Precision Drilling Corporation's third quarter 2004 earnings expected to be Cdn $0.65 to Cdn $0.70
13 Ottobre 2004 - 6:53PM
PR Newswire (US)
Precision Drilling Corporation's third quarter 2004 earnings
expected to be Cdn $0.65 to Cdn $0.70 CALGARY, Oct. 13
/PRNewswire-FirstCall/ -- Precision Drilling Corporation
("Precision" or the "Corporation") today announces that it expects
diluted earnings per share from continuing operations for the third
quarter of 2004 to be in the range of from $0.65 to $0.70 per
share. This is less than the current consensus estimate of
approximately $0.74 per share. The principal reason for the
earnings shortfall is the often reported wet weather conditions
extending through September which have hampered Canadian oilfield
activity during the third quarter. The province of Alberta has
received approximately 23% more rainfall this year than last year.
Also contributing to reduced earnings is the close to 6%
strengthening of the Canadian dollar versus the US dollar during
the third quarter. This serves to reduce the Canadian dollar
equivalent of the income earned by our foreign operations and also
to generate foreign exchange losses on certain US dollar
denominated assets. The above items were offset somewhat by a $2.5
million gain on sale of equity investments. Demand for the
Corporation's services in the Canadian market is very strong and
this is reflected in improved pricing in the fourth quarter. The
supply and demand fundamentals of the oilfield services business,
which hinge on commodity prices, appear to be very sound with all
indications pointing to a strong fourth quarter and a busy 2005.
Certain statements contained in this press release, including
statements which are related to expected earnings, demand for the
Corporation's services and supply and demand fundamentals of the
oilfield services business and which may contain words such as
"anticipate", "could", "should", "expect", "believe", "will" and
similar expressions and statements relating to matters that are not
historical facts are forward-looking statements. Such
forward-looking statements involve known and unknown risks and
uncertainties which may cause the actual results, performance or
achievements of Precision to be materially different from any
future results, performances or achievements expressed or implied
by such forward-looking statements. Such factors include
fluctuations in the market for oil and gas and related products and
services; competition; political and economic conditions in
countries in which Precision does business; the demand for services
provided by Precision; changes in laws and regulations, including
environmental, to which Precision is subject and other factors,
which are described in further detail in Precision's filings with
the Securities and Exchange Commission. Precision Drilling
Corporation (TSX: PD and PDU; NYSE: PDS) is a global oilfield
services company providing a broad range of drilling, production
and evaluation services with focus on fulfilling customer needs
through fit-for-purpose technologies for the maturing oilfields of
the 21st century. With corporate offices in Calgary, Alberta,
Canada and corporate subsidiary offices in Houston, Texas, and
research facilities in the U.S. and Europe, Precision employs more
than 10,000 people conducting operations in more than 30 countries.
Precision is committed to providing efficient and safe services to
create value for our customers, our shareholders and our employees.
DATASOURCE: Precision Drilling Corporation CONTACT: please contact
Dale E. Tremblay, Senior Vice President Finance and Chief Financial
Officer, 4200, 150 6th Avenue S.W., Calgary, Alberta, T2P 3Y7,
Telephone: (403) 716-4500, Fax: (403) 264-0251, website:
http://www.precisiondrilling.com/; Archived images on this
organization are available through CNW E-Pix at
http://www.newswire.ca/. Images are free to members of The Canadian
Press. To request a free copy of this organization's annual report,
please go to http://www.newswire.ca/ and click on reports@cnw.
Copyright