Brief: Precision Drilling Provides Capital Allocation And Operational Updates

Precision Drilling(Calgary)

05/01/2023 11:04

Jan 5 (Reuters) - Precision Drilling Corp  PD.TO :
    * PRECISION DRILLING EXCEEDS 2022 DEBT REPAYMENT GUIDANCE
AND
PROVIDES CAPITAL ALLOCATION AND OPERATIONAL UPDATES
    * PRECISION DRILLING - WELL ON TRACK TO ACHIEVE LONG-TERM
GOAL OF
REPAYING OVER $400 MILLION IN DEBT BY END OF 2025
    * PRECISION DRILLING - NOW EXPECTS ADJUSTED EBITDA LEVERAGE
BETWEEN 1.25 AND 1.75 TIMES BY END OF 2023
    * PRECISION DRILLING - WILL CONTINUE TO ALLOCATE 10%-20% OF
FREE
CASH FLOW BEFORE DEBT PRINCIPAL REPAYMENTS TOWARD RETURN OF
CAPITAL TO SHAREHOLDERS
    * PRECISION DRILLING - CONTINUES TO EXPERIENCE STRONG
CUSTOMER
DEMAND FOR DRILLING SERVICES, ALPHA TECHNOLOGIES AND EVERGREEN
ENVIRONMENTAL SOLUTIONS
    * PRECISION DRILLING - EXPECTS ITS CANADIAN AND U.S. FOURTH
QUARTER FIELD MARGINS TO EXCEED PREVIOUS GUIDANCE AND CONTINUE
TRENDING UPWARD IN 2023
    * PRECISION DRILLING - IN Q4, AVERAGE ACTIVE RIG COUNT WAS
66 FOR
CANADA AND 59 FOR U.S., UP 27% AND 31% RESPECTIVELY

Source text for Eikon:  ID:nGNXbhMlb9 
Further company coverage:  PD.TO 
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