Precision Drilling increased drilling activity in 2022, provides operational updates

World Oil Staff January 05, 2023

(WO) — Precision Drilling Corp. provided operational updates for its drilling activities, drilling technologies, and environmental solutions.

Drilling activity

In the fourth quarter of 2022, Precision’s average active rig count was 66 for Canada and 59 for the U.S., representing increases of 27% and 31% from the same period in 2021. In Canada, Precision currently has 74 rigs active and expects the rig count to peak at approximately 80 rigs within the next few weeks.

All 28 of Precision’s Canadian Super Triple rigs are active. Precision will activate an additional Super Triple rig that has been redeployed from the U.S. to work on a multi-year contract related to an LNG export project later in the quarter.

In the U.S., Precision currently has 62 rigs active and expects activity levels to continue trending upward through the next several quarters. Precision has six rigs active internationally, increasing to eight by the middle of 2023.

Drilling technologies

Precision ended the year with 70 AC Super Triple rigs equipped with its AlphaAutomation™ platform. This is a 49% increase from the beginning of 2022.

During the fourth quarter, revenue from their Alpha™ technologies grew by over 50% compared with the fourth quarter of 2021 as the total paid days for AlphaAutomation™ increased by over 60%. Customers see the value in the technology; Precision expects to convert the entire fleet of Super Triple rigs by early 2024.

Environmental solutions

Precision’s EverGreen™ suite of environmental solutions offers customers products and applications to measure and reduce their greenhouse gas emissions during drilling operations. Precision ended 2022 with seven field-deployed EverGreen™ Battery Energy Storage Systems and 15 EverGreen™ Integrated Power and Emissions Monitoring Systems.

In 2023, Precision will continue to scale its EverGreen™ suite of environmental solutions, which will drive additional revenue growth and help customers achieve their GHG reduction targets.


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