Precision Drilling Corporation (PDS): History, Ownership, Mission, How It Works & Makes Money

Ever wondered how a company with roots dating back to 1951 navigates the dynamic landscape of the oil and gas industry? Precision Drilling Corporation (PDS), the largest drilling rig contractor in Canada, generated revenue of $1.902 billion in 2024, and has evolved from a small onshore drilling company to a key player in North America and select international markets. But how exactly does this Calgary-based corporation operate, who owns it, and what's its mission in today's energy sector? Keep reading to uncover the story behind Precision Drilling's success.

Precision Drilling Corporation (PDS) History

Company's Founding Timeline

Year established

The company was established in 1951.

Original location

The company's original location was in Calgary, Alberta, Canada.

Founding team members

Although specific founding team members are not widely publicized, the company emerged from the merger of several smaller drilling firms.

Initial capital/funding

Details regarding the initial capital and funding are not readily available in the provided search results.

Company's Evolution Milestones

Company's Transformative Moments

• Strategic Shift to Precision Drilling: The rebranding and focus on precision drilling technologies marked a pivotal change, differentiating the company from competitors and driving growth in complex drilling environments.
• Key Acquisitions: Strategic acquisitions, such as the acquisition of Trinidad Drilling for $1.03 billion CAD in 2018, significantly expanded the company's scale, capabilities, and market share.
• International Expansion: Entering international markets provided diversification and access to new growth opportunities, reducing reliance on North American markets.
• Technological Innovation: Investments in automation, data analytics, and digital solutions have enhanced operational efficiency, safety, and service quality, positioning the company as a technology leader in the drilling industry.

Read more about the company here: Exploring Precision Drilling Corporation (PDS) Investor Profile: Who’s Buying and Why?

Precision Drilling Corporation (PDS) Ownership Structure

Precision Drilling Corporation operates as a public company, meaning its shares are traded on stock exchanges, and ownership is distributed among various shareholders.

Precision Drilling Corporation's Current Status

As a publicly traded company, Precision Drilling Corporation is subject to regulatory requirements and financial reporting obligations, providing transparency to investors and the public. More information about Precision Drilling Corporation can be found here: Exploring Precision Drilling Corporation (PDS) Investor Profile: Who’s Buying and Why?

Precision Drilling Corporation's Ownership Breakdown

The ownership of Precision Drilling Corporation is distributed among various shareholders, including institutional investors, individual shareholders, and company insiders. The following table provides an overview of the company’s ownership structure:

Precision Drilling Corporation's Leadership

The leadership team of Precision Drilling Corporation is responsible for setting the strategic direction of the company and overseeing its operations. As of April 2025, key members of the leadership team include:

• Kevin P. Neveu: President & Chief Executive Officer
• Carey Ford: Senior Vice President & Chief Financial Officer

Precision Drilling Corporation (PDS) Mission and Values

Precision Drilling Corporation aims to deliver efficient and effective drilling services while adhering to high safety and ethical standards. The company's core values reflect a commitment to innovation, teamwork, and customer satisfaction.

Precision Drilling Corporation's Core Purpose

Official mission statement

Precision Drilling doesn't explicitly state a formal mission statement publicly. However, information about the company's strategic goals and operational priorities can be found in its investor presentations and corporate reports. These documents highlight Precision Drilling's focus on delivering efficient drilling services, leveraging technology, and maintaining strong customer relationships.

Key aspects of Precision Drilling's implied mission include:

• Providing high-performance drilling services to oil and gas companies.
• Focusing on safety and operational excellence.
• Leveraging technology and innovation to improve efficiency and reduce costs.
• Building strong relationships with customers through reliable service and collaboration.

Vision statement

Similarly, Precision Drilling does not have a formally declared vision statement. Nevertheless, the company's strategic direction suggests a vision centered on being a leading provider of drilling and related services in the energy sector, characterized by technological innovation and operational efficiency.

Elements of Precision Drilling's implicit vision include:

• Being a leader in the drilling services industry.
• Driving innovation through technology and advanced solutions.
• Achieving operational excellence and sustainability.
• Creating value for shareholders through profitable growth.

Company slogan/tagline

Precision Drilling's tagline, 'High Performance, Delivered,' encapsulates the company's commitment to providing efficient and effective drilling services. This slogan underscores the company's focus on achieving superior results for its clients through advanced technology, skilled personnel, and a dedication to safety.

The tagline highlights:

• High Performance: Emphasizes the company's commitment to delivering top-tier drilling services.
• Delivered: Reinforces the company's focus on reliability and execution in meeting client needs.

To understand more about the financial aspects of the company, consider reading: Breaking Down Precision Drilling Corporation (PDS) Financial Health: Key Insights for Investors

Precision Drilling Corporation (PDS) How It Works

Precision Drilling Corporation operates by providing oil and natural gas drilling and service rigs, offering comprehensive services that span from well design to production. Mission Statement, Vision, & Core Values of Precision Drilling Corporation (PDS).

Precision Drilling Corporation's Product/Service Portfolio

Precision Drilling Corporation's Operational Framework

Precision Drilling Corporation focuses on delivering efficient and safe drilling and well service operations. Key aspects of their operational framework include:

• Advanced Technology: Utilizing and developing advanced drilling technologies like the Super Series rigs, designed for greater efficiency, deeper depths, and harsher environments.
• Integrated Services: Offering a full suite of services from initial well planning to completion and production, streamlining operations for clients.
• Strategic Asset Deployment: Strategically positioning rigs and equipment in key basins to minimize mobilization costs and maximize utilization.
• Training and Safety: Investing heavily in training programs to ensure a skilled workforce committed to safety and operational excellence.

Precision Drilling Corporation's Strategic Advantages

Precision Drilling Corporation maintains a competitive edge through several key strategies:

• Technological Innovation: Continuous investment in research and development to enhance drilling efficiency and reduce costs for clients.
• Strong Customer Relationships: Building long-term relationships with key oil and gas companies through reliable service and customized solutions.
• Geographic Diversification: Operating across multiple key basins, which reduces reliance on any single region and provides stability.
• Operational Efficiency: Focus on cost management and operational improvements to maintain profitability and competitiveness.

Precision Drilling Corporation (PDS) How It Makes Money

Precision Drilling Corporation generates revenue primarily through providing oil and natural gas drilling and related services and products to exploration and production companies in North America and internationally.

Precision Drilling Corporation's Revenue Breakdown

While precise figures for 2024 aren't available yet, understanding the general revenue streams and their trends provides valuable insight.

Precision Drilling Corporation's Business Economics

Precision Drilling's business economics are heavily influenced by factors such as:

• Drilling Rig Dayrates: The rates Precision Drilling can charge for its drilling rigs are a critical factor. These rates are determined by supply and demand in the drilling market, which in turn depends on oil and gas prices and E&P spending.
• Rig Utilization: Higher utilization rates mean more revenue generation from their existing rig fleet. Utilization is closely tied to customer demand and Precision Drilling's ability to secure contracts.
• Operating Costs: Efficient management of operating costs, including labor, fuel, and maintenance, is essential for profitability.
• Technological Innovation: Investment in advanced drilling technologies can lead to higher efficiency, better well productivity for customers, and premium pricing for Precision Drilling.
• Geographic diversification: Operating in multiple geographic locations reduces reliance on any single market, thereby minimizing risk.

Precision Drilling Corporation's Financial Performance

Key aspects of Precision Drilling's recent financial performance include:

• In 2024, Precision Drilling reported strong financial results, driven by robust demand for drilling services and increased activity in key operating areas.
• The company's strategic focus on technology and innovation has enabled it to achieve premium pricing and improve operational efficiency.
• Precision Drilling maintains a strong financial position, with a focus on debt reduction and disciplined capital allocation.

For more detailed insights into Precision Drilling Corporation's financial health, you can explore this analysis: Breaking Down Precision Drilling Corporation (PDS) Financial Health: Key Insights for Investors

Precision Drilling Corporation (PDS) Market Position & Future Outlook

Precision Drilling Corporation is strategically positioned to capitalize on the increasing demand for efficient and technologically advanced drilling solutions. With a focus on innovation and operational excellence, the company aims to strengthen its market presence and deliver sustainable value to stakeholders.

Competitive Landscape

Here's an overview of the competitive landscape, highlighting key players and their market shares:

Opportunities & Challenges

Precision Drilling faces a dynamic market environment with various opportunities and risks that could influence its future performance:

Industry Position

Precision Drilling Corporation holds a significant position in the oil and gas drilling services industry, characterized by:

• A strong reputation for providing high-quality drilling services and advanced technologies.
• A focus on innovation, particularly in areas such as automation and data analytics, to enhance drilling efficiency and safety.
• A strategic approach to expanding its presence in key markets and strengthening relationships with major oil and gas companies.

For more insights into the company's financial stability, check out: Breaking Down Precision Drilling Corporation (PDS) Financial Health: Key Insights for Investors