(Calgary) Precision Drilling says it is ahead of its debt reduction goals. The Calgary-based energy services company also hit its 2023 target, paying down $152 million in debt.
The company ended the year with a cash balance of approximately 55 million and total liquidity of approximately 615 million.
In an update released Friday, Precision highlights that it is ahead of its goal of repaying $500 million of its debt between 2022 and 2025.
The company also returned 30 million to shareholders through share buybacks in 2023. It wants to improve its return on capital in 2024, by further reducing its debt and buying back shares.
The company says there is strong demand for its drilling services in Canada. It reports that it had an average of 63 rigs in operation during the fourth quarter. This number is currently 74.
It expects the number of rigs to peak between 80 and 85 during the winter drilling season.
In the United States, the average number of in-service facilities operated by the company was 42 in the fourth quarter. It currently has 43 installations in operation.