Quarterly ResultJul 28, 2026, 08:21 PM
Precision Drilling Q2 Revenue +11% to $453M; Net Loss $1M
AI Summary
Precision Drilling reported Q2 2026 results with revenue increasing 11% to $453 million, driven by stronger activity in Canada and the U.S. However, Adjusted EBITDA decreased 10% to $97 million, and the company posted a net loss of $1 million, primarily due to higher U.S. rig reactivation costs, lower international margins, and increased depreciation expense. The company reduced debt by $50 million and repurchased $12 million in shares during the quarter. Precision also received a tax reassessment notice from the Canada Revenue Agency for 2018, which it intends to vigorously contest, with a potential maximum tax liability of $155 million.
Key Highlights
- Revenue increased 11% to $453 million in Q2 2026 from $407 million in Q2 2025.
- Adjusted EBITDA decreased 10% to $97 million in Q2 2026 from $108 million in Q2 2025.
- Net loss attributable to shareholders was $1 million in Q2 2026, compared to net earnings of $16 million in Q2 2025.
- Cash provided by operations was $146 million in Q2 2026.
- Reduced debt by $50 million in Q2 2026 and repurchased $12 million of common shares.
- Canada averaged 61 active rigs, up 22% year-over-year; U.S. averaged 35 active rigs, up from 33.
- Received a tax reassessment notice from CRA for 2018, with a potential maximum tax liability of $155 million.
Price Impact
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