Precision Drilling Q2 loss doubles, oil company’s revenue down 51%

CALGARY – 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.

READ MORE: Precision Drilling reports $14.5M Q1 loss

The Calgary-based company (TSX:PD) 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.

READ MORE: Timeline: Tracking the layoffs in Alberta’s oilpatch

Precision Drilling says customer demand was weak during the second quarter as North American oil and gas companies slashed spending in reaction to low commodity prices experienced earlier this year.

It says activity has improved modestly as commodity prices have risen.