Canadian drilling companies post Q2 2026 results, debt cuts and dividend payouts

Precision Drilling (TSX: PD, NYSE: PDS) reported Q2 2026 revenue of $453 million, an 11% year‑over‑year increase driven by stronger Canadian and U.S. drilling activity. Operating cash flow reached $146 million, which was used to reduce long‑term debt by $50 million and repurchase $12 million of shares. Adjusted EBITDA fell 10% to $97 million and the company posted a net loss of $1 million versus a profit a year earlier, reflecting higher U.S. rig reactivation costs and lower international margins. The firm also announced a new five‑year Kuwait contract that will raise its international rig count.

Trican Well Service Ltd. posted Q2 2026 revenue of $214.6 million, essentially flat with the prior year, while adjusted EBITDA declined to $22.6 million from $44.9 million a year earlier. Free cash flow was $13 million and the company returned $18 million to shareholders through a quarterly dividend. Operating results were affected by water‑availability concerns, weather‑related drilling delays and the seasonal weakness of the recent Iron Horse acquisition, which expanded services but contributed a lower‑quarter profile.

Both companies are headquartered in Calgary, Canada, and their results reflect ongoing volatility in North American oilfield services markets.