What changed
2026-07-30 06:29 UTC → 2026-07-30 13:03 UTC ·
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In the second quarter of 2026, two Calgary‑based drilling service firms reported mixed financial performance amid continued market volatility. Precision Drilling posted a and Trican Well Service continued to exhibit mixed Q2 2026 performance, underscoring persistent volatility in North American oilfield‑services markets. A July 28 report confirmed Precision Drilling’s 11 % year‑over‑year revenue rise to $453 million, up 11 % year‑over‑year, driven by stronger activity in Canada and the United States. Operating cash flow of $146 million was used to cut long‑term debt by of operating cash flow, a $50 million debt reduction and repurchase a $12 million of shares. However, adjusted EBITDA fell share repurchase, alongside a 10 % drop in adjusted EBITDA to $97 million and the company recorded a $1 million net loss, reflecting loss driven by higher U.S. rig reactivation costs and weaker international margins. A The firm also announced a new five‑year contract in Kuwait will increase to expand its overseas rig count. fleet. Trican Well Service posted flat Q2 revenue at $214.6 million million, but saw its adjusted EBITDA drop fell sharply to $22.6 million from $44.9 million a year earlier. Free cash flow stood at was $13 million, million and the firm company returned $18 million to shareholders via a dividend. Its results were affected by water‑availability Water‑availability constraints, weather‑related drilling delays, delays and a the seasonal dip in performance from the recent Iron Horse acquisition, which expanded services but contributed a lower‑quarter profile. Both firms’ results underscore the ongoing volatility in North American oilfield‑services markets, with acquisition continued to weigh on results. These reaffirmed figures illustrate that while revenue growth offset by cost pressures remains possible in Canada and the United States, cost pressures, operational challenges. challenges and fluctuating market conditions keep earnings volatile for Calgary‑based drilling service firms.