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BRIEF-Precision Drilling Updates Preliminary 2019 Financial Guidance

Published 2018-11-07, 10:15 p/m
Updated 2018-11-07, 10:20 p/m
© Reuters.  BRIEF-Precision Drilling Updates Preliminary 2019 Financial Guidance

Nov 7 (Reuters) - Precision Drilling Corp PD.TO :

* ORATION ANNOUNCES TRANSACTION UPDATE, PRELIMINARY 2019 FINANCIAL GUIDANCE AND TRANSACTION BENEFITS HIGHLIGHTED IN MANAGEMENT INFORMATION CIRCULAR

* SEES 2019 ADJUSTED EBITDA OF $625 MILLION TO $725 MILLION AFTER DEAL WITH TRINIDAD

* SEES 2019 CAPITAL SPENDING OF $275 MILLION TO $325 MILLION

* TARGETING $400 MILLION TO $600 MILLION OF DEBT REDUCTION FOR POST-ARRANGEMENT PRECISION BY END OF 2021.

* PRECISION AND TRINIDAD HAVE IDENTIFIED SEVERAL PROPERTIES THAT PRECISION WOULD LOOK TO SELL IMMEDIATELY AFTER CLOSING

* GROSS PROCEEDS FROM PROPERTY SALES ARE EXPECTED TO BE APPROXIMATELY $50 MILLION.

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