Precision Drilling posts Q4 profit on higher dayrates

Thu Feb 9, 2012 6:57am EST
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(Reuters) - Precision Drilling Corp PD.TO, 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)