Precision Drilling Posts Quarterly Loss as Rig Demand Drops


Feb 12 (Reuters) – Precision Drilling Corp reported a loss for the fourth quarter as demand for its rigs declined, a knock-on effect of low oil prices.

Canada's largest drilling contractor posted a loss of C$114 million ($90.7 million), or 39 Canadian cents per share, for the quarter ended Dec. 31, compared with a profit of C$67.9 million, or 24 Canadian cents per share, a year earlier. ($1 = 1.2564 Canadian dollars)

(Reporting By Kanika Sikka and Darshana Sankararaman in Bengaluru; Editing by Robin Paxton)


Copyright 2016 Thomson Reuters. Click for Restrictions.


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Loren Reagan | Feb. 12, 2015
I have a hard time understanding how the contractors service companies, drilling superintendents, oil company drilling managers can do anything but look in the mirror and say that we are the problem, they are the problem and when you show them there are more economical ways to do things they look at you like you have a horn in your forehead. I have been all over the world in my 35 years plus working in the drilling industry, have proven that the economics of drilling are not determined by 100 people that think they have a responsibility but for a few that know there responsibility. Everyone can blame the oil company for sure it is the easiest thing to do, its not the oil company its the people, the same people that pay for gas at the pump, just like the rest of us. I have proven that paying attention to detail is the only way to save money, who cares what the oil company makes for profit, its a business, for those that blame the oil companies GO START ONE see what it takes to own one, GOOD LUCK more start ups fail than succeed, Pay attention to your performance, get some help that care and enjoy the 20 $ oil and see if you can survive, those that care about the costs and details will always succeed, those that are in it only for the quick dollar will fail, Good Luck, my emails right there if you want more of what I have to say, Comments welcomed for sure.

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