Skip to main content

Precision Drilling Corp(PD-T)

Today's Change
Real-Time Last Update

Precision Drilling reports $25M net loss in Q2, revenue up 62%

Canadian Press - Wed Jul 27, 2022
Trainees roll pipe off a catwalk during a training session to lay down drill pipe on a rig floor at Precision Drilling in Nisku, Alta., on Friday, January 20, 2016. THE CANADIAN PRESS/Jason Franson

CALGARY — Precision Drilling Corp. says it had a net loss of $24.6 million for the second quarter, down from a net loss of $75.9 million in the same quarter last year.

The net loss for the quarter ending June 30 worked out to $1.81 per share, compared with $5.71 per share for the same quarter last year.

Revenue of $326 million was up 62 per cent compared with the $201 million of revenue in the quarter last year.

The company says revenue has climbed as it averaged 37 active rigs in the quarter, up 35 per cent over the same period last year and the highest level since 2014.

Precision says rates also continue to climb with daily drilling rates up by 25 per cent in the U.S. and 30 per cent in Canada, while leading edge rates are now over $1,000 per hour in Canada, and over US$30,000 a day in the U.S.

The company says it is focused on reinvesting free cash flow into its business, including the recent addition of 51 marketed well service rigs through its acquisition of High Arctic Energy Services Inc. for $38.2 million.

This report by The Canadian Press was first published July 27, 2022.

Companies in this story: (TSX:PD)

Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.