Precision Drilling sees third-quarter profits rise on stronger Canadian rig demand

CALGARY – Precision Drilling Corp. says it earned $39 million in the third quarter of 2024, nearly double what it earned in the same time period last year.
Canada’s largest oil-and-gas drilling rig company says the profit works out to $2.77 per share, compared to the $20 million profit, or $1.45 per share, it earned in the third quarter of 2023.
Precision Drilling says its revenue was $477 million, up from $447 million in the prior year’s quarter, as drilling activity increased in Canada and internationally and more than offset lower activity in the U.S.
The company says in Canada, its customers’ drilling activity increased 25 per cent year-over-year, averaging 72 active drilling rigs in the third quarter of 2024.
In the U.S., the company saw activity decline to 35 drilling rigs on average during the quarter, compared with 41 in the same period last year.
Precision Drilling says it expects stronger demand for drilling rigs in Canada through 2025, thanks to the additional oil-and-gas export capacity created by the Trans Mountain pipeline expansion and the upcoming start-up of liquefied natural gas export facility LNG Canada.
This report by The Canadian Press was first published Oct. 29, 2024.
Companies in this story: (TSX:PD)