Achi news desk-
CALGARY –
Precision Drilling Corp reported a first-quarter profit of $36.5 million, down from $95.8 million a year ago, as its revenue also edged lower.
The company says earnings totaled $2.53 per diluted share for the quarter ended March 31, down from $5.57 per diluted share in the same quarter last year.
Revenue totaled $527.8 million, down from $558.6 million in the first quarter of 2023.
The drop came as it averaged 38 active drilling rigs in the US for the quarter compared to 60 for the first quarter of 2023.
Meanwhile, Precision averaged 73 active drilling rigs in Canada for the quarter, compared to 69 a year earlier. The company’s international operations averaged eight active drilling rigs for the quarter compared to five in the first quarter of 2023.
Service rig operating hours for the quarter rose nearly 28 percent compared to a year earlier.
This report was first published by The Canadian Press on April 25, 2024.
