Precision Drilling expects rig demand growth with LNG Canada startup [Yahoo! Finance Canada]
Precision Drilling Corporation (PDS)
Last precision drilling corporation earnings: 4/30 06:00 am
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Source: Yahoo! Finance Canada
Precision Drilling Corp. is Canada's largest drilling rig contractor, and as such, serves as a barometer for the overall health of the country's energy sector. CEO Kevin Neveu told analysts on a conference call Wednesday that Precision was surprised by the "near instantaneous" uptick in drilling in Western Canada that took place following the opening six months ago of the Trans Mountain oil pipeline expansion. That pipeline has served to boost prices for Canadian heavy oil. Neveu said as a result, demand for Precision's rigs in this country is at "historic highs." He said the uptick in demand is coming both from customers drilling heavy oil, as well as those drilling natural gas condensate, which is added by producers to heavy oil to make it less viscous and easier to transport. Neveu said Precision expects to see Canadian drilling rig demand increase yet again when LNG Canada starts up in mid-2025 and creates a new market for natural gas producers in Alberta and B.C. This
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- Precision Drilling expects rig demand growth as LNG Canada startup nears [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Precision Drilling expects rig demand growth with LNG Canada startup [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- Precision Drilling expects rig demand growth with LNG Canada startup [Financial Post (Toronto, Ontario, Canada)]Financial Post
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- 10/29/24 - Beat
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Sec Filings
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- 10/30/24 - Form 6-K
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- PDS's page on the SEC website