Precision Drilling earns $20.7 million in second quarter

Jul 30, 2024

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Precision Drilling Rig 275 in the Weyburn Unit a few years ago. Photo by Brian Zinchuk

CALGARY — Precision Drilling Corp. says its earnings for the second quarter declined 23 per cent year-over-year to $20.7 million, down from $26.9 million.

Revenue for the quarter was $429.2 million, up from $425.6 million during the same quarter last year.

The company says its revenue results reflect higher activity and pricing in both Canada and internationally, which helped to more than offset lower results in the U.S.

Earnings per diluted share were $1.44, down from $1.63 last year.

President and CEO Kevin Neveu says the company expects its Canadian and international revenue to continue growing through 2025.

Neveu says the Trans Mountain pipeline expansion is driving higher and more stable returns for producers, and the imminent start-up of LNG Canada is expected to “improve and stabilize natural gas pricing.”

This report by The Canadian Press was first published July 30, 2024.

Companies in this story: (TSX:PD)

The Canadian Press

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