Business
Stampede Drilling : Announces 2024 Annual and Fourth Quarter Results
Stampede Drilling : Announces 2024 Annual and Fourth Quarter
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n \n DATE: March 13, 2025\n \n \n STAMPEDE DRILLING INC. ANNOUNCES 2024 ANNUAL AND FOURTH QUARTER RESULTS\n CALGARY, ALBERTA - Stampede Drilling Inc. (\"Stampede\" or the \"Corporation\") (TSX-V: SDI) announces today its consolidated financial and operational results for the three and twelve month periods ended December 31, 2024.\n \n \n The following press release should be read in conjunction with the December 31, 2024 audited consolidated financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (\"IFRS Accounting Standards\"), the related management's discussion and analysis (\"MD&A\") and the annual information form (\"AIF\") for the year ended December 31, 2024. Additional information regarding Stampede, including the AIF, is available on SEDAR+ at www.sedarplus.ca.\n All amounts or dollar figures are denominated in thousands of Canadian dollars except for per share amounts, number of drilling rigs, and operating days, or unless otherwise noted.\n \n \n Estimates and forward-looking information are based on assumptions of future events and actual results may vary from these estimates. See \"Forward-Looking Information\" in this press release for additional details.\n \n \n FOURTH QUARTER 2024 OPERATIONAL HIGHLIGHTS\n \n Revenue of $20,395 - This represents a decrease of $1,099 or 5% from the fourth quarter of 2023, primarily driven by a decrease in third party rebills, and a decrease in revenue per day.\n Gross Margin(1) of 33% - This represents a decrease of 7% from 40% in the corresponding 2023 period. The decrease was due to a reduction in third party rebills, decrease in revenue per day, and an increase in operating costs per day.\n Net Income of $687 - This represents a decrease of $2,550 or 79% from the fourth quarter of 2023. The decrease was primarily related to the decrease in operating margin, higher depreciation expense, and increased income tax expense compared to the corresponding period of 2023.\n Adjusted EBITDA(1) of $3,976 - This represents a 37% decrease from the fourth quarter of 2023. The decrease was a result of a reduction in third party rebills, and a reduction in operating margin.\n Free Cash Flow(1) of $1,780 - This represents a decrease of $3,629 from the fourth quarter of 2023, primarily related to a...