Earnings ·
Precision Drilling Corporation reported second quarter 2026 revenue of $453 million, an 11% increase from the prior…
PDSPRECISION DRILLING Corp
Precision Drilling Corporation reported second quarter 2026 revenue of $453 million, an 11% increase from the prior year period. Adjusted EBITDA declined 10% to $97 million due to higher U.S. rig reactivation costs and lower international margins. The company recorded a net loss attributable to shareholders of $1 million, or $0.09 per share, compared to net earnings of $16 million in the same period last year, primarily driven by an $11 million increase in depreciation expense from revised useful life estimates for drill pipe. Cash provided by operations was $146 million, enabling a $50 million reduction in long-term debt and the repurchase of 99,416 common shares for $12 million. The firm also received a Notice of Reassessment from the Canada Revenue Agency regarding its 2018 tax year, which it intends to contest vigorously with an estimated maximum liability of $155 million if unsuccessful. Precision Drilling Corporation operates in the oil and gas services industry, providing land drilling and well servicing solutions.