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Precision Drilling Corp (PD.TO)

PD.TO on Toronto Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Precision Drilling Corporation Announces 2020 Q1 Unaudited Financial Results
Thursday, 30 Apr 2020 

April 30 (Reuters) - Precision Drilling Corp ::ORATION ANNOUNCES 2020 FIRST QUARTER UNAUDITED FINANCIAL RESULTS.Q1 LOSS PER SHARE C$0.02.Q1 REVENUE C$379 MILLION VERSUS REFINITIV IBES ESTIMATE OF C$379.4 MILLION.Q1 EARNINGS PER SHARE ESTIMATE C$-0.03 -- REFINITIV IBES DATA."IN A REDUCED-ACTIVITY ENVIRONMENT, WE ANTICIPATE OUR CUSTOMERS WILL FURTHER STRESS OPERATIONAL EFFICIENCIES".Q1 ENDING CASH BALANCE WAS $97 MILLION, AN INCREASE OF $22 MILLION FROM DECEMBER 31, 2019.PRECISION DRILLING - BELIEVE EXPENDITURE REDUCTIONS, OTHER CASH PRESERVATION MEASURES WILL REDUCE 2020 ANNUALIZED CASH OUTFLOW BY MORE THAN $100 MILLION.PRIORITIES FOR 2020 IS TO GENERATE STRONG FREE CASH FLOW AND REDUCE DEBT BY $100 MILLION TO $150 MILLION.PRECISION DRILLING - CO EXPECTS SIGNIFICANT & SUSTAINED REDUCTION IN CUSTOMER DEMAND FOR OIL AND GAS SERVICES WELL INTO NEXT YEAR."Q1 RESULTS WERE ONLY NOMINALLY IMPACTED BY COMMODITY PRICE COLLAPSE".  Full Article

Precision Drilling Announces Reductions In Capital Expenditure Plan And Fixed Costs
Tuesday, 24 Mar 2020 

March 24 (Reuters) - Precision Drilling Corp ::PRECISION DRILLING ANNOUNCES COVID-19 RESPONSE, REDUCTIONS IN CAPITAL EXPENDITURE PLAN AND FIXED COSTS, AND UPDATES ITS LIQUIDITY POSITION AND STRATEGIC PRIORITIES.PRECISION DRILLING CORP - PRECISION IS REDUCING ITS 2020 CAPITAL EXPENDITURE PLAN TO $48 MILLION.PRECISION DRILLING CORP - CEO SALARY REDUCTION OF 20%.PRECISION DRILLING CORP - BOARD OF DIRECTOR COMPENSATION REDUCTIONS OF 20%.PRECISION DRILLING CORP - EXECUTIVE OFFICER SALARY REDUCTIONS OF 10%.PRECISION DRILLING CORP - STAFF HEADCOUNT AND SALARY REDUCTIONS.PRECISION DRILLING CORP - ELIMINATION OF ALL NON-ESSENTIAL TRAVEL, ENTERTAINING AND OTHER DISCRETIONARY SPENDING.PRECISION DRILLING CORP - EXPECT THESE FIXED COST REDUCTION MEASURES WILL REDUCE ANNUALIZED FIXED COSTS BY OVER 30%.PRECISION DRILLING CORP - MATERIALLY REDUCED SHARE REPURCHASE ACTIVITY.PRECISION DRILLING - DURING Q2, PRECISION IS ESTIMATING RECEIPT OF AN ADDITIONAL $80 MILLION TO $100 MILLION OF CASH FROM RELEASED WORKING CAPITAL.PRECISION DRILLING CORP - REMAINS WELL IN LINE WITH ITS COVENANTS AND WILL CONTINUE TO ENSURE FULL ACCESS TO ITS CREDIT FACILITY..PRECISION DRILLING CORP - REAFFIRMS ITS 2020 DEBT REDUCTION TARGETED RANGE.  Full Article

Precision Drilling Posts Q4 Earnings Per Share Of C$0.00
Thursday, 13 Feb 2020 

Feb 13 (Reuters) - Precision Drilling Corp ::ORATION ANNOUNCES 2019 FOURTH QUARTER AND YEAR END UNAUDITED FINANCIAL RESULTS.Q4 EARNINGS PER SHARE C$0.00.Q4 REVENUE C$372 MILLION VERSUS REFINITIV IBES ESTIMATE OF C$357.1 MILLION.Q4 EARNINGS PER SHARE ESTIMATE C$-0.06 -- REFINITIV IBES DATA.  Full Article

Precision Drilling Anticipates 2019 Year-End Cash Balance Of About $75 Mln
Tuesday, 7 Jan 2020 

Jan 7 (Reuters) - Precision Drilling Corp ::PRECISION DRILLING ANNOUNCES UPDATES ON DEBT REPAYMENT, SHARE REPURCHASES, LIQUIDITY AND 2020 CAPITAL EXPENDITURE PLAN.PRECISION DRILLING CORP - PRECISION'S 2019 DEBT REPAYMENTS TOTALED $205 MILLION.PRECISION DRILLING CORP - PRECISION'S 2020 CAPITAL EXPENDITURE PLAN EXPECTED TO BE $85 MILLION TO $105 MILLION.PRECISION DRILLING CORP - EXPECTS TO INCREASE MAINTENANCE CAPITAL BY AN ESTIMATED $25 MILLION WITH NO IMPACT ON CASH FLOW IN 2020.PRECISION DRILLING CORP - ANTICIPATES A REPORTED 2019 YEAR-END CASH BALANCE OF ABOUT $75 MILLION.PRECISION DRILLING CORP - IN Q4, COMPLETED A ONE-YEAR EXTENSION OF ITS US$500 MILLION REVOLVING CREDIT FACILITY, NOW MATURING NOVEMBER 2023.  Full Article

Precision Drilling Posts Qtrly Loss Per Share $0.01
Thursday, 24 Oct 2019 

Oct 24 (Reuters) - Precision Drilling Corp ::ORATION ANNOUNCES 2019 THIRD QUARTER UNAUDITED FINANCIAL RESULTS.Q3 REVENUE C$376 MILLION VERSUS REFINITIV IBES ESTIMATE OF C$383.4 MILLION.QTRLY LOSS PER SHARE $0.01.DURING QUARTER, PRECISION REDUCED DEBT BY $21 MILLION, FULLY EXPECT TO MEET OR EXCEED 2019 DEBT REDUCTION TARGET OF $200 MILLION.PRECISION DRILLING - REITERATE 2020 DEBT REDUCTION TARGET OF $100 MILLION TO $150 MILLION, WHICH WE EXPECT WILL INCLUDE BALANCE OF OUR 2021 SENIOR NOTES.PRECISION DRILLING - CAPITAL SPENDING IN 2019 EXPECTED TO BE $144 MILLION.FOR 2020, EXPECT CAPITAL SPENDING TO BE $60 MILLION TO $80 MILLION, COMPRISED PRIMARILY OF MAINTENANCE AND UPGRADE CAPITAL.  Full Article

Precision Announces Approval Of Normal Course Issuer Bid
Friday, 23 Aug 2019 

Aug 23 (Reuters) - Precision Drilling Corp ::PRECISION ANNOUNCES APPROVAL OF NORMAL COURSE ISSUER BID.PRECISION DRILLING - UNDER NCIB, CO TO ACQUIRE UP TO 29.2 MILLION SHARES FOR CANCELLATION.  Full Article

Precision Announces Reduced 2019 Capital Expenditure Plan
Monday, 19 Aug 2019 

Aug 19 (Reuters) - Precision Drilling Corp ::PRECISION ANNOUNCES REDUCED 2019 CAPITAL EXPENDITURE PLAN AND BOARD APPROVAL OF NORMAL COURSE ISSUER BID.PRECISION DRILLING CORP - REDUCTION OF 2019 CAPITAL EXPENDITURE PLAN BY $25 MILLION, DOWN TO $144 MILLION FROM $169 MILLION.PRECISION DRILLING CORP - BOARD APPROVAL TO IMPLEMENT A NORMAL COURSE ISSUER BID OF UP TO 10% OF PUBLIC FLOAT.PRECISION DRILLING CORP - UPDATE ON 2019 YEAR-TO-DATE DEBT REDUCTION OF $136 MILLION, ON TRACK FOR 2019 TARGET DEBT REDUCTION OF $200 MILLION.PRECISION DRILLING CORP - PRELIMINARY GUIDANCE ON ITS 2020 PLANNED CAPITAL EXPENDITURE RANGE OF $60 MILLION TO $80 MILLION.PRECISION DRILLING CORP - 2020 DEBT REPAYMENT TARGET RANGE OF $100 MILLION TO $150 MILLION.PRECISION DRILLING - REAFFIRMING LONG-TERM DEBT REDUCTION TARGETED RANGE OF $400 MILLION TO $600 MILLION BY END OF 2021.  Full Article

Precision Drilling Announces 2019 Second Quarter Loss Per Share Of C$0.05
Thursday, 25 Jul 2019 

July 25 (Reuters) - Precision Drilling Corp ::ORATION ANNOUNCES 2019 SECOND QUARTER UNAUDITED FINANCIAL RESULTS.Q2 REVENUE C$359 MILLION VERSUS REFINITIV IBES ESTIMATE OF C$347.6 MILLION.Q2 LOSS PER SHARE C$0.05.Q2 EARNINGS PER SHARE VIEW C$-0.09 -- REFINITIV IBES DATA.QTRLY REVENUE PER UTILIZATION DAY IN U.S. INCREASED IN Q2 OF 2019 TO US$23,425 FROM US$21,795.IN CANADA, QTRLY AVERAGE REVENUE PER UTILIZATION DAY FOR CONTRACT DRILLING RIGS WAS $21,613 COMPARED WITH $22,072.REALIZED REVENUE FROM INTERNATIONAL CONTRACT DRILLING OF US$38 MILLION IN Q2 OF 2019, AN INCREASE OF US$1 MILLION.QTRLY REVENUE FROM COMPLETION AND PRODUCTION SERVICES DECREASED $2 MILLION COMPARED WITH Q2 OF 2018.PLANS TO GENERATE STRONG FREE CASH FLOW IN 2019 AND UTILIZE $200 MILLION TO REDUCE DEBT IN 2019.  Full Article

Precision Drilling Corporation Announces Organizational Changes
Wednesday, 3 Jul 2019 

July 3 (Reuters) - Precision Drilling Corp ::PRECISION DRILLING CORPORATION ANNOUNCES ORGANIZATIONAL CHANGES.PRECISION DRILLING CORP - GENE STAHL APPOINTED TO ROLE OF CHIEF MARKETING OFFICER.  Full Article

Precision Says Year-To-Date Debt Repayment Of $125 Mln To Reach Mid-Point Of 2019 Debt Reduction Range
Tuesday, 4 Jun 2019 

June 4 (Reuters) - Precision Drilling Corp ::PRECISION ANNOUNCES YEAR-TO-DATE DEBT REPAYMENT OF $125 MILLION TO REACH THE MID-POINT OF TARGETED 2019 DEBT REDUCTION RANGE.PRECISION DRILLING CORP - PRECISION SET ITS 2019 DEBT REPAYMENT TARGET AT $100 MILLION TO $150 MILLION.PRECISION DRILLING - INCREASED LONGER-TERM DEBT REDUCTION TARGET RANGE BY $100 MILLION WITH A NEW TARGET RANGE OF $400 MILLION TO $600 MILLION BY END OF 2021.PRECISION DRILLING - DEBT REDUCTION TARGETS WERE SET EARLIER IN YEAR.  Full Article