Precision Drilling posts Q4 profit on higher dayrates
(Reuters) - Precision Drilling Corp (PD.TO: Quote), Canada's largest oil and gas driller, posted a fourth-quarter profit as increased drilling activity in North America boosted dayrates.
October-December net income was C$28 million ($28.13 million), or 10 Canadian cents per share, compared with a loss of C$250,000, a year ago.
The company said a charge associated with asset decommissioning hurt earnings by C$76 million.
Revenue rose 35 percent to C$587 million.
"United States drilling activity continued to increase in 2011 driven by oil and liquids-rich activity," the company said in a statement.
($1 = 0.9954 Canadian dollars)
(Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian)
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