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BRIEF-Precision Drilling Corporation Announces 2020 Q1 Unaudited Financial Results

Published 2020-04-30, 06:49 a/m
© Reuters.
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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"

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