring advanced technology such as 47 AlphaTM rigs with AlphaAutomation, 18 AlphaApps, 4 grid power capable rigs, and 60 rigs capable of utilizing natural gas or bi-fuel, marking its commitment to innovation and efficiency in drilling operations.

• Completion and Production Services

  This segment is designed to support the later stages of a well's life cycle, offering a suite of services tailored to well completion, workover, abandonment, maintenance, and re-entry preparation. Precision Drilling's services extend to providing wellsite accommodations, oilfield surface equipment rentals, and camp and catering services, ensuring comprehensive support to exploration and production companies. The company boasts a robust lineup of 123 well completion and workover service rigs, supplemented by a broad inventory of 1,900 rental items, 109 wellsite accommodation units, and extensive camp and catering facilities comprising 943 drill camp beds, 822 base camp beds, and three kitchen diners in Canada as of December 31, 2021. This range of services underscores Precision Drilling's capability to meet the diverse needs of its clients throughout the production process.