Precision Drilling reports $37.5M loss in Q4, revenue down 46 per cent
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $1.44 a week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $5.77 plus GST every four weeks. After 52 weeks, price increases to the regular rate of $19.95 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 10/02/2021 (2075 days ago), so information in it may no longer be current.
CALGARY – Precision Drilling Corp. reported a fourth-quarter loss of $37.5 million as its revenue fell 46 per cent compared with a year earlier.
The contract drilling company says the loss amounted to $2.74 per share for the quarter ended Dec. 31 compared with a loss of nearly $1.1 million or eight cents per share a year earlier.
Revenue totalled $201.7 million, down from $372.3 million in the last three months of 2019.
The company said the drop in revenue was the result of lower activity across all of its operating segments with reduced customer drilling programs due to the economic slowdown.
Precision Drilling said the industry outlook and customer sentiment has improved in recent months, largely due to vaccine announcements, reopening of economies and steadily increasing commodity prices.
It said that although longer-term visibility remains limited, improved fundamentals from recovering global oil demand should further stabilize commodity prices and result in customers continuing to increase activity levels throughout the year.
This report by The Canadian Press was first published Feb. 10, 2021.
Companies in this story: (TSX:PD)