Precision Drilling Trust (PDS, PD_UN.TO) announced its planned capital expenditures for 2010 of about $75 million. This includes $50 million in sustaining upgrade and infrastructure expenditures and is based upon currently anticipated rig activity for 2010. In addition, $25 million is planned for performance improvements to certain rigs to align with potential customer opportunities in unconventional resource plays in Canada and the United States.
Precision also announced that its Board is continuing the indefinite suspension of cash distributions in order to maintain focus on debt reduction, and there will not be a special year-end distribution. The Board of Trustees is evaluating and planning for the conversion of Precision from a trust to a more traditional corporate structure. These plans are ongoing and it is anticipated that this conversion will take place well ahead of new Canadian tax measures for trusts slated for January 1, 2011.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.