US EditionPrecision Drilling trims 2025 capital budget amid market uncertainty
- Precision Drilling is reducing its planned 2025 capital spending to $200 million, down $25 million due to market uncertainty, according to Chief Executive Kevin Neveu.
- Neveu stated that spending cuts include an $8 million reduction in upgrades and maintenance capital planned for vendor discounts.
- Precision will cut staff after exiting its North Dakota well servicing business, moving six service rigs back to Canada and selling others in the U.S.
- In the first quarter of 2025, Precision reported earnings of $34.5 million, down from $36.5 million a year earlier, as revenues fell to $496.3 million from $527.8 million.
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