Earnings ·
Precision Drilling reports Q3 revenue of $532M and net earnings of $21M
PDSPRECISION DRILLING Corp
Precision Drilling reported third-quarter revenue of $532 million, a 15% increase from the prior year period, driven by higher drilling activity in Canada and the U.S. Adjusted EBITDA rose 6% to $125 million, while net earnings attributable to shareholders turned positive at $21 million compared to a loss of $7 million in the same quarter last year. The company repurchased $31 million of common shares during the quarter and revised its full-year capital budget upward to between $275 million and $285 million. Precision Drilling provides contract drilling, well servicing, and completion services primarily to oil and natural gas exploration companies.