Precision Drilling Corporation

09:57 AM EST - Precision Drilling Corporation : Provided a series of announcements including: 1) year-end and 2020 debt repayment updates and progress on long-term debt reduction targets; 2) year-end progress on share repurchases; 3) year-end cash balance and extension of revolving credit facility; and 4) revised 2020 capital expenditure plan. Following additional open market repurchases and redemptions of its senior notes in the fourth quarter, Precision’s 2019 debt repayments totaled $205 million, exceeding its recently increased 2019 annual target of $200 million.To date in 2020, Precision has redeemed $32 million of its 2021 senior notes and reaffirms its 2020 targeted debt reduction range of $100 million to $150 million, which includes the remaining balance of the 2021 senior notes. Precision has paid down $412 million in debt since the beginning of 2018, exceeding the low end of the four-year debt reduction target range of $400 million to $600 million, in just over two years. Precision Drilling Corporation shares T.PD are trading down $0.01 at $1.98.