Precision Drilling rises on meeting debt reduction target for 2023

Precision Drilling(Calgary)

05/01/2024 15:28

** Canadian oilfield services firm Precision Drilling's
 PD.TO  shares rise 2.3% to C$71.14
    ** Company says debt reduced by $152 mln in 2023, meeting
target for the year
    ** Company adds debt reduced by $258 mln over past two
years, on track to exceed long-term debt reduction target of
$500 mln between 2022 and 2025
    ** Precision Drilling expects to increase debt reduction and
share buybacks in 2024
    ** Company also expects international activity to increase
40% y-o-y in 2024

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com))