Precision Drilling Corporation Announces 2026 First Quarter Unaudited Financial Statements

Precision Drilling Corporation reported its 2026 first quarter results, with revenue increasing by 6% to $526 million, driven by higher activity in Canada and the U.S. Adjusted EBITDA decreased by 9.9% to $124 million, primarily due to a significant increase in share-based compensation expense. Net earnings attributable to shareholders fell to $17 million from $35 million in the prior year, also impacted by higher share-based compensation and increased depreciation expenses. The company generated $63 million in cash from operations, used to repurchase shares and reduce debt. Capital expenditures increased to $65 million, with a revised 2026 capital budget of $265 million. Operational highlights include increased rig utilization in Canada and the U.S. despite a declining industry trend in Canada. The company continues to deploy digital technologies to enhance performance. Management noted a complex global operating environment but maintained a focus on safety, customer service, and shareholder returns. The outlook for the remainder of 2026 is optimistic, with expectations of increased activity in Canada and potential growth in the U.S. driven by favorable commodity prices and customer demand.