A Calgary-based contractor that drills onshore wells for oil, natural gas, and geothermal energy companies across North America. Founded in 1951 with a single rig, the company chose the name "Precision" to signal its commitment to technical accuracy. In the 1960s it pioneered the "Deep Freeze-Hole" technique to sink shafts through waterlogged potash formations in Saskatchewan.
Precision Drilling Q2 2026 revenue up 11% to $453M, net loss of $1M
Revenue increased 11% to $453 million in Q2 2026 from $407 million in Q2 2025, driven by stronger Canadian and U.S. activity.
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Adjusted EBITDA fell 10% to $97 million from $108 million, due to higher U.S. rig reactivation costs and lower international margins.
Net loss attributable to shareholders was $1 million ($0.09 per share) versus net earnings of $16 million ($1.21 per share) in Q2 2025, largely due to increased depreciation.
Cash from operations was $146 million; the company reduced long-term debt by $50 million and repurchased 99,416 shares for $12 million.
Canada averaged 61 active rigs (up 22% year-over-year) and U.S. averaged 35 (up from 33), while international secured an additional five-year drilling rig contract in Kuwait.
Precision Drilling Q2 2026 revenue up 11% to $453M, net loss $1M
Revenue increased 11% to $453 million in Q2 2026 from $407 million in Q2 2025, driven by stronger Canadian and U.S. activity.
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Adjusted EBITDA fell 10% to $97 million from $108 million, due to higher U.S. rig reactivation costs and lower international margins.
Net loss attributable to shareholders was $1 million ($0.09 per share) versus net earnings of $16 million ($1.21 per share) in Q2 2025, impacted by increased depreciation.
Cash from operations was $146 million; the company reduced long-term debt by $50 million and repurchased $12 million of shares.
Secured an additional five-year drilling rig contract in Kuwait, expected to increase international active rig count to eight by mid-2027.
Precision Drilling director Alice Wong steps down from board effective immediately
Wong had served as a director since 2024 and was a member of the Audit Committee, Human Resources and Compensation Committee, and Health, Safety, Environment Council.
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Alice Wong resigned from Precision Drilling Corporation's Board of Directors effective July 13, 2026.
Chairman Steven W. Krablin thanked Wong for her service and contributions.
Precision Drilling is headquartered in Calgary, Alberta, and trades on the TSX as 'PD' and NYSE as 'PDS'.
Precision Drilling shareholders elect all eight director nominees at 2026 annual meeting
The non-binding advisory 'Say on Pay' resolution on executive compensation passed with 95.33% of votes cast in favor.
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At the May 14, 2026 annual meeting, shareholders elected all eight director nominees, seven of whom are independent, with support ranging from 90.52% to 99.77%.
Shareholders approved the appointment of PricewaterhouseCoopers LLP as auditors with 99.17% of votes cast in favor.
All other items of business in the Management Information Circular dated April 1, 2026 were approved.
Full voting results will be filed on SEDAR+ and EDGAR Next.
Precision Drilling to hold virtual-only 2026 Annual Meeting of Shareholders on May 14
Shareholders can access the meeting online at https://meetnow.global/M9JFRVX, with registered shareholders and proxyholders able to listen, ask questions, and vote in real time.
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Precision Drilling Corporation will hold its virtual 2026 Annual Meeting of Shareholders on Thursday, May 14, 2026 at 10:00 a.m. MST.
Shareholders may vote by proxy in advance of the meeting, while guests can listen but cannot communicate or vote.
Additional details are available in the Management Information Circular dated April 1, 2026, on Precision's website.
Questions about participation or voting can be directed to Computershare at 1-800-564-6253.
Precision Drilling Q1 2026 revenue up 6% to $526M; net earnings down 50% to $17M
Revenue for Q1 2026 was $526 million, up 6% from $496 million in Q1 2025, driven by higher activity in the U.S. and Canada.
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Adjusted EBITDA decreased 10% to $124 million from $137 million, primarily due to higher share-based compensation expense of $19 million.
Net earnings attributable to shareholders fell to $17 million ($1.34 per share) from $35 million ($2.52 per share) in Q1 2025.
The company repurchased 36,874 shares for $4 million and reduced long-term debt by $25 million during the quarter.
Precision revised its 2026 capital budget upward to $265 million from $245 million, citing contracted Canadian Super Triple upgrades and higher expected activity.