This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Precision Drilling Trust Q2 2010 Earnings Call Transcript

Please see our press release for additional disclosure on these non-GAAP measures. Our comments today will also include statements reflecting Precision’s views about events and their potential impact on the corporation’s business, operations, structure and financial results which are forward-looking statements.

There are risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking information and statements. Please see our press release and other regulatory filings for more information on forward-looking statements and these risk factors.

After I give a brief review of the second quarter operating results, Doug Strong will review the changes to Precision’s debt during the quarter and summarize our capital expenditure plans for 2010 as he transitions out of his role as CFO.

Kevin Neveu will then provide an operations update on our outlook and after that, we will open up the call for questions. On June 1, 2010, as a result of a plan of arrangement approved by the holders of trust units of Precision Drilling Trust on May 11, the trust converted into Precision Drilling Corporation.

More information is available in our press release and in our website at under the investor center tab about this conversion.

Precision reported the net loss of CAD67 million or CAD0.24 per share for the second quarter. These results include a CAD26 million foreign exchange loss related to our debt being U.S. dollar denominated. Also, with the financing amendment that Doug will detail in a minute, Precision had non-cash charges of CAD24 million during the quarter related to this amendment. For more on the quarter, please see the details in our press release.

Also, during the quarter, Precision strengthened its term contract position. We now expect to average 78 rigs on term in 2010, up from 75 average rigs when we reported last quarter. For 2011, Precision increased four average rig years to 45, from 41 at our last report. Two of these are related to the new bill contracts and others are for the rigs that had been upgraded for the US Bakken.

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
PDS $4.41 1.10%
AAPL $92.69 -0.59%
FB $119.49 1.43%
GOOG $711.11 1.40%
TSLA $214.93 1.61%


Chart of I:DJI
DOW 17,740.63 +79.92 0.45%
S&P 500 2,057.14 +6.51 0.32%
NASDAQ 4,736.1550 +19.0610 0.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs