By Canadian Press

OIL REVENUES PLUNGE

Precision Drilling Q2 loss surges as pandemic weakens demand for oil

Jul 23, 2020 | 7:27 AM

CALGARY- Precision Drilling Corp. says its second-quarter loss surged while revenues plummeted as the COVID-19 pandemic caused demand and prices for oil to dwindle.

The drilling company says it lost $48.9 million or 18 cents per share for the three months ended June 30, compared with a $13.8-million, five cents per share loss a year earlier.

Revenues for the three months ended June 30 decreased 47% to $189.8 million, from $359.4 million in the second quarter of 2019.

The results were in line with expectations, according to financial markets data firm Refinitiv.

Precision says its Canadian market share was 36% in the quarter with a third-quarter seasonal rebound expected to be “muted with limited visibility into long-term customer demand.”

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Precision says deeper cost-cutting than was previously announced should lead to an additional $14 million in annualized savings.

Total savings, capital expenditure reductions and the Canadian wage subsidy program will reduce 2020 cash outflows by up to $150 million, above its $100-million previous target.