News

Oilfield services company Precision Drilling reports $29.8M Q2 loss

CALGARY – Precision Drilling Corp. (TSX:PD) reported a better-than-expected result for its latest quarter on Thursday as it lost $29.8 million.

The loss by the oilfield services company amounted to 10 cents per diluted share in its second quarter compared with a loss of $7.2 million or two cents per diluted share in the same quarter last year.

Analysts had expected the company to report a loss of 18 cents per share, according to Thomson Reuters.

Revenue was also better than expected even though it slipped to $334.5 million, down from $475.2 million a year ago.

Analysts had expected revenue of $319.7 million.

Precision Drilling chief executive Kevin Neveu said the first half of the year has seen a substantial reduction in demand for the company’s services due to low commodity prices and smaller drilling budgets.