Precision Drilling reports decrease in revenue in Q4 2024, plans to reduce debt and increase returns

From GlobeNewswire: 2025-02-12 18:45:05

Precision Drilling Corporation reported a decrease in revenue to $468 million in the fourth quarter of 2024, with Adjusted EBITDA at $121 million. Net earnings were $15 million, compared to $147 million in 2023. The company invested $217 million in fleet and infrastructure in 2024 and plans to invest $225 million in 2025. Precision aims to reduce debt by at least $100 million in 2025 and increase direct shareholder returns to 35-45% of free cash flow. Demand for services remains strong in Canada and internationally, with the company expecting growth in 2025.

Source: Globe Newswire, February 12, 2025.



Read more at GlobeNewswire: Precision Drilling Announces 2024 Fourth Quarter and Year