PDS - Precision Drilling says western Canada wildfires having 'modest impact'

2023-06-01 08:53:37 ET

Precision Drilling ( NYSE: PDS ) +2% pre-market Thursday after saying the wildfires in Alberta and British Columbia have caused only a " modest impact " on its operations, and it expects activity in Q2 will average 42 drilling rigs in Canada, a 14% Y/Y increase.

Precision Drilling ( PDS ) said it has 46 rigs currently active in Canada and expects to have more than 60 rigs active by the end of the month as it begins to emerge from the lows of spring.

In the U.S., Precision Drilling ( PDS ) said it has 50 rigs currently active and activity may further soften in the coming weeks; for Q2, the company expects U.S. activity will average ~50 rigs.

The company said it continues to sign new customer contracts, with multiple rigs starting in this year's H2 and anticipating a return to activity growth with supportive commodity prices.

More on Precision Drilling:

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