Precision Drilling Expects Tight Oil, Gas Markets to Drive Demand in 2022

SUGAR LAND-- April 29, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)-- Precision Drilling Corporation (NYSE:PDS) (Calgary, Alberta), a service provider based in Canada's western provinces that also caters to the U.S. exploration market, is reaping the benefits of higher commodity prices and a tightening market for oil and gas rigs. The company expects demand for its services will continue its growth as customers seek to maintain production levels and replenish inventories.

In anticipation of higher activity and additional contracted rig upgrades, Precision Drilling increased its capital-spending plan for full-year 2022 to US$125 million, Industrial Info is tracking more than US$5 billion worth of active projects involving Precision Drilling across the U.S. and Canada.

Precision Drilling's U.S. slate includes active projects in the Bakken and Eagle Ford shale plays from Crescent Point Energy Corporation (NYSE:CPG) and Baytex Energy Corporation. More than half of the investment value for Canadian-based projects involving Precision Drilling comes from two exploration and production companies: Tourmaline Oil Corporation and ARC Resources Limited.