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 This material may not be published, broadcast, rewritten or redistributed.

• 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