Posted on 10/26/2023 at 11:43 am
Precision Drilling attributed the 4.1% year-over-year increase in revenue to firmer drilling and services revenue, partially offset by lower activity. (Photo: The Canadian Press)
Precision Drilling on Thursday reported third-quarter profit of $19.8 million, down 35% from $30.7 million in the same period last year, even as its revenue rose.
The oil services company’s earnings per share were $1.45 for the quarter ended Sept. 30, compared with $2.03 in the third quarter last year.
Quarterly revenue was $446.8 million, up from $429.3 million last year.
Precision Drilling attributed the 4.1% year-over-year increase in revenue to firmer drilling and services revenue, partially offset by lower activity.
The number of days used for precision drilling equipment in Canada decreased by 2.7% in the last quarter compared to last year, while in the United States there was a decrease of 27.8%. Precision drilling days in other countries increased by 0.4% over last year.
The company added that its service facility hours were down 10.4% year over year for the quarter.