Precision Drilling beats debt reduction goal for 2022

CALGARY — Precision Drilling Corp. says it has beat its debt reduction goal for 2022.

The company says it reduced its total debt by C$106 million in 2022, exceeding its C$75-million debt reduction goal.

As of Dec. 31, 2022, the company says its outstanding debt included US$44 million for a senior credit facility due June 18, 2025, and US$348 million in 7.125 per cent senior notes due Jan. 15, 2026.

The company also had US$400 million outstanding in 6.875 per cent senior notes due June 15, 2029.

In addition, Precision says it had about US$22 million of real estate credit facilities and ended 2022 with a cash balance of approximately C$22 million and total liquidity of about C$600 million.

In the fourth quarter of 2022, Precision says its average active rig count was 66 for Canada and 59 for the U.S., representing increases of 27 per cent and 31 per cent, respectively compared with the same period in 2021.

This report by The Canadian Press was first published Jan. 5, 2023.

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The Canadian Press