Precision Drilling's North American activity slows on weak natural gas prices [Financial Post (Toronto, Ontario, Canada)]
Precision Drilling Corporation (PDS)
Last precision drilling corporation earnings: 4/30 06:00 am
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Source: Financial Post
Canada's largest drilling rig contracting company remains confident the industry will ramp up later this year. On Tuesday, Calgary-based Precision Drilling Corp. reported earnings of $146.7 million for the last three months of 2023, up from a profit of $3.5 million a year earlier, even as its revenue edged lower. Article content Article content CEO Kevin Neveu told analysts on a conference call that while Precision's revenue rates and well service activities increased in the quarter, drilling rig utilization days — a metric that reflects overall oil and gas drilling activity levels — fell. In Canada, drilling rig utilization days declined 2.5 per cent year-over-year, while it declined 24.5 per cent in the U.S. in the fourth quarter. A major reason for the slowdown in activity is North American natural gas prices, which have tumbled due to a combination of factors including over-supply and warm winter weather. Last year, U.S. natural gas prices averaged $2.57 per mmBTU, abo
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- Precision Drilling Announces 2024 First Quarter Unaudited Financial Results [Yahoo! Finance]Yahoo! Finance
- Precision Drilling Announces 2024 First Quarter Unaudited Financial Results [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Precision Drilling Announces 2024 First Quarter Unaudited Financial ResultsGlobeNewswire
PDS
Earnings
- 4/25/24 - Beat
PDS
Sec Filings
- 4/25/24 - Form 6-K
- 4/25/24 - Form 6-K
- 4/3/24 - Form 6-K
- PDS's page on the SEC website