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
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Broadcaster and commentator Rex Murphy dead at 77: National Post
The National Post is reporting that Rex Murphy, the pundit and columnist who hosted a national call-in radio show for decades, has died.
Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Millions of cyberattacks per hour as B.C. government investigates multiple breaches
Careful attention to government statements and legislation is required to get a handle on the level of risk British Columbians’ information is under, as investigators probe multiple breaches under a continued barrage of attacks.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
New 'Lord of the Rings' film coming in 2026
The Oscar-winning team behind the nearly US$6 billion blockbuster 'Lord of the Rings' and 'The Hobbit' trilogies is reuniting to produce two new films.