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Precision Drilling reports $146M Q4 profit

Precision Drilling reports $146M Q4 profit
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Precision Drilling Corp. says it earned $146.7 million in its latest quarter, up from a profit of $3.5 million a year earlier, as its revenue edged lower.

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The company says the profit amounted to $9.81 per diluted share for the quarter ended Dec. 31, up from 27 cents per diluted share in the last three months of 2022.

Revenue for the company’s fourth quarter totalled $506.9 million, down from $510.5 million a year earlier.


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Precision Drilling says its adjusted earnings before interest, taxes, depreciation and amortization was $151.2 million in its latest quarter, up from $91.1 million a year earlier.

The company’s drilling rig utilization days in Canada for the quarter were down 2.5 per cent compared with a year ago, while its U.S. operations saw a 24.5 per cent drop. International drilling rig utilization days were up 25.5 per cent compared with last year.

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Precision Drilling says its service rig operating hours for the quarter were up 14.8 per cent from a year ago.


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