From GlobeNewswire: 2025-01-07 06:00:00

Precision Drilling Corporation (Precision or the Company) made positive announcements, including reducing debt by $176 million in 2024, achieving its target range. The Company ended 2024 with a cash balance of $74 million and total available liquidity of $575 million. Precision remains committed to repaying $600 million in debt by 2026 and expects a leverage ratio of 1.4 times as of December 31, 2024. The company plans to further reduce debt and increase share buyback allocation in 2025. Precision will release its 2024 fourth quarter results on February 12, 2025, with drilling field margins expected to align with guidance.

In Canada, Precision experiences strong demand for drilling services with an average active rig count of 65. The U.S. averaged 34 rigs in the fourth quarter and expects industry and Precision’s active rig count to remain steady in the mid-30s for the first half of 2025. Internationally, Precision has eight active rigs, providing a stable foundation for earnings and cash flow. Precision’s CFO, Carey Ford, highlighted robust free cash flow in 2024 and plans to improve capital returns to shareholders in 2025. Precision offers High Performance, High Value services to the energy industry and is listed on the Toronto and New York Stock Exchanges.



Read more at GlobeNewswire: Precision Drilling Meets 2024 Debt Repayment and Share