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

Precision Drilling Rig 120, about a decade ago. Photo by Brian Zinchuk

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)

The Canadian Press

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

• 0135 SASPO-2988_Self serve_2026_YouTube
  0135 SASPO-2988_Self serve_2026_YouTube
• 0121 Ministry of Energy and Resources April 2026
  0121 Ministry of Energy and Resources April 2026
• 0134 SASPO-2956_ Safety 2026
  0134 SASPO-2956_ Safety 2026
• 0133 LC Trucking hiring Class 1A Payden
  0133 LC Trucking hiring Class 1A Payden
• 0132 UMWA 2026
  0132 UMWA 2026
• 0129 Turnbull drivers operators
  0129 Turnbull drivers operators
• 0128 OSY Rentals updated
  0128 OSY Rentals updated
• 0126 Steel_Reef_Promo_
  0126 Steel_Reef_Promo_
• 0118 IBEW 30 sec
  0118 IBEW 30 sec
• 0114 Prospera Bold Vision
  0114 Prospera Bold Vision
• 0113 Miller Epic Cinematic Hollywood trailer
  0113 Miller Epic Cinematic Hollywood trailer
• 0102 Lori Carr Coal Extended
  0102 Lori Carr Coal Extended
• 0099 Mryglod Steel 1080p
  0099 Mryglod Steel 1080p
• 0095 Fast Trucking nearly 70 years good at it
  0095 Fast Trucking nearly 70 years good at it
• 0046 City of Estevan This is Estevan Teaser
  0046 City of Estevan This is Estevan Teaser
• 0077 Caprice Resources Stand Up For Free Speech
  0077 Caprice Resources Stand Up For Free Speech
• 0061 SIMSA 2024 For Sask Buy Sask
  0061 SIMSA 2024 For Sask Buy Sask
• 0051 JML Hiring Pumpjack assembly
  0051 JML Hiring Pumpjack assembly
• 0049 Scotsburn Dental soft guitar
  0049 Scotsburn Dental soft guitar
• 0032 IWS Summer hiring rock trailer music
• 0022 Grimes winter hiring
• 0018 IWS Hiring Royal Summer
• 0013 Panther Drilling PO ad 03 top drive rigs
• 0002 gilliss casing services
  0002 gilliss casing services
• 9002 Pipeline Online 30 sec EBEX
  9002 Pipeline Online 30 sec EBEX
• 9001