Precision Drilling reports $95.8M Q1 profit, revenue up nearly 60% from year ago

Precision Drilling Rig 275 in the Weyburn Unit. Photo by Brian Zinchuk

CALGARY — Precision Drilling Corp. reported a first-quarter profit compared with a loss a year ago as its revenue rose nearly 60 per cent, helped by stronger drilling activity and price increases in the U.S. and Canada.

The oilfield services company says it earned $95.8 million or $5.57 per diluted share for the quarter ended March 31, up from a loss of $43.8 million or $3.25 per diluted share a year earlier.

Revenue totalled $558.6 million, up from $351.3 million in the first three months of 2022.

Precision said the increase in revenue came as drilling rig utilization days in the U.S. rose 17 per cent compared with a year ago, while in Canada they gained nine per cent.

International drilling rig utilization days were down nearly 20 per cent compared with the same quarter last year.

Precision also said it has reduced its 2023 capital spending budget to $195 million compared with its initial plan for $235 million due to fewer drilling rig upgrades and lower maintenance costs.

This report by The Canadian Press was first published April 26, 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 This material may not be published, broadcast, rewritten or redistributed.

• 0079 Ministry of Energy Business_incentive PO
  0079 Ministry of Energy Business_incentive PO
• 0078 LHOS 2024
  0078 LHOS 2024
• 0077 Caprice Resources Stand Up For Free Speech
  0077 Caprice Resources Stand Up For Free Speech
• 0053 Kingston Midstream Westspur Alameda
  0053 Kingston Midstream Westspur Alameda
• 0076 Latus only
  0076 Latus only
• 0073 SaskWorks-Pipeline Online
  0073 SaskWorks-Pipeline Online
• 0063 Turnbull Excavating hiring crusher
  0063 Turnbull Excavating hiring crusher
• 0061 SIMSA 2024 For Sask Buy Sask
  0061 SIMSA 2024 For Sask Buy Sask
• 0058 Royal Helium Steveville opens anonymous rocket
  0058 Royal Helium Steveville opens anonymous rocket
• 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
• 0046 City of Estevan This is Estevan
  0046 City of Estevan This is Estevan
• 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