logo
Plus   Neg
Share
Email

Precision Drilling Updates 2019 Capital Expenditure Plan - Quick Facts

Precision Drilling Corp. (PD.TO,PDS) lowered its 2019 capital expenditure plan following the completion of Kuwait new build project. The company said it remains firmly committed to its deleveraging strategy and reaffirmed debt reduction target for 2019, and for long-term. Also, Precision Drilling Corp. plans to implement a normal course issuer bid for a portion of its common shares.

For 2019, Precision reduced capital expenditure plan to approximately C$144 million, from previously stated budget of C$169 million.

For the year-to-date period, the company's debt reduction is at C$136 million, reaffirming its targeted debt reduction for 2019, and the long-term targeted range of C$400 million to C$600 million by the end of 2021.

For 2020, the company projects: capital expenditure range of C$60 million to C$80 million and debt reduction in a range of C$100 million to C$150 million.

Under a NCIB, the company plans to purchase up to 10% of the public float over a period of twelve months.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
British luxury car giant Aston Martin unveiled its first SUV at an event in Los Angeles and at a simultaneous event in Beijing. The DBX SUV comes with an aluminium body with a typical Aston Martin grille flanked by LED headlights with LED DRLs. "I can't emphasize enough how incredibly exciting... Google has rolled out an audio news service for Google Assistant, called 'Your News Update,' which will read out a user's customized news feed. According to the tech giant, 'Your News Update' is a smarter way to listen to the news hosted by the Google Assistant. The customized news feed will deliver stories from a variety of media partners, including CBS, Politico, Fox News and CNN. The U.S. Securities and Exchange Commission said it has filed an emergency action and received a temporary restraining order and asset freeze against two Florida residents as well as the two companies controlled by them for an alleged $6 million Ponzi scheme. The Ponzi scheme by Neil Burkholz of Boca Raton, Florida, and Frank Bianco of Pembroke Pines, Florida, defrauded at least 55 investors.
RELATED NEWS
Follow RTT
>