09 Dec What Does Precision Drilling Have Planned For 2017?
At Kaymor we are very interested in what our clients and oil and gas companies in general have planned for 2017. Precision drilling is a North American drilling company and they are Canada’s largest driller. In an announcement made on Monday Precision Drilling stated for 2017 they would spend $90 million in Canada and the United States. This is a 60% increase from the $56 million that was spent last year. In the last month Precision Drilling stock has increased 31.86% and yesterday, December 8th they closed the day 2.72% higher at $5.67.
Kevin Neveu, the CEO of Precision Drilling said higher prices are leading to bigger spending plans in the oilpatch. We are also aware that demand will likely increase as OPEC will cut production by 1.2 million barrels per day starting in January. What we haven’t heard from Precision Drilling yet is how much the spending will be spread out between Canada and the United States. However, with Enbridge’s Line 3 and Kinder Morgans Trans Mountain Pipeline the outlook looks much more positive for 2017.
Having worked with Precision drilling in the Grande Prairie area, Kaymor looks forward to continue working with them in 2017 and more years to come.
Watch Below Video With CEO of Precision Drilling, Kevin Neveu: