Precision Drilling Corporation - Form 6-K Filing

Precision Drilling Corporation filed a Form 6-K report detailing its first quarter 2026 financial and operational results. The company reported revenue of $526 million, a 6% increase from the prior year, driven by higher activity in the U.S. and Canada. Adjusted EBITDA decreased by 9.9% to $124 million, impacted by higher share-based compensation expenses. Net earnings attributable to shareholders were $17 million, down from $35 million in Q1 2025, primarily due to increased share-based compensation and depreciation expenses. Cash provided by operations was $63 million. Capital expenditures were $65 million, with a revised 2026 capital budget of $265 million. Operational highlights include increased rig utilization in Canada and the U.S. despite varied industry activity. The company repurchased $4 million of common shares and reduced debt by $25 million.