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Shares in Precision Drilling Corp. are down after the oil and gas driller said a rig decommissioning charge dragged it to a fourth-quarter loss.
The Calgary-based company posted a net loss attributable to shareholders of $41.9 million for the three months ended Dec. 31, or $3.23 per share. During the same period a year earlier, Precision posted a $14.8 million profit worth $1.06 per share.
It took a $67-million non-cash asset charge related to its decision to take 31 of its 215 marketable drilling rigs out of service because they “no longer aligned with Precision’s advanced technology and performance standards.”
Precision also recorded a non-cash charge of $17 million related to drill pipe “as more complex drilling programs have reduced the useful life of this asset.”
Revenues for the quarter were $478.5 million, up from a year-earlier $468.2 million.
For the quarter, there were an average of 66 rigs drilling in Canada compared to 65 a year earlier. In the U.S., it had an average of 37 active drilling rigs, up from 34 during the last three months of 2024. Its international segment had an average of seven rigs working, one fewer than the year-earlier period.
Precision’s shares fell $10.02, or more than eight per cent, to $112.49 in midday trading on the TSX.
The company expressed a favourable business outlook in its latest financial report despite recent headwinds.
“Near-term expectations for global energy demand growth remain tempered by persistent geopolitical uncertainties and continued signs of oversupply,” it said.
“However, this narrative has started to soften as demand indicators stabilize, particularly in natural gas markets, where accelerating (liquefied natural gas) supply growth and strengthening consumption in key regions, including Asia and Europe, are expected to support a more constructive demand outlook in 2026.”
Longer term, the company sees economic expansion, rising energy needs in emerging economies and sustained global LNG demand supporting its business.
“Additionally, natural gas-fired power generation is poised for multi-year structural growth as data centres scale rapidly to meet AI driven electricity demand.”
This report by The Canadian Press was first published Feb. 12, 2026.
Companies in this story: (TSX:PD)
Lauren Krugel, The Canadian Press
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