CALGARY — Precision Drilling Corp. says it lost $27.3 million in the fourth quarter of 2021 compared with a loss of $37.5 million a year earlier as its revenue rose 46 per cent.
The company says the loss for the quarter ended Dec. 31 was $2.05 per diluted share compared with a loss of $2.74 per diluted share in the fourth quarter of 2020.
Revenue totalled $295.2 million, up from $201.7 million a year earlier.
The company says the increase in revenue for the quarter was a result of increased drilling and service rig activity, partially offset by lower average revenue rates in the U.S. and internationally.
Precisions says drilling rig utilization days rose 74 per cent in the U.S. and 87 per cent in Canada.
Service rig operating hours were up 21 per cent compared with a year earlier.
This report by The Canadian Press was first published Feb. 10, 2022.
Companies in this story: (TSX:PD)
The Canadian Press
- 0029 Latus Viro updated Latus phone
- 0031 Lloydminster_Heavy_Oil_Show_20220031 Lloydminster_Heavy_Oil_Show_2022
- 0027 TED_NA Helium 2021_30
- 0028 SIMSA_Energy_Forum_2022
- 0025 Kendalls
- 0026 Buffalo Potash Quinton Salt
- 0023 LC Trucking tractor picker hiring mix
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0019 Jerry Mainil Ltd hiring dugout
- 0018 IWS Hiring Royal Summer
- 0014 Buffalo Potash What if PO
- 0015 Latus Viro PO Ad 01
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0006 JK Junior
- 0004 Royal Helium PO Ad 02