EX-99.2 5 exh_992.htm EXHIBIT 99.2

Exhibit 99.2

 

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

 

(Stated in thousands of Canadian dollars)  March 31, 2025  December 31, 2024
ASSETS          
Current assets:          
Cash  $28,245   $73,771 
Accounts receivable   397,684    378,712 
Inventory   49,176    43,300 
Assets held for sale   6,006    5,501 
Total current assets   481,111    501,284 
Non-current assets:          
Deferred tax assets   2,437    6,559 
Property, plant and equipment   2,342,482    2,356,173 
Intangibles   13,537    12,997 
Right-of-use assets   63,223    66,032 
Finance lease receivables   4,670    4,806 
Investments and other assets   8,524    8,464 
Total non-current assets   2,434,873    2,455,031 
Total assets  $2,915,984   $2,956,315 
           
LIABILITIES AND EQUITY          
Current liabilities:          
Accounts payable and accrued liabilities  $271,696   $314,355 
Income taxes payable   4,526    3,778 
Current portion of lease obligations   19,703    20,559 
Current portion of long-term debt (Note 5)   230,219    - 
Total current liabilities   526,144    338,692 
           
Non-current liabilities:          
Share-based compensation (Note 7)   5,391    13,666 
Provisions and other   7,478    7,472 
Lease obligations   51,676    54,566 
Long-term debt (Note 5)   567,824    812,469 
Deferred tax liabilities   56,571    47,451 
Total non-current liabilities   688,940    935,624 
Equity:          
Shareholders’ capital (Note 8)   2,287,422    2,301,729 
Contributed surplus   77,011    77,557 
Accumulated other comprehensive income   197,827    199,020 
Deficit   (866,323)   (900,834)
Total equity attributable to shareholders   1,695,937    1,677,472 
Non-controlling interest   4,963    4,527 
Total equity   1,700,900    1,681,999 
Total liabilities and equity  $2,915,984   $2,956,315 

 

See accompanying notes to condensed interim consolidated financial statements.

 

 1

 

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (UNAUDITED)

 

   Three Months Ended March 31,
(Stated in thousands of Canadian dollars, except per share amounts)  2025  2024
       
       
Revenue (Note 3)  $496,331   $527,788 
Expenses:          
Operating   329,068    339,506 
General and administrative   29,766    45,133 
Earnings before income taxes, gain on
   investments and other assets, finance
   charges, foreign exchange, gain on asset
   disposals, and depreciation and amortization		   137,497    143,149 
Depreciation and amortization   75,036    78,213 
Gain on asset disposals   (2,872)   (3,237)
Foreign exchange   367    394 
Finance charges (Note 6)   15,760    18,369 
Gain on investments and other assets   (49)   (228)
Earnings before income taxes   49,255    49,638 
Income taxes:          
Current   1,106    1,017 
Deferred   13,202    12,105 
    14,308    13,122 
Net earnings  $34,947   $36,516 
Attributable to:          
Shareholders of Precision Drilling Corporation  $34,511   $36,516 
Non-controlling interests  $436   $- 
Net earnings per share attributable to shareholders
   of Precision Drilling Corporation: (Note 9)		          
Basic  $2.52   $2.53 
Diluted  $2.20   $2.53 

 

See accompanying notes to condensed interim consolidated financial statements.

 

 2

 

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 

   Three Months Ended March 31,
(Stated in thousands of Canadian dollars)  2025  2024
Net earnings  $34,947   $36,516 
Unrealized gain (loss) on translation of assets 
   and liabilities of operations denominated in
   foreign currency		   (658)   32,253 
Foreign exchange loss on net investment hedge
   with U.S. denominated debt		   (535)   (20,159)
Comprehensive income  $33,754   $48,610 
Attributable to:          
Shareholders of Precision Drilling Corporation  $33,318   $48,610 
Non-controlling interests  $436   $- 

 

See accompanying notes to condensed interim consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 3

 

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

   Three Months Ended March 31,
(Stated in thousands of Canadian dollars)  2025  2024
Cash provided by (used in):          
Operations:          
   Net earnings  $34,947   $36,516 
   Adjustments for:          
   Long-term compensation plans   3,016    7,451 
   Depreciation and amortization   75,036    78,213 
   Gain on asset disposals   (2,872)   (3,237)
   Foreign exchange   (783)   728 
   Finance charges   15,760    18,369 
   Income taxes   14,308    13,122 
   Gain on investments and other assets   (49)   (228)
   Income taxes paid   (321)   (234)
   Interest paid   (29,637)   (33,430)
   Interest received   437    495 
Funds provided by operations   109,842    117,765 
Changes in non-cash working capital balances   (46,423)   (52,222)
Cash provided by operations   63,419    65,543 
           
Investments:          
   Purchase of property, plant and equipment   (59,965)   (55,527)
   Proceeds on sale of property, plant and equipment   3,765    5,186 
   Purchase of investments and other assets   (11)   - 
   Receipt of finance lease payments   208    191 
   Changes in non-cash working capital balances   (1,199)   (25,087)
Cash used in investing activities   (57,202)   (75,237)
           
Financing:          
   Repayment of long-term debt   (17,110)   (716)
   Repurchase of share capital (Note 8)   (30,766)   (10,081)
   Lease payments   (3,587)   (3,200)
Cash used in financing activities   (51,463)   (13,997)
Effect of exchange rate changes on cash   (280)   457 
Increase (decrease) in cash   (45,526)   (23,234)
Cash, beginning of period   73,771    54,182 
Cash, end of period  $28,245   $30,948 

 

See accompanying notes to condensed interim consolidated financial statements.

 

 4

 

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, 2025  $2,301,729   $77,557   $199,020   $(900,834)  $1,677,472   $4,527   $1,681,999 
Net earnings for the period   -    -    -    34,511    34,511    436    34,947 
Other comprehensive income
   for the period		   -    -    (1,193)   -    (1,193)   -    (1,193)
Settlement of Executive
   Performance and Restricted
   Share Units		   11,651    (2,790)   -    -    8,861    -    8,861 
Share repurchases (Note 8)   (26,141)   -    -    -    (26,141)   -    (26,141)
Redemption of non-management
   directors share units		   183    (183)   -    -    -    -    - 
Share-based compensation
   expense		   -    2,427    -    -    2,427    -    2,427 
Balance at March 31, 2025  $2,287,422   $77,011   $197,827   $(866,323)  $1,695,937   $4,963   $1,700,900 

 

   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   -    -    -    36,516    36,516    -    36,516 
Other comprehensive income
   for the period		   -    -    12,094    -    12,094    -    12,094 
Settlement of Executive
   Performance and Restricted
   Share Units		   21,846    (1,479)   -    -    20,367    -    20,367 
Share repurchases   (10,081)   -    -    -    (10,081)   -    (10,081)
Share-based compensation
   expense		   -    875    -    -    875    -    875 
Balance at March 31, 2024  $2,376,894   $74,482   $159,570   $(975,513)  $1,635,433   $-   $1,635,433 

 

See accompanying notes to condensed interim consolidated financial statements.

 

 

 

 

 

 

 

 5

 

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Tabular amounts are stated in thousands of Canadian dollars except share numbers and per share amounts)

 

NOTE 1. DESCRIPTION OF BUSINESS

 

Precision Drilling Corporation (Precision or the Corporation) is incorporated under the laws of the Province of Alberta, Canada and is a provider of contract drilling and completion and production services primarily to oil and natural gas and geothermal exploration and production companies in Canada, the United States and certain international locations.

 

NOTE 2. BASIS OF PRESENTATION

 

(a) Statement of Compliance

 

These condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) Accounting Standards 34, Interim Financial Reporting, using accounting policies consistent with IFRS as issued by the International Accounting Standards Board (IASB).

 

The condensed interim consolidated financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated annual financial statements of the Corporation as at and for the year ended December 31, 2024.

 

These condensed interim consolidated financial statements were prepared using accounting policies and methods of their application are consistent with those used in the preparation of the Corporation’s consolidated annual financial statements for the year ended December 31, 2024.

 

These condensed interim consolidated financial statements were approved by the Board of Directors on April 23, 2025.

 

(b) Use of Estimates and Judgements

 

The preparation of the condensed interim consolidated financial statements requires management to make estimates and judgements that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingencies. These estimates and judgements are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The estimation of anticipated future events involves uncertainty and, consequently, the estimates used in preparation of the condensed interim consolidated financial statements may change as future events unfold, more experience is acquired, or the Corporation’s operating environment changes.

 

Significant estimates and judgements used in the preparation of these condensed interim consolidated financial statements remained unchanged from those disclosed in the Corporation’s consolidated annual financial statements for the year ended December 31, 2024.

 

The impacts of geopolitical events, such as the imposed tariffs between Canada and the U.S., regional conflicts, especially in oil producing areas, can materially impact energy markets, interest and inflation rates, and supply chains, resulting in higher levels of volatility and uncertainty. Management has, to the extent reasonable, incorporated known facts and circumstances into the estimates made, however, actual results could differ from those estimates and those differences could be material.

 

 6

 

NOTE 3. Revenue

 

(a)Disaggregation of revenue

 

The following table includes a reconciliation of disaggregated revenue by reportable segment. Revenue has been disaggregated by primary geographical market and type of service provided.

 

Three Months Ended March 31, 2025  Contract
Drilling
Services		  Completion
and
Production
Services		  Corporate
and Other		  Inter-
Segment
Eliminations		  Total
Canada  $240,437   $77,681   $-   $(2,456)  $315,662 
United States   127,933    1,649    -    -    129,582 
International   51,087    -    -    -    51,087 
   $419,457   $79,330   $-   $(2,456)  $496,331 
                          
Day rate/hourly services  $411,935   $79,330   $-   $(628)  $490,637 
Shortfall payments/idle but contracted   4,896    -    -    -    4,896 
Other   2,626    -    -    (1,828)   798 
   $419,457   $79,330   $-   $(2,456)  $496,331 

 

Three Months Ended March 31, 2024  Contract
Drilling
Services		  Completion
and
Production
Services		  Corporate
and Other		  Inter-
Segment
Eliminations		  Total
Canada  $238,577   $82,946   $-   $(2,666)  $318,857 
United States   152,943    4,141    -    -    157,084 
International   51,847    -    -    -    51,847 
   $443,367   $87,087   $-   $(2,666)  $527,788 
                          
Day rate/hourly services  $440,334   $87,087   $-   $(177)  $527,244 
Other   3,033    -    -    (2,489)   544 
   $443,367   $87,087   $-   $(2,666)  $527,788 

 

(b)Seasonality

 

Precision has operations that are carried on in Canada which represent approximately 64% (2024 – 60%) of consolidated revenue for the three months ended March 31, 2025 and 42% (2024 – 42%) of consolidated total assets as at March 31, 2025. The ability to move heavy equipment in Canadian oil and natural gas fields is dependent on weather conditions. As warm weather returns in the spring, the winter's frost comes out of the ground rendering many secondary roads incapable of supporting the weight of heavy equipment until they have thoroughly dried out. The duration of this “spring break-up” has a direct impact on Precision’s activity levels. In addition, many exploration and production areas in northern Canada are accessible only in winter months when the ground is frozen hard enough to support equipment. The timing of freeze up and spring break-up affects the ability to move equipment in and out of these areas. As a result, late March through May is traditionally Precision’s slowest time in this region.

 

 7

 

NOTE 4. SEGMENTED INFORMATION

 

The Corporation has two reportable operating segments; Contract Drilling Services and Completion and Production Services. Contract Drilling Services includes drilling rigs, procurement and distribution of oilfield supplies, and manufacture, sale and repair of drilling equipment. Completion and Production Services includes service rigs, oilfield equipment rental and camp and catering services. The Corporation provides services primarily in Canada, the United States and certain international locations.

 

Three Months Ended March 31, 2025  Contract
Drilling
Services		  Completion
and
Production
Services		  Corporate
and Other		  Inter-
Segment
Eliminations		  Total
Revenue  $419,457   $79,330   $-   $(2,456)  $496,331 
Earnings before income taxes, gain on
   investments and other assets, finance
   charges, foreign exchange, gain on
   asset disposals, and depreciation
   and amortization		   136,016    17,546    (16,065)   -    137,497 
Depreciation and amortization   67,021    5,565    2,450    -    75,036 
Gain on asset disposals   (1,289)   (1,583)   -    -    (2,872)
Foreign exchange   155    34    178    -    367 
Finance charges   100    101    15,559    -    15,760 
Gain on investments and other assets   -    -    (49)   -    (49)
Income taxes   (5,359)   (159)   19,826    -    14,308 
Net earnings for reportable segments   75,388    13,588    (54,029)   -    34,947 
Total assets   2,534,573    247,807    133,604    -    2,915,984 
Capital expenditures   56,863    2,986    116    -    59,965 

 

Three Months Ended March 31, 2024  Contract
Drilling
Services		  Completion
and
Production
Services		  Corporate
and Other		  Inter-
Segment
Eliminations		  Total
Revenue  $443,367   $87,087   $-   $(2,666)  $527,788 
Earnings before income taxes, gain on
   investments and other assets, finance
   charges, foreign exchange, gain on
   asset disposals, and depreciation
   and amortization		   153,673    18,605    (29,129)   -    143,149 
Depreciation and amortization   69,052    6,820    2,341    -    78,213 
Gain on asset disposals   (2,667)   (542)   (28)   -    (3,237)
Foreign exchange   98    3    293    -    394 
Finance charges   511    103    17,755    -    18,369 
Gain on investments and other assets   -    -    (228)   -    (228)
Income taxes   (10,471)   483    23,110    -    13,122 
Net earnings for reportable segments   97,150    11,738    (72,372)   -    36,516 
Total assets   2,557,443    262,734    176,949    -    2,997,126 
Capital expenditures   52,385    2,920    222    -    55,527 

 

 8

 

NOTE 5. LONG-TERM DEBT

 

   U.S. Denominated Facilities  Translated U.S. Facilities
       
   March 31,  December 31,  March 31,  December 31,
   2025  2024  2025  2024
             
Current Portion of Long-Term Debt                    
Unsecured Senior Notes:                    
7.125% senior notes due 2026  US$160,000   US$-   $230,219   $- 
   US$160,000   US$-   $230,219   $- 
                     
Long-Term Debt                    
Senior Credit Facility  US$-   US$12,000   $-   $17,252 
Unsecured Senior Notes:                    
7.125% senior notes due 2026   -    160,000    -    230,026 
6.875% senior notes due 2029   400,000    400,000    575,548    575,064 
   US$400,000   US$572,000    575,548    822,342 
Less net unamortized debt issue costs
   and original issue discount		             (7,724)   (9,873)
             $567,824   $812,469 

 

   Senior Credit Facility  Unsecured Senior Notes  Debt Issue Costs and Original Issue Discount  Total
Current  $-   $-   $-   $- 
Long-term   17,252    805,090    (9,873)   812,469 
December 31, 2024   17,252    805,090    (9,873)   812,469 
Changes from financing cash flows:                    
Repayment of Senior Credit Facility   (17,110)   -    -    (17,110)
    142    805,090    (9,873)   795,359 
Amortization of debt issue costs   -    -    555    555 
Reclassification of loan commitment fees   -    -    1,594    1,594 
Foreign exchange adjustment   (142)   677    -    535 
March 31, 2025  $-   $805,767   $(7,724)  $798,043 
                     
Current  $-   $230,219   $-   $230,219 
Long-term   -    575,548    (7,724)   567,824 
March 31, 2025  $-   $805,767   $(7,724)  $798,043 

 

As at March 31, 2025, the 2026 Unsecured Senior Notes (2026 Notes) were reclassified from long-term to current, as they are due on January 15, 2026. The Senior Credit Facility matures on June 28, 2027. The Senior Credit Facility contains a springing maturity date provision such that if any specified unsecured debt, including the 2026 Notes, remains outstanding 90 days prior to their maturity date, then the Senior Credit Facility shall mature. Precision intends to use available operating cash flows and/or proceeds from the Senior Credit Facility to redeem the 2026 Notes prior to the springing maturity date of October 14, 2025.

 

As at March 31, 2025, Precision was in compliance with the covenants of the Senior Credit Facility.

 

   Covenant  As of March 31, 2025
Senior Credit Facility        
Consolidated senior debt to consolidated covenant EBITDA(1)  < 2.50   0.01 
Consolidated covenant EBITDA to consolidated interest expense  > 2.50   7.92 

 

(1)For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.

 

 9

 

NOTE 6. FINANCE CHARGES

 

   Three Months Ended March 31,
   2025  2024
Interest:          
Long-term debt  $14,490   $17,028 
Lease obligations   1,031    1,039 
Other   17    91 
Income   (499)   (568)
Amortization of debt issue costs, loan commitment fees
   and original issue discount		   721    779 
Finance charges  $15,760   $18,369 

 

NOTE 7. SHARE-BASED COMPENSATION PLANS

 

Liability Classified Plans

 

   Restricted
Share Units (a)		  Performance
Share
Units (a)		  Non-Management
Directors’ DSUs (b)		  Total
December 31, 2024  $11,560   $35,443   $10,855   $57,858 
Expensed during period   149    2,803    (2,549)   403 
Settlement in shares   (1,920)   (6,941)   -    (8,861)
Payments and redemptions   (6,718)   (21,350)   -    (28,068)
Foreign exchange   (17)   (73)   -    (90)
March 31, 2025  $3,054   $9,882   $8,306   $21,242 
                     
Current  $2,159   $5,386   $8,306   $15,851 
Long-term   895    4,496    -    5,391 
   $3,054   $9,882   $8,306   $21,242 

 

(a)                 Restricted Share Units and Performance Share Units

 

A summary of the activity under the Restricted Share Unit (RSU) and the Performance Share Unit (PSU) plans are presented below:

 

   RSUs
Outstanding		  PSUs
Outstanding
December 31, 2024   179,760    497,053 
Granted   65,234    155,437 
Redeemed   (102,665)   (229,076)
Forfeited   (4,888)   (6,662)
March 31, 2025   137,441    416,752 

 

(b)                 Non-Management Directors – Deferred Share Units Plan

 

A summary of the activity under the non-management director DSU plan is presented below:

 

   DSUs
Outstanding
December 31, 2024   123,473 
Granted   699 
March 31, 2025   124,172 

 

 10

 

Equity Settled Plans

 

(c)                 Executive Restricted Share Units Plan

 

Precision granted Executive RSUs to certain senior executives with the intention of settling them in voting shares of the Corporation either issued from treasury or purchased in the open market. Granted units vest annually over a three-year term.

 

   Executive RSUs Outstanding  Weighted Average Fair Value
December 31, 2024   92,492   $85.48 
Granted   89,291    80.35 
Redeemed   (36,094)   87.07 
Forfeited   (3,338)   81.62 
March 31, 2025   142,351   $81.95 

 

Included in net earnings for the three months ended March 31, 2025 were expenses of $2 million (2024 – $1 million).

 

(d)                 Option Plan

 

A summary of the activity under the option plan is presented below:

 

Canadian share options  Outstanding  Range of
Exercise Price		  Weighted
Average
Exercise Price		  Exercisable
December 31, 2024   11,960   $87.00    -    87.00   $87.00    11,960 
Forfeited   (11,960)   87.00    -    87.00    87.00      
March 31, 2025   -   $-    -    -   $-    - 

 

U.S. share options  Outstanding  Range of
Exercise Price
(US$)		  Weighted
Average
Exercise Price
 (US$)		  Exercisable
December 31, 2024   60,052   $51.20    -    72.46   $66.44    60,052 
Forfeited   (48,790)   68.80    -    68.80    68.80      
March 31, 2025   11,262   $51.20    -    72.46   $56.22    11,262 

 

No options were granted or exercised during the quarter ended March 31, 2025.

 

(e)                 Non-Management Directors – Deferred Share Unit Plans

 

A summary of the activity under the non-management director DSU plans is presented below:

 

Deferred share units  Outstanding-
2012 Plan		  Outstanding-
2024 Plan
December 31, 2024   1,470    2,753 
Granted   -    4,691 
Redeemed   -    (2,796)
March 31, 2025   1,470    4,648 

 

Included in net earnings for the three months ended March 31, 2025 were expenses of $1 million (2024 – nil).

 

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NOTE 8. SHAREHOLDERS’ CAPITAL

 

Common shares  Number  Amount
December 31, 2024   13,779,502   $2,301,729 
Reversal of share repurchase accrual — December 31, 2024   -    10,000 
Share repurchase accrual — March 31, 2025   -    (5,000)
Settlement of PSUs and RSUs   150,068    11,651 
Share repurchases   (408,973)   (31,141)
Redemption of non-management directors share units   2,572    183 
March 31, 2025   13,523,169   $2,287,422 

 

For the quarter ended March 31, 2025, Precision repurchased and cancelled a total of 408,973 (2024 – 123,100) common shares for $31 million (2024 – $10 million) and recorded $0.4 million (2024 – nil) of Canadian share buy back tax.

 

Prior to March 31, 2025, Precision entered into an Automated Share Purchase Plan (ASPP) with an independent broker to permit the repurchase of common shares during its internal blackout period. The volume of purchases is determined by the broker in its sole discretion based on purchase price and maximum volume parameters established by the Corporation under the ASPP. The Corporation recorded a liability for purchases estimated to occur during the blackout period based on the parameters of the Normal Course Issuer Bid (NCIB) and the ASPP. As at March 31, 2025, Precision recorded a liability in accounts payable with a corresponding decrease to share capital of $5 million.

 

NOTE 9. PER SHARE AMOUNTS

 

The following tables reconcile net earnings and weighted average shares outstanding used in computing basic and diluted net earnings per share:

 

   Three Months Ended March 31,
   2025  2024
Net earnings attributable to shareholders – basic  $34,511   $36,516 
Effect of share options and other equity
   compensation plans		   (3,068)   - 
Net earnings attributable to shareholders – diluted  $31,443   $36,516 

 

   Three Months Ended March 31,
(Stated in thousands)  2025  2024
Weighted average shares outstanding – basic   13,683    14,407 
Effect of share options and other equity
   compensation plans		   604    3 
Weighted average shares outstanding – diluted   14,287    14,410 

 

NOTE 10. FAIR VALUES OF FINANCIAL INSTRUMENTS

 

The carrying value of cash, accounts receivable, accounts payable and accrued liabilities, and current portion of long-term debt approximates their fair value due to the relatively short period to maturity of the instruments. At the end of each reporting period, investments and other assets are measured at their estimated fair value, with changes in fair value recognized in profit or loss. Amounts drawn on the Senior Credit Facility, measured at amortized cost, approximate fair value as this indebtedness is subject to floating rates of interest. The fair value of the unsecured senior notes at March 31, 2025 was approximately $791 million (December 31, 2024 – $801 million).

 

Financial assets and liabilities recorded or disclosed at fair value in the consolidated statement of financial position are categorized based upon the level of judgement associated with the inputs used to measure their fair value. Hierarchical levels are based on the amount of subjectivity associated with the inputs in the fair value determination and are as follows:

 

Level I—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

 

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Level II—Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

 

Level III—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

 

 

The estimated fair value of unsecured senior notes is based on level II inputs. The fair value is estimated considering the risk-free interest rates on government debt instruments of similar maturities, adjusted for estimated credit risk, industry risk and market risk premiums.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SHAREHOLDER INFORMATION

 

STOCK EXCHANGE LISTINGS

Shares of Precision Drilling Corporation are listed on the Toronto Stock Exchange under the trading symbol PD and on the New York Stock Exchange under the trading symbol PDS.

 

TRANSFER AGENT AND REGISTRAR

Computershare Trust Company of Canada

Calgary, Alberta

 

TRANSFER POINT

Computershare Trust Company NA

Canton, Massachusetts

 

Q1 2025 TRADING PROFILE

Toronto (TSX: PD)

High: $96.91

Low: $62.16

Close: $66.90

Volume Traded: 8,332,044

 

New York (NYSE: PDS)

High: US$67.35

Low: US$43.00

Close: US$46.62

Volume Traded: 6,624,825

 

ACCOUNT QUESTIONS

Precision’s Transfer Agent can help you with a variety of shareholder related services, including:

• change of address

• lost unit certificates

• transfer of shares to another person

• estate settlement

 

Computershare Trust Company of Canada

100 University Avenue

9th Floor, North Tower

Toronto, Ontario M5J 2Y1

Canada

 

1-800-564-6253 (toll free in Canada and the United States)

1-514-982-7555 (international direct dialing)

Email: service@computershare.com

 

ONLINE INFORMATION

To receive news releases by email, or to view this interim report online, please visit Precision’s website at www.precisiondrilling.com and refer to the Investor Relations section. Additional information relating to Precision, including the Annual Information Form, Annual Report and Management Information Circular has been filed with SEDAR+ and is available at www.sedarplus.ca and on the EDGAR website www.sec.gov

  

CORPORATE INFORMATION

 

DIRECTORS

William T. Donovan

Steven W. Krablin

Susan M. MacKenzie

Lori A. Lancaster

Kevin O. Meyers

Kevin A. Neveu

David W. Williams

Alice L. Wong

 

OFFICERS

Kevin A. Neveu

President and Chief Executive Officer

 

Veronica H. Foley

Chief Legal & Compliance Officer

 

Carey T. Ford

Chief Financial Officer

 

Shuja U. Goraya

Chief Technology Officer

 

Darren J. Ruhr

Chief Administrative Officer

 

Gene C. Stahl

President, North American Drilling

 

AUDITORS

KPMG LLP

Calgary, Alberta

 

HEAD OFFICE

Suite 800, 525 8th Avenue SW

Calgary, Alberta, T2P 1G1

Canada

Telephone: 403-716-4500

Facsimile: 403-264-0251

Email: info@precisiondrilling.com

www.precisiondrilling.com

 

 

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