Precision Drilling reports $19.8M Q3 profit, down from $30.7M a year ago

CALGARY — Precision Drilling Corp. reported a third-quarter profit of $19.8 million, down from $30.7 million a year earlier, as its revenue edged higher.

The company says the profit amounted to $1.45 per diluted share for the quarter ended Sept. 30, down from $2.03 per diluted share in the same quarter last year.

Revenue for the quarter totalled $446.8 million, up from $429.3 million a year earlier.

Precision Drilling says the 4.1 per cent increase in revenue compared with a year ago was due to further strengthening of drilling and service revenue rates, partially offset by lower activity.

Drilling rig utilization days in Canada were down 2.7 per compared with a year ago, while its U.S. operations saw a 27.8 per cent drop. International drilling rig utilization days were up 0.4 per cent compared with last year.

The company says its service rig operating hours for the quarter were down 10.4 per cent from a year ago.

This report by The Canadian Press was first published Oct. 26, 2023.

Companies in this story: (TSX:PD)

The Canadian Press

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

• 0060 Arizona Lithium Lease building
  0060 Arizona Lithium Lease building
• 0059 Southeast College Heavy Equipment Operator
  0059 Southeast College Heavy Equipment Operator
• 0058 Royal Helium Steveville opens anonymous rocket
  0058 Royal Helium Steveville opens anonymous rocket
• 9002 Pipeline Online 30 sec EBEX
  9002 Pipeline Online 30 sec EBEX
• 0055 Smart Power Be Smart with your Power office
  0055 Smart Power Be Smart with your Power office
• 0015 Latus Viro
  0015 Latus Viro
• 0052 Predator Inspections
  0052 Predator Inspections
• 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
• 0043 ALX ten sizes
  0043 ALX ten sizes
• 0039 Summit ESP Saskatchewan lower third
  0039 Summit ESP Saskatchewan lower third
• 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
• 9001
• 0002