March 24 (Reuters) - Precision Drilling Corp PD.TO :
* 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