Canada's Stampede Drilling Q2 revenue jumps 204% on higher rig utilization

Stampede Drilling

30/07/2026 21:42

Overview
Canada contract drilling firm's Q2 revenue rose 204% yr/yr on higher rig utilization
Net loss for Q2 narrowed 67% yr/yr, reflecting higher gross margin and revenue
Company repurchased about 3% of shares outstanding under its buyback program

Outlook
Stampede expects rig fleet to remain well utilized if activity levels stay strong in H2 2026
Company anticipates reduced capital expenditures and improved free cash flow generation in H2 2026
Stampede says market conditions remain subject to commodity price volatility and geopolitical uncertainty

Result Drivers
HIGHER RIG UTILIZATION - Co said Q2 revenue growth was mainly driven by a significant increase in operating days and improved drilling rig utilization, attributed to favorable commodity pricing and contracts with larger, more stable customers
CUSTOMER DEMAND - Co said improved drilling rig utilization was driven by favorable commodity pricing that lifted customer demand and work secured with larger, more stable customers
OPERATING LEVERAGE - Co said gross margin improvement was mainly due to increased activity levels and improved operating leverage

Company press release: ID:nCNWTzBTDa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
C$18.27 mln
C$8.70 mln (1 Analyst)
Q2 Net Loss
 
C$999,000
 
Q2 Adjusted EBITDA
 
C$1.91 mln
 
Q2 Capex
 
C$4.54 mln
 
Q2 Free Cash Flow
 
-C$134,000
 

Analyst Coverage
The one available analyst rating on the shares is "buy"
The average consensus recommendation for the oil & gas drilling peer group is "buy"
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads
July 28 - Canada's Trican Q2 revenue slightly misses estimates on weather-related slowdown
July 29 - Patterson-UTI Energy Q2 revenue rises on higher drilling activity
July 28 - Nabors Q2 revenue misses estimates on lower rig activity

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)