Precision Drilling (PD.TO) said Tuesday that it reduced debt by $176 million in 2024, achieving the mid-point of its debt reduction target range.
The company said it remains committed to its long-term debt reduction target of repaying $600 million between 2022 and 2026 and reaching a sustained net debt to adjusted EBITDA leverage ratio of below 1.0 times.
Precision said that over the past three years, it reduced its debt by $435 million and lowered its net debt to adjusted EBITDA leverage ratio, which is expected to be about 1.4 times as at Dec. 31, 2024.
Precision plans to release fourth-quarter results after markets close on Feb. 12.
With a closing share price of $87.92 on Dec. 31, the company said it expects its share-based compensation expense to be $15 million for the fourth quarter of 2024 and $47 million for full year 2024.
"With a strong free cash flow outlook, we plan to improve our capital returns to shareholders in 2025 by continuing to reduce our debt and increasing the percentage of free cash flow returned directly to shareholders," CFO Carey Ford said.
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