Quarterly ResultApr 30, 2026, 06:17 AM
PDS Q1 Revenue +6% to $526M; Net Earnings -50% to $17M
AI Summary
Precision Drilling Corporation reported Q1 2026 results with revenue increasing 6% to $526 million, driven by higher activity in the U.S. and Canada. However, net earnings attributable to shareholders decreased by 50% to $17 million, primarily due to higher share-based compensation and increased depreciation. The company repurchased $4 million in shares and reduced debt by $25 million, while revising its 2026 capital budget upwards to $265 million due to rig upgrades and expected activity.
Key Highlights
- Revenue increased 6% to $526 million.
- Net earnings attributable to shareholders decreased 50% to $17 million.
- Adjusted EBITDA decreased 9.9% to $124 million.
- Cash provided by operations was $63 million.
- Repurchased $4 million of common shares and reduced debt by $25 million.
- Revised 2026 capital budget to $265 million from $245 million.
- Canada averaged 79 active rigs (+6.5% YoY); U.S. averaged 37 active rigs (+23.8% YoY).
- International revenue per utilization day increased 4.4% to US$51,596.
Price Impact
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