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 This material may not be published, broadcast, rewritten or redistributed.

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