Precision Drilling up on exceeding its debt reduction goal

Precision Drilling(Calgary)

05/01/2023 19:13

** Shares of Canada-based oilfield services company
Precision Drilling Corp  PD.TO  up 3.7% at C$99.20
    ** PD reduced total debt by $106 mln in 2022, exceeding its
$75 mln debt reduction goal  urn:newsml:reuters.com:*:nGNXbhMlb9
    ** Co on track to achieve long-term goal of repaying over
$400 mln in debt by end of 2025
    ** PD says it continues to experience strong customer demand
for drilling services, alpha technologies and evergreen
environmental solutions
    ** Expects Canadian and U.S. Q4 field margins to exceed
previous guidance and continue trending upward in 2023
    ** Average active rig count in Q4 was 66 for Canada and 59
for U.S., up 27% and 31% respectively
 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))