UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13A-16 OR 15D-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For October 13, 2004
Commission File Number: 001-14534
PRECISION DRILLING CORPORATION
(Exact name of registrant as specified in its charter)
4200, 150 - 6TH AVENUE S.W.
CALGARY, ALBERTA
CANADA T2P 3Y7
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F [_] Form 40-F [X]
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1). _______
Note: Regulation S-T Rule 101(b)(1) only permits the submission in
paper of a Form 6-K if submitted solely to provide an attached annual report to
security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): _______
Note: Regulation S-T Rule 101(b)(7) only permits the submission in
paper of a Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of
the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes [_] No [X]
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- N/A
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PRECISION DRILLING CORPORATION
Per: /s/ Jan M. Campbell
------------------------
Jan M. Campbell
Corporate Secretary
Date: October 13, 2004
CALGARY, ALBERTA, CANADA - OCTOBER 13, 2004
PRECISION DRILLING CORPORATION'S THIRD QUARTER 2004
EARNINGS EXPECTED TO BE CDN $0.65 TO CDN $0.70
Precision Drilling Corporation ("Precision" or the "Corporation") today
announces that it expects diluted earnings per share from continuing operations
for the third quarter of 2004 to be in the range of from $0.65 to $0.70 per
share. This is less than the current consensus estimate of approximately $0.74
per share.
The principal reason for the earnings shortfall is the often reported wet
weather conditions extending through September which have hampered Canadian
oilfield activity during the third quarter. The province of Alberta has received
approximately 23% more rainfall this year than last year. Also contributing to
reduced earnings is the close to 6% strengthening of the Canadian dollar versus
the US dollar during the third quarter. This serves to reduce the Canadian
dollar equivalent of the income earned by our foreign operations and also to
generate foreign exchange losses on certain US dollar denominated assets.
The above items were offset somewhat by a $2.5 million gain on sale of equity
investments.
Demand for the Corporation's services in the Canadian market is very strong and
this is reflected in improved pricing in the fourth quarter. The supply and
demand fundamentals of the oilfield services business, which hinge on commodity
prices, appear to be very sound with all indications pointing to a strong fourth
quarter and a busy 2005.
Certain statements contained in this press release, including statements which
are related to expected earnings, demand for the Corporation's services and
supply and demand fundamentals of the oilfield services business and which may
contain words such as "anticipate", "could", "should", "expect", "believe",
"will" and similar expressions and statements relating to matters that are not
historical facts are forward-looking statements. Such forward-looking statements
involve known and unknown risks and uncertainties which may cause the actual
results, performance or achievements of Precision to be materially different
from any future results, performances or achievements expressed or implied by
such forward-looking statements. Such factors include fluctuations in the market
for oil and gas and related products and services; competition; political and
economic conditions in countries in which Precision does business; the demand
for services provided by Precision; changes in laws and regulations, including
environmental, to which Precision is subject and other factors, which are
described in further detail in Precision's filings with the Securities and
Exchange Commission.
Precision Drilling Corporation (TSX: PD and PDU; NYSE: PDS) is a global oilfield
services company providing a broad range of drilling, production and evaluation
services with focus on fulfilling customer needs through fit-for-purpose
technologies for the maturing oilfields of the 21st century. With corporate
offices in Calgary, Alberta, Canada and corporate subsidiary offices in Houston,
Texas, and research facilities in the U.S. and Europe, Precision employs more
than 10,000 people conducting operations in more than 30 countries. Precision is
committed to providing efficient and safe services to create value for our
customers, our shareholders and our employees.
FOR FURTHER INFORMATION, PLEASE CONTACT DALE E. TREMBLAY, SENIOR VICE PRESIDENT
FINANCE AND CHIEF FINANCIAL OFFICER, 4200, 150 6TH AVENUE S.W., CALGARY, ALBERTA
T2P 3Y7, TELEPHONE: (403) 716-4500, FAX: (403) 264-0251; WEBSITE:
WWW.PRECISIONDRILLING.COM.