CALGARY — Precision Drilling Corp. says its long-term debt reduction target is on track and it met its 2023 goal by shedding $152 million of debt.

The Calgary-based energy services company ended the year with a cash balance of approximately $55 million and total liquidity of around $615 million.

In an update posted Friday, Precision says it is exceeding pace on its long-term debt reduction goal of repaying $500 million between 2022 and 2025.

It says it also returned $30 million to shareholders through share repurchases last year and plans to improve capital returns to shareholders in 2024 by increasing debt reduction and share buybacks.

The company says there is strong demand for its drilling services in Canada, with an average active rig count of 63 during the fourth quarter and 74 rigs currently active. It expects its rig count to peak in the low to mid-80s during the winter drilling season.

In the U.S., the company’s average active rig count was 42 in the fourth quarter and has 43 rigs currently operating.

This report by The Canadian Press was first published Jan. 5, 2024.

Companies in this story: (TSX:PD)

The Canadian Press

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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