Precision Drilling reports first-quarter loss, revenue up nearly 50%

Precision Drilling Corp. reported a first-quarter loss as its revenue rose by nearly 50 per cent compared with a year ago, boosted by growing demand for its services. The company also said it is increasing its 2022 capital spending plan to $125 million in response to higher demand and customer contracted rig upgrades. Precision Drilling had said in February it expected to spend $98 million this year. For the quarter ended March 31, the company lost $43.8 million or $3.25 per diluted share compar