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Precision Drilling Q2 shows improvements in loss, revenue; debt repayment accelerates

CALGARY — Precision Drilling Corp. has raised its debt-reduction target for 2019 to $200 million as a result of unexpectedly strong cash flow in the second quarter.

The oilfield services company says improved pricing and cost control have allowed it to reduce debt by $124 million to date this year, faster than anticipated in its previous guidance of between $100 million and $150 million for the full year.

Calgary-based Precision Drilling’s overall financial conditions in the second quarter were improved from the same time last year.

Its net loss was reduced to $13.8 million or five cents per diluted share, from a year-earlier loss of $47.2 million or 16 cents per share in the second quarter of 2018.

Revenue increased by nine per cent to $359 million, from $330.7 million.

Besides higher revenue, Precision Drilling’s second-quarter profit benefited from lower administration and restructuring expenses and lower depreciation and amortization, two non-cash expense items.

Companies in this story: (TSX:PD)

The Canadian Press

Note to readers: This is a corrected story. A previous version said the guidance range for debt reduction was between $100 million and $500 million.

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