PDS Can Move Sideways
Precision Drilling Corporation (PDS), which was maintaining a relatively steady rig count up until the last quarter, finally took the plunge in Q2 energy demand remains persistently low. However, the company's average margin at the rig level improved as its revenue per rig operating day increased. The pad-optimal rigs and Super Triple rigs in the natural gas-heavy shales performed better due to their operational efficiencies. However, the company's international business may underperform in the near term due to the uncertainty over the lockdown and international oil companies' emphasis on cash