Canadian Manufacturing

Precision Drilling reports $3.5M Q3 loss, revenue down from year ago

The company said the dip in revenue was due to lower activity in the U.S. and Canada

October 24, 2019  The Canadian Press

CALGARY—Precision Drilling Corp. says it lost $3.5 million in its latest quarter compared with a loss of $30.6 million in the same quarter last year as it cut expenses.

The oilfield services company says the loss amounted to a penny per share for the quarter ended Sept. 30 compared with a loss of 10 cents per share a year earlier.

Revenue totalled nearly $375.6 million, down from nearly $382.5 million in the same quarter last year.

The company said the dip in revenue was due to lower activity in the U.S. and Canada, partially offset by higher average day rates in its U.S. and international operations and higher international activity.

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Compared with the third quarter of 2018, the company said drilling activity fell 6% in the U.S. and dropped 20% in Canada, but grew 12% internationally.

Revenue in the third quarter from its contract drilling services segment was consistent with the 2018 quarter, while completion and production services revenue fell 15%.