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Long-Term Debt Guarantors
 12 Months Ended
Dec. 31, 2022
Long Term Debt Guarantor Disclosure [Abstract]  
Long-Term Debt Guarantors
NOTE 27.
LONG-TERM DEBT GUARANTORS
Precision Drilling Corporation (
Parent
) issued registered unsecured senior notes in 2017 and 2021 which are fully and unconditionally guaranteed by certain U.S. and Canadian subsidiaries (
Guarantor Subsidiaries
) that also guaranteed the Senior Credit Facility. These Guarantor Subsidiaries are directly or indirectly wholly owned by the Parent. The following is a description of the terms and conditions of the guarantees with respect to the unsecured senior notes for which Precision is the Parent issuer and Guarantor Subsidiaries (
Obligor Group
) and provides a full and unconditional guarantee.
As at December 31, 2022, Precision had $1,013 million principal amount of unsecured senior notes outstanding, $471 million due in 2026 and $542 million due in 2029, all of which is guaranteed by the Guarantor Subsidiaries.
The Guarantor Subsidiaries jointly and severally, fully, unconditionally, and irrevocably guarantees the payment of the principal and interest on the unsecured senior notes when they become due, whether at maturity or otherwise. The guarantee is unsecured and ranks senior with all of the Guarantor Subsidiaries’ other unsecured obligations.
The Guarantor Subsidiaries will be released and relieved of their obligations under the guarantees after the obligations to the holders are satisfied in accordance with the applicable indentures.
Summarized Financial Information
The following tables include summarized financial information for the Obligor Group on a combined basis after the elimination of (i) intercompany transactions and balances within the Obligor Group; (ii) equity in earnings from investments in the
non-guarantor
subsidiaries; and (iii) intercompany dividend income.
 
Statements of Loss

 
  
  
Parent and Guarantor Subsidiaries
 
  
  
2022
 
 
2021
 
Revenue
   
$
                    1,474,824
 
    $                     844,619  
Expenses
   
 
1,196,168
 
      690,149  
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization
   
 
                278,656
 
      154,470  
Net loss
   
 
(25,780
 )      (171,030 ) 
Statements of Financial Position


  
  
Parent and Guarantor Subsidiaries
 
  
  
2022
 
  
2021 
Assets
   
 
 
 
   
 
 
 
Current assets
   
$
               378,740
 
    $                      219,013  
Property, plant and equipment
   
 
1,959,329
 
      1,909,951  
Other
non-current
assets
   
 
97,691
 
      79,033  
 
  
  
Parent and Guarantor Subsidiaries
 
  
  
2022
 
  
2021 
Liabilities
  
 
 
 
  
 
 
 
Current liabilities
   
$
                                    365,025
 
    $                     200,784  
Long-term debt
   
 
1,085,970
 
      1,106,794  
Other
non-current
liabilities
   
 
144,477
 
      87,411  
Excluded from the statements of loss and statements of financial position above are the following intercompany transactions and balances that the Obligor Group had with the
non-guarantor
subsidiaries:
 
  
  
Parent and Guarantor Subsidiaries
 
  
  
2022
 
  
2021 
Assets
   
 
 
 
   
 
 
 
Accounts receivable, intercompany
   
$
                                      52,649
 
    $                        34,373  
Short-term advances to affiliates
   
 
11,753
 
      11,686  
 

  
  
Parent and Guarantor Subsidiaries
 
  
  
2022
 
  
2021 
Liabilities
  
 
 
 
  
 
 
 
Accounts payable and accrued liabilities, intercompany
   
$
                    41,202
 
    $                        33,820  
Long-term advances from affiliates
   
 
183,330
 
      128,606