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
Elon Musk, the founder and CEO of Space Exploration Technologies, or SpaceX, said the aerospace company is planning to list its space internet venture, Starlink, after many years when revenue growth is smooth and predictable. In a tweet, Musk said, "We will probably IPO Starlink, but only several years in the future when revenue growth is smooth & predictable. Public market does *not* like erratic It's again that day of the year when coffee lovers celebrate their passion for the caffeinated beverage. It is National Coffee Day today in the U.S. when major food and beverage outlets nationwide promote the coffee culture with deals for coffee fans. In the U.S., major coffee outlets such as Starbucks, Dunkin' Donuts, Wawa, Krispy Kreme, Wendy's and Panera Bread give away free cups of coffee. The state of Ohio ordered General Motors to repay $28 million in tax credits after closing the Lordstown plant, which was in agreement to be operated until 2040. The Ohio Tax Credit Authority said the closure violated the terms of two economic development agreements signed by the company. In separate development, GM announced it is investing $71 million in two other Ohio manufacturing facilities.
RELATED NEWS
Follow RTT