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Precision Drilling Announces 2026 Second Quarter Unaudited Financial Statements
Precision Drilling (TSX:PD; NYSE:PDS) reported 2026 Q2 revenue of $453 million, up 11% from $407 million in 2025, driven by stronger Canadian and U.S. drilling and well service activity that offset weaker international results and lower Canadian upfront capital payments.Adjusted EBITDA declined 10% to $97 million, mainly from higher U.S. rig reactivation costs and lower international margins tied to geopolitical tensions and a changed rig mix. The quarter showed a net loss attributable to shareholders of $1 million, versus $16 million net earnings a year earlier, largely due to an $11 million increase in depreciation from revised useful life estimates.Cash from operations was $146 million, supporting $50 million of debt reduction and $12 million of share repurchases. Capital spending rose to $76 million. Canadian and U.S. rig activity outpaced their respective industries, while a new five-year Kuwait contract is expected to raise international rigs to eight by mid-2027.