UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2024

Commission File Number: 001-14534

Precision Drilling Corporation
(Translation of registrant's name into English)

800, 525 - 8 Avenue S.W.
Calgary, Alberta
Canada T2P 1G1
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [   ]      Form 40-F [ X ]

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

      Precision Drilling Corporation    
  (Registrant)
   
  
Date: October 29, 2024     /s/ Carey T Ford    
  Carey T Ford
  Senior Vice President and Chief Financial Officer
  

 

 

Exhibit Description
      
99.1 PRECISION DRILLING CORPORATION ANNOUNCES 2024 THIRD QUARTER UNAUDITED FINANCIAL RESULTS

EXHIBIT 99.1

Precision Drilling Announces 2024 Third Quarter Unaudited Financial Results

CALGARY, Alberta, Oct. 29, 2024 (GLOBE NEWSWIRE) -- This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

Precision Drilling Corporation ("Precision" or the "Company") (TSX:PD; NYSE:PDS) delivered strong third quarter financial results, demonstrating the resilience of the business and its robust cash flow potential. Year to date, Precision has already achieved the low end of its debt reduction target range and is well on track to allocate 25% to 35% of its free cash flow to share buybacks in 2024.

Financial Highlights

  • Revenue was $477 million and exceeded the $447 million realized in the third quarter of 2023 as activity increased in Canada and internationally, which more than offset lower activity in the U.S.
  • Adjusted EBITDA(1) was $142 million, including a share-based compensation recovery of $0.2 million. In 2023, third quarter Adjusted EBITDA was $115 million and included share-based compensation charges of $31 million.
  • Net earnings was $39 million or $2.77 per share, nearly doubling the $20 million or $1.45 per share in 2023.
  • Completion and Production Services revenue increased 27% over the same period last year to $73 million, while Adjusted EBITDA rose 40% to $20 million, reflecting the successful integration of the CWC Energy Services (CWC) acquisition in late 2023.
  • Internationally, revenue increased 21% over the third quarter of last year as the Company realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
  • Debt reduction during the quarter was $49 million and total $152 million year to date. Share repurchases during the quarter were $17 million and total $50 million year to date.
  • Increased our 2024 planned capital expenditures from $195 million to $210 million to fund multiple contracted rig upgrades and the strategic purchase of drill pipe for use in 2025.

Operational Highlights

  • Canada's activity increased 25%, averaging 72 active drilling rigs versus 57 in the third quarter of 2023. Our Super Triple and Super Single rigs are in high demand and approaching full utilization.
  • Canadian revenue per utilization day was $32,325 and comparable to the $32,224 in the same period last year.
  • U.S. activity averaged 35 drilling rigs compared to 41 for the third quarter of 2023.
  • U.S. revenue per utilization day was US$32,949 versus US$35,135 in the same quarter last year.
  • International activity increased 33% compared to the third quarter of 2023, with eight drilling rigs fully contracted this year following rig reactivations in 2023. International revenue per utilization day was US$47,223 compared to US$51,570 in the third quarter of 2023 due to fewer rig moves and planned rig recertifications completed in 2024.
  • Service rig operating hours increased 34% over the same quarter last year totaling 62,835 hours driven by the CWC acquisition.
  • Formed a strategic Joint Partnership (Partnership) with Indigenous partners to provide well servicing operations in northeast British Columbia.

(1) See “FINANCIAL MEASURES AND RATIOS."

MANAGEMENT COMMENTARY

“Precision’s international and Canadian businesses led our third quarter results, with revenue, Adjusted EBITDA, and net income all improving over the same period last year, demonstrating the resilience of our High Performance, High Value strategy and geographic exposure. Our cash flow conversion this quarter enabled us to repay debt, buy back shares, and continue to invest in our Super Series fleet. We have already achieved the low end of our debt repayment target range for this year and expect to be less than a year away from meeting our long-term target of a Net Debt to Adjusted EBITDA ratio(1) of less than one time.

“Canadian fundamentals for heavy oil, condensate, and LNG remain strong due to the additional takeaway capacity. The Trans Mountain oil pipeline expansion is driving higher and stable returns for producers, who are accelerating heavy oil and condensate targeted drilling plans, while Canada’s first LNG project is expected to stabilize natural gas pricing and further stimulate activity in the Montney in 2025. As the leading provider of high-quality and reliable services in Canada, demand for our Super Series fleet remains high. Today, we have 75 rigs operating, with our Super Triple and Super Single rigs nearly fully utilized. We expect strong customer demand and utilization to continue well beyond 2025.

“In the U.S., our rig count has been range-bound for the last several months, with 35 rigs operating today. Volatile commodity prices, customer consolidation, and budget exhaustion are all headwinds that we expect will continue to suppress activity for the remainder of the year. We are encouraged by recent momentum in our contract book with seven new contracts secured for oil and natural gas drilling projects that are expected to begin late this year for 2025 drilling programs. Looking ahead, we anticipate that the next wave of additional Gulf Coast LNG export facilities, coal plant retirements, and a build-out of AI data centers should drive further natural gas drilling and support sustained natural gas demand.

“Precision’s international operations provide a stable foundation for earnings and cash flow as our rigs are under long-term contracts that extend into 2028. Our well servicing business further complements our stability as we remain the premier well service provider in Canada where demand continues to outpace manned service rigs. In 2023, we repositioned these businesses with rig reactivations and our CWC acquisition and as a result, each business is on track to increase its 2024 Adjusted EBITDA by approximately 50% over the prior year.

“I am proud of the discipline Precision continues to show throughout the organization and we remain focused on our strategic priorities, which include generating free cash flow, improving capital returns to shareholders, and delivering operational excellence. With robust Canadian market fundamentals, an improving long-term outlook for the U.S., and a focused strategy, I am confident we will continue to drive higher total shareholder returns. I would like to thank our team for executing at the highest operating levels and generating strong financial performance and value for our customers,” stated Kevin Neveu, Precision’s President and CEO.

(1) See “FINANCIAL MEASURES AND RATIOS."

SELECT FINANCIAL AND OPERATING INFORMATION

Financial Highlights

 For the three months ended September 30,  For the nine months ended September 30, 
(Stated in thousands of Canadian dollars, except per share amounts) 2024   2023  % Change   2024   2023  % Change 
Revenue 477,155   446,754   6.8   1,434,157   1,430,983   0.2 
Adjusted EBITDA(1) 142,425   114,575   24.3   400,695   459,887   (12.9)
Net earnings 39,183   19,792   98.0   96,400   142,522   (32.4)
Cash provided by operations 79,674   88,500   (10.0)  319,292   330,316   (3.3)
Funds provided by operations(1) 113,322   91,608   23.7   342,837   388,220   (11.7)
                  
Cash used in investing activities 38,852   34,278   13.3   141,032   157,157   (10.3)
Capital spending by spend category(1)                 
Expansion and upgrade 7,709   13,479   (42.8)  30,501   39,439   (22.7)
Maintenance and infrastructure 56,139   38,914   44.3   127,297   108,463   17.4 
Proceeds on sale (5,647)  (6,698)  (15.7)  (21,825)  (20,724)  5.3 
Net capital spending(1) 58,201   45,695   27.4   135,973   127,178   6.9 
                  
Net earnings per share:                 
Basic 2.77   1.45   91.0   6.74   10.45   (35.5)
Diluted 2.31   1.45   59.3   6.73   9.84   (31.6)
Weighted average shares outstanding:                 
Basic 14,142   13,607   3.9   14,312   13,643   4.9 
Diluted 14,890   13,610   9.4   14,317   14,858   (3.6)

(1) See “FINANCIAL MEASURES AND RATIOS.”

Operating Highlights

 For the three months ended September 30,  For the nine months ended September 30, 
 2024  2023  % Change  2024  2023  % Change 
Contract drilling rig fleet 214   224   (4.5)  214   224   (4.5)
Drilling rig utilization days:                 
U.S. 3,196   3,815   (16.2)  9,885   13,823   (28.5)
Canada 6,586   5,284   24.6   17,667   15,247   15.9 
International 736   554   32.9   2,192   1,439   52.3 
Revenue per utilization day:                 
U.S. (US$) 32,949   35,135   (6.2)  33,011   35,216   (6.3)
Canada (Cdn$) 32,325   32,224   0.3   34,497   32,583   5.9 
International (US$) 47,223   51,570   (8.4)  51,761   51,306   0.9 
Operating costs per utilization day:                 
U.S. (US$) 22,207   21,655   2.5   22,113   20,217   9.4 
Canada (Cdn$) 19,448   18,311   6.2   20,196   19,239   5.0 
                  
Service rig fleet 165   121   36.4   165   121   36.4 
Service rig operating hours 62,835   46,894   34.0   194,390   144,944   34.1 


Drilling Activity

 Average for the quarter ended 2023 Average for the quarter ended 2024 
 Mar. 31  June 30  Sept. 30  Dec. 31  Mar. 31  June 30  Sept. 30 
Average Precision active rig count(1):                    
U.S. 60   51   41   45   38   36   35 
Canada 69   42   57   64   73   49   72 
International 5   5   6   8   8   8   8 
Total 134   98   104   117   119   93   115 

(1) Average number of drilling rigs working or moving.

Financial Position

(Stated in thousands of Canadian dollars, except ratios)September 30, 2024  December 31, 2023(2) 
Working capital(1) 166,473   136,872 
Cash 24,304   54,182 
Long-term debt 787,008   914,830 
Total long-term financial liabilities(1) 858,765   995,849 
Total assets 2,887,996   3,019,035 
Long-term debt to long-term debt plus equity ratio (1) 0.32   0.37 

(1) See “FINANCIAL MEASURES AND RATIOS.”
(2) Comparative period figures were restated due to a change in accounting policy. See "CHANGE IN ACCOUNTING POLICY."

Summary for the three months ended September 30, 2024:

  • Revenue increased to $477 million compared with $447 million in the third quarter of 2023 as a result of higher Canadian and international activity, partially offset by lower U.S. activity, day rates and lower idle but contract rig revenue.
  • Adjusted EBITDA was $142 million as compared with $115 million in 2023, primarily due to increased Canadian and international results and lower share-based compensation. Please refer to “Other Items” later in this news release for additional information on share-based compensation.
  • Adjusted EBITDA as a percentage of revenue was 30% as compared with 26% in 2023.
  • Generated cash from operations of $80 million, reduced debt by $49 million, repurchased $17 million of shares, and ended the quarter with $24 million of cash and more than $500 million of available liquidity.
  • Revenue per utilization day, excluding the impact of idle but contracted rigs was US$32,949 compared with US$33,543 in 2023, a decrease of 2%. Sequentially, revenue per utilization day, excluding idle but contracted rigs, was largely consistent with the second quarter of 2024. U.S. revenue per utilization day was US$32,949 compared with US$35,135 in 2023. The decrease was primarily the result of lower fleet average day rates and idle but contracted rig revenue, partially offset by higher recoverable costs. We did not recognize revenue from idle but contracted rigs in the quarter as compared with US$6 million in 2023.
  • U.S. operating costs per utilization day increased to US$22,207 compared with US$21,655 in 2023. The increase is mainly due to higher recoverable costs and fixed costs being spread over fewer activity days, partially offset by lower repairs and maintenance. Sequentially, operating costs per utilization day were largely consistent with the second quarter of 2024.
  • Canadian revenue per utilization day was $32,325, largely consistent with the $32,224 realized in 2023. Sequentially, revenue per utilization day decreased $3,750 due to our rig mix, partially offset by higher fleet-wide average day rates.
  • Canadian operating costs per utilization day increased to $19,448, compared with $18,311 in 2023, resulting from higher repairs and maintenance and rig reactivation costs. Sequentially, daily operating costs decreased $2,204 due to lower labour expenses due to rig mix, recoverable expenses and repairs and maintenance.
  • Internationally, third quarter revenue increased 21% over 2023 as we realized revenue of US$35 million versus US$29 million in the prior year. Our higher revenue was primarily the result of a 33% increase in activity, partially offset by lower average revenue per utilization day. International revenue per utilization day was US$47,223 compared with US$51,570 in 2023 due to fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
  • Completion and Production Services revenue was $73 million, an increase of $16 million from 2023, as our third quarter service rig operating hours increased 34%.
  • General and administrative expenses were $23 million as compared with $44 million in 2023 primarily due to lower share-based compensation charges.
  • Net finance charges were $17 million, a decrease of $3 million compared with 2023 as a result of lower interest expense on our outstanding debt balance.
  • Capital expenditures were $64 million compared with $52 million in 2023 and by spend category included $8 million for expansion and upgrades and $56 million for the maintenance of existing assets, infrastructure, and intangible assets.
  • Increased expected capital spending in 2024 to $210 million, an increase of $15 million, due to the strategic purchase of drill pipe before new import tariffs take effect and additional customer-backed upgrades.
  • Income tax expense for the quarter was $14 million as compared with $8 million in 2023. During the third quarter, we continue to not recognize deferred tax assets on certain international operating losses.
  • Reduced debt by $49 million from the redemption of US$33 million of 2026 unsecured senior notes and US$3 million repayment of our U.S. Real Estate Credit Facility.
  • Renewed our Normal Course Issuer Bid (NCIB) and repurchased $17 million of common shares during the third quarter.

Summary for the nine months ended September 30, 2024:

  • Revenue for the first nine months of 2024 was $1,434 million, consistent 2023.
  • Adjusted EBITDA for the period was $401 million as compared with $460 million in 2023. Our lower Adjusted EBITDA was primarily attributed to decreased U.S. drilling results and higher share-based compensation, partially offset by the strengthening of Canadian and international results.
  • Cash provided by operations was $319 million as compared with $330 million in 2023. Funds provided by operations were $343 million, a decrease of $45 million from the comparative period.
  • General and administrative costs were $97 million, an increase of $14 million from 2023 primarily due to higher share-based compensation charges.
  • Net finance charges were $53 million, $10 million lower than 2023 due to our lower interest expense on our outstanding debt balance.
  • Capital expenditures were $158 million in 2024, an increase of $10 million from 2023. Capital spending by spend category included $31 million for expansion and upgrades and $127 million for the maintenance of existing assets, infrastructure, and intangible assets.
  • Reduced debt by $152 million from the redemption of US$89 million of 2026 unsecured senior notes and $31 million repayment of our Canadian and U.S. Real Estate Credit Facilities.
  • Repurchased $50 million of common shares under our NCIB.

STRATEGY

Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. Our strategic priorities for 2024 are focused on increasing our capital returns to shareholders by delivering best-in-class service and generating free cash flow.

Precision’s 2024 strategic priorities and the progress made during the third quarter are as follows:

  1. Concentrate organizational efforts on leveraging our scale and generating free cash flow.
    • Generated cash from operations of $80 million, bringing our year to date total to $319 million.
    • Increased utilization of our Super Single and Double rigs in the third quarter, driving Canadian drilling activity up 25% year over year.
    • Increased our third quarter Completion and Production Services operating hours and Adjusted EBITDA 34% and 40%, respectively, year over year. Achieved our $20 million annual synergies target from the CWC acquisition, which closed in November 2023.
    • Internationally, we realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
  2. Reduce debt by between $150 million and $200 million and allocate 25% to 35% of free cash flow before debt repayments for share repurchases.
    • Reduced debt by redeeming US$33 million of our 2026 unsecured senior notes and repaying US$3 million of our U.S. Real Estate Credit Facility. For the first nine months of the year, we have reduced debt by $152 million and already achieved the low end of our debt repayment target range.
    • Returned $17 million of capital to shareholders through share repurchases. Year to date we allocated $50 million of our free cash flow to share buybacks, which represents over 25% of free cash flow for the first nine months of the year and within our annual target range of 25% to 35%.
    • Remain firmly committed to our long-term debt reduction target of $600 million between 2022 and 2026 ($410 million achieved as of September 30, 2024), while moving direct shareholder capital returns towards 50% of free cash flow.
  3. Continue to deliver operational excellence in drilling and service rig operations to strengthen our competitive position and extend market penetration of our Alpha™ and EverGreen™ products.
    • Increased our Canadian drilling rig utilization days and well servicing rig operating hours over the third quarter of 2023, maintaining our position as the leading provider of high-quality and reliable services in Canada.
    • Nearly doubled our EverGreen™ revenue from the third quarter of 2023.
    • Continued to expand our EverGreen™ product offering on our Super Single rigs with hydrogen injection systems. EverGreenHydrogen™ reduces diesel consumption resulting in lower operating costs and greenhouse gas emissions for our customers.

OUTLOOK

The long-term outlook for global energy demand remains positive with rising demand for all types of energy including oil and natural gas driven by economic growth, increasing demand from third-world regions, and emerging energy sources of power demand. Oil prices are constructive, and producers remain disciplined with their production plans while geopolitical issues continue to threaten supply. In Canada, the recent commissioning of the Trans Mountain pipeline expansion and the startup of LNG Canada projected in 2025 are expected to provide significant tidewater access for Canadian crude oil and natural gas, supporting additional Canadian drilling activity. In the U.S., the next wave of LNG projects is expected to add approximately 11 bcf/d of export capacity from 2025 to 2028, supporting additional U.S. natural gas drilling activity. Coal retirements and a build-out of AI data centers could provide further support for natural gas drilling.

In Canada, we currently have 75 rigs operating and expect this activity level to continue until spring breakup, except for the traditional slowdown over Christmas. Our Canadian drilling activity continues to outpace 2023 due to increased heavy oil drilling activity and strong Montney activity driven by robust condensate demand and pricing. Since the startup of the Trans Mountain pipeline expansion in May, customer activity in heavy oil targeted areas has exceeded expectations, resulting in near full utilization of our Super Single fleet. Customers are benefiting from improved commodity pricing and a weak Canadian dollar. Our Super Triple fleet, the preferred rig for Montney drilling, is also nearly fully utilized and with the expected startup of LNG Canada in mid-2025, demand could exceed supply.

In recent years, the Canadian market has witnessed stronger second quarter drilling activity due to the higher percentage of wells drilled on pads in both the Montney and in heavy oil developments. Once a pad-equipped drilling rig is mobilized to site, it can walk from well to well and avoid spring break up road restrictions. We expect this higher activity trend to continue in the second quarter of 2025.

In the U.S., we currently have 35 rigs operating as drilling activity remains constrained by volatile commodity prices, customer consolidation and budget exhaustion. We view these headwinds as short-term in nature, which will continue to suppress activity for the remainder of the year and into 2025. However, looking further ahead, we expect that a new budget cycle, the next wave of Gulf Coast LNG export facilities, and new sources of domestic power demand should begin to stimulate drilling.

Internationally, we expect to have eight rigs running for the remainder of 2024, representing an approximate 40% increase in activity compared to 2023. All eight rigs are contracted through 2025 as well. We continue to bid our remaining idle rigs within the region and remain optimistic about our ability to secure additional rig activations.

As the premier well service provider in Canada, the outlook for this business remains positive. We expect the Trans Mountain pipeline expansion and LNG Canada to drive more service-related activity, while increased regulatory spending requirements are expected to result in more abandonment work. Customer demand should remain strong, and with continued labor constraints, we expect firm pricing into the foreseeable future.

We believe cost inflation is largely behind us and will continue to look for opportunities to lower costs.

Contracts

The following chart outlines the average number of drilling rigs under term contract by quarter as at October 29, 2024. For those quarters ending after September 30, 2024, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

As at October 29, 2024 Average for the quarter ended 2023  Average  Average for the quarter ended 2024  Average 
  Mar. 31  June 30  Sept. 30  Dec. 31  2023  Mar. 31  June 30  Sept. 30  Dec. 31  2024 
Average rigs under term contract:                              
U.S.  40   37   32   28   34   20   17   17   16   18 
Canada  19   23   23   23   22   24   22   23   24   23 
International  4   5   7   7   6   8   8   8   8   8 
Total  63   65   62   58   62   52   47   48   48   49 


SEGMENTED FINANCIAL RESULTS

Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

 For the three months ended September 30,  For the nine months ended September 30, 
(Stated in thousands of Canadian dollars) 2024  2023  % Change   2024  2023  % Change 
Revenue:                 
Contract Drilling Services 406,155   390,728   3.9   1,215,125   1,257,762   (3.4)
Completion and Production Services 73,074   57,573   26.9   225,987   178,257   26.8 
Inter-segment eliminations (2,074)  (1,547)  34.1   (6,955)  (5,036)  38.1 
  477,155   446,754   6.8   1,434,157   1,430,983   0.2 
Adjusted EBITDA:(1)                 
Contract Drilling Services 133,235   131,701   1.2   406,662   468,302   (13.2)
Completion and Production Services 19,741   14,118   39.8   50,786   39,031   30.1 
Corporate and Other (10,551)  (31,244)  (66.2)  (56,753)  (47,446)  19.6 
  142,425   114,575   24.3   400,695   459,887   (12.9)

(1) See “FINANCIAL MEASURES AND RATIOS.”

SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

 For the three months ended September 30,  For the nine months ended September 30, 
(Stated in thousands of Canadian dollars, except where noted) 2024   2023  % Change   2024   2023  % Change 
Revenue 406,155   390,728   3.9   1,215,125   1,257,762   (3.4)
Expenses:                 
Operating 262,933   247,937   6.0   776,210   759,750   2.2 
General and administrative 9,987   11,090   (9.9)  32,253   29,710   8.6 
Adjusted EBITDA(1) 133,235   131,701   1.2   406,662   468,302   (13.2)
Adjusted EBITDA as a percentage of revenue(1) 32.8%  33.7%     33.5%  37.2%   

(1) See “FINANCIAL MEASURES AND RATIOS.”

United States onshore drilling statistics:(1)2024  2023 
 Precision  Industry(2)  Precision  Industry(2) 
Average number of active land rigs for quarters ended:           
March 31 38   602   60   744 
June 30 36   583   51   700 
September 30 35   565   41   631 
Year to date average 36   583   51   692 

(1) United States lower 48 operations only.
(2) Baker Hughes rig counts.

Canadian onshore drilling statistics:(1)2024  2023 
 Precision  Industry(2)  Precision  Industry(2) 
Average number of active land rigs for quarters ended:           
March 31 73   208   69   221 
June 30 49   134   42   117 
September 30 72   207   57   188 
Year to date average 65   183   56   175 

(1) Canadian operations only.
(2) Baker Hughes rig counts.

SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

 For the three months ended September 30,  For the nine months ended September 30, 
(Stated in thousands of Canadian dollars, except where noted) 2024   2023  % Change   2024   2023    
Revenue 73,074   57,573   26.9   225,987   178,257   26.8 
Expenses:                 
Operating 50,608   41,612   21.6   167,128   133,325   25.4 
General and administrative 2,725   1,843   47.9   8,073   5,901   36.8 
Adjusted EBITDA(1) 19,741   14,118   39.8   50,786   39,031   30.1 
Adjusted EBITDA as a percentage of revenue(1) 27.0%  24.5%     22.5%  21.9%   
Well servicing statistics:                 
Number of service rigs (end of period) 165   121   36.4   165   121   36.4 
Service rig operating hours 62,835   46,894   34.0   194,390   144,944   34.1 
Service rig operating hour utilization 41%  42%     43%  44%   

(1) See “FINANCIAL MEASURES AND RATIOS.”

OTHER ITEMS

Share-based Incentive Compensation Plans

We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2023 Annual Report.

A summary of expense amounts under these plans during the reporting periods are as follows:

 For the three months ended September 30,  For the nine months ended September 30, 
(Stated in thousands of Canadian dollars)2024  2023  2024  2023 
Cash settled share-based incentive plans (1,626)  30,105   28,810   20,091 
Equity settled share-based incentive plans 1,440   701   3,517   1,834 
Total share-based incentive compensation plan expense (186)  30,806   32,327   21,925 
            
Allocated:           
Operating 221   7,692   8,159   6,732 
General and Administrative (407)  23,114   24,168   15,193 
  (186)  30,806   32,327   21,925 


CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

Because of the nature of our business, we are required to make judgements and estimates in preparing our Condensed Consolidated Interim Financial Statements that could materially affect the amounts recognized. Our judgements and estimates are based on our past experiences and assumptions we believe are reasonable in the circumstances. The critical judgements and estimates used in preparing the Condensed Consolidated Interim Financial Statements are described in our 2023 Annual Report.

EVALUATION OF CONTROLS AND PROCEDURES

Based on their evaluation as at September 30, 2024, Precision’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1934, as amended (the Exchange Act)), are effective to ensure that information required to be disclosed by the Corporation in reports that are filed or submitted to Canadian and U.S. securities authorities is recorded, processed, summarized and reported within the time periods specified in Canadian and U.S. securities laws. In addition, as at September 30, 2024, there were no changes in the internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting. Management will continue to periodically evaluate the Corporation’s disclosure controls and procedures and internal control over financial reporting and will make any modifications from time to time as deemed necessary.

Based on their inherent limitations, disclosure controls and procedures and internal control over financial reporting may not prevent or detect misstatements, and even those controls determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

FINANCIAL MEASURES AND RATIOS

Non-GAAP Financial Measures
We reference certain additional Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS Accounting Standards to assess performance because we believe they provide useful supplemental information to investors.
Adjusted EBITDAWe believe Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

The most directly comparable financial measure is net earnings.


 For the three months ended September 30,  For the nine months ended September 30, 
(Stated in thousands of Canadian dollars) 2024   2023   2024   2023 
Adjusted EBITDA by segment:           
Contract Drilling Services 133,235   131,701   406,662   468,302 
Completion and Production Services 19,741   14,118   50,786   39,031 
Corporate and Other (10,551)  (31,244)  (56,753)  (47,446)
Adjusted EBITDA 142,425   114,575   400,695   459,887 
Depreciation and amortization 75,073   73,192   227,104   218,823 
Gain on asset disposals (3,323)  (2,438)  (14,235)  (15,586)
Foreign exchange 849   363   772   (894)
Finance charges 16,914   19,618   53,472   63,946 
Gain on repurchase of unsecured notes —   (37)  —   (137)
Loss (gain) on investments and other assets (150)  (3,813)  (330)  6,075 
Incomes taxes 13,879   7,898   37,512   45,138 
Net earnings 39,183   19,792   96,400   142,522 


Funds Provided by (Used in) OperationsWe believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.

The most directly comparable financial measure is cash provided by (used in) operations.

Net Capital SpendingWe believe net capital spending is a useful measure as it provides an indication of our primary investment activities.

The most directly comparable financial measure is cash provided by (used in) investing activities.

Net capital spending is calculated as follows:


  For the three months ended September 30,  For the nine months ended September 30, 
(Stated in thousands of Canadian dollars)  2024   2023   2024   2023 
Capital spending by spend category            
Expansion and upgrade  7,709   13,479   30,501   39,439 
Maintenance, infrastructure and intangibles  56,139   38,914   127,297   108,463 
   63,848   52,393   157,798   147,902 
Proceeds on sale of property, plant and equipment  (5,647)  (6,698)  (21,825)  (20,724)
Net capital spending  58,201   45,695   135,973   127,178 
Business acquisitions  —   —   —   28,000 
Proceeds from sale of investments and other assets  —   (10,013)  (3,623)  (10,013)
Purchase of investments and other assets  7   3,211   7   5,282 
Receipt of finance lease payments  (207)  (64)  (591)  (64)
Changes in non-cash working capital balances  (19,149)  (4,551)  9,266   6,774 
Cash used in investing activities  38,852   34,278   141,032   157,157 


Working CapitalWe define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Working capital is calculated as follows:


 September 30,  December 31, 
(Stated in thousands of Canadian dollars) 2024   2023 
Current assets 472,557   510,881 
Current liabilities 306,084   374,009 
Working capital 166,473   136,872 


Total Long-term Financial LiabilitiesWe define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Total long-term financial liabilities is calculated as follows:


 September 30,  December 31, 
(Stated in thousands of Canadian dollars) 2024   2023 
Total non-current liabilities 920,812   1,069,364 
Deferred tax liabilities 62,047   73,515 
Total long-term financial liabilities 858,765   995,849 


Non-GAAP Ratios
We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
Adjusted EBITDA % of RevenueWe believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
Long-term debt to long-term debt plus equityWe believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total shareholders’ equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage.
Net Debt to Adjusted EBITDAWe believe that the Net Debt (long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations.
Supplementary Financial Measures
We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
Capital Spending by Spend CategoryWe provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.


CHANGE IN ACCOUNTING POLICY

Precision adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Amendments to IAS 1, as issued in 2020 and 2022. These amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024 and clarify requirements for determining whether a liability should be classified as current or non-current. Due to this change in accounting policy, there was a retrospective impact on the comparative Statement of Financial Position pertaining to the Corporation's Deferred Share Unit (DSU) plan for non-management directors which are redeemable in cash or for an equal number of common shares upon the director's retirement. In the case of a director retiring, the director's respective DSU liability would become payable and the Corporation would not have the right to defer settlement of the liability for at least twelve months. As such, the liability is impacted by the revised policy. The following changes were made to the Statement of Financial Position:

  • As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million.
  • As at December 31, 2023, accounts payable and accrued liabilities increased by $8 million and non-current share-based compensation liability decreased by $8 million.

The Corporation's other liabilities were not impacted by the amendments. The change in accounting policy will also be reflected in the Corporation's consolidated financial statements as at and for the year ending December 31, 2024.

JOINT PARTNERSHIP

On September 26, 2024, Precision formed a strategic Partnership with two Indigenous partners to provide well servicing operations in northeast British Columbia. Precision contributed $4 million in assets to the Partnership. Precision holds a controlling interest in the Partnership and the portions of the net earnings and equity not attributable to Precision’s controlling interest are shown separately as Non-Controlling Interests (NCI) in the consolidated statements of net earnings and consolidated statements of financial position.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Certain statements contained in this release, including statements that contain words such as "could", "should", "can", "anticipate", "estimate", "intend", "plan", "expect", "believe", "will", "may", "continue", "project", "potential" and similar expressions and statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking information and statements").

In particular, forward-looking information and statements include, but are not limited to, the following:

  • our strategic priorities for 2024;
  • our capital expenditures, free cash flow allocation and debt reduction plans for 2024 through to 2026;
  • anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2024;
  • the average number of term contracts in place for 2024;
  • customer adoption of Alpha™ technologies and EverGreen™ suite of environmental solutions;
  • timing and amount of synergies realized from acquired drilling and well servicing assets;
  • potential commercial opportunities and rig contract renewals; and
  • our future debt reduction plans.

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

  • our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
  • the status of current negotiations with our customers and vendors;
  • customer focus on safety performance;
  • existing term contracts are neither renewed nor terminated prematurely;
  • our ability to deliver rigs to customers on a timely basis;
  • the impact of an increase/decrease in capital spending; and
  • the general stability of the economic and political environments in the jurisdictions where we operate.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

  • volatility in the price and demand for oil and natural gas;
  • fluctuations in the level of oil and natural gas exploration and development activities;
  • fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
  • our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
  • changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
  • shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
  • liquidity of the capital markets to fund customer drilling programs;
  • availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
  • the impact of weather and seasonal conditions on operations and facilities;
  • competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
  • ability to improve our rig technology to improve drilling efficiency;
  • general economic, market or business conditions;
  • the availability of qualified personnel and management;
  • a decline in our safety performance which could result in lower demand for our services;
  • changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
  • terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
  • fluctuations in foreign exchange, interest rates and tax rates; and
  • other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2023, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars) September 30,
2024		  December 31,
2023(1)		  January 1,
2023(1)		 
ASSETS      
Current assets:         
Cash $24,304  $54,182  $21,587 
Accounts receivable  401,652   421,427   413,925 
Inventory  41,398   35,272   35,158 
Assets held for sale  5,203   —   — 
Total current assets  472,557   510,881   470,670 
Non-current assets:         
Income tax recoverable  696   682   1,602 
Deferred tax assets  27,767   73,662   455 
Property, plant and equipment  2,296,079   2,338,088   2,303,338 
Intangibles  15,566   17,310   19,575 
Right-of-use assets  63,708   63,438   60,032 
Finance lease receivables  4,938   5,003   — 
Investments and other assets  6,685   9,971   20,451 
Total non-current assets  2,415,439   2,508,154   2,405,453 
Total assets $2,887,996  $3,019,035  $2,876,123 
          
LIABILITIES AND EQUITY         
Current liabilities:         
Accounts payable and accrued liabilities $282,810  $350,749  $404,350 
Income taxes payable  3,059   3,026   2,991 
Current portion of lease obligations  19,263   17,386   12,698 
Current portion of long-term debt  952   2,848   2,287 
Total current liabilities  306,084   374,009   422,326 
          
Non-current liabilities:         
Share-based compensation  10,339   16,755   47,836 
Provisions and other  7,408   7,140   7,538 
Lease obligations  54,010   57,124   52,978 
Long-term debt  787,008   914,830   1,085,970 
Deferred tax liabilities  62,047   73,515   28,946 
Total non-current liabilities  920,812   1,069,364   1,223,268 
Equity:         
Shareholders’ capital  2,337,079   2,365,129   2,299,533 
Contributed surplus  76,656   75,086   72,555 
Deficit  (915,629)  (1,012,029)  (1,301,273)
Accumulated other comprehensive income  158,602   147,476   159,714 
Total equity attributable to shareholders  1,656,708   1,575,662   1,230,529 
Non-controlling interest  4,392   —   — 
Total equity  1,661,100   1,575,662   1,230,529 
Total liabilities and equity $2,887,996  $3,019,035  $2,876,123 

(1) Comparative period figures were restated due to a change in accounting policy. See "CHANGE IN ACCOUNTING POLICY."

(2) See “JOINT PARTNERSHIP” for additional information.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

  Three Months Ended September 30,  Nine Months Ended September 30, 
(Stated in thousands of Canadian dollars, except per share amounts) 2024  2023  2024  2023 
             
             
Revenue $477,155  $446,754  $1,434,157  $1,430,983 
Expenses:            
Operating  311,467   288,002   936,383   888,039 
General and administrative  23,263   44,177   97,079   83,057 
Earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization  142,425   114,575   400,695   459,887 
Depreciation and amortization  75,073   73,192   227,104   218,823 
Gain on asset disposals  (3,323)  (2,438)  (14,235)  (15,586)
Foreign exchange  849   363   772   (894)
Finance charges  16,914   19,618   53,472   63,946 
Gain on repurchase of unsecured senior notes  —   (37)  —   (137)
Loss (gain) on investments and other assets  (150)  (3,813)  (330)  6,075 
Earnings before income taxes  53,062   27,690   133,912   187,660 
Income taxes:            
Current  2,297   2,047   4,659   4,008 
Deferred  11,582   5,851   32,853   41,130 
   13,879   7,898   37,512   45,138 
Net earnings $39,183  $19,792  $96,400  $142,522 
Net earnings per share attributable to shareholders:            
Basic $2.77  $1.45  $6.74  $10.45 
Diluted $2.31  $1.45  $6.73  $9.84 


CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

  Three Months Ended September 30,  Nine Months Ended September 30, 
(Stated in thousands of Canadian dollars) 2024  2023  2024  2023 
Net earnings $39,183  $19,792  $96,400  $142,522 
Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency  (16,104)  39,180   30,409   3,322 
Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt  9,536   (24,616)  (19,283)  (1,484)
Comprehensive income $32,615  $34,356  $107,526  $144,360 


CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

  Three Months Ended September 30,  Nine Months Ended September 30, 
(Stated in thousands of Canadian dollars) 2024  2023  2024  2023 
Cash provided by (used in):            
Operations:            
Net earnings $39,183  $19,792  $96,400  $142,522 
Adjustments for:            
Long-term compensation plans  2,620   11,577   14,490   9,200 
Depreciation and amortization  75,073   73,192   227,104   218,823 
Gain on asset disposals  (3,323)  (2,438)  (14,235)  (15,586)
Foreign exchange  815   1,275   965   (13)
Finance charges  16,914   19,618   53,472   63,946 
Income taxes  13,879   7,898   37,512   45,138 
Other  27   —   120   (220)
Loss (gain) on investments and other assets  (150)  (3,813)  (330)  6,075 
Gain on repurchase of unsecured senior notes  —   (37)  —   (137)
Income taxes paid  (508)  (187)  (4,842)  (2,395)
Income taxes recovered  58   4   58   7 
Interest paid  (31,692)  (35,500)  (69,435)  (79,702)
Interest received  426   227   1,558   562 
Funds provided by operations  113,322   91,608   342,837   388,220 
Changes in non-cash working capital balances  (33,648)  (3,108)  (23,545)  (57,904)
Cash provided by operations  79,674   88,500   319,292   330,316 
             
Investments:            
Purchase of property, plant and equipment  (63,797)  (51,546)  (157,747)  (146,378)
Purchase of intangibles  (51)  (847)  (51)  (1,524)
Proceeds on sale of property, plant and equipment  5,647   6,698   21,825   20,724 
Proceeds from sale of investments and other assets  —   10,013   3,623   10,013 
Business acquisitions  —   —   —   (28,000)
Purchase of investments and other assets  (7)  (3,211)  (7)  (5,282)
Receipt of finance lease payments  207   64   591   64 
Changes in non-cash working capital balances  19,149   4,551   (9,266)  (6,774)
Cash used in investing activities  (38,852)  (34,278)  (141,032)  (157,157)
             
Financing:            
Issuance of long-term debt  10,900   23,600   10,900   162,649 
Repayments of long-term debt  (59,658)  (49,517)  (162,506)  (288,538)
Repurchase of share capital  (16,891)  —   (50,465)  (12,951)
Issuance of common shares from the exercise of options  495   —   686   — 
Debt amendment fees  —   —   (1,317)  — 
Lease payments  (3,586)  (2,410)  (10,005)  (6,413)
Funding from non-controlling interest  4,392   —   4,392   — 
Cash used in financing activities  (64,348)  (28,327)  (208,315)  (145,253)
Effect of exchange rate changes on cash  (403)  251   177   (428)
Increase (decrease) in cash  (23,929)  26,146   (29,878)  27,478 
Cash, beginning of period  48,233   22,919   54,182   21,587 
Cash, end of period $24,304  $49,065  $24,304  $49,065 


CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

  Attributable to shareholders of the Corporation      
(Stated in thousands of Canadian dollars) Shareholders’
Capital		  Contributed
Surplus		  Accumulated
Other
Comprehensive
Income		  Deficit  Total  Non-
controlling interest		  Total
Equity		 
Balance at January 1, 2024 $2,365,129  $75,086  $147,476  $(1,012,029) $1,575,662  $—  $1,575,662 
Net earnings for the period  —   —   —   96,400   96,400   —   96,400 
Other comprehensive income for the period  —   —   11,126   —   11,126   —   11,126 
Share options exercised  978   (292)  —   —   686   —   686 
Settlement of Executive Performance and Restricted Share Units  21,846   (1,479)  —   —   20,367   —   20,367 
Share repurchases  (51,050)  —   —   —   (51,050)  —   (51,050)
Redemption of non-management directors share units  176   (176)  —   —   —   —   - 
Share-based compensation expense  —   3,517   —   —   3,517   —   3,517 
Funding from non-controlling interest  —   —   —   —   —   4,392   4,392 
Balance at September 30, 2024 $2,337,079  $76,656  $158,602  $(915,629) $1,656,708  $4,392  $1,661,100 


  Attributable to shareholders of the Corporation      
(Stated in thousands of Canadian dollars) Shareholders’
Capital		  Contributed
Surplus		  Accumulated
Other
Comprehensive
Income		  Deficit  Total  Non-
controlling interest		  Total
Equity		 
Balance at January 1, 2023 $2,299,533  $72,555  $159,714  $(1,301,273) $1,230,529  $—  $1,230,529 
Net earnings for the period  —   —   —   142,522   142,522   —   142,522 
Other comprehensive income for the period  —   —   1,838   —   1,838   —   1,838 
Settlement of Executive Performance and Restricted Share Units  19,206   —   —   —   19,206   —   19,206 
Share repurchases  (12,951)  —   —   —   (12,951)  —   (12,951)
Redemption of non-management directors share units  757   —   —   —   757   —   757 
Share-based compensation expense  —   1,834   —   —   1,834   —   1,834 
Balance at September 30, 2023 $2,306,545  $74,389  $161,552  $(1,158,751) $1,383,735  $—  $1,383,735 


2024 THIRD QUARTER RESULTS CONFERENCE CALL AND WEBCAST

Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Wednesday, October 30, 2024.

To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

https://register.vevent.com/register/BI4cb3a3db88084e66ad528ebb2bdb81e4

The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

https://edge.media-server.com/mmc/p/mov2xb4k

About Precision

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

Additional Information

For further information, please contact:

Lavonne Zdunich, CPA, CA
Vice President, Investor Relations
403.716.4500

800, 525 - 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com

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