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BRIEF-Precision Drilling Announces 2019 Capital Expenditure Plan

Published 2019-01-29, 05:11 p/m
© Reuters.  BRIEF-Precision Drilling Announces 2019 Capital Expenditure Plan
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Jan 29 (Reuters) - Precision Drilling Corp PD.TO :

* PRECISION DRILLING ANNOUNCES 2019 CAPITAL EXPENDITURE PLAN, DEBT REPAYMENT UPDATE, 2019 STRATEGIC PRIORITIES AND EXPECTED GOODWILL IMPAIRMENT

* PRECISION DRILLING CORP - PRECISION ANNOUNCED A 2019 CAPITAL EXPENDITURE PLAN OF $169 MILLION

* PRECISION DRILLING CORP - SET ITS 2019 DEBT REPAYMENT TARGET AT $100 MILLION TO $150 MILLION WHICH IS EXPECTED TO BE FUNDED FROM FREE CASH FLOW

* PRECISION DRILLING CORP - EXPECTS ITS YEAR-END CASH BALANCE TO BE $97 MILLION

* PRECISION DRILLING - INCREASED ITS 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 - CASH BALANCE AND UNDRAWN CREDIT FACILITIES WILL PROVIDE PRECISION WITH APPROXIMATELY $810 MILLION OF LIQUIDITY GOING INTO 2019

* PRECISION DRILLING CORP - EXPECTED GOODWILL IMPAIRMENT AT YEAR-END 2018

* PRECISION DRILLING - AT SEPT 30, 2018 CO HAD $206 MILLION OF GOODWILL ON BALANCE SHEET PRIMARILY RELATED TO CANADIAN DRILLING CASH GENERATING UNIT

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