August 5, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Precision Drilling Corporation (NYSE:PDS) (PDC) (Calgary, Alberta), an oil and gas services provider focused on Canada's shale plays, benefited from strong activity and prices in the second quarter, with the newly expanded Trans Mountain pipeline fueling much of the growth. In fact, company executives warned this trend could result in a Canadian rig shortage sometime in 2025. Industrial Info is tracking more than US$9 billion worth of active projects featuring Precision Drilling's services, more than 70% of which is attributed to projects in Alberta. PDC's second-quarter success was attributed to its home country, where it averaged 49 active drilling rigs, compared with 42 in second-quarter 2023. This offset lower results in the U.S. Other companies featured: Baytex Energy Corporation (NYSE:BTE), Veren Incorporated (NYSE:VRN) and Tourmaline Oil Corporation.
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