Precision Drilling Reports Wider Net Loss In Q3

Precision Drilling Corporation (PDS,PD.TO) on Thursday reported net loss of C$38.03 million or C$2.86 per share in the third quarter, wider than net loss of C$28.48 million or C$2.08 per share in the year-ago quarter particularly due to higher operating expenses.

Revenue for the quarter, however, increased 54% year-over-year to C$253.81 million from C$164.82 million, helped by higher drilling and service rig activity.

Looking forward, the company said, "The continued rise in global energy demand, sustained periods of strong commodity prices and the multi-year period of upstream underinvestment provide a promising backdrop for the oilfield services industry. At current commodity prices, we anticipate higher demand for our services and improved fleet utilization as customers look to maintain and replenish production levels as drilled but uncompleted well inventories have depleted."

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