Precision Drilling Q2 loss doubles as revenue falls by half

Precision Drilling Corp.'s second-quarter loss nearly doubled to $58 million as revenue dropped 51 per cent from a year earlier due to a pullback in spending by its North American customers.

The Calgary-based company says lower activity from its North American operations drove down revenue to $164 million, from $334.4 million in last year's second quarter.

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Its loss amounted to 20 cents per share, compared with 10 cents per share last year when the second-quarter loss was $30 million.

It says activity has improved modestly as commodity prices have risen.

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