Precision Drilling committed to repaying $150M-$100M in debt in 2024

Carey Ford, Precision’s CFO, commented, “Today’s announcement marks another step in strengthening our balance sheet and returning capital to shareholders. Our organization has been intensely focused on cost management, capital discipline, and cash flow generation and our results are a testament to the efforts of all Precision employees. For 2024 we are committed to repaying $150 million to $200 million in debt and returning 25% to 35% of free cash flow before debt repayments to shareholders through share repurchases. Precision’s longer-term balance sheet goal is to reduce debt by $600 million between 2022 and 2026 and achieve a Net Debt to Adjusted EBITDA ratio of below 1.0 times by the end of 2025. Since the beginning of 2022, we have reduced debt by approximately $360 million and expect to be well over $400 million by the end of this year.”