-=Precision Drilling (PDS) reported earnings on Fri 27 Oct 2017 (b/o)

Precision Drilling Corporation is the largest drilling rig contractor in Canada, also providing oil field rental and supplies. Operations expanded from 3 drilling rigs in 1984 to over 240+ drilling rigs and worldwide operations.

• Headquarters: Calgary, Canada
• Founded: 1969
• precisiondrilling.com

Precision Drilling beats by CAD0.03, misses on revs 

• Reports Q3 (Sep) loss of CAD0.09 per share, CAD0.03 better than the Capital IQ Consensus of (CAD0.12); revenues rose 47.2% year/year to CAD314.5 mln vs the CAD320.36 mln Capital IQ Consensus.
  • The increase in revenue was primarily the result of higher activity in all of our North American based businesses and higher average day rates from our international contract drilling business, partially offset by lower contract short-fall payments, a decrease in average day rate in all of our North American contract drilling businesses and no utilization in our Mexico based contract drilling business.
  • Compared with the third quarter of 2016 our activity, as measured by drilling rig utilization days, increased 57% in Canada, 108% in the U.S. and 14% internationally.
• OUTLOOK
  • For the third quarter of 2017, the average West Texas Intermediate price of oil was 7% higher than the prior year comparative period while the average Henry Hub natural gas price was 3% higher.
  • The average AECO price was 29% lower than the prior year comparative period as a result of infrastructure constraints due to planned maintenance and high storage levels.