Precision Drilling (PDS) said Tuesday it reduced its debt by $176 million in 2024, achieving the midpoint of its debt reduction target.
The drilling rig contractor said it is committed to repay $600 million by 2026 as part of a long-term debt reduction target and achieve a sustained net debt to adjusted earnings before interest, taxes, depreciation, and amortization ratio of below 1.0. Precision Drilling also said that over the past three years it has cut its debt by $435 million and lowered its net debt to adjusted EBITDA ratio, which is expected to be around 1.4 times as of Dec. 31, 2024.
Precision Drilling said it plans to further cut its debt while boosting its share buyback allocation, citing a "strong free cash flow outlook" for 2025.
Precision said it plans to release its Q4 results after the market closes on Feb. 12.
Shares of Precision Drilling were up 5% in recent Tuesday trading.
Price: 66.49, Change: +3.16, Percent Change: +4.99
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