Precision Drilling Q2 loss doubles as revenue falls by half
The Canadian Press | Posted: July 21, 2016 3:17 PM | Last Updated: July 21, 2016
Calgary-based company says North American customer demand was weak as oil and gas spending slashed
Precision Drilling Corp.'s second-quarter loss nearly doubled to $58 million as revenue dropped 51 per cent from a year earlier due to a pullback in spending by its North American customers.
The Calgary-based company says lower activity from its North American operations drove down revenue to $164 million, from $334.4 million in last year's second quarter.
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Its loss amounted to 20 cents per share, compared with 10 cents per share last year when the second-quarter loss was $30 million.
It says activity has improved modestly as commodity prices have risen.