The Financial Post reports in its Thursday edition that Precision Drilling made a "strategic purchase" of drill pipe from China before new import tariffs went into effect, the company said on Tuesday. The Post's Meghan Potkins writes that China is a significant supplier of drill pipe for the oil and gas sector, and Canada's decision to impose a 25-per-cent surtax on imports of steel and aluminum products, including drill pipe, from there is expected to raise costs in the sector. The policy came into effect Oct. 22. Precision said it increased its capital budget to $210-million for 2024, up from the $195-million the company had planned to spend, in part to purchase extra drill pipe from China for use next year. Precision earned $39-million in the third quarter, up from $20-million last year. Revenue from increased activity in Canada and internationally in the third quarter more than offset lower demand in the United States. It posted revenues of $477-million, compared with $447-million in the same quarter of 2023. "While the modest U.S. activity outlook could be a headwind, the remaining business segments continue to operate very well, which we expect should continue into 2025," CIBC analyst Jamie Kubik said in a note.