What drove PDS's earnings growth in 2023?

Precision Drilling's (PDS) earnings growth in 2023 was primarily driven by several strategic initiatives and favorable market conditions:

1. **Increase in Drilling Day Rates**: PDS experienced higher drilling day rates, which significantly boosted revenue. Drilling day rates increased by 25% in Canada and 39% in the U.S. compared to the previous year.
2. **Higher Drilling and Service Activity**: There was a rise in drilling and service activity, particularly in North America, which contributed to the growth in revenue. Drilling rig utilization days increased by 17% in the U.S. and 9% in Canada compared to the previous year.
3. **Technological Advancements**: The company's investment in AlphaTM digital technologies and EverGreenTM environmental solutions led to a 30% year-over-year increase in revenue from these offerings.
4. **Cost Control**: PDS maintained strict cost control, which allowed them to improve their net margins and increase profitability.
5. **Debt Reduction and Capital Spending**: The company's focus on debt reduction and prudent capital spending contributed to improved financial health and enhanced profitability.

In summary, Precision Drilling's earnings growth in 2023 was driven by a combination of higher drilling day rates, increased drilling and service activity, technological advancements, cost control, and strategic financial management. These factors collectively contributed to the company's strong financial performance.