Precision Drilling Corp. PD-T says it earned $146.7-million in its latest quarter, up from a profit of $3.5-million a year earlier, as its revenue edged lower.
The company says the profit amounted to $9.81 a diluted share for the quarter ended Dec. 31, up from 27 cents a diluted share in the last three months of 2022.
Revenue for the company’s fourth quarter totalled $506.9-million, down from $510.5-million a year earlier.
Precision Drilling says its adjusted earnings before interest, taxes, depreciation and amortization was $151.2-million in its latest quarter, up from $91.1-million a year earlier.
The company’s drilling rig utilization days in Canada for the quarter were down 2.5 per cent compared with a year ago, while its U.S. operations saw a 24.5-per-cent drop. International drilling rig utilization days were up 25.5 per cent compared with last year.
Precision Drilling says its service rig operating hours for the quarter were up 14.8 per cent from a year ago.