Quarterly ResultApr 29, 2026, 09:01 PM
PDS Q1 Revenue +6% to $526M; Net Earnings -50%; Debt Reduced $25M
AI Summary
Precision Drilling Corp reported Q1 2026 revenue of $526 million, a 6% increase year-over-year, driven by higher activity in U.S. and Canadian drilling. However, net earnings attributable to shareholders decreased by 49.7% to $17 million, primarily due to higher share-based compensation and increased depreciation. The company reduced debt by $25 million and repurchased $4 million of common shares. Precision also revised its 2026 capital budget upwards to $265 million, reflecting planned rig upgrades and anticipated activity growth in North America.
Key Highlights
- Q1 2026 Revenue increased 6% to $526 million year-over-year.
- Net earnings attributable to shareholders decreased 49.7% to $17 million.
- Adjusted EBITDA was $124 million, a 9.9% decrease from Q1 2025.
- Reduced debt by $25 million and repurchased $4 million of common shares.
- Revised 2026 capital budget to $265 million from $245 million.
- Canada averaged 79 active rigs (+6.8%) and U.S. averaged 37 active rigs (+23.3%).
- U.S. revenue per utilization day increased 1.7% to US$33,715.