U.S. drilling activity has improved “a little faster than we expected,” with more customers opting to activate rigs using natural gas and blended gas systems, Precision Drilling Corp. CEO Kevin Neveu said last week. 

Precision

Sharing a microphone with his management team, Neveu held court last Thursday to discuss the Calgary-based operator’s performance in the first quarter. In a few short weeks, the outlook has become more promising than initial expectations.

“We’re in the midst of a strong drilling services recovery cycle,” Neveu said. “Without any doubt, the outlook has substantially improved even from just a few weeks ago. Global excess inventories of crude are rapidly declining. Demand for crude continues to recover trending toward pre-pandemic levels as the global...