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Precision Drilling earns $20.7 million in second quarter

CALGARY 鈥� Precision Drilling Corp. says its earnings for the second quarter declined 23 per cent year-over-year to $20.7 million, down from $26.9 million. Revenue for the quarter was $429.2 million, up from $425.
91原创 Press
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Trainees roll pipe off the catwalk during a training session to lay down drill pipe on a rig floor at Precision Drilling in Nisku, Alta., in a Jan. 20, 2017 file photo. THE CANADIAN PRESS/Jason Franson

CALGARY 鈥� Precision Drilling Corp. says its earnings for the second quarter declined 23 per cent year-over-year to $20.7 million, down from $26.9 million.

Revenue for the quarter was $429.2 million, up from $425.6 million during the same quarter last year.

The company says its revenue results reflect higher activity and pricing in both Canada and internationally, which helped to more than offset lower results in the U.S.

Earnings per diluted share were $1.44, down from $1.63 last year.

President and CEO Kevin Neveu says the company expects its 91原创 and international revenue to continue growing through 2025.

Neveu says the Trans Mountain pipeline expansion is driving higher and more stable returns for producers, and the imminent start-up of LNG Canada is expected to "improve and stabilize natural gas pricing."

This report by The 91原创 Press was first published July 30, 2024.

Companies in this story: (TSX:PD)

The 91原创 Press