The Financial Post reports in its Saturday edition that Precision Drilling says its long-term debt reduction target is on track and that it met its 2023 goal by shedding $152-million of debt. A Canadian Press dispatch to the Post says that the Calgary energy services company ended the year with a cash balance of $55-million and total liquidity of around $615-million. In an update posted Friday, Precision says it is exceeding the pace of its long-term debt reduction goal of repaying $500-million between 2022 and 2025. It also returned $30-million to shareholders through share repurchases last year and plans to improve capital returns to shareholders in 2024 by increasing debt reduction and share buybacks. The company says there is strong demand for its drilling services in Canada, with an average active rig count of 63 during the fourth quarter and 74 rigs currently active. Precision Drilling closed Friday at $73.28, up $3.69 on the Toronto Stock Exchange.