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Personal finance planning vital yet neglected in Việt Nam: forum

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Personal finance planning vital yet neglected in Việt Nam: forum

 


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Dr Lê Minh Nghĩa, chairman of Việt Nam Financial Consultants Association, speaks at the forum on developing the personal finance market in Việt Nam organised late last week in HCM City. — VNA/VNS Photo

HCM CITY — Việt Nam’s personal finance market is facing challenges, primarily stemming from a lack of financial literacy and limited access to educational resources, experts said.

Dr Lê Minh Nghĩa, chairman of Việt Nam Financial Consultants Association (VFCA), highlighted the challenges during a forum on developing the personal finance market in Việt Nam organised late last week in HCM City. 

The problems faced by individuals in securing their financial future and achieving their financial goals have been exacerbated by unreliable and shallow resources on personal finance available on the Internet, he said.

Findings from a survey conducted recently in Hà Nội further supported these concerns, with over 80 per cent of respondents admitting to having little interest and knowledge in personal finance.

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As a result, individuals are ill-equipped to make informed financial decisions, lacking essential knowledge in budgeting, saving, investing, and managing debt, he added.

Consequently, people fail to set aside funds for emergencies, secure effective retirement plans, or accumulate wealth sustainably, according to Nghĩa.

The lack of financial literacy also leaves individuals vulnerable to financial fraud and misconduct, he warned. 

“Without a solid understanding of financial concepts and practices, there is an increased risk of falling into the clutches of loan sharks or making premature withdrawals of social security benefits, he said.

“Individuals may also struggle to differentiate between various financial products, such as bank savings and corporate bond purchases or flexible savings products and life insurance products, leading to poor investment decisions,” he noted.

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Financial education

Cấn Văn Lực, a member of the National Financial and Monetary Policy Advisory Council, said personal finance planning remains limited as debt management ability, understanding, and knowledge of personal financial planning need improvement.

Lực proposed enhancing financial education such as to include financial education in school curricula and develop targeted programmes for adults, such as workshops, seminars, and online platforms. 

These initiatives would provide individuals with practical knowledge and skills to effectively manage their personal finances, he said.

In addition, the Government should play an active role in promoting financial literacy and consumer protection by implementing policies and regulations that ensure ethical practices and protect the interests of consumers, he added.

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Dr Nghĩa said regulatory bodies should strengthen their oversight and review the practices of financial advisors and institutions regularly to ensure compliance with ethical standards.

Experts also recommended incentives and tax benefits be introduced to encourage a savings culture and long-term financial planning. 

For instance, tax breaks can be offered to individuals who contribute to retirement plans or dedicate a portion of their income to savings, they noted.

These incentives would motivate individuals to prioritise their financial future and develop healthy saving habits.

Collaboration with employers can also play a significant role in promoting personal financial planning. 

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Companies can partner with financial institutions to provide financial wellness programmes and education to their employees. 

By incorporating financial wellness into the workplace, employers can empower their employees to make informed financial decisions, alleviate financial stress, and foster a more financially secure workforce.

The forum was co-organised by VFCA in cooperation with the HCM City-based Văn Lang University. — VNS 

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Finance

Precision Drilling Announces 2024 Fourth Quarter and Year End Unaudited Financial Results

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Precision Drilling Announces 2024 Fourth Quarter and Year End Unaudited Financial Results

CALGARY, Alberta, Feb. 12, 2025 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, gain on acquisition, loss on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

Operational Highlights

  • Demand for our services continues to be strong and in 2024 our Canadian and international drilling rig utilization days increased 12% and 37%, respectively, while our well servicing rig operating hours increased 26% over 2023.

  • In the fourth quarter, Canada’s activity averaged 65 active drilling rigs versus 64 in the same quarter last year. Our Super Triple and Super Single rigs remain in high demand and are nearly fully utilized. Canadian revenue per utilization day was $35,675, up from $34,616 in the fourth quarter of 2023.

  • Our U.S. activity has remained relatively consistent since mid-2024. We averaged 34 drilling rigs in the fourth quarter with revenue per utilization day of US$30,991 versus 45 drilling rigs at US$34,452 in 2023’s fourth quarter.

  • International activity increased 6% over the same period last year while revenue per utilization day was US$49,636 compared to US$49,872 in the fourth quarter of 2023.

  • Service rig operating hours in the fourth quarter totaled 59,834, representing a 6% increase over the same quarter last year partially driven by the CWC Energy Services Corp. (CWC) acquisition in November of 2023.

(1) See “FINANCIAL MEASURES AND RATIOS.”

MANAGEMENT COMMENTARY

“Through 2024 Precision demonstrated remarkable market resilience despite weaker than expected U.S. customer demand and late year customer budget exhaustion in Canada. We continued our long-term record of meeting or exceeding our capital allocation targets every year since 2016 with $176 million of debt reduction, $75 million of share buybacks, while increasing our cash balance by $20 million. In the fourth quarter, approximately $8 million of reactivation costs and non-recurring items impacted our financial results, along with slightly lower than expected Canadian customer demand. Despite these fourth quarter headwinds we continued investing in our core business lines, including purchasing approximately $18 million of drill pipe in advance of potential tariffs, investing $3 million to begin reactivating two idle Canadian Super Single rigs to meet demand in 2025, and upgrading one rig for Canadian heavy oil pad drilling opportunities.

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“The outlook for Canada remains very strong given robust heavy oil activity following the startup of the Trans Mountain pipeline expansion in May 2024 and the imminent startup of LNG Canada in mid-2025. My enthusiasm is further underpinned by the pace of rig reactivations following the seasonal Christmas break and the stable winter activity we have experienced to date with 81 rigs working since mid-January. The uncertainty introduced by potential U.S. tariffs on Canadian oil and gas exports, has been tempered and we have not experienced any change in customer demand or their longer-term capital spending plans.

“In Canada, our drilling utilization days increased 12% over 2023 and our Super Triple and Super Single rigs, which represent approximately 80% of our Canadian fleet, are nearly fully utilized. Demand for our Super Triple fleet, which is the preferred rig for Montney drilling, is driven by robust condensate fundamentals and the startup of LNG Canada this year. Demand for our Super Single fleet is driven by increased activity in heavy oil targeted areas as customers are benefiting from improved commodity pricing, following the startup of Trans Mountain, and a softening Canadian dollar.

“Internationally, our drilling utilization days increased 37% in 2024 following the recertification and reactivation of four rigs in 2023. In 2024, we had eight rigs working on term contracts, five in Kuwait and three in the Kingdom of Saudi Arabia. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028, providing predictable cash flow for the next few years.

“In our Completion and Production Services business, our well servicing operating hours increased 26% over 2023 levels following the successful integration of CWC, where we achieved significant operating synergies. Our Completion and Production Services Adjusted EBITDA increased 30% year over year, which was slightly below our expectation due to late year customer budget exhaustion impacting our activity and rental business. I am very pleased with how we have transformed our Completion and Production Services business with two strategic tuck-in acquisitions. The High Arctic and CWC acquisitions more than doubled our Completion and Production revenue and Adjusted EBITDA since 2021 and solidified Precision as the premier well service provider in Canada.

“During the year, Precision generated $482 million of cash provided by operations, allowing us to meet our capital return targets and invest $217 million into our fleet and infrastructure, which included multiple drilling rig upgrades and the strategic purchase of drill pipe for use in 2025. We expect to invest approximately $225 million in 2025, which reflects a weaker Canadian dollar and includes expected customer funded upgrades across our North American operations, including approximately $30 million in US fleet upgrades for customers targeting extended reach laterals.

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“With sustained free cash flow as a key differentiator of our business, we remain focused on reducing debt and increasing direct returns to shareholders. In 2025, we expect to reduce debt by at least $100 million, reinforcing our commitment to achieving a sustained Net Debt to Adjusted EBITDA ratio(1) of below 1.0 times. As we continue to realize the benefits of lower debt levels, we have increased our long-term debt reduction target by $100 million to $700 million and extended the debt reduction period by one year to 2027. In 2025, our goal is to increase our direct capital returns to shareholders by allocating 35% to 45% of free cash flow, before debt repayments, while continuing to move towards 50% of free cash flow thereafter, with excess cash potentially used to increase these allocations.

“I would like to thank our employees for their dedication and commitment to serving our customers, and our shareholders for their continued support. With positive long-term fundamentals associated with global oil and natural gas demand and particularly the unique fundamentals driving drilling activity in our core geographic markets, I am confident we will continue to drive shareholder value,” concluded Mr. Neveu.

(1) See “FINANCIAL MEASURES AND RATIOS.”

SELECT FINANCIAL AND OPERATING INFORMATION
Financial Highlights

 

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For the three months ended
December 31,

 

 

For the year ended
December 31,

 

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(Stated in thousands of Canadian dollars, except per share amounts)

 

2024

 

 

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2023

 

 

% Change

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2024

 

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2023

 

 

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% Change

 

Revenue

 

468,171

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506,871

 

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(7.6

)

 

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1,902,328

 

 

 

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1,937,854

 

 

 

(1.8

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)

Adjusted EBITDA(1)

 

120,526

 

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151,231

 

 

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(20.3

)

 

 

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521,221

 

 

 

611,118

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(14.7

)

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Net earnings

 

14,930

 

 

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146,722

 

 

 

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(89.8

)

 

 

111,330

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289,244

 

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(61.5

)

Net earnings attributable to shareholders

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14,795

 

 

 

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146,722

 

 

 

(89.9

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)

 

 

111,195

 

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289,244

 

 

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(61.6

)

Cash provided by operations

 

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162,791

 

 

 

170,255

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(4.4

)

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482,083

 

 

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500,571

 

 

 

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(3.7

)

Funds provided by operations(1)

 

120,535

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145,189

 

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(17.0

)

 

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463,372

 

 

 

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533,409

 

 

 

(13.1

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)

 

 

 

 

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Cash used in investing activities

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61,954

 

 

 

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57,627

 

 

 

7.5

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202,986

 

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214,784

 

 

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(5.5

)

Capital spending by spend category(1)

 

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Expansion and upgrade

 

21,565

 

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24,459

 

 

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(11.8

)

 

 

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52,066

 

 

 

63,898

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(18.5

)

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Maintenance and infrastructure

 

37,335

 

 

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54,388

 

 

 

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(31.4

)

 

 

164,632

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162,851

 

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1.1

 

Proceeds on sale

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(8,570

)

 

 

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(3,117

)

 

 

174.9

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(30,395

)

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(23,841

)

 

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27.5

 

Net capital spending(1)

 

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50,330

 

 

 

75,730

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(33.5

)

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186,303

 

 

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202,908

 

 

 

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(8.2

)

 

 

 

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Net earnings attributable to shareholders per share:

 

 

 

 

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Basic

 

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1.06

 

 

 

10.42

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(89.8

)

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7.81

 

 

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21.03

 

 

 

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(62.8

)

Diluted

 

1.06

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9.81

 

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(89.2

)

 

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7.81

 

 

 

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19.53

 

 

 

(60.0

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)

Weighted average shares outstanding:

 

 

 

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Basic

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13,982

 

 

 

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14,084

 

 

 

(0.7

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)

 

 

14,229

 

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13,754

 

 

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3.5

 

Diluted

 

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13,987

 

 

 

15,509

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(9.8

)

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14,234

 

 

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15,287

 

 

 

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(6.9

)

(1) See “FINANCIAL MEASURES AND RATIOS.”
Operating Highlights

 

For the three months ended
December 31,

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For the year ended
December 31,

 

 

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2024

 

 

2023

 

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% Change

 

 

2024

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2023

 

 

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% Change

 

Contract drilling rig fleet

 

214

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214

 

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214

 

 

 

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214

 

 

 

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Drilling rig utilization days:

 

 

 

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U.S.

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3,084

 

 

 

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4,138

 

 

 

(25.5

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)

 

 

12,969

 

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17,961

 

 

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(27.8

)

Canada

 

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6,018

 

 

 

5,909

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1.8

 

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23,685

 

 

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21,156

 

 

 

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12.0

 

International

 

736

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693

 

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6.2

 

 

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2,928

 

 

 

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2,132

 

 

 

37.3

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Revenue per utilization day:

 

 

 

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U.S. (US$)

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30,991

 

 

 

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34,452

 

 

 

(10.0

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)

 

 

32,531

 

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35,040

 

 

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(7.2

)

Canada (Cdn$)

 

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35,675

 

 

 

34,616

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3.1

 

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34,797

 

 

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33,151

 

 

 

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5.0

 

International (US$)

 

49,636

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49,872

 

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(0.5

)

 

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51,227

 

 

 

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50,840

 

 

 

0.8

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Operating costs per utilization day:

 

 

 

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U.S. (US$)

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21,698

 

 

 

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21,039

 

 

 

3.1

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22,009

 

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20,401

 

 

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7.9

 

Canada (Cdn$)

 

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21,116

 

 

 

19,191

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10.0

 

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20,424

 

 

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19,225

 

 

 

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6.2

 

 

 

 

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Service rig fleet

 

170

 

 

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183

 

 

 

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(7.1

)

 

 

170

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183

 

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(7.1

)

Service rig operating hours

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59,834

 

 

 

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56,683

 

 

 

5.6

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254,224

 

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201,627

 

 

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26.1

 

Drilling Activity

 

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Average for the quarter ended 2023

 

Average for the quarter ended 2024

 

 

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Mar. 31

 

 

June 30

 

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Sept. 30

 

 

Dec. 31

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Mar. 31

 

 

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June 30

 

 

Sept. 30

 

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Dec. 31

 

Average Precision active rig count(1):

 

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U.S.

 

60

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51

 

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41

 

 

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45

 

 

 

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38

 

 

 

36

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35

 

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34

 

Canada

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69

 

 

 

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42

 

 

 

57

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64

 

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73

 

 

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49

 

 

 

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72

 

 

 

65

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International

 

5

 

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5

 

 

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6

 

 

 

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8

 

 

 

8

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8

 

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8

 

 

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8

 

Total

 

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134

 

 

 

98

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104

 

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117

 

 

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119

 

 

 

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93

 

 

 

115

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107

 

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(1) Average number of drilling rigs working or moving. 

Financial Position

(Stated in thousands of Canadian dollars, except ratios)

December 31, 2024

 

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December 31, 2023(2)

 

Working capital(1)

 

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162,592

 

 

 

136,872

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Cash

 

73,771

 

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54,182

 

Long-term debt

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812,469

 

 

 

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914,830

 

Total long-term financial liabilities(1)

 

888,173

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995,849

 

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Total assets

 

2,956,315

 

 

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3,019,035

 

Long-term debt to long-term debt plus equity ratio (1)

 

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0.33

 

 

 

0.37

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(1) See “FINANCIAL MEASURES AND RATIOS.”
(2) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”

Summary for the three months ended December 31, 2024:

  • Revenue decreased to $468 million compared with $507 million in the fourth quarter of 2023 as a result of lower U.S. activity and day rates, partially offset by higher Canadian and international activity.

  • Adjusted EBITDA was $121 million in the quarter and included $15 million of share-based compensation charges, $4 million for rig reactivation costs and $4 million of non-recurring charges. In 2023, fourth quarter Adjusted EBITDA was $151 million and included share-based compensation of $13 million. Please refer to “Other Items” later in this news release for additional information on share-based compensation charges.

  • Adjusted EBITDA as a percentage of revenue was 26% as compared with 30% in 2023.

  • Net earnings attributable to shareholders was $15 million compared to $147 million in the same quarter last year as net earnings in 2023 included an income tax recovery of $69 million and a gain on acquisition of $26 million.

  • Generated cash provided by operations of $163 million, reduced debt by $25 million through the partial redemption of our 2026 unsecured senior notes and repayment of our U.S. Real Estate Credit Facility, repurchased $25 million of common shares under our Normal Course Issuer Bid (NCIB), and ended the quarter with $74 million of cash and more than $575 million of available liquidity.

  • U.S. revenue per utilization day, excluding the impact of idle but contracted rigs was US$30,813 compared with US$32,819 in 2023, a decrease of 6%. Sequentially, revenue per utilization day, excluding idle but contracted rigs, was down 6% compared with the third quarter of 2024. Fourth quarter U.S. revenue per utilization day was US$30,991 compared with US$34,452 in 2023. The decrease was primarily the result of lower fleet average day rates, idle but contracted rig revenue and recoverable costs. We recognized US$1 million of revenue from idle but contracted rigs in the quarter as compared with US$7 million in 2023.

  • U.S. operating costs per utilization day increased to US$21,698 compared with US$21,039 in 2023. The increase was mainly due to higher rig operating costs and fixed costs spread over lower activity, offset by lower recoverable costs and repairs and maintenance. Sequentially, operating costs per utilization day were down 2% due to lower recoverable costs.

  • Canadian revenue per utilization day was $35,675, an increase from the $34,616 realized in 2023 due to higher average day rates and recoverable costs. Sequentially, revenue per utilization day increased $3,350 due to higher boiler revenue and higher fleet-wide average day rates.

  • Canadian operating costs per utilization day increased to $21,116, compared with $19,191 in 2023, resulting from higher repairs and maintenance, rig reactivation costs and impact of labour rate increases. Sequentially, daily operating costs increased $1,668 and were the result of higher labour expenses due to rate increases, recoverable expenses and repairs and maintenance.

  • Internationally, fourth quarter revenue increased 6% from 2023 as we realized revenue of US$37 million versus US$35 million in the prior year. Our higher revenue was primarily the result of a 6% increase in activity, which was negatively impacted by a planned rig recertification accounting for 21 non-billable utilization days in October. International revenue per utilization day was US$49,636 compared with US$49,872 in 2023.

  • Completion and Production Services revenue was $69 million, an increase of $6 million from 2023, as our fourth quarter service rig operating hours increased 6%, reflecting the successful integration of the CWC acquisition in November 2023.

  • General and administrative expenses were $35 million as compared with $39 million in 2023 primarily due to lower non-recurring costs associated with our CWC acquisition in 2023, partially offset by higher share-based compensation charges.

  • Net finance charges were $16 million, a decrease of $3 million compared with 2023 as a result of lower interest expense on our outstanding debt balance.

  • Capital expenditures were $59 million compared with $79 million in 2023 and by spend category included $22 million for expansion and upgrades and $37 million for the maintenance of existing assets, infrastructure, and intangible assets.

  • Income tax expense for the quarter was $6 million as compared with a recovery of $69 million in 2023. During the fourth quarter, we continue to not recognize deferred tax assets on certain international operating losses.

Summary for the year ended December 31, 2024:

  • Revenue for the year was $1,902 million, comparable with 2023.

  • Adjusted EBITDA was $521 million as compared with $611 million in 2023. Our lower Adjusted EBITDA was primarily attributed to decreased U.S. drilling results and $13 million of higher share-based compensation, partially offset by the strengthening of Canadian and international results.

  • Net earnings attributable to shareholders was $111 million compared to $289 million in the prior year. Our lower current year net earnings was due to the impact of decreased U.S. drilling results, higher income tax expense of $67 million and the gain on acquisition of $26 million recognized in 2023.

  • Cash provided by operations was $482 million as compared with $501 million in 2023. Funds provided by operations were $463 million, a decrease of $70 million from the comparative period.

  • General and administrative costs were $132 million, an increase of $10 million from 2023 primarily due to higher share-based compensation charges.

  • Net finance charges were $70 million, $14 million lower than 2023 due to our lower interest expense on our outstanding debt balance.

  • Capital expenditures were $217 million in 2024, a decrease of $10 million from 2023. Capital spending by spend category included $52 million for expansion and upgrades and $165 million for the maintenance of existing assets, infrastructure, and intangible assets.

  • Reduced debt by $176 million from the partial redemption of our 2026 unsecured senior notes and repayment of our Canadian and U.S. Real Estate Credit Facilities.

  • Repurchased $75 million of common shares under our NCIB.

STRATEGY

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Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. We work toward this vision by defining and measuring our results against strategic priorities that we establish at the beginning of every year.

Below we summarize the results of our 2024 strategic priorities:

  1. Concentrate organizational efforts on leveraging our scale and generating free cash flow.

    • Generated cash provided from operations of $482 million, allowing us to meet our debt reduction and share repurchase goals and build our cash balance by $20 million.

    • Increased utilization of our Super Single and tele double rigs, driving Canadian drilling activity up 12% over 2023.

    • Successfully integrated our 2023 CWC acquisition, increasing Completion and Production Services operating hours and Adjusted EBITDA 26% and 30%, respectively, year over year. Achieved our $20 million annual synergies target from the acquisition.

    • Internationally, increased our activity 37% year over year and realized US$150 million of contract drilling revenue compared to US$108 million in 2023.

  2. Reduce debt by between $150 million and $200 million and allocate 25% to 35% of free cash flow before debt repayments for share repurchases.

    • Reduced debt by $176 million and ended the year with a Net Debt to Adjusted EBITDA ratio of approximately 1.4 times. On track to achieve a sustained Net Debt to Adjusted EBITDA ratio of below 1.0 times.

    • Returned $75 million to shareholders through share repurchases, achieving the midpoint of our target range.

    • Renewed our NCIB in September, allowing repurchases of up to 10% of the public float.

  3. Continue to deliver operational excellence in drilling and service rig operations to strengthen our competitive position and extend market penetration of our AlphaTM and EverGreenTM products.

    • Increased our Canadian drilling rig utilization days and well service rig operating hours year over year, maintaining our position as the leading provider of high-quality and reliable services in Canada.

    • Invested $52 million in expansion and upgrade capital to enhance our drilling rigs.

    • Nearly doubled our EverGreenTM revenue year over year.

    • Continued to expand our EverGreenTM product offering on our Super Single rigs with LED mast lighting and hydrogen injection systems.

2025 Strategic Priorities

  1. Maximize free cash flow through disciplined capital deployment and strict cost management.

  2. Enhance shareholder returns through debt reduction and share repurchases.

  3. Reduce debt by at least $100 million in 2025 and debt by $700 million between 2022 and 2027, while remaining committed to achieving a sustained Net Debt to Adjusted EBITDA ratio of below 1.0 times.

  4. Allocate 35% to 45% of free cash flow, before debt repayments, directly to shareholders and continue moving direct shareholder capital returns toward 50% of free cash flow thereafter.

  5. Grow revenue in existing service lines through contracted upgrades, optimized pricing and utilization, and opportunistic consolidating tuck-in acquisitions.

  • As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million.

  • As at December 31, 2023, accounts payable and accrued liabilities increased by $8 million and non-current share-based compensation liability decreased by $8 million.

The Corporation’s other liabilities were not impacted by the amendments. The change in accounting policy will also be reflected in the Corporation’s consolidated financial statements as at and for the year ending December 31, 2024.

PARTNERSHIP

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On September 26, 2024, Precision formed a strategic Partnership with two Indigenous partners to provide well servicing operations in northeast British Columbia. Precision contributed $4 million in assets to the Partnership. Profit attributable to Non-Controlling Interests (NCI) was $0.1 million in 2024.

Precision holds a controlling interest in the Partnership and the portions of the net earnings and equity not attributable to Precision’s controlling interest are shown separately as NCI in the Consolidated Statements of Net Earnings and Consolidated Statements of Financial Position.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

In particular, forward-looking information and statements include, but are not limited to, the following:

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  • our strategic priorities for 2025;

  • our capital expenditures, free cash flow allocation and debt reduction plans for 2025 through to 2027;

  • anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2025;

  • the average number of term contracts in place for 2025;

  • customer adoption of AlphaTM technologies and EverGreenTM suite of environmental solutions;

  • timing and amount of synergies realized from acquired drilling and well servicing assets; and

  • potential commercial opportunities and rig contract renewals.

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

  • our ability to react to customer spending plans as a result of changes in oil and natural gas prices;

  • the status of current negotiations with our customers and vendors;

  • customer focus on safety performance;

  • existing term contracts are neither renewed nor terminated prematurely;

  • our ability to deliver rigs to customers on a timely basis;

  • the impact of an increase/decrease in capital spending; and

  • the general stability of the economic and political environments in the jurisdictions where we operate.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

  • volatility in the price and demand for oil and natural gas;

  • fluctuations in the level of oil and natural gas exploration and development activities;

  • fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;

  • our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;

  • changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;

  • shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;

  • liquidity of the capital markets to fund customer drilling programs;

  • availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;

  • the impact of weather and seasonal conditions on operations and facilities;

  • competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;

  • ability to improve our rig technology to improve drilling efficiency;

  • general economic, market or business conditions;

  • the availability of qualified personnel and management;

  • a decline in our safety performance which could result in lower demand for our services;

  • changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;

  • terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;

  • fluctuations in foreign exchange, interest rates and tax rates; and

  • other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2023, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars)

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December 31,
2024

 

 

December 31,
2023(1)

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January 1,
2023(1)

 

ASSETS

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Current assets:

 

 

 

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Cash

 

$

73,771

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$

54,182

 

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$

21,587

 

Accounts receivable

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378,712

 

 

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421,427

 

 

 

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413,925

 

Inventory

 

 

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43,300

 

 

 

35,272

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35,158

 

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Assets held for sale

 

 

5,501

 

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Total current assets

 

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501,284

 

 

 

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510,881

 

 

 

470,670

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Non-current assets:

 

 

 

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Income tax recoverable

 

 

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682

 

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1,602

 

Deferred tax assets

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6,559

 

 

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73,662

 

 

 

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455

 

Property, plant and equipment

 

 

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2,356,173

 

 

 

2,338,088

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2,303,338

 

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Intangibles

 

 

12,997

 

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17,310

 

 

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19,575

 

Right-of-use assets

 

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66,032

 

 

 

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63,438

 

 

 

60,032

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Finance lease receivables

 

 

4,806

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5,003

 

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Investments and other assets

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8,464

 

 

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9,971

 

 

 

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20,451

 

Total non-current assets

 

 

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2,455,031

 

 

 

2,508,154

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2,405,453

 

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Total assets

 

$

2,956,315

 

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$

3,019,035

 

 

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$

2,876,123

 

 

 

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LIABILITIES AND EQUITY

 

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Current liabilities:

 

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Accounts payable and accrued liabilities

 

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$

314,355

 

 

$

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350,749

 

 

$

404,350

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Income taxes payable

 

 

3,778

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3,026

 

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2,991

 

Current portion of lease obligations

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20,559

 

 

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17,386

 

 

 

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12,698

 

Current portion of long-term debt

 

 

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2,848

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2,287

 

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Total current liabilities

 

 

338,692

 

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374,009

 

 

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422,326

 

 

 

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Non-current liabilities:

 

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Share-based compensation

 

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13,666

 

 

 

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16,755

 

 

 

47,836

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Provisions and other

 

 

7,472

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7,140

 

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7,538

 

Lease obligations

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54,566

 

 

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57,124

 

 

 

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52,978

 

Long-term debt

 

 

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812,469

 

 

 

914,830

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1,085,970

 

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Deferred tax liabilities

 

 

47,451

 

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73,515

 

 

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28,946

 

Total non-current liabilities

 

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935,624

 

 

 

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1,069,364

 

 

 

1,223,268

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Equity:

 

 

 

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Shareholders’ capital

 

 

2,301,729

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2,365,129

 

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2,299,533

 

Contributed surplus

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77,557

 

 

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75,086

 

 

 

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72,555

 

Deficit

 

 

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(900,834

)

 

 

(1,012,029

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)

 

 

(1,301,273

)

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Accumulated other comprehensive income

 

 

199,020

 

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147,476

 

 

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159,714

 

Total equity attributable to shareholders

 

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1,677,472

 

 

 

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1,575,662

 

 

 

1,230,529

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Non-controlling interest

 

 

4,527

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Total equity

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1,681,999

 

 

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1,575,662

 

 

 

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1,230,529

 

Total liabilities and equity

 

$

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2,956,315

 

 

$

3,019,035

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$

2,876,123

 

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(1) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (UNAUDITED)

 

 

Three Months Ended December 31,

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Year Ended December 31,

 

(Stated in thousands of Canadian dollars, except per share amounts)

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2024

 

 

2023

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2024

 

 

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2023

 

 

 

 

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Revenue

 

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$

468,171

 

 

$

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506,871

 

 

$

1,902,328

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$

1,937,854

 

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Expenses:

 

 

 

 

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Operating

 

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312,303

 

 

 

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316,509

 

 

 

1,248,686

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1,204,548

 

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General and administrative

 

 

35,342

 

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39,131

 

 

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132,421

 

 

 

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122,188

 

Earnings before income taxes, loss on investments and
other assets, gain on acquisition, gain on repurchase
of unsecured senior notes, finance charges, foreign
exchange, loss on asset decommissioning, gain on
asset disposals, and depreciation and amortization

 

 

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120,526

 

 

 

151,231

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521,221

 

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611,118

 

Depreciation and amortization

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82,210

 

 

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78,734

 

 

 

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309,314

 

 

 

297,557

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Gain on asset disposals

 

 

(1,913

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)

 

 

(8,883

)

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(16,148

)

 

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(24,469

)

Loss on asset decommissioning

 

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9,592

 

 

 

Advertisement

 

 

 

9,592

 

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Foreign exchange

 

 

1,487

 

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(773

)

 

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2,259

 

 

 

Advertisement

(1,667

)

Finance charges

 

 

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16,281

 

 

 

19,468

Advertisement

 

 

 

69,753

 

Advertisement

 

 

83,414

 

Gain on repurchase of unsecured senior notes

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Advertisement

 

 

 

 

Advertisement

 

 

 

(137

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)

Gain on acquisition

 

 

Advertisement

 

 

 

(25,761

)

Advertisement

 

 

 

 

Advertisement

 

(25,761

)

Loss on investments and other assets

 

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1,814

 

 

 

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735

 

 

 

1,484

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6,810

 

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Earnings before income taxes

 

 

20,647

 

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78,119

 

 

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154,559

 

 

 

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265,779

 

Income taxes:

 

 

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Current

 

 

2,811

 

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486

 

 

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7,470

 

 

 

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4,494

 

Deferred

 

 

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2,906

 

 

 

(69,089

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)

 

 

35,759

 

Advertisement

 

 

(27,959

)

 

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5,717

 

 

Advertisement

 

(68,603

)

 

 

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43,229

 

 

 

(23,465

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)

Net earnings

 

$

14,930

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$

146,722

 

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$

111,330

 

 

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$

289,244

 

Attributable to:

 

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Shareholders of Precision Drilling Corporation

 

$

14,795

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$

146,722

 

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$

111,195

 

 

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$

289,244

 

Non-controlling interests

 

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$

135

 

 

$

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$

135

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$

 

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Net earnings per share attributable to
shareholders:

 

 

 

 

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Advertisement

 

 

 

Basic

 

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$

1.06

 

 

$

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10.42

 

 

$

7.81

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$

21.03

 

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Diluted

 

$

1.06

 

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$

9.81

 

 

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$

7.81

 

 

$

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19.53

 


CONDENSED
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 

 

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Three Months Ended December 31,

 

 

Year Ended December 31,

 

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(Stated in thousands of Canadian dollars)

 

2024

 

 

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2023

 

 

2024

 

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2023

 

Net earnings

 

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$

14,930

 

 

$

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146,722

 

 

$

111,330

Advertisement

 

 

$

289,244

 

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Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency

 

 

89,412

 

Advertisement

 

 

(36,755

)

 

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119,821

 

 

 

Advertisement

(33,433

)

Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt

 

 

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(49,744

)

 

 

22,679

Advertisement

 

 

 

(69,027

)

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21,195

 

Tax related to net investment hedge of long-term debt

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750

 

 

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750

 

 

 

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Comprehensive income

 

$

55,348

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$

132,646

 

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$

162,874

 

 

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$

277,006

 

Attributable to:

 

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Advertisement

 

 

 

 

 

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Shareholders of Precision Drilling Corporation

 

$

55,213

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$

132,646

 

Advertisement

 

$

162,739

 

 

Advertisement

$

277,006

 

Non-controlling interests

 

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$

135

 

 

$

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$

135

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$

 

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CONDENSED
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

 

Three Months Ended December 31,

 

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Year Ended December 31,

 

(Stated in thousands of Canadian dollars)

 

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2024

 

 

2023

 

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2024

 

 

2023

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Cash provided by (used in):

 

 

 

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Operations:

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Net earnings

 

$

Advertisement

14,930

 

 

$

146,722

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$

111,330

 

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$

289,244

 

Adjustments for:

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Long-term compensation plans

 

 

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4,398

 

 

 

(2,541

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)

 

 

18,888

 

Advertisement

 

 

6,659

 

Depreciation and amortization

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82,210

 

 

Advertisement

 

78,734

 

 

 

Advertisement

309,314

 

 

 

297,557

Advertisement

 

Gain on asset disposals

 

 

(1,913

Advertisement

)

 

 

(8,883

)

Advertisement

 

 

(16,148

)

 

Advertisement

 

(24,469

)

Loss on asset decommissioning

 

Advertisement

 

 

 

 

Advertisement

9,592

 

 

 

Advertisement

 

 

 

9,592

 

Advertisement

Foreign exchange

 

 

1,477

 

Advertisement

 

 

(853

)

 

Advertisement

 

2,442

 

 

 

Advertisement

(866

)

Finance charges

 

 

Advertisement

16,281

 

 

 

19,468

Advertisement

 

 

 

69,753

 

Advertisement

 

 

83,414

 

Income taxes

Advertisement

 

 

5,717

 

 

Advertisement

 

(68,603

)

 

 

Advertisement

43,229

 

 

 

(23,465

Advertisement

)

Other

 

 

(392

Advertisement

)

 

 

(9

)

Advertisement

 

 

(272

)

 

Advertisement

 

(229

)

Loss on investments and other assets

 

Advertisement

 

1,814

 

 

 

Advertisement

735

 

 

 

1,484

Advertisement

 

 

 

6,810

 

Advertisement

Gain on acquisition

 

 

 

Advertisement

 

 

(25,761

)

 

Advertisement

 

 

 

 

Advertisement

(25,761

)

Gain on repurchase of unsecured senior notes

 

 

Advertisement

 

 

 

Advertisement

 

 

 

 

Advertisement

 

 

(137

)

Income taxes paid

Advertisement

 

 

(1,617

)

 

Advertisement

 

(708

)

 

 

Advertisement

(6,459

)

 

 

(3,103

Advertisement

)

Income taxes recovered

 

 

27

Advertisement

 

 

 

17

 

Advertisement

 

 

85

 

 

Advertisement

 

24

 

Interest paid

 

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(2,806

)

 

 

Advertisement

(3,335

)

 

 

(72,241

Advertisement

)

 

 

(83,037

)

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Interest received

 

 

409

 

Advertisement

 

 

614

 

 

Advertisement

 

1,967

 

 

 

Advertisement

1,176

 

Funds provided by operations

 

 

Advertisement

120,535

 

 

 

145,189

Advertisement

 

 

 

463,372

 

Advertisement

 

 

533,409

 

Changes in non-cash working capital balances

Advertisement

 

 

42,256

 

 

Advertisement

 

25,066

 

 

 

Advertisement

18,711

 

 

 

(32,838

Advertisement

)

Cash provided by operations

 

 

162,791

Advertisement

 

 

 

170,255

 

Advertisement

 

 

482,083

 

 

Advertisement

 

500,571

 

 

 

Advertisement

 

 

 

 

 

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Investments:

 

 

 

Advertisement

 

 

 

 

 

Advertisement

 

 

 

 

Purchase of property, plant and equipment

Advertisement

 

 

(58,900

)

 

Advertisement

 

(78,582

)

 

 

Advertisement

(216,647

)

 

 

(224,960

Advertisement

)

Purchase of intangibles

 

 

Advertisement

 

 

 

(265

)

Advertisement

 

 

(51

)

 

Advertisement

 

(1,789

)

Proceeds on sale of property, plant and equipment

 

Advertisement

 

8,570

 

 

 

Advertisement

3,117

 

 

 

30,395

Advertisement

 

 

 

23,841

 

Advertisement

Proceeds from sale of investments and other assets

 

 

 

Advertisement

 

 

 

 

Advertisement

 

3,623

 

 

 

Advertisement

10,013

 

Business acquisitions

 

 

Advertisement

 

 

 

(646

Advertisement

)

 

 

 

Advertisement

 

 

(28,646

)

Purchase of investments and other assets

Advertisement

 

 

(718

)

 

Advertisement

 

(61

)

 

 

Advertisement

(725

)

 

 

(5,343

Advertisement

)

Receipt of finance lease payments

 

 

208

Advertisement

 

 

 

191

 

Advertisement

 

 

799

 

 

Advertisement

 

255

 

Changes in non-cash working capital balances

 

Advertisement

 

(11,114

)

 

 

Advertisement

18,619

 

 

 

(20,380

Advertisement

)

 

 

11,845

 

Advertisement

Cash used in investing activities

 

 

(61,954

)

Advertisement

 

 

(57,627

)

 

Advertisement

 

(202,986

)

 

 

Advertisement

(214,784

)

 

 

 

Advertisement

 

 

 

 

 

Advertisement

 

 

 

 

 

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Financing:

 

 

 

 

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Issuance of long-term debt

 

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17,078

 

 

 

Advertisement

 

 

 

27,978

Advertisement

 

 

 

162,649

 

Advertisement

Repayments of long-term debt

 

 

(41,813

)

Advertisement

 

 

(86,699

)

 

Advertisement

 

(204,319

)

 

 

Advertisement

(375,237

)

Repurchase of share capital

 

 

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(25,023

)

 

 

(17,004

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)

 

 

(75,488

)

Advertisement

 

 

(29,955

)

Issuance of common shares from the exercise of options

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686

 

 

 

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Debt amendment fees

 

 

(46

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)

 

 

 

Advertisement

 

 

(1,363

)

 

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Lease payments

 

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(3,266

)

 

 

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(3,010

)

 

 

(13,271

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)

 

 

(9,423

)

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Funding from non-controlling interest

 

 

 

Advertisement

 

 

 

 

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4,392

 

 

 

Advertisement

 

Cash used in financing activities

 

 

Advertisement

(53,070

)

 

 

(106,713

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)

 

 

(261,385

)

Advertisement

 

 

(251,966

)

Effect of exchange rate changes on cash

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1,700

 

 

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(798

)

 

 

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1,877

 

 

 

(1,226

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)

Increase in cash

 

 

49,467

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5,117

 

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19,589

 

 

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32,595

 

Cash, beginning of period

 

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24,304

 

 

 

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49,065

 

 

 

54,182

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21,587

 

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Cash, end of period

 

$

73,771

 

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$

54,182

 

 

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$

73,771

 

 

$

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54,182

 


CONDENSED
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

 

 

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Attributable to shareholders of the Corporation

 

 

 

 

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(Stated in thousands of Canadian dollars)

 

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Shareholders’
Capital

 

 

Contributed
Surplus

 

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Accumulated
Other
Comprehensive
Income

 

 

Deficit

Advertisement

 

 

Total

 

 

Advertisement

Non-
controlling
interest

 

 

Total
Equity

 

Advertisement

Balance at January 1, 2024

 

$

2,365,129

 

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$

75,086

 

 

Advertisement

$

147,476

 

 

$

Advertisement

(1,012,029

)

 

$

1,575,662

Advertisement

 

 

$

 

Advertisement

 

$

1,575,662

 

Net earnings for the period

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Advertisement

 

 

 

 

Advertisement

 

 

 

111,195

Advertisement

 

 

 

111,195

 

Advertisement

 

 

135

 

 

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111,330

 

Other comprehensive income for the period

 

Advertisement

 

 

 

 

Advertisement

 

 

 

51,544

Advertisement

 

 

 

 

Advertisement

 

 

51,544

 

 

Advertisement

 

 

 

 

Advertisement

51,544

 

Share options exercised

 

 

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978

 

 

 

(292

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)

 

 

 

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686

 

 

 

Advertisement

 

 

 

686

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Settlement of Executive Performance and Restricted Share Units

 

 

21,846

Advertisement

 

 

 

(1,479

)

Advertisement

 

 

 

 

Advertisement

 

 

 

 

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20,367

 

 

 

Advertisement

 

 

 

20,367

 

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Share repurchases

 

 

(86,570

)

Advertisement

 

 

 

 

Advertisement

 

 

 

 

Advertisement

 

 

 

(86,570

Advertisement

)

 

 

 

Advertisement

 

 

(86,570

)

Redemption of non-management directors share units

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346

 

 

Advertisement

 

(346

)

 

 

Advertisement

 

 

 

Advertisement

 

 

 

 

Advertisement

 

 

 

 

Advertisement

 

 

Share-based compensation expense

 

Advertisement

 

 

 

 

Advertisement

4,588

 

 

 

Advertisement

 

 

 

 

Advertisement

 

 

4,588

 

 

Advertisement

 

 

 

 

Advertisement

4,588

 

Funding from non-controlling interest

 

 

Advertisement

 

 

 

Advertisement

 

 

 

 

Advertisement

 

 

 

 

Advertisement

 

 

 

 

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4,392

 

 

 

4,392

Advertisement

 

Balance at December 31, 2024

 

$

2,301,729

Advertisement

 

 

$

77,557

 

Advertisement

 

$

199,020

 

 

Advertisement

$

(900,834

)

 

$

Advertisement

1,677,472

 

 

$

4,527

Advertisement

 

 

$

1,681,999

 

Advertisement

 

 

Attributable to shareholders of the Corporation

 

 

Advertisement

 

 

 

 

 

Advertisement

(Stated in thousands of Canadian dollars)

 

Shareholders’
Capital

 

 

Advertisement

Contributed
Surplus

 

 

Accumulated
Other
Comprehensive
Income

 

Advertisement

 

Deficit

 

 

Total

Advertisement

 

 

Non-
controlling
interest

 

 

Advertisement

Total
Equity

 

Balance at January 1, 2023

 

$

Advertisement

2,299,533

 

 

$

72,555

Advertisement

 

 

$

159,714

 

Advertisement

 

$

(1,301,273

)

 

Advertisement

$

1,230,529

 

 

$

Advertisement

 

 

$

1,230,529

Advertisement

 

Net earnings for the period

 

 

Advertisement

 

 

 

 

Advertisement

 

 

 

 

Advertisement

 

289,244

 

 

 

Advertisement

289,244

 

 

 

Advertisement

 

 

 

289,244

 

Advertisement

Other comprehensive income for the period

 

 

 

Advertisement

 

 

 

 

Advertisement

 

(12,238

)

 

 

Advertisement

 

 

 

(12,238

Advertisement

)

 

 

 

Advertisement

 

 

(12,238

)

Acquisition share consideration

Advertisement

 

 

75,588

 

 

Advertisement

 

 

 

 

Advertisement

 

 

 

Advertisement

 

 

 

75,588

 

Advertisement

 

 

 

 

Advertisement

 

75,588

 

Settlement of Executive Performance and Restricted Share Units

 

Advertisement

 

19,206

 

 

 

Advertisement

 

 

 

Advertisement

 

 

 

 

Advertisement

 

 

19,206

 

 

Advertisement

 

 

 

 

Advertisement

19,206

 

Share repurchases

 

 

Advertisement

(29,955

)

 

 

Advertisement

 

 

 

 

Advertisement

 

 

 

 

Advertisement

 

(29,955

)

 

 

Advertisement

 

 

 

(29,955

Advertisement

)

Redemption of non-management directors share units

 

 

757

Advertisement

 

 

 

 

Advertisement

 

 

 

 

Advertisement

 

 

 

 

Advertisement

757

 

 

 

Advertisement

 

 

 

757

 

Advertisement

Share-based compensation expense

 

 

 

Advertisement

 

 

2,531

 

 

Advertisement

 

 

 

 

Advertisement

 

 

 

2,531

Advertisement

 

 

 

 

Advertisement

 

 

2,531

 

Balance at December 31, 2023

Advertisement

 

$

2,365,129

 

 

Advertisement

$

75,086

 

 

$

Advertisement

147,476

 

 

$

(1,012,029

Advertisement

)

 

$

1,575,662

 

Advertisement

 

$

 

 

Advertisement

$

1,575,662

 


2024 FOURTH QUARTER AND YEAR-END RESULTS CONFERENCE CALL AND WEBCAST

Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Thursday, February 13, 2025.

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To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

https://register.vevent.com/register/BI9168b4c0516f4409ab4f297340994ebc

The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

https://edge.media-server.com/mmc/p/8hij84aa

About Precision

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Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

Additional Information

For further information, please contact:

Lavonne Zdunich, CPA, CA
Vice President, Investor Relations
403.716.4500

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800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com

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Finance

Camp Zama finance expert offers free advice to boost net worth of Soldiers

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Camp Zama finance expert offers free advice to boost net worth of Soldiers








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Han Xue, a certified financial planner, teaches a class on the Thrift Savings Plan at Camp Zama, Japan, Feb. 11, 2025. Xue, a former Soldier, holds a monthly financial education training class on various topics for members of the Better Opportunities for Single Soldiers program inside the Community Recreation Center.
(Photo Credit: Sean Kimmons)

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CAMP ZAMA, Japan – While serving in the Army, Han Xue had worked in the public health field. But his curiosity and doubt over his financial future steered him in another direction.

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Xue decided to use the Army’s tuition assistance to enroll in courses that led him to obtain a bachelor’s degree in finance. He then earned his master’s degree on the same subject following his military career.

“I didn’t have that peace of mind when it came to money, and I wanted to learn more things about money management,” he said. “And I just fell in love with it, and I started helping others.”

As a Soldier, Xue’s leadership and battle buddies noticed his fiscal aptitude grow, and it didn’t take long for him to become the unit’s finance guru, as they often sought his advice.

Now, he helps guide the financial journeys of service members and their families as a certified financial planner at Camp Zama.

“I was once in their shoes,” he said. “I want to empower them. Knowledge is power, and I want to help them understand how money works, how to save money, and how not to live paycheck to paycheck.”

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Last spring, Xue began to teach monthly financial education classes to strengthen the personal finance skills of members in the Better Opportunities for Single Soldiers program. Topics have included how to create a budget, investing, the Thrift Savings Plan, cryptocurrency, how to use a Veterans Affairs home loan, tax planning, and credit management.

Xue, who has years of experience in the wealth management industry as a financial advisor, recognized that finance is not a subject typically taught in high school, and for many people, they either need to study it in college or comb through online resources to educate themselves.

“I feel like it’s a big missing piece in a puzzle,” he said. “How can you be mission-ready without having your money ready? That’s why I’m doing this.”


Sgt. Minh Le, the 88th Military Police Detachment’s S-1 noncommissioned officer in charge, attends a class on the Thrift Savings Plan at Camp Zama, Japan, Feb. 11, 2025. Han Xue, a certified financial planner, holds a monthly financial education...








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Sgt. Minh Le, the 88th Military Police Detachment’s S-1 noncommissioned officer in charge, attends a class on the Thrift Savings Plan at Camp Zama, Japan, Feb. 11, 2025. Han Xue, a certified financial planner, holds a monthly financial education training class on various topics for members of the Better Opportunities for Single Soldiers program inside the Community Recreation Center.
(Photo Credit: Sean Kimmons)

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Han Xue, a certified financial planner, teaches a class on the Thrift Savings Plan at Camp Zama, Japan, Feb. 11, 2025. Xue, a former Soldier, holds a monthly financial education training class on various topics for members of the Better...








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Han Xue, a certified financial planner, teaches a class on the Thrift Savings Plan at Camp Zama, Japan, Feb. 11, 2025. Xue, a former Soldier, holds a monthly financial education training class on various topics for members of the Better Opportunities for Single Soldiers program inside the Community Recreation Center.
(Photo Credit: Sean Kimmons)

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On Tuesday, Xue taught his latest one-hour class, which was on the TSP, inside the Community Recreation Center here.

Sgt. Minh Le, the 88th Military Police Detachment’s S-1 noncommissioned officer in charge, attended the training session to gain a better understanding of his future retirement.

“I have been putting money into TSP,” Le said, “but I haven’t seen what else I can do with it.”

Xue briefly explained the TSP funds beneficiaries can invest in, such as the C fund, which tracks the S&P 500, or the G fund, which invests in U.S. treasury securities, as well as lifecycle funds that tailor investments to one’s projected retirement date.

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Using rough estimates of someone contributing monthly for 30 years to the TSP with only a small percentage of their pay, Xue showed they could have well over $1.5 million by the time they reach 60 years old.

“I didn’t know it would jump by that much, but it looks pretty nice,” Le said of the potential of his investments. “It’s something to look forward to when you retire.”

And with tax season underway, Xue said he plans to teach Soldiers how to file their tax returns in his next classes scheduled for March 4 and April 8 at 2 p.m. inside the center.

Xue said financial readiness plays a big role in the Army’s ability to complete its missions, like how Soldiers conduct physical training to be combat-ready.

“It’s a skill set,” he said. “If you don’t learn that skill set, you will have no idea how [you are] supposed to save money or where the money that [you] saved is going for the future.”

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By setting financial goals, Xue said Soldiers can witness their money compound over the years through various investment options such as the stock market or a high-yield savings account.

“That can help them be ready financially even if they stay in [the Army] for 20 years or get out to find a new opportunity in the civilian world,” he said. “Having that skill set is essential to living a comfortable life and for that peace of mind too.”

For more information on the financial classes, call DSN 263-5316 or 046-407-5316, or 080-4456-8899 to schedule an appointment with Xue for one-on-one counseling sessions or unit-level training.

Related links:

U.S. Army Garrison Japan news

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USAG Japan official website

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Finance

Brevard’s school board set to adopt Dave Ramsey’s Christian-based financial curriculum

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Brevard’s school board set to adopt Dave Ramsey’s Christian-based financial curriculum


Dave Ramsey’s courses discuss how to save money in a God-honoring way.

Following in the footsteps of other districts around the state, Brevard Public Schools is set to approve Dave Ramsey’s Christian-based financial curriculum for high schoolers at Tuesday’s board meeting.

The course is meant to “help students avoid loans and other money traps” and give them “the secure future they deserve,” according to Ramsey’s website.

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Despite the curriculum being built on an evangelical Christian worldview and how to honor God with your money, the text was approved for use in Florida public schools in 2023 by the state board of education.

Pasco County’s school board unanimously approved the curriculum in 2023 despite reviewers saying the textbook was “riddled with problems” and included quotes from Scripture to back up key points, according to a report by WUSF. Ramsey’s website doesn’t say how many other districts in Florida use the curriculum. FLORIDA TODAY reached out for clarification but received no response.

Brevard’s school board will vote on whether or not to approve it on Tuesday at the 5:30 p.m. meeting, according to the agenda published on the district’s website. Members of the public can comment ahead of the vote.

Who is Dave Ramsey?

Ramsey, the founder and CEO of Ramsey Solutions — a company that provides financial undefined services with a Biblical-based worldview — is a personal finance expert and host of “The Ramsey Show” podcast. According to his website, he fought his way out of bankruptcy and millions of dollars in debt, then set out to change the “toxic money culture” and provide a Bible-based financial curriculum for people from all walks of life.

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The legitimacy of his financial advice has been debated for more than 10 years, with a Reuters article from 2013 calling his investing advice that of a “financial illiterate.” The article adds that his advice is targeted toward people who generally won’t be able to afford to invest in the ways he suggests anyway. He offers encouragement to save money, though doesn’t excel at explaining how to do so, critics said.

What does Ramsey’s curriculum cover?

“Foundations in Personal Finance” is a high school curriculum that covers topics such as budgeting and saving, avoiding debt, investing and more. The curriculum includes a textbook, as well as videos with finance experts and online student activities.

It was approved by the Florida Department of Education for the 2023-2024 school year for the Florida high school course Personal Finance and Money Management, as well as its honors counterpart.

Is Dave Ramsey’s curriculum approved by Florida’s board of education?

Ramsey’s book was on The Florida Department of Education’s list of approved materials for the 2023-2024 school year. The list of approved materials for the 2025-2026 school year is still being finalized.

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Ramsey’s website says the material in “Foundations in Personal Finance” and “Foundations in Economics and Personal Finance” meets the requirements for two different Florida high school courses and claims that 45% of schools in the United States use the Foundations curriculum.

How did Brevard pick Dave Ramsey’s curriculum?

The recommendation to use Ramsey’s book came from Brevard’s Personal Finance Review Team and community members who reviewed the books at Viera Middle School in October, according to the district’s website. The book was also available to view for feedback online from Sept. 20 through Nov. 18, with feedback shared with the District Review Team.

What does Florida’s personal financial literacy course teach?

Florida’s Personal Financial Literacy course is designed to introduce students to concepts including the American economic system, personal and family management of resources and income, money management, saving and investing, spending and credit, consumer information and taxation, financial planning and the role of financial institutions, according to the Florida Department of Education.

It became a required class for high schoolers during the 2023-2024 school year, when a financial literacy course law signed into law by Gov. Ron DeSantis took effect.

According to the Council for Economic Education, in 2024, 35 states required students to take a course in personal finance to graduate from high school.

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Can parents choose another curriculum?

If the school board approves the curriculum at the Tuesday school board meeting, Brevard County residents can contest the selection within 30 days. For any petitions received within this timeframe, the school board will be required to hold at least one public hearing before an “unbiased and qualified hearing officer” who cannot be an employee of the district, according to their website. Petitioners must be given an opportunity to present their issue with the curriculum. The school board’s decision after the hearing is final.

Finch Walker is the education reporter at FLORIDA TODAY. Contact Walker at fwalker@floridatoday.com. X: @_finchwalker.

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