Question · Q3 2025
Tim Monticello from ATB Capital Markets inquired about further opportunities to move super triple rigs from the U.S. to Canada, given the expected full utilization for the upcoming winter drilling season. He also asked for Precision Drilling's outlook on U.S. gas drilling activity over the next 6-12 months, the underlying factors driving higher activity despite uneconomic gas prices, and the specific geographies targeted for the 27 planned rig upgrades.
Answer
President and CEO Carey Ford stated that no further U.S. to Canada rig moves are planned for the current winter season, but future LNG opportunities could create demand for next winter. For U.S. gas, he anticipates steady to low growth in the Marcellus and potential higher activity in the Haynesville if gas prices are supportive, driven by long-term demand for natural gas-fired generation and LNG exports. CFO Dustin Honing and CEO Carey Ford detailed that the 27 upgrades are primarily targeted at the Montney, Canadian heavy oil (Clearwater basin), Haynesville, and Marcellus, with some in the Rockies and Permian, focusing on areas expected to see year-over-year activity increases.