Precision Drilling Corporation announced its 2026 second quarter results, with revenue increasing 11% to $453 million from $407 million a year earlier, driven by stronger North American activity. Adjusted EBITDA fell 10% to $97 million, and the company posted a net loss attributable to shareholders of $1 million, or $0.09 per share, compared with net earnings of $16 million, or $1.21 per share, in the same period last year, largely due to an $11 million increase in depreciation expense from a change in useful life estimates. Cash provided by operations was $146 million, enabling Precision to reduce debt by $50 million and repurchase $12 million of common shares during the quarter. In Canada, the company averaged 61 active rigs, up 22% year over year, while U.S. activity averaged 35 rigs versus 33, and international operations had seven active rigs with a mix shift that lowered revenue per utilization day. Precision also disclosed that it received a Notice of Reassessment from the Canada Revenue Agency for the 2018 tax year denying certain deductions, which it intends to contest, and estimated a maximum potential tax liability of approximately $155 million if its position is not upheld.
Precision Drilling CorporationNet loss due to higher depreciation and potential $155M tax liability