(Canadian dollars, except as noted)
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. The financial results of Grey Wolf,
Inc. have been included since December 24, 2008, the day after
Precision Drilling Trust completed its acquisition of Grey Wolf,
Inc.
Precision Drilling Trust ("Precision" or "the Trust") reported
net earnings of $92 million or $0.71 per diluted unit for the
quarter ended December 31, 2008, compared to $89 million or $0.71
per diluted unit in the fourth quarter of 2007. Revenue for the
fourth quarter of 2008 was $335 million, up 35% from $249 million
in the fourth quarter of 2007. Earnings before income taxes for the
fourth quarter of 2008 were $102 million, up 34% from the fourth
quarter of 2007 amount of $76 million. The increases resulted from
the trend established during the third quarter of 2008 as customer
demand from high commodity prices carried over to start the fourth
quarter. However, by the end of the quarter, commodity prices had
declined as the economic recession deepened and customer demand
declined. Net earnings were reduced by income tax expense of $10
million in the fourth quarter of 2008 as opposed to an income tax
benefit of $13 million in the last quarter of 2007.
The Trust's organic growth in the United States, along with the
completion of the acquisition of Grey Wolf, Inc. ("Grey Wolf") on
December 23, 2008, led to the growth in quarterly revenue and
earnings before income taxes. Drilling rig utilization days in the
United States increased to 3,248 days in the fourth quarter of
2008, up by 258% from the fourth quarter of 2007, while Canadian
drilling rig utilization days increased during the same period by
419 days, up 5% from the fourth quarter of 2007. Overall, North
American drilling rig utilization days for Precision totaled 12,314
in the fourth quarter of 2008, up by 29% from the fourth quarter of
2007.
Revenues totaled $1,102 million for the year ended December 31,
2008, which was a 9% increase from fiscal 2007 revenues of $1,009
million. The increase in revenues in fiscal 2008 was primarily
driven by the effects of high commodity prices on customer demand
in the third quarter and the beginning of the fourth quarter of
2008, which offset the effects of lower activity and customer
pricing in Canada in the first half of 2008. In addition, growth in
the United States land drilling market also had a positive impact
through 2008. However, the positive trends in customer demand in
the second half of 2008 were reversed during the fourth quarter as
noted above.
The Trust reported net earnings of $303 million or $2.39 per
diluted unit for the year ended December 31, 2008 compared with
$346 million or $2.75 per diluted unit for fiscal 2007. The net
earnings decrease was driven primarily by lower activity and
customer pricing in Canada during the first half of 2008 relative
to 2007 and higher 2008 income tax expense.
Gross margin, calculated as earnings from continuing operations
before income taxes as a percentage of revenues, decreased from
34.6% in 2007 to 30.9% in 2008. The positive margin impact from
growth in the number of rigs operating in the United States was
more than offset by reduced customer pricing and activity during
the first half of 2008 in both Canadian business segments: Contract
Drilling and Completion and Production.
The Trust reported total earnings before interest, income taxes,
depreciation and amortization ("EBITDA") for the fourth quarter of
2008 of $133 million compared with $103 million for the fourth
quarter of 2007. For the year ended December 31, 2008, EBITDA was
$439 million compared with $435 million for 2007. EBITDA is not a
recognized financial measure under Generally Accepted Accounting
Principles ("GAAP"). See "Non-GAAP Measures and Reconciliations" in
this news release.
"Precision's performance in the second half of 2008, both on
revenue and, particularly EBITDA generation, demonstrates how our
strategy delivers strong financial results when the drilling cycle
shows even modest improvement. The fourth quarter of 2007 was
characterized by low commodity prices, unfavorable royalty changes
and reduced drilling plans by most of our customers. We believe
that Precision responded with the appropriate reduction in expenses
and growth diversification initiatives. As a result, Precision was
well-positioned to take advantage of the mid-2008 rebound in
commodity prices and drilling activity." said Kevin Neveu,
Precision's President and Chief Executive Officer.
Mr. Neveu continued, "We finished 2008 with a strategic
acquisition to gain market share in the United States land drilling
market and the people and assets of Grey Wolf are already proving
to be an excellent fit with Precision. We believe Precision's broad
North American presence positions us to be a significant land
driller for oil and clean, economic and strategically significant
natural gas throughout the industry cycle."
Mr. Neveu added, "Contraction in the global economy and low
commodity prices have led to a decline in customer demand for
Precision's services early in 2009. The shift in momentum has been
swift and Precision has responded with initiatives designed to
generate free cash flow and strengthen its balance sheet. Our
priorities remain aligned with our previously announced debt
reduction objective, the integration of Grey Wolf and execution of
our 2009 business plan. Precision is utilizing its full-cycle
experience to reduce costs while retaining high performance
capabilities and will remain focused on deleveraging its balance
sheet."
"We believe that global under-investment in oil and natural gas
wells coupled with high depletion rates on many new unconventional
gas wells will eventually lead to a rebound in land drilling
activity for Precision" concluded Mr. Neveu.
Precision expects to have an average of approximately 102 rigs
working under daywork term contract in North America in the first
quarter of 2009 and an average of 93 rigs contracted for the second
quarter of 2009. For the full year 2009, the Trust expects to have
an average of approximately 85 rigs working under term contract,
with 53 rigs contracted in the United States, 30 in Canada and 2 in
Mexico.
In the challenging economic environment of 2009, Precision
expects demand for its drilling services to decline in the short
term. Precision expects EBITDA as a percentage of revenue and its
gross margin to decline in 2009 and remain at lower levels for much
of 2009. However, Precision's term customer contracts provide solid
margin support.
As part of its ongoing debt reduction plan, the Trust expects to
keep capital expenditures at efficient levels during 2009.
Precision expects to spend approximately $239 million in capital
expenditures for 2009, with approximately $75 million being for
upgrade capital and $164 million being for previously committed
expansion capital. The expansion capital is for 16 new rigs to be
placed into service in 2009 as the culmination of the 2008 new
build program. All 16 of these rigs are expected to go to work
under long-term contracts and are included in the total term
contracted rigs described above.
Precision is taking steps to add certainty to its capital and
debt structure and announced today that the Board of Trustees has
suspended cash distributions for an indefinite period. This measure
was taken in response to lower financial operating performance at
the start of 2009. The suspension of cash distributions allows
Precision to increase debt repayment capability and balance sheet
strength. Accordingly, no distributions will be paid in March 2009
to Trust or Precision Drilling Limited Partnership unitholders of
record on February 27, 2009, or for an indefinite period
thereafter. The previously announced distribution of $0.04 per unit
payable on February 17, 2009 to Trust and Precision Drilling
Limited Partnership unitholders of record on January 30, 2009 is
unaffected by the suspension.
SELECT FINANCIAL AND OPERATING INFORMATION (UNAUDITED)
Three months Years ended December 31,
ended December 31,
(Canadian GAAP, stated
in thousands of
Canadian dollars,
except per diluted % %
unit amounts) 2008 2007 Change 2008 2007 Change
----------------------------------------------------------------------------
Revenue $ 335,049 $ 248,726 34.7 $1,101,891 $ 1,009,201 9.2
EBITDA(1) 133,085 102,977 29.2 438,577 434,677 0.9
Earnings from
continuing
operations 92,376 89,329 3.4 302,730 342,820 (11.7)
Net earnings 92,376 89,329 3.4 302,730 345,776 (12.4)
Cash provided by
operations 82,904 78,474 5.6 343,910 484,115 (29.0)
Net capital
spending 94,195 36,302 159.5 219,139 181,239 20.9
Distributions
declared in cash 53,522 69,166 (22.6) 200,659 246,485 (18.6)
Distributions
declared in-kind 24,029 30,182 (20.4) 24,029 30,182 (20.4)
Per diluted unit
information:
Earnings from
continuing
operations 0.72 0.71 1.4 2.39 2.73 (12.5)
Net earnings 0.71 0.71 - 2.39 2.75 (13.1)
Distributions
declared in cash 0.39 0.55 (29.1) 1.56 1.96 (20.4)
Distributions
declared
in-kind $ 0.15 $ 0.24 (37.5) $ 0.15 $ 0.24 (37.5)
----------------------------------------------------------------------------
Contract Drilling
Rig Fleet 375 245 53.1 375 245 53.1
Utilization days
(operating and
moving):
Canada 9,066 8,647 4.8 34,488 34,572 (0.2)
United States 3,248 908 257.7 8,006 2,098 281.6
International 16 - n/m 159 - n/m
Completion and
Production Service
Rig Fleet 229 223 2.7 229 223 2.7
Operating hours in
Canada 79,507 86,416 (8.0) 335,127 355,997 (5.9)
----------------------------------------------------------------------------
(1) Non-GAAP measure; see "NON-GAAP MEASURES AND RECONCILIATIONS".
n/m - calculation not meaningful
----------------------------------------------------------------------------
Contract Drilling
Rig Fleet
Average dayrates:(1)
Canada $ 17,926 $ 16,333 9.8 $ 16,420 $ 16,833 (2.5)
United States $ 21,554 $ 23,624 (8.8) $ 21,549 $ 23,473 (8.2)
Completion and
Production
Service Rig Fleet
Canada average
hourly rates $ 736 $ 694 6.1 $ 708 $ 730 (3.0)
----------------------------------------------------------------------------
(1) Per utilization day (moving and operating)
FINANCIAL POSITION AND RATIOS
(Stated in thousands of December 31, December 31,
Canadian dollars, except ratios) 2008 2007
----------------------------------------------------------------------------
Working capital $ 345,329 $ 140,374
Working capital ratio 2.0 2.1
Long-term debt $ 1,368,349 $ 119,826
Total assets $ 4,833,703 $ 1,763,477
Long-term debt to long-term debt
plus equity ratio 0.37 0.08
----------------------------------------------------------------------------
The results of Grey Wolf are included in the financial results
and information of Precision from December 24, 2008 through
December 31, 2008. Summary operating financial information for Grey
Wolf and its subsidiaries for the period from October 1, 2008
through December 23, 2008 are set forth below and have been
prepared using U.S. generally accepted accounting principles:
Grey Wolf, Inc. Grey Wolf, Inc.
October 1, 2008 to US to Cdn Grey Wolf, Inc. (Cdn$ and
December 23, 2008 GAAP (Cdn$) prepared
In thousands, (U.S.$ and prepared Adjustments Translation under Cdn
unaudited under U.S. GAAP) (U.S.$) Adjustment(1) GAAP)
----------------------------------------------------------------------------
Revenue $ 226,549 $ - $ 47,757 $ 274,306
Cost and expenses:
Drilling operations 131,921 - 27,809 159,730
Depreciation and
amortization(2) 26,091 - 5,500 31,591
Loss on sale of assets 164 - 35 199
Merger activity cost 59,947 - 12,637 72,584
General and
administrative 8,826 (17) 1,857 10,666
Interest 3,164 2,582 1,211 6,957
Income before income taxes (3,564) (2,565) (1,292) (7,421)
Income taxes 15,338 - 3,233 18,571
----------------------------------------------------------------------------
Net loss $ (18,902) $ (2,565) $ (4,525) $ (25,992)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Translated at the average rate for the period of October 1, 2008 to
December 23, 2008 of $1 U.S. equals $1.2108 Cdn.
(2) This amount is not equivalent to the amount of depreciation and
amortization expenses that would be recognized by the Trust on a pro
forma basis for such period as the Trust and Grey Wolf utilize
different accounting policies to account for depreciation and
amortization. The Trust estimates that, had the accounting policies
used in preparing the pro forma financial statements for the year ended
December 31, 2007 and the nine months ended September 30, 2008
contained in the Trust's business acquisition report in respect of the
Grey Wolf acquisition been utilized, the amount of such depreciation
and amortization expense would be approximately $22 million.
The following table provides a reconciliation of Grey Wolf's
EBITDA to its net loss. See "Non-GAAP Measures and Reconciliations"
for an explanation of why we use EBITDA.
Reconciliation of EBITDA to net loss
Grey Wolf, Inc.
October 1, 2008 to
December 23, 2008
(In thousands of U.S.$ and
prepared under US GAAP)
----------------------------------------------------------------------------
EBITDA $ 85,802
Less:
Depreciation and amortization 26,091
Loss on disposal of assets 164
Merger activity costs 59,947
Interest expense 3,164
Income taxes 15,338
----------------------------------------------------------------------------
Net loss $ (18,902)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Drilling rig utilization days for period 8,976
LONG-TERM DEBT
The components of the Trust's long-term debt position at December 31, 2008
and 2007 are shown in the following table (in thousands of Canadian
dollars).
2008 2007
----------------------------------------------------------------------------
Secured facility:
Term Loan A $ 489,215 $ -
Term Loan B 489,840 -
Revolving credit facility 107,981 -
Unsecured bridge facility 168,352 -
Convertible notes:
3.75% notes 168,139 -
Floating rate notes 153,075 -
Unsecured revolving credit facility - 119,826
----------------------------------------------------------------------------
1,576,602 119,826
Less net unamortized debt issue costs (159,300) -
----------------------------------------------------------------------------
1,417,302 119,826
Less current portion (48,953) -
----------------------------------------------------------------------------
$ 1,368,349 $ 119,826
----------------------------------------------------------------------------
The revolving credit facility currently provides a borrowing
capacity of approximately U.S.$400 million to fund ongoing
operational, finance and investment activities.
The secured facility currently has a floating interest rate and
the interest rate on the bridge facility is currently fixed at 17%.
The overall blended cash interest rate before amortization of
upfront costs for the credit facilities is currently approximately
11%. The unsecured U.S.$400 million facility, currently structured
as a bridge loan of which U.S.$138 million was drawn, has
provisions to enable outstanding amounts thereunder to be converted
to long-term instruments within 12 months from December 23,
2008.
As previously announced, provisions exist for the commitment
banks to facilitate syndication of the credit facilities for a
period following the closing of the Grey Wolf acquisition on
December 23, 2008 which may result in further increases in any or a
combination of interest rates, original issue discounts or fees,
all subject to certain market based indexing. These provisions
continue to be in effect and, effective on February 4, 2009,
resulted in U.S.$64 million being reallocated from the Term Loan A
to the Term Loan B. This resulted in additional debt issue costs
through original issue discount of U.S.$10 million and marginally
higher annual debt servicing.
FOURTH QUARTER 2008 EARNINGS CONFERENCE CALL AND WEBCAST
Precision Drilling Trust has scheduled a conference call and
webcast to begin promptly at 6:30 a.m. MT (8:30 a.m. ET) on Monday,
February 9, 2009.
The conference call dial in numbers are 1-866-223-7781 or
416-641-6140.
A live webcast of the conference call will be accessible on
Precision's website at www.precisiondrilling.com by selecting
"Investor Centre", then "Webcasts".
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND
STATEMENTS
Certain statements contained in this report, including
statements that contain words such as "could", "should", "can",
"anticipate", "estimate", "propose", "plan", "expect", "believe",
"will", "may" 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 number of rigs under daywork
term contracts in Canada, the United States and Mexico; the global
economic crisis and its impact on operations; the decline rate on
newly drilled wells; the potential rebound in land drilling
activity; the integration of Precision and Grey Wolf; commodity
prices; the timing of completion of rigs in the 2008 rig build
program; and statements as to the demand for Precision's
services.
These forward-looking information and statements are based on
certain assumptions and analysis made by the Trust in light of its
experience and its perception of historical trends, current
conditions and expected future developments as well as other
factors it believes are appropriate in the circumstances. However,
whether actual results, performance or achievements will conform to
the Trust's expectations and predictions is subject to a number of
known and unknown risks and uncertainties which could cause actual
results to differ materially from the Trust's expectations. Such
risks and uncertainties include, but are not limited to:
fluctuations in the price and demand for oil and natural gas; the
current global financial crisis and the dislocation in the credit
markets; fluctuations in the level of oil and natural gas
exploration and development activities; fluctuations in the demand
for well servicing, contract drilling and ancillary oilfield
services; the effects of seasonal and weather conditions on
operations and facilities; the existence of competitive operating
risks inherent in well servicing, contract drilling and ancillary
oilfield services; general economic, market or business conditions;
changes in laws or regulations, including taxation, environmental
and currency regulations; the lack of availability of qualified
personnel or management; failure to realize anticipated synergies
in the Grey Wolf acquisition; and other unforeseen conditions which
could impact the use of services supplied by Precision.
Consequently, all of the forward-looking information and
statements made in this news release are qualified by these
cautionary statements and there can be no assurance that the actual
results or developments anticipated by the Trust will be realized
or, even if substantially realized, that they will have the
expected consequences to, or effects on, the Trust or its business
or operations. Readers are therefore cautioned not to place undue
reliance on such forward-looking information and statements. Except
as may be required by law, the Trust assumes no obligation to
update publicly any such forward-looking information and
statements, whether as a result of new information, future events
or otherwise.
NON-GAAP MEASURES AND RECONCILIATIONS
Precision uses both Generally Accepted Accounting Principles
("GAAP") and non-GAAP measures to assess performance and believes
the non-GAAP measures provide useful supplemental information to
investors. Following are the non-GAAP measures Precision uses in
assessing performance:
(1) EBITDA: Management believes that in addition to net
earnings, EBITDA as derived from information reported in the
Consolidated Statements of Earnings and Deficit is a useful
supplemental measure as it provides an indication of the results
generated by Precision's principal business activities prior to
consideration of how those activities are financed, how the results
are taxed or how non-cash depreciation and amortization charges
affect results.
The following table provides a reconciliation of net earnings
under GAAP as disclosed in the Consolidated Statements of Earnings
and Deficit to EBITDA.
Three months ended Years ended
December 31, December 31,
(Stated in thousands of
Canadian dollars) 2008 2007 2008 2007
----------------------------------------------------------------------------
EBITDA $ 133,085 $ 102,977 $ 438,577 $ 434,677
Add (deduct):
Depreciation and amortization (23,270) (25,281) (83,829) (78,326)
Gain on disposal of discontinued
operations - - - 2,956
Income taxes (9,836) 13,345 (37,844) (6,213)
Interest:
Long-term debt (7,767) (1,965) (14,478) (7,767)
Other (40) (23) (151) (106)
Income 204 276 455 555
----------------------------------------------------------------------------
Net Earnings $ 92,376 $ 89,329 $ 302,730 $ 345,776
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Precision's method of calculating these non-GAAP measures may
differ from other entities and, accordingly, may not be comparable
to measures used by other entities. Investors should be cautioned,
however, that these measures should not be construed as an
alternative to measures determined in accordance with GAAP as an
indicator of Precision's performance.
ABOUT PRECISION
Precision is a leading provider of safe, high performance energy
services to the North American oil and gas industry. Precision
provides customers with access to an extensive fleet of contract
drilling rigs, service rigs, camps, snubbing units, wastewater
treatment units and rental equipment backed by a comprehensive mix
of technical support services and skilled, experienced
personnel.
Precision is headquartered in Calgary, Alberta, Canada.
Precision Drilling Trust is listed on the Toronto Stock Exchange
under the trading symbol PD.UN and on the New York Stock Exchange
under the trading symbol PDS.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
December 31, December 31,
(Stated in thousands of Canadian dollars) 2008 2007
----------------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 61,511 $ -
Accounts receivable 601,753 256,616
Income tax recoverable 13,313 5,952
Inventory 8,652 9,255
----------------------------------------------------------------------------
685,229 271,823
Income tax recoverable 58,055 -
Property, plant and equipment,
net of accumulated depreciation 3,243,213 1,210,587
Intangibles, net of accumulated amortization 5,676 318
Goodwill 841,529 280,749
----------------------------------------------------------------------------
$ 4,833,702 $ 1,763,477
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND UNITHOLDERS' EQUITY
Current liabilities:
Bank indebtedness $ - $ 14,115
Accounts payable and accrued liabilities 270,122 80,864
Income taxes payable - -
Distributions payable 20,825 36,470
Current portion of long-term debt 48,953 -
----------------------------------------------------------------------------
339,900 131,449
Other long-term liabilities 30,951 13,896
Long-term debt 1,368,349 119,826
Future income taxes 770,623 181,633
----------------------------------------------------------------------------
2,509,823 446,804
----------------------------------------------------------------------------
Unitholders' equity:
Unitholders capital 2,355,590 1,442,476
Contributed surplus 998 307
Accumulated other comprehensive income 15,359 -
Deficit (48,068) (126,110)
----------------------------------------------------------------------------
2,323,879 1,316,673
----------------------------------------------------------------------------
$ 4,833,702 $ 1,763,477
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Units outstanding (000s) 160,194 125,758
CONSOLIDATED STATEMENTS OF EARNINGS AND DEFICIT (UNAUDITED)
Three months ended Twelve months ended
December 31, December 31,
(Stated in thousands of
Canadian dollars,
except per unit amounts) 2008 2007 2008 2007
----------------------------------------------------------------------------
Revenue $ 335,049 $ 248,726 $ 1,101,891 $ 1,009,201
Expenses:
Operating 181,873 126,835 598,181 516,094
General and administrative 18,381 18,540 67,174 56,032
Depreciation and
amortization 23,270 25,281 83,829 78,326
Foreign exchange 1,710 374 (2,041) 2,398
Interest:
Long-term debt 7,767 1,965 14,478 7,767
Other 40 23 151 106
Income (204) (276) (455) (555)
----------------------------------------------------------------------------
Earnings from continuing
operations before
income taxes 102,212 75,984 340,574 349,033
Income taxes:
Current (716) 2,913 6,102 (737)
Future 10,552 (16,258) 31,742 6,950
----------------------------------------------------------------------------
9,836 (13,345) 37,844 6,213
----------------------------------------------------------------------------
Earnings from continuing
operations 92,376 89,329 302,730 342,820
Gain on disposal of
discontinued operations,
net of tax - - - 2,956
----------------------------------------------------------------------------
Net earnings 92,376 89,329 302,730 345,776
Deficit, beginning of
period (62,893) (116,091) (126,110) (195,219)
Distributions declared (77,551) (99,348) (224,688) (276,667)
----------------------------------------------------------------------------
Deficit, end of period $ (48,068)$ (126,110)$ (48,068) $ (126,110)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per unit:
Basic $ 0.72 $ 0.71 $ 2.39 $ 2.75
Diluted $ 0.71 $ 0.71 $ 2.39 $ 2.75
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Units outstanding (000s) 160,194 125,758 160,194 125,758
Weighted average units
outstanding (000s) 128,752 125,758 126,507 125,758
Diluted units outstanding
(000s) 130,293 125,760 126,912 125,760
CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
Three months ended Twelve months ended
December 31, December 31,
(Stated in thousands of
Canadian dollars) 2008 2007 2008 2007
----------------------------------------------------------------------------
Cash provided by
(used in):
Operations:
Net earnings $ 92,376 $ 89,329 $ 302,730 $ 342,820
Adjustments and
other items
not involving cash:
Long-term
compensation plans 373 1,817 2,163 (8,496)
Depreciation and
amortization 23,270 25,281 83,829 78,326
Future income taxes 10,552 (16,258) 31,742 6,950
Amortization of
deferred
financing costs 798 - 798 -
Other 7,259 104 7,219 112
Changes in non-cash
working capital
balances (51,724) (21,799) (84,571) 64,403
----------------------------------------------------------------------------
82,904 78,474 343,910 484,115
Investments:
Business acquisitions (752,873) - (768,392) -
Purchase of property, plant
and equipment (99,310) (37,505) (229,579) (186,973)
Purchase of intangibles - (33) - (33)
Proceeds on sale of
property, plant and equipment 5,115 1,236 10,440 5,767
Payment of income tax
assessment - - (55,148) -
Proceeds on disposal
of discontinued
operations - - - 2,956
Changes in non-cash
working capital balances 11,914 (3,411) 22,583 (13,119)
----------------------------------------------------------------------------
(835,154) (39,713) (1,020,096) (191,402)
Financing:
Distributions paid (49,046) (49,045) (216,304) (249,000)
Repayment of
long-term debt (71,267) (3,947) (179,826) (99,700)
Increase in
long-term debt 1,087,523 - 1,308,040 78,646
Deferred financing
costs on long-term debt (160,098) - (160,098) -
Repayment of bank
indebtedness - 14,115 (14,115) (22,659)
----------------------------------------------------------------------------
807,112 (38,877) 737,697 (292,713)
Increase in cash and
cash equivalents 54,862 (116) 61,511 -
Cash and cash
equivalents,
beginning of period 6,649 116 - -
----------------------------------------------------------------------------
Cash and cash
equivalents,
end of period $ 61,511 $ - $ 61,511 $ -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three months ended Twelve months ended
December 31, December 31,
(Stated in thousands of
Canadian dollars) 2008 2007 2008 2007
----------------------------------------------------------------------------
Net earnings for the period $ 92,376 $ 89,329 $ 302,730 $ 345,776
Foreign currency translation
adjustment 11,222 - 11,222 -
----------------------------------------------------------------------------
$103,598 $ 89,329 $ 313,952 $ 345,776
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME
(UNAUDITED)
(Stated in thousands of December 31, December 31,
Canadian dollars) 2008 2007
----------------------------------------------------------------------------
Accumulated other comprehensive income,
beginning of period $ - $ -
Recognition of foreign currency
translation adjustment on change in
translation methods 4,137 -
Foreign currency translation adjustment 11,222 -
----------------------------------------------------------------------------
$ 15,359 $ -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SEGMENTED FINANCIAL RESULTS (UNAUDITED)
Three months Twelve months
ended December 31, ended December 31,
(Stated in thousands % %
of Canadian dollars) 2008 2007 Change 2008 2007 Change
----------------------------------------------------------------------------
Revenue:
Contract Drilling
Services 261,379 174,548 49.7 809,317 694,340 16.6
Completion and
Production
Services 79,644 77,717 2.5 308,624 327,471 (5.8)
Inter-segment
eliminations (5,974) (3,539) (68.8) (16,050) (12,610) (27.3)
----------------------------------------------------------------------------
335,049 248,726 34.7 1,101,891 1,009,201 9.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
EBITDA:(1)
Contract Drilling
Services 122,437 83,037 47.4 367,316 327,874 12.0
Completion and
Production
Services 25,846 27,737 (6.8) 109,070 132,017 (17.4)
Corporate and
other (15,198) (7,797) (94.9) (37,809) (25,214) (50.0)
----------------------------------------------------------------------------
133,085 102,977 29.2 438,577 434,677 0.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Non-GAAP measure; see "NON-GAAP MEASURES AND RECONCILIATIONS".
Contacts: David Wehlmann, Executive Vice President, Investor
Relations Precision Drilling Corporation, Administrator of
Precision Drilling Trust (403) 716-4575 (403) 716-4755 (FAX)
Precision Drilling Trust 4200, 150 - 6th Avenue S.W. Calgary,
Alberta T2P 3Y7 Website: www.precisiondrilling.com
Grafico Azioni Precision Drilling (NYSE:PDS)
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Da Giu 2024 a Lug 2024
Grafico Azioni Precision Drilling (NYSE:PDS)
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Da Lug 2023 a Lug 2024
