Precision Drilling Corporation (PDS) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to the Precision Drilling Corporation 2025 Third Quarter Results Conference Call and Webcast. I would like to hand the conference over to LaVon Jadonic, Vice President of Investor Relations. Please go ahead. Good morning, and thank you for joining Precision Drilling's Third Quarter Conference Call and Webcast. Earlier this month, we announced the retirement of Kevin Neveu and the appointment of Terry Ford to President and Chief Executive Officer. Jean Stahl to Chief Operating Officer, and Dustin Honing to Chief Financial Officer. Kevin retires after serving as President and CEO for one of the longest tenures of any oilfield service CEO. We would like to thank Kevin for his many contributions during his time with PD. Before I pass the call over to Kerry and Dustin today, I would like to recap some of our Q3 highlights. Precision drilling activity outperformed industry and our U.S. drilling activity continues to grow. Our operating margins are resilient and within guidance. We increased our 2025 capital budget by $20 million to allow for five additional contracted rig upgrades as several of our Canadian and U.S. customers are taking a long-term view of demand for energy. And finally, we are on track to meet our 2025 capital allocation plans, having already achieved our debt reduction target. Please note that some comments today will refer to non-IFRS financial measures and include forward-looking statements, which are subject to a number of risks and uncertainties. For more information on financial measures, forward-looking statements and risk factors, please refer to our news release and other regulatory filings available on CDAR and EDGAR. With that, I will turn it over to Dustin Honing, our new CFO. Thank you, LaVon, a...