Precision Drilling earns $20.7 million in second quarter

Jul 30, 2024

Share
Share
Tweet

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

  • 0083 Michener Allen Industrial October 24
    0083 Michener Allen Industrial October 24
  • 0053 Kingston Midstream Westspur Alameda Click
    0053 Kingston Midstream Westspur Alameda Click
  • 0082 CsHM 2024 Pipeline
    0082 CsHM 2024 Pipeline
  • 0077 Caprice Resources Stand Up For Free Speech
    0077 Caprice Resources Stand Up For Free Speech
  • 0076 Latus only
    0076 Latus only
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0046 City of Estevan This is Estevan
    0046 City of Estevan This is Estevan
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 0002 gilliss casing services
    0002 gilliss casing services
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 9001