<SEC-DOCUMENT>0001171843-19-004833.txt : 20190725
<SEC-HEADER>0001171843-19-004833.hdr.sgml : 20190725
<ACCEPTANCE-DATETIME>20190725070539
ACCESSION NUMBER:		0001171843-19-004833
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190725
FILED AS OF DATE:		20190725
DATE AS OF CHANGE:		20190725

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRECISION DRILLING Corp
		CENTRAL INDEX KEY:			0001013605
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14534
		FILM NUMBER:		19972427

	BUSINESS ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		403-716-4500

	MAIL ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING TRUST
		DATE OF NAME CHANGE:	20051121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING CORP
		DATE OF NAME CHANGE:	19960506
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_072519.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong></strong><strong>For the month of July 2019</strong></p><p style="text-align: center;">Commission File Number: 001-14534</p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Precision Drilling Corporation</strong></font><br />(Translation of registrant's name into English)</p><p style="text-align: center;"><strong>800, 525 - 8 Avenue S.W.<br />Calgary, Alberta<br />Canada T2P 1G1</strong><br />(Address of principal executive office)</p></div><p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br />Form 20-F [&#160;&#160; ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;X ]</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </p><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><strong>SIGNATURES</strong></p><p>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.</p><table style="font-family: Times New Roman; font-size: 10pt;" border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%"><strong>&#160;&#160;&#160;&#160;Precision Drilling Corporation&#160;&#160;&#160;&#160;</strong></td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">(Registrant)</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr><tr valign="top"><td width="47%">Date: <strong>July 25, 2019</strong></td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%">&#160;&#160;&#160;&#160;/s/ Carey T Ford&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Carey T Ford</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Senior Vice President and Chief Financial Officer</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr></table><p>
 <hr noshade="noshade" style="page-break-after: always;" />  <p align="center"><font style="font-size:10pt;"><strong>EXHIBIT INDEX</strong></font></p>  <p align="center" style="text-align: center;"><font style="font-size:10pt;">&#160;</font></p> <table style="border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><u>Exhibit</u></font></td><td class="hugin"><font style="font-size:10pt;">&#160; &#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><u>Description</u></font></td></tr><tr><td class="hugin">&#160;</td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td></tr><tr><td class="hugin"><font style="font-size:10pt;"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">99.1</a></font></font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">Precision Drilling Corporation&#160;announces 2019 Second Quarter Unaudited Financial Results</a></font> </font></td></tr></table></p></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Precision Drilling Corporation announces 2019 Second Quarter Unaudited Financial Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
   <p align="justify">CALGARY, Alberta, July  25, 2019  (GLOBE NEWSWIRE) -- (Canadian dollars except as indicated)<br ></p>    <p align="justify"><em>This news release contains &#8220;forward-looking information and statements&#8221; 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 &#8220;Cautionary Statement Regarding Forward-Looking Information and Statements&#8221; later in this news release. </em><em>This news release contains references to Adjusted EBITDA, Covenant EBITDA, Operating Earnings (Loss), Funds Provided by (Used in) Operations and Working Capital. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures used by other companies, see &#8220;Non-GAAP Measures&#8221; later in this news release.</em><br ></p>    <p align="justify">Precision Drilling announces 2019 second quarter financial results:</p>    <ul type="disc"><li>Revenue of $359 million was an increase of 9% compared with the second quarter of 2018.</li><li>Net loss of $14 million or negative $0.05 per diluted share compares to a net loss of $47 million or negative $0.16 per diluted share in the second quarter of 2018.</li><li>Earnings before income taxes, loss (gain) on repurchase of unsecured senior notes, finance charges, foreign exchange, impairment reversal, gain on asset disposals and depreciation and amortization (Adjusted EBITDA see &#8220;NON-GAAP MEASURES&#8221;) of $81 million was 30% higher than the second quarter of 2018.</li><li>Funds provided by operations (see &#8220;NON-GAAP MEASURES&#8221;) was $41 million versus $50 million in the prior year quarter. Cash provided by operations was $106 million versus $130 million in the prior year quarter. The decrease in funds and cash provided by operations in the current quarter was primarily the result of a $28 million tax refund received in the prior year comparative quarter partially offset by improved operating results in 2019.</li><li>Second quarter ending cash balance was $81 million.</li><li>Second quarter capital expenditures were $43 million and as at June 30, 2019, we have spent $115 million or 68% of our 2019 capital budget.</li><li>Second quarter proceeds from asset sales was $25 million.</li><li>Second quarter debt reduction totaled $107 million, increasing our year to date reductions to $124 million. For the year we have repurchased and cancelled US$26 million of the 7.125% unsecured senior notes due 2026 and US$17 million of the 5.25% notes due 2024 and redeemed US$50 million principal amount of our 6.50% senior notes due 2021.</li><li>Completed construction of our sixth rig in Kuwait. The rig commenced drilling on July 1, 2019.</li></ul>    <p align="justify">Precision&#8217;s President and CEO Kevin Neveu stated:</p>    <p align="justify">&#8220;Precision delivered strong second quarter operating performance supported by the competitive strength and resulting market share of our Super Triple rigs in our three core markets, the U.S., Canada and Middle East. Precision&#8217;s average global activity of 112 rigs for the quarter was in line with last year (111), despite industry headwinds and lower industry activity levels in North America. Second quarter adjusted EBITDA of $81 million increased 30% from prior year due to improved pricing and cost control efforts, yielding stronger than expected cash flow and enabling Precision to reduce debt at a faster rate than planned. With $124 million of debt repayments completed year-to-date, we are increasing our 2019 debt reduction target to $200 million, compared to our previous targeted range of $100 million to $150 million. Reducing debt levels remains a strategic priority and we expect to continue our accelerated pace with strong free cash flow.&#8221;&#160;</p>    <p align="justify">&#8220;In the U.S., our High Performance, High Value strategy and Super Triple fleet quality and field performance continue to drive strong financial results. Our 68 AC Super Triples remain over 90% utilized with firm pricing. During the quarter, we signed 15 new term contracts from six months to two years duration, increasing our average 2019 U.S. contract coverage to 48 rigs. We completed our previously announced full SCR to AC Super Triple upgrade, entering service in June and representing the sixth AC ST-1500 walking rig added to our U.S. fleet since early 2018. We expect Super Triple demand and pricing to remain firm in the second half of the year as our customers continue to throttle spending within cash flow while focusing on the most efficient and best performing rigs.&#8221;</p>    <p align="justify">&#8220;In the Middle East, our new-build rig in Kuwait spudded its first well on July 1, ahead of schedule and under budget. Scale is critical to Precision&#8217;s strategy and with our ninth active rig in the region, we are delivering excellent results for our customers and adding strong stable contracted cash flow for our business.&#8221;</p>    <p align="justify">&#8220;In Canada, while cash generation remains our key priority, the market relevance of our Super Series fleet is clearly represented with over 30% Canadian market share achieved during the second quarter, our highest market share in recent history. Despite challenges in the Canadian region with industry activity off 30% year-to-date, Precision&#8217;s Super Series rigs substantially outperformed industry utilization. We expect this trend of firm utilization and pricing, supported by our 26 AC Super Triple rigs, to continue into the back half of the year.&#8221;</p>    <p align="justify">&#8220;While also weathering Canadian industry challenges and lower activity levels, our Completion and Production segment posted another strong quarter, demonstrating the results of business improvement initiatives and strong execution by our team with a continued focus on cost control across all product lines. The segment delivered a $4 million improvement in EBITDA from the second quarter of 2018.&#8221;&#160;</p>    <p align="justify">&#8220;I remain excited about Precision&#8217;s progress on technology initiatives, led by continued traction of our 33 Process Automated Control systems installed. During the quarter, 31 of these systems were active in the field and drilled approximately 195 wells, an increase of 65% from the prior year. We continue to demonstrate to customers, our system&#8217;s ability to deliver consistent, high-quality results as we progress towards our 2019 commercialization targets. Precision is an industry leader in technological offerings, as demonstrated through our scalable, field-hardened product rapidly commercializing in multiple basins throughout North America.&#8221;</p>    <p align="justify">&#8220;We are confident our firm market position in the U.S., expanding scale internationally, leadership position in Canada and technology initiatives will deliver a runway of free cash flow to facilitate further deleveraging and future growth opportunities.&#8221; concluded Mr. Neveu. <br > <br ><strong>IMPACT OF IFRS 16 - LEASES ON FINANCIAL INFORMATION</strong></p>    <p align="justify">On January 1, 2019, Precision applied IFRS 16 using the modified retrospective approach under which comparative information has not been restated and continues to be reported under IAS 17 and related interpretations. 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vertical-align: bottom ; "><strong>(13,801</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(47,217</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(70.8</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>11,213</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(65,294</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(117.2</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom ; ">Cash provided by operations</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>106,035</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">129,695</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(18.2</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>146,622</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">167,884</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(12.7</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom ; ">Funds provided by operations<sup>(1)</sup></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>40,950</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">50,225</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(18.5</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>136,943</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">154,251</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(11.2</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom ; ">Capital spending:</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Expansion</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>29,543</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">15,786</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">87.1</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>91,986</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">16,471</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">458.5</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Upgrade</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>4,052</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">5,447</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(25.6</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>7,726</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">16,810</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(54.0</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: middle; 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padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(24.6</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>14,719</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">23,334</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(36.9</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Intangibles</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>26</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">2,429</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(98.9</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>464</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">10,220</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(95.5</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; ">Proceeds on sale</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>(24,575</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; 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vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">U.S.</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>6,994</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; 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The increase in revenue is primarily the result of higher activity and average day rates in our U.S. contract drilling business, offset by lower Canadian drilling activity and day rates. Compared with the second quarter of 2018, our activity for the quarter, as measured by drilling rig utilization days increased 6% in the U.S., decreased 15% in Canada and remained consistent internationally. Revenue from our Contract Drilling Services increased by 10% and Completion and Production Services revenue decreased 6%.</li><li>Adjusted EBITDA (see &#8220;NON-GAAP MEASURES&#8221;) was $81 million, an increase of $19 million from the second quarter of 2018. Our Adjusted EBITDA as a percentage of revenue was 23% this quarter, compared with 19% in the comparative quarter of 2018. Adjusted EBITDA this quarter was positively impacted by higher activity and day rates in the U.S., changes to the recognition of lease-related expenses under IFRS 16 and lower share-based incentive compensation expense offset by lower Canadian drilling activity. With the adoption of IFRS 16, lease-related charges of $3 million in the quarter of were recognized through finance charges and depreciation and amortization expense. Historically, these charges were reflected in operating and general and administrative expense. Total share-based incentive compensation expense for the quarter was $4 million compared with $10 million in the second quarter of 2018. See discussion on share-based incentive compensation under &#8220;Other Items&#8221; later in this report for additional details.</li><li>Operating earnings (see &#8220;NON-GAAP MEASURES&#8221;) were $6 million compared with an operating loss of $26 million in the second quarter of 2018. Operating earnings this quarter were positively impacted by the gain on asset disposals primarily relating to the sale of our snubbing equipment, lower depreciation expense from assets becoming fully depreciated and disposed and lower share-based incentive compensation. See discussion on asset disposals under &#8220;Other Items&#8221; later in this report for additional details.</li><li>General and administrative expenses were $26 million, $5 million lower than the second quarter in 2018. The lower general and administrative costs in 2019 were due to lower share-based incentive compensation expense partially offset by the weakening of the Canadian dollar on our U.S. dollar denominated costs.</li><li>Net finance charges were $30 million, a decrease of $2 million compared with the second quarter of 2018, primarily due to a reduction in interest expense related to debt retired in 2018 and 2019, offset by the impact of a weakening of the Canadian dollar on our U.S. dollar denominated interest and $1 million of lease accretion charges resulting from the adoption of IFRS 16 on January 1, 2019.</li><li>Revenue per utilization day in the U.S. increased in the second quarter of 2019 to US$23,425 from US$21,795 in the prior year quarter. The increase was the result of higher day rates, third-party cost recoveries and idle but contracted rig revenue, partially offset by lower turnkey revenue. During the quarter, we had revenue from idle but contracted rigs and turnkey projects of $1 million and nil, respectively, as compared to second quarter 2018 idle but contracted rig and turnkey revenue of nil and $10 million, respectively. Operating costs on a per day basis increased to US$14,803 in the second quarter of 2019 compared with US$14,026 in 2018. The increase was mainly due to higher third-party charges incurred but recovered from the customer, higher repair and maintenance costs due to the timing of equipment certifications and scheduled maintenance and higher crew labour and burden costs offset by lower turnkey costs from decreased activity. On a sequential basis, revenue per utilization day, excluding revenue from turnkey and idle but contracted rigs, increased by US$218 due to higher fleet average day rates and higher third-party cost recoveries, while operating costs per day increased by $435 due to higher third-party charges incurred but recovered from the customer and higher repair and maintenance costs.</li><li>In Canada, average revenue per utilization day for contract drilling rigs was $21,613 compared with $22,072 in the second quarter of 2018. The lower average revenue per utilization day in the second quarter of 2019 was primarily because of lower day rates, boiler revenue and rig mix, as we had proportionately more shallow rigs working, partially offset by higher shortfall payments. During the quarter, we recognized $1 million of shortfall payments in revenue compared with nil in the prior year comparative period. Excluding the impact of shortfall payment revenue, average day rates in Canada were down $895. Average operating costs per utilization day for drilling rigs in Canada increased to $17,414 compared with the prior year quarter of $16,712. The increase was mainly caused by the impact of lower activity on fixed costs and higher repairs and maintenance costs due to the timing of certification costs.&#160;</li><li>We realized revenue from international contract drilling of US$38 million in the second quarter of 2019, an increase of US$1 million over the prior year period. Average revenue per utilization day in our international contract drilling business was US$51,542 compared with US$49,832 in the respective prior year quarter. The higher average rate in 2019 was primarily due to day rate increases from the renewal and extension of drilling contracts in the first quarter of 2019.</li><li>Revenue from Completion and Production Services decreased $2 million compared with the second quarter of 2018 due to lower activity in our Canadian well servicing and camp businesses, partially offset by improved service rig revenue rates and higher rental activity. Our service rig operating hours in the quarter were down 7% from the second quarter of 2018 while rates increased an average of 8%. Average service rig revenue per operating hour in the quarter was $733 or $57 higher than the second quarter of 2018. The increase was primarily the result of rig mix in Canada and increased activity in the U.S. Adjusted EBITDA (see &#8220;NON-GAAP MEASURES&#8221;) was $3 million, $4 million higher than the second quarter of 2018, and was primarily the result of higher service rig rates, higher rental activity, reduced restructuring charges and improved cost structure, partially offset by lower Canadian well servicing and camp activity. During the second quarter of 2019, we disposed of certain snubbing units and related equipment for proceeds of $8 million resulting in a gain on asset disposal of $3 million.</li><li>Directional drilling services realized revenue of $11 million in the second quarter of 2019 compared with $7 million in the prior year period.</li><li>Funds provided by operations (see &#8220;NON-GAAP MEASURES&#8221;) in the second quarter of 2019 were $41 million, a decrease of $9 million from the prior year comparative quarter. Cash provided by operations was $106 million versus $130 million in the prior year quarter. The decrease in funds and cash provided by operations in 2019 was primarily the result of a $28 million tax refund received in the prior year comparative quarter partially offset by improved current year operating results.</li><li>Capital expenditures were $43 million in the second quarter, an increase of $7 million over the same period in 2018. Capital spending for the quarter included $34 million for upgrade and expansion capital, primarily related to our sixth new-build rig for Kuwait, an SCR to AC Triple upgrade for the U.S. market under long-term contract and $10 million for the maintenance of existing assets, infrastructure spending and intangibles.</li></ul>    <p align="justify"><strong><em>Summary for the six months ended June 30, 2019:</em></strong></p>    <ul type="disc"><li style="text-align:justify;">Revenue for the first half of 2019 was $793 million, an increase of 8% from the 2018 period.</li><li style="text-align:justify;">Operating earnings (see &#8220;NON-GAAP MEASURES&#8221;) were $68 million, an increase of $84 million over the $16 million operating loss for the same period in 2018. As a percentage of revenue, operating earnings were 9% compared negative 2% in 2018. Operating results this year were positively impacted by increased drilling activity in the U.S., gains on asset disposals and higher average revenue rates in each operating region, partially offset by lower Canadian drilling activity.</li><li style="text-align:justify;">General and administrative costs were $57 million, a decrease of $3 million from 2018. The decrease was due to lower share-based incentive compensation that is tied to the price of our common shares, partially offset by the weakening of the Canadian dollar on our U.S. dollar denominated costs (see &#8220;Other Items&#8221; later in this report).</li><li style="text-align:justify;">Net finance charges were $62 million, a decrease of $2 million from 2018 primarily due to a reduction in interest expense related to debt retired in 2018 and 2019, partially offset by the weakening of the Canadian dollar on our U.S. dollar denominated interest expense.</li><li style="text-align:justify;">Funds provided by operations (see &#8220;NON-GAAP MEASURES&#8221;) in the first half of 2019 were $137 million, a decrease of $18 million from the prior year comparative period of $154 million. Cash provided by operations was $147 million in 2019 as compared to $168 million in 2018. The reduction in funds and cash provided by operations in 2019 was primarily caused by the receipt of a tax refund in the prior year comparative period and the timing of 2019 interest payments partially offset by improved current year operating results.</li><li style="text-align:justify;">Capital expenditures were $115 million for the first half of 2019, an increase of $48 million over the same period in 2018. Capital spending for 2019 to date includes $100 million for upgrade and expansion capital, primarily related to our sixth new-build rig for Kuwait, completion of a new build ST-1500 and &#160;SCR to AC Super Triple upgrade for the U.S. market and $15 million for the maintenance of existing assets, infrastructure spending and intangibles.</li></ul>    <p align="justify"><strong>STRATEGY</strong></p>    <p align="justify">Precision&#8217;s strategic priorities for 2019 are as follows:</p>    <ol type="1"><li style="text-align:justify;"><strong>Generate strong free cash flow and utilize $200 million to reduce debt in 2019 (previously targeted $100 million to $150 million)</strong> &#8211; In the second quarter of 2019, we generated $106 million in cash provided by operations and further reduced our debt balance by $107 million through a combination of open market repurchases and redemptions of our unsecured senior notes. As of June 30, 2019, our total year-to-date 2019 debt reduction was $124 million, reaching the mid-point of our original 2019 targeted debt reduction range and we have announced further debt reductions planned for 2019.<br >&#160;</li><li style="text-align:justify;"><strong>Maximize financial results by leveraging our High Performance, High Value Super Series rig fleet and scale with disciplined cost management</strong> &#8211; In the second quarter of 2019, Precision continued to generate strong financial results, largely led by our U.S. contract drilling business. We continued operating at record market share levels in this region, with utilization days up 6% and operating margins (revenue less operating costs) up 14% compared to the prior year quarter. Despite a challenged market, our Canadian drilling operations generated strong cash flow and our Completion and Production Services business contributed an additional $4 million of Adjusted EBITDA as a result of our continued business improvement initiatives. In the second quarter of 2019, we continued to invest in our High-Performance, High-Value Super Series rig fleet with the completion of our sixth Kuwait rig which commenced drilling on July 1, 2019, increasing our economies of scale and operating margins in the region. Additionally, we completed our announced U.S. SCR triple to a full AC Super Triple upgrade.<br >&#160;</li><li style="text-align:justify;"><strong>Full scale commercialization and implementation of our Process Automation Control platform, PD-Apps and PD-Analytics</strong> &#8211; we currently have 33 rigs equipped with our Process Automation Control platform (PAC). Using PAC technology, we drilled approximately 195 wells in the second quarter of 2019, an increase of 65% over the 2018 second quarter. With more than 15 revenue generating PD-Apps commercialized or in development, Precision&#8217;s portfolio of technological offerings continues to expand. We continue to demonstrate to our customers our system&#8217;s ability to deliver consistent, high-quality results, as we progress towards our 2019 commercialization targets.</li></ol>    <p align="justify"><strong>OUTLOOK</strong></p>    <p align="justify"><strong><em>Contracts</em></strong></p>    <p align="justify">Year to date in 2019 we have entered into 35 term contracts. The following chart outlines the average number of drilling rigs by quarter that we had under contract for 2018 and 2019 as of July 24, 2019. For those quarters ended after June 30, 2019, this chart represents the minimum number of long-term contracts where we will be earning revenue. 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According to industry sources, as of July 19, 2019, the U.S. active land drilling rig count was down 10% compared with the same point last year and the Canadian active land drilling rig count was down approximately 31%. To date in 2019, approximately 81% of the U.S. industry&#8217;s active rigs and 58% of the Canadian industry&#8217;s active rigs were drilling for oil targets, compared with 81% for the U.S. and 63% for Canada at the same time last year.</p>    <p><strong><em>Capital Spending</em></strong></p>    <p align="justify">Capital spending in 2019 is expected to be $169 million and includes $52 million for sustaining, infrastructure and intangibles and $117 million for upgrade and expansion. 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padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Operating</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>21,823</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">26,207</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(16.7</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>64,956</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">69,471</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(6.5</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">General and administrative</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>1,541</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,737</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(11.3</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>3,252</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">3,871</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(16.0</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; ">Restructuring</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; 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padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(100.0</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>457</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,164</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(60.7</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom ; ">Adjusted EBITDA<sup>(1)</sup></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>2,781</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(1,402</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(298.4</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>13,299</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">3,242</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">310.2</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Depreciation</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>4,341</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">5,785</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(25.0</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>9,290</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">11,749</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(20.9</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Loss (gain) on asset disposals</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>(3,546</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(773</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">358.7</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>(3,602</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">138</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(2,710.1</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; 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vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(6,414</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(131.0</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; 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The Corporate and Other segment had negative Adjusted EBITDA (see &#8220;NON-GAAP MEASURES&#8221;) of $15 million, a $5 million decrease compared with the second quarter of 2018 primarily due to lower share-based incentive compensation.</p>    <p align="justify"><strong>OTHER ITEMS</strong></p>    <p align="justify"><strong>Asset Disposals </strong></p>    <p align="justify">In the second quarter of 2019, Precision concluded the sale of its five Mexico-based drilling rigs and ancillary equipment for total proceeds of US$48 million. In the first quarter, Precision received US$40 million for the sale of four drilling rigs and ancillary equipment and recognized a gain on asset disposal of US$24 million. Precision reversed US$4 million of previous impairment charges pertaining to the fifth rig. The impairment reversal brought the drilling rig&#8217;s carrying value up to its fair value of US$8 million and was reclassified as held for sale at March 31, 2019. In the second quarter of 2019, Precision delivered the fifth rig to its buyer and received final proceeds of US$8 million. As the rig was carried at fair value, no gain or loss was recognized on disposal.</p>    <p align="justify">During the second quarter of 2019, Precision disposed of certain snubbing units and related equipment for proceeds of $8 million resulting in a gain on asset disposal of $3 million.</p>    <p align="justify">In addition to the above disposals, through the completion of normal course business operations, we sell used assets incurring gains or losses on disposal.</p>    <p align="justify"><strong>Share-based Incentive Compensation Plans </strong></p>    <p align="justify">We have several cash-settled share-based incentive plans for non-management directors, officers, and other eligible employees. The fair values of the amounts payable under these plans are recognized as an expense with a corresponding increase in liabilities over the period that the participant becomes entitled to payment. The recorded liability is re-established at the end of each reporting period until settlement with the resultant change to fair value of the liability recognized in net earnings (loss) for the period.</p>    <p align="justify">We also have two equity-settled share-based incentive plans. Under the Executive Performance Share (Executive PSU) plan, the fair value of PSUs granted is calculated at the date of grant using a Monte Carlo simulation and Black-Scholes option pricing model, and that value is recorded as compensation expense over the grant's vesting period with an offset to contributed surplus. Upon redemption of the Executive PSUs into common shares, the associated amount is reclassified from contributed surplus to shareholders' capital. 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In 2019, the Province of Alberta announced various reductions to corporate income tax rates, that when fully implemented over the next three years will decrease the provincial corporate income tax rate from 12% to 8% by 2022. 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These terms do not have standardized meanings prescribed under International Financial Reporting Standards (<strong>IFRS</strong>) and may not be comparable to similar measures used by other companies.</p>    <p align="justify"><strong><em>Adjusted EBITDA </em></strong></p>    <p align="justify">We believe that Adjusted EBITDA (earnings before income taxes, loss (gain) on repurchase of unsecured senior notes, finance charges, foreign exchange, impairment reversal, loss (gain) on assets disposals and depreciation and amortization), as reported in the Interim Consolidated Statement of Earnings (Loss), 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.</p>    <p align="justify"><strong><em>Covenant EBITDA </em></strong></p>    <p align="justify">Covenant EBITDA, as defined in our senior credit facility agreement, is used in determining the Corporation&#8217;s compliance with its covenants. 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and</li><li>our future debt reduction plans.</li></ul>    <p align="justify">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:</p>    <ul type="disc"><li>the fluctuation in oil prices may pressure customers into reducing or limiting their drilling budgets;</li><li>the status of current negotiations with our customers and vendors;</li><li>customer focus on safety performance;</li><li>existing term contracts are neither renewed nor terminated prematurely;</li><li>our ability to deliver rigs to customers on a timely basis; and</li><li>the general stability of the economic and political environments in the jurisdictions where we operate.</li></ul>    <p align="justify">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:</p>    <ul type="disc"><li>volatility in the price and demand for oil and natural gas;</li><li>fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;</li><li>our customers&#8217; inability to obtain adequate credit or financing to support their drilling and production activity;</li><li>changes in drilling and well servicing technology which could reduce demand for certain rigs or put us at a competitive disadvantage;</li><li>shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;</li><li>the effects of seasonal and weather conditions on operations and facilities;</li><li>the availability of qualified personnel and management;</li><li>a decline in our safety performance which could result in lower demand for our services;</li><li>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 gas;</li><li>terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;</li><li>fluctuations in foreign exchange, interest rates and tax rates; and</li><li>other unforeseen conditions which could impact the use of services supplied by Precision and Precision&#8217;s ability to respond to such conditions.</li></ul>    <p align="justify">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&#8217;s Annual Information Form for the year ended December 31, 2018, which may be accessed on Precision&#8217;s SEDAR profile at www.sedar.com or under Precision&#8217;s EDGAR profile at www.sec.gov. 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vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">162,014</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Total shareholders&#8217; equity</td><td style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>1,555,907</strong></td><td style="border-bottom: solid black 1pt ; 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">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Basic</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>$</strong></td><td style="padding-left: 0 ; 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vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>718</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">685</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; 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padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; 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">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(8,032</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>(16,384</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(42,327</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>(33,170</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(66,187</td><td style="padding-left: 0 ; 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padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Lease payments</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; 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padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#8212;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Repurchase of unsecured senior notes</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>(107,161</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(76,657</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>(123,833</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; 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vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>(2,308</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">4,548</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; 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"><strong>&#160;</strong></td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>(16,046</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">29,588</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Cash and cash equivalents, beginning of period</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; 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"><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>96,626</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">65,081</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Cash and cash equivalents, end of period</td><td style="border-bottom: solid black 1pt ; 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vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">6,633</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>Balance at June 30, 2019</strong></td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>$</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>2,322,280</strong></td><td style="border-bottom: solid black 1pt ; 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border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,766,065</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr></table>  <p><br ></p>    <p align="center"><strong>SECOND QUARTER 2019 EARNINGS CONFERENCE CALL AND WEBCAST</strong><br ></p>    <p>Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 12:00 noon MT (2:00 p.m. ET) on Thursday, July 25, 2019.</p>    <p align="center"><strong>The conference call dial in numbers are 1-844-515-9176 or 614-999-9312.</strong></p>    <p align="justify">A live webcast of the conference call will be accessible on Precision&#8217;s website at www.precisiondrilling.com by selecting &#8220;Investor Relations&#8221;, then &#8220;Webcasts &amp; Presentations&#8221;. Shortly after the live webcast, an archived version will be available for approximately 60 days.</p>    <p align="justify">An archived version of the webcast will be available for approximately 60 days. An archived recording of the conference call will be available approximately one hour after the completion of the call until July 31, 2019 by dialing 855-859-2056 or 404-537-3406, passcode 9282557.</p>    <p align="justify"><u>About Precision</u></p>    <p align="justify">Precision is a leading provider of safe and High Performance, High Value services to the oil and gas industry. Precision provides customers with access to an extensive fleet of Super Series drilling rigs supported by an industry leading technology platform that offers the most innovative drilling solutions to deliver efficient, predictable and repeatable results through service differentiation. Precision also offers directional drilling services, well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.</p>    <p align="justify">Precision is headquartered in Calgary, Alberta, Canada.&#160; Precision is listed on the Toronto Stock Exchange under the trading symbol &#8220;PD&#8221; and on the New York Stock Exchange under the trading symbol &#8220;PDS&#8221;.</p>    <p align="justify">For further information, please contact:</p>    <p align="justify">Carey Ford, Senior Vice President and Chief Financial Officer<br >713.435.6136</p>    <p align="justify">Dustin Honing, Manager, Investor Relations<br >403.716.4515</p>    <p align="justify">800, 525 - 8th Avenue S.W.<br >Calgary, Alberta, Canada T2P 1G1<br >Website:&#160; www.precisiondrilling.com</p>    <p> </p> </p><p ></p></body></html>
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