Precision Drilling Reports Q2 Profit Decline, Boosts $240M Rig Upgrades

Precision Drilling Corporation reported its second-quarter 2025 earnings with revenue of approximately $407 million, reflecting a 5.3% decline from the previous year due to reduced drilling activity in the U.S. and international markets. Despite this, the company maintained positive net earnings for the 12th consecutive quarter, with net income around $16 million and earnings per share near $1.07 to $1.21, depending on the source. Operationally, the company averaged 50 active rigs in Canada, 33 in the U.S., and 7 internationally, with Canadian drilling utilization showing strength despite a general industry downturn. Precision Drilling increased its 2025 capital budget by 20% to $240 million to upgrade 22 Super Series rigs, aiming to meet rising demand, especially in natural gas plays and to secure additional customer commitments. Financially, the company improved its balance sheet by repaying $74 million in debt and repurchasing $14 million in shares, generating $147 million in cash from operations during the quarter. Overall, Precision Drilling is focusing on strategic investments to enhance its rig fleet and operational efficiency to navigate industry challenges and support long-term growth.