Precision Drilling renews issuer bid in Calgary, Sept 2024

On September 13, 2024, Precision Drilling Corporation announced the renewal of its normal course issuer bid (NCIB) following approval from the Toronto Stock Exchange. The NCIB allows the company to repurchase a portion of its common shares, with purchases set to begin on September 19, 2024, and concluding no later than September 18, 2025. The maximum number of shares that can be bought daily is capped at 19,307, based on the average trading volume over the previous six months. The company had previously engaged in a similar buyback program, purchasing 735,322 shares at an average price of CAD$88.48 per share under its prior NCIB. This strategic move is part of Precision's broader efforts to manage its capital structure and enhance shareholder value. The company plans to implement an automatic securities purchase plan to facilitate share repurchases during periods when trading might otherwise be restricted. Precision Drilling is also focused on advancing its technological capabilities, particularly through its Alpha™ digital technology portfolio, which aims to improve operational efficiency for energy customers. Additionally, the company is committed to reducing its environmental impact through its EverGreen™ suite of solutions. The announcement includes cautionary statements regarding forward-looking information, highlighting potential risks such as fluctuations in oil prices, changes in customer demand, and regulatory challenges. These factors could influence the company's ability to execute its buyback strategy and maintain operational stability in a competitive market.