(Bloomberg) -- Even if the economy continues to recover and a second wave of the pandemic is less damaging than the first, U.S. shale drillers may still take at least a year before moving rigs back into the field, according to the leader of an oilfield-services company.Precision Drilling Corp. Chief Executive Officer Kevin Neveu said activity in U.S. shale basins is in for a “prolonged downturn,” with drilling not rebounding until late in the second quarter of 2021 at the earliest, or the end of next year at the latest. That projection assumes governments respond to secondary Covid-19 outbreaks with less drastic measures than they used in recent months.And if history is any guide, the eventual recovery will be abrupt as drillers respond to a shortage of supply and rising prices, he said.“By the time our customers get a signal that they need more oil, it’s almost too late,” Neveu said in an interview. “We’ll have to ramp up very quickly and very abruptly. I wouldn’t expect anything different this time.”Precision Drilling, based in Calgary, has 236 rigs worldwide, with about 110 in Canada, 110 in the U.S. and the balance in other international locations. Currently, only 10 of the company’s Canadian rigs and 26 of its U.S. rigs are operating.During the last oil-price crash that started in 2014, the U.S. rig count tumbled for almost two years, bottoming out at 316 in May 2016. As prices rebounded, the tally more than doubled within a year and continued climbing to 887 in November 2018.Since that peak, drilling activity waned as investors pushed producers to focus on profitability over output gains, then fell off a cliff starting in February as the twin shocks of the Covid-19 pandemic and the Saudi-Russian price skirmish sent oil prices to record lows. Last week, the number of oil rigs at work in the U.S. slipped to the lowest since 2009.U.S. shale fields will lead the drilling recovery because they can bring production back quickly, with oil flowing in about three months from the time a rig is deployed, Neveu said.‘On the Chin’“They’re taking it on the chin right now, and certainly production is slowing down and activity is slowing down, but it’s so quick and so easy to get that production flowing again that I think it will be one of the first places the E&P companies go,” he said.The next rebound in output also could be sharper than previous ones because digitization and automation on rigs allows crews to get the machines back to maximum efficiency in one to two months, about half the time it took before, Neveu said.Depending on how severe the supply shortage gets, the U.S. could see activity bounce back to levels it hasn’t seen since last year, he said.“Getting back to 800 rigs in the U.S. is plausible,” Neveu said. “If oil prices were in the $60 to $70 range, it could back to where it was pre Covid-19 and pre-Russia-Saudi price war.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

CALGARY, Alberta, April 09, 2020 -- Precision Drilling Corporation (“Precision”) intends to release its 2020 first quarter results before the market opens on Thursday, April.

Precision Drilling Corporation (“Precision”) reminds shareholders that it is holding its 2020 Annual and Special Meeting of Shareholders (“Annual Meeting”) on Thursday, May 14, 2020 at 10:00 a.m. MT. The virtual-only meeting format will provide all shareholders an equal opportunity to participate in the Annual Meeting regardless of their geographic location or concerns related to COVID-19. Registered shareholders and duly appointed proxyholders who participate in the Annual Meeting online will be able to listen to the Annual Meeting, ask questions and vote, all in real time, provided that they are connected to the internet.

Precision Drilling (PDS) saw a big move last session, as its shares jumped more than 9% on the day, amid huge volumes.

Shares of Precision Drilling (NYSE:PDS) rose over 13% in pre-market trading after the company reported Q1 results.Quarterly Results Earnings per share were down 0.00% year over year to ($0.01), which beat the estimate of ($0.05).Revenue of $283,095,000 lower by 13.04% year over year, which missed the estimate of $308,310,000.Looking Ahead Precision Drilling hasn't issued any earnings guidance for the time being.Precision Drilling hasn't issued any revenue guidance for the time being.Conference Call Details Date: Apr 30, 2020View more earnings on PDSTime: 01:01 PM ETWebcast URL: https://edge.media-server.com/mmc/p/4pizhjpzPrice Action 52-week high: $2.6352-week low: $0.27Price action over last quarter: down 60.88%Company Profile Precision Drilling is a leader in North American oil and gas services. Precision is Canada's market leader in contract drilling, and expanded in to the United States with the purchase of Grey Wolf. In addition to more than 250 land rigs, the company also offers completions, workover, maintenance, and abandonment services with more than 235 service rigs. The trust also offers equipment rentals, rig-site camps, and catering.See more from Benzinga * Morning Market Stats in 5 Minutes * Price Over Earnings Overview: NIO * Stocks That Hit 52-Week Lows On Wednesday(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Today is shaping up negative for Precision Drilling Corporation (TSE:PD) shareholders, with the analysts delivering a...

Precision Drilling (PDS) delivered earnings and revenue surprises of 50.00% and 7.90%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?

Magellan Midstream (MMP) generates stable fee-based revenues on a strong portfolio of midstream assets.

Ladies and gentlemen, thank you for standing by, and welcome to the Precision Drilling Corporation 2020 First Quarter Results Conference Call and Webcast. Participating today on the call with me are Kevin Neveu, President and Chief Executive Officer; and Carey Ford, Senior Vice President and Chief Financial Officer.

Nabors (NBR) saw a big move last session, as its shares jumped more than 9% on the day, amid huge volumes.

This news release contains "forward-looking information and statements" within the meaning of applicable securities laws. For important information with respect to such forward-looking information and statements and the further assumptions and risks to which they are subject, see the "Cautionary Statement Regarding Forward-Looking Information and Statements" later in this news release. CALGARY, Alberta, March 24, 2020 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (“Precision” or “the Company”) (TSX:PD; NYSE:PDS) provides a  series of announcements in response to the COVID-19 pandemic and current market conditions.

For important information with respect to such forward-looking information and statements and the further assumptions and risks to which they are subject, see the "Cautionary Statement Regarding Forward-Looking Information and Statements" later in this news release. CALGARY, Alberta, April 01, 2020 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (“Precision” or “the Company”) (TSX:PD; NYSE:PDS) announces today the filing and publication of its Management Information Circular (the “Circular”) issued in connection with the 2020 Annual and Special Meeting (the “Annual Meeting”) and its proposed share consolidation. A copy of the Circular can be downloaded from the Company’s SEDAR profile at www.sedar.com and the Company’s EDGAR profile at www.sec.gov/edgar.shtml.

How is Coronavirus Affecting the Oil & Gas Drilling Industry?

"The rating downgrade reflects our expectation that the dramatic reduction in capital spending from oil and gas producers will lead to a decline in Precision's EBITDA and an increase in leverage" commented Moody's Analyst Jonathan Reid. Precision benefits from: 1) good liquidity that is supported by positive free cash flow in 2020 which we expect will be allocated to debt reduction; 2) broad North American diversification and presence in Middle East markets; and 3) its high quality rig fleet. Precision's cash at December 31, 2019 was roughly C$75 million and the US$500 million secured revolving credit facility due November 2023 was undrawn.

This news release contains "forward-looking information and statements" within the meaning of applicable securities laws. For important information with respect to such forward-looking information and statements and the further assumptions and risks to which they are subject, see the "Cautionary Statement Regarding Forward-Looking Information and Statements" later in this news release. CALGARY, Alberta, March 25, 2020 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (“Precision” or “the Company”) (TSX:PD; NYSE:PDS) announces that on March 24 it received formal notice of non-compliance with the New York Stock Exchange (the “NYSE”) share price continued listing standards, which require a listed common stock to maintain a minimum average closing price of US$1.00 per share for 30 consecutive trading days.

Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Precision Drilling Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's assessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers, which was followed by a rating committee.

CALGARY, Alberta, May 26, 2020 -- Precision Drilling Corporation (“Precision” or “the Company”) (TSX:PD; NYSE:PDS) has been named the 2020 Energy Excellence Awards “Innovation.

CALGARY, Alberta, May 14, 2020 -- Precision Drilling Corporation (“Precision”) announces that all resolutions considered by shareholders at its 2020 Annual and Special Meeting.

CALGARY, Alberta, April 30, 2020 -- This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full.

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