Precision Drilling Corp. reported a first-quarter profit compared with a loss a year ago as its revenue rose nearly 60 per cent, helped by stronger drilling activity and price increases in the U.S. and Canada. 

The oilfield services company says it earned $95.8 million or $5.57 per diluted share for the quarter ended March 31, up from a loss of $43.8 million or $3.25 per diluted share a year earlier.

Revenue totalled $558.6 million, up from $351.3 million in the first three months of 2022.

Precision said the increase in revenue came as drilling rig utilization days in the U.S. rose 17 per cent compared with a year ago, while in Canada they gained nine per cent.

International drilling rig utilization days were down nearly 20 per cent compared with the same quarter last year.

Precision also said it has reduced its 2023 capital spending budget to $195 million compared with its initial plan for $235 million due to fewer drilling rig upgrades and lower maintenance costs. 

This report by The Canadian Press was first published April 26, 2023.