Precision Drilling reports $26.9 million profit in Q2 as company reduces debt

This is Precision Drilling, at Soda Lake several years ago. Photo by Brian Zinchuk

CALGARY — Precision Drilling Corp. reported a second-quarter profit of $26.9 million, reversing a $24.6 million loss from a year earlier as the company says it has reduced its total debt by $100 million since the beginning of the year.

The Calgary-based contract drilling company says profits amounted to $1.63 in diluted earnings per share for the quarter ended June 30 compared with a loss of nearly $1.81 per share a year earlier.

Revenue totalled $425.6 million, up from $326 million for the same period in 2022.

The company says its Canadian business continues to improve due to increasing year-round pad drilling in the Montney and Clearwater formations and imminent additions to itd hydrocarbon pipeline takeaway capacity.

It says its Canadian fleet is in high demand with 58 rigs running and it expects customer demand for its fleets will continue to exceed supply well into 2024.

In the U.S., Precision says it has 43 active rigs and two rigs on paid standby, where firm oil prices have led to an improved customer outlook.

This report by The Canadian Press was first published July 27, 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 This material may not be published, broadcast, rewritten or redistributed.

• 0091 WBPC_2025_30_SEC_PROMO_RANJITH
  0091 WBPC_2025_30_SEC_PROMO_RANJITH
• 0090 WBPC_2025_30_SECOND_PROMO_DAN
  0090 WBPC_2025_30_SECOND_PROMO_DAN
• 0089 WBPC_2025_30_SEC_PROMO_ERIK
  0089 WBPC_2025_30_SEC_PROMO_ERIK
• 0046 City of Estevan This is Estevan Teaser
  0046 City of Estevan This is Estevan Teaser
• 0088 WBPC_2025_30SEC_PROMO
  0088 WBPC_2025_30SEC_PROMO
• 0087 Lori Carr Coal Expansion
  0087 Lori Carr Coal Expansion
• 0086 Sask Gov Oil and Gas Incentive Programs
  0086 Sask Gov Oil and Gas Incentive Programs
• 0085 Turnbull snow removal call office
  0085 Turnbull snow removal call office
• 0084 EMP Metals Pipeline Online
  0084 EMP Metals Pipeline Online
• 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
• 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