Calgary-based Precision Drilling Q3 revenue up more than 50% from year ago as drilling ramps up
Precision Drilling Corp. says it lost $38 million in its latest quarter as drilling ramped up and revenue rose more than 50 per cent compared with a year ago.
The Calgary-based company says the loss amounted to $2.86 per diluted share for the year ended Sept. 30, compared with a loss of $28.5 million or $2.08 per diluted share in the same quarter last year.
Revenue totalled $253.8 million in the company's third quarter, up from $164.8 million a year earlier.
Precision, which is the largest drilling rig contractor in the country, says on average it had 51 active drilling rigs in Canada in the quarter, up from 18 in the same quarter last year.
In the U.S., the company had on average 41 active drilling rigs in the quarter, up from 21 a year earlier, while its international drilling business averaged six rigs, the same as a year ago.
In its outlook, Precision says that at current commodity prices it expects higher demand for its services and improved fleet utilization as customers look to maintain and replenish production levels.
"We believe current industry fundamentals are providing the most promising backdrop for our business that we have experienced in almost a decade,'' Precision CEO Kevin Neveu said in a statement.
"Strong oil and natural gas prices, a significantly improved Canadian market structure and rapidly declining drilled but uncompleted well inventories all point to higher drilling activity in our core markets. Although we are likely in the early innings, our firm bookings and current customer inquiries indicate substantially stronger demand for our services and improved fleet utilization as this rebound continues."
This report by The Canadian Press was first published Oct. 21, 2021.
CTVNews.ca Top Stories
Bodies recovered in Mexico likely 2 Australians, 1 American who went missing: officials
Three bodies recovered in an area of Baja California are likely to be those of the two Australians and an American who went missing last weekend during a camping and surfing trip, the state prosecutor’s office said Saturday.
Work stoppage possible as WestJet issues lockout notice to maintenance engineers' union
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
'I just can't believe that it took so long': Body found in wreckage 3 months after deadly fire
A man accused of arson in a January Old Strathcona apartment fire is expected to be charged with manslaughter after a body was discovered in the burned building late last month.
Quebec police hand out hundreds of tickets to Hells Angels and other bikers before 'first run' meeting
Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
London Drugs begins 'gradual reopening' on 7th day after cyberattack
Almost a week after all London Drugs stores across Western Canada abruptly closed amid a cyberattack, they began a "gradual reopening" on Saturday.
Auston Matthews skates ahead of Game 7, status unclear with season on the line
Auston Matthews was back on the ice with his teammates Saturday.
Russia puts Ukrainian President Zelenskyy on its wanted list
Russia has put Ukrainian President Volodymyr Zelenskyy on its wanted list, Russian state media reported Saturday, citing the interior ministry’s database.
Snakes almost on a plane: U.S. TSA discovers a bag with small snakes in passenger's pants
According to an X post by the Transportation Security Administration, officers at the Miami International Airport found the small bag of snakes hidden in a passenger's trousers on April 26 at a checkpoint.