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 This material may not be published, broadcast, rewritten or redistributed.

• 0015 Latus Viro
  0015 Latus Viro
• 0054 SIMSA Energy Forum
  0054 SIMSA Energy Forum
• 0053 Kingston Midstream Westspur Alameda
  0053 Kingston Midstream Westspur Alameda
• 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
• 0004 Royal Helium PO Ad 02
• 9001
• 0002