April 30 (Reuters) - Precision Drilling Corp PD.TO :
* 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"