Precision Drilling snaps up Chinese drill pipe ahead of import tariff [Financial Post (Toronto, Ontario, Canada)]
Precision Drilling Corporation (PDS)
Last precision drilling corporation earnings: 4/30 06:00 am
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. Precision Drilling Corp. made a “strategic purchase” of drill pipe from China before new import tariffs went into effect, the company said on Tuesday while announcing a modest boost to its capital budget for the year. China is a significant supplier of drill pipe for the oil and gas sector and Canada's decision to impose a 25 per cent surtax on imports of steel and aluminum products, including drill pipe, from there is expected to raise costs in the sector. The policy came into effect on Oct. 22. Precision, Canada's largest drilling rig contractor, said it increased its capital budget to $210 million for 2024, up from the $195 million the company had planned to spend, in part to purchase extra drill pipe from China for use next year. The Calgary-based company said it earned a profit of $39 million in the third quarter, nearly double the $20 million posted in the same period last year
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