logo
  

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
American Airlines canceled hundreds of flights this weekend and plans to cut more through at least mid-July due to bad weather and staffing shortages, multiple reports said. The shortage of flights come as demand is increasing heavily in the United States with reducing coronavirus cases benefited mainly by increased vaccination. Chinese HR firm 51job, Inc. (JOBS) announced Monday that it has entered into a definitive Agreement and Plan of Merger with Garnet Faith Limited, pursuant to which, and subject to the terms and conditions thereof, Garnet Faith will merge with and into 51job, with 51job being the surviving company, in... Priceline, affiliated to Booking Holdings Inc., is launching Fourth of July Freedom sale with bigger savings on flights, hotels and rental cars for the upcoming summer travel season. The company, which offers exclusive discounts on hotels, flights, alternative accommodations, rental cars, cruises and packages, said the two-week Freedom Sale will feature special discounts and promotions.
RELATED NEWS
Follow RTT