Precision drilling announces reductions in capital expenditure plan and fixed costs

Precision drilling announces covid-19 response, reductions in capital expenditure plan and fixed costs, and updates its liquidity position and strategic priorities.precision drilling corp - precision is reducing its 2020 capital expenditure plan to $48 million.precision drilling corp - ceo salary reduction of 20%.precision drilling corp - board of director compensation reductions of 20%.precision drilling corp - executive officer salary reductions of 10%.precision drilling corp - staff headcount and salary reductions.precision drilling corp - elimination of all non-essential travel, entertaining and other discretionary spending.precision drilling corp - expect these fixed cost reduction measures will reduce annualized fixed costs by over 30%.precision drilling corp - materially reduced share repurchase activity.precision drilling - during q2, precision is estimating receipt of an additional $80 million to $100 million of cash from released working capital.precision drilling corp - remains well in line with its covenants and will continue to ensure full access to its credit facility..precision drilling corp - reaffirms its 2020 debt reduction targeted range.
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