Precision Drilling Updates 2019 Capital Expenditure Plan - Quick Facts

(RTTNews) - 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.