More RSS days is a price-per-day story, not just more rigs turning
PHX Energy Services (TSX: PHX) reported second-quarter 2026 results on August 4. Consolidated revenue was $178.9 million, a company record for a second quarter and up 7 percent from Q2 2025. The Canadian division generated $51.1 million, up 29 percent, on 2,920 operating days, up 24 percent and ahead of the 22 percent rise in industry drilling days PHX cited. RSS activity was 15 percent of Canadian days versus 13 percent a year earlier. Canadian average revenue per day for directional work rose 6 percent to $16,915.
PHX said North American activity improved in the second half outlook commentary bundled with the release, with continued RSS fleet expansion and customer adoption of premium drilling tools. On August 13 the company renewed its normal course issuer bid for up to 4,137,577 shares from August 18, 2026 through August 17, 2027. It bought no stock under the prior NCIB.
This is directional drilling and tool rental, not pressure pumping. Do not lump PHX with coiled-tubing sellers.
Neutral read
PHX is on the listed oilfield-services list. Banks were skipped. $178.9 million of revenue, 2,920 Canadian days, and 15 percent RSS mix are the facts. Write RSS growth as rate and mix, not as a rig count. Watch whether the renewed NCIB actually buys stock and whether U.S. revenue keeps pace with Canada in Q3.