PACD - Pacific Drilling: Strong Recent Performance But The Decline Could Be Coming
On Thursday, May 7, 2020, ultra-deepwater drilling specialist Pacific Drilling S.A. (PACD) announced its first quarter 2020 earnings results. At first glance, these results were fairly impressive as the company beat the expectations of its analysts in terms of both top-line revenues and bottom-line earnings even though it still reported a net loss. With that said, the company posted a very large year-over-year revenue increase. Unfortunately, though, the recent steep decline in energy prices may prove to have a sharply negative impact on the offshore drilling industry and it appears that the recent