Precision Drilling sees big third quarter loss

Posted Oct 22, 2015 7:04 am.

This article is more than 5 years old.

A large Calgary-based energy company is seeing some big losses.

Precision Drilling reports an $87-million net loss in the third quarter of this year as revenues shrank from $584-million to $364-million for the same quarter from 2014.

To compensate for losses, Precision plans on reducing capital spending significantly in 2016.

This year’s third-quarter loss contrasted with a net profit of $52.8-million in the third quarter of 2014, which was prior to a collapse in oil and gas prices that began in late November.

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