<SEC-DOCUMENT>0001171843-25-002432.txt : 20250424
<SEC-HEADER>0001171843-25-002432.hdr.sgml : 20250424
<ACCEPTANCE-DATETIME>20250423173103
ACCESSION NUMBER:		0001171843-25-002432
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250423
FILED AS OF DATE:		20250424
DATE AS OF CHANGE:		20250423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRECISION DRILLING Corp
		CENTRAL INDEX KEY:			0001013605
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				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:		25862826

	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_042325.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 April 2025</strong></p><p style="text-align: center;">Commission File Number: <strong>001-14534</strong></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>&#160;</p><p>&#160;</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): <u>&#160;&#160;&#160;&#160;&#160;&#160;</u></p><p><strong>Note:&#160;</strong>Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</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): <u>&#160;&#160;&#160;&#160;&#160;&#160;</u></p><p><strong>Note:&#160;</strong>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.&#160;</p><hr style="page-break-after: always;" noshade="noshade" /><p> On April 23, 2025, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. <br /><br />(c) Exhibit 99.1. Press release dated April 23, 2025</p><p></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: April 23, 2025</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%">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 style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><font style="font-size: 10pt;"><strong>EXHIBIT INDEX</strong></font></p><p style="text-align: center;"><font style="font-size: 10pt;">&#160;</font></p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;">Exhibit</font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;">DESCRIPTION</font></td></tr><tr><td>&#160;</td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td style="vertical-align: top;"><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="vertical-align: top;"><font style="font-size: 10pt;"><a href="exh_991.htm">PRECISION DRILLING CORPORATION ANNOUNCES 2025 FIRST QUARTER UNAUDITED FINANCIAL RESULTS </a> </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 Announces 2025 First Quarter Unaudited Financial Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p align="justify">CALGARY, Alberta, April  23, 2025  (GLOBE NEWSWIRE) -- <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. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, gain on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (</em><strong><em>IFRS</em></strong><em>) Accounting Standards and may not be comparable to similar measures used by other companies. See &#8220;Financial Measures and Ratios&#8221; later in this news release.</em></p>  <p align="justify">Precision Drilling Corporation ("Precision" or the "Company") (TSX:PD; NYSE:PDS) announces 2025 first quarter results, confirms shareholder return targets, and lowers 2025 capital budget.</p>  <p align="justify"><strong>Financial Highlights</strong></p>  <ul type="disc"><li style="margin-top:2pt; text-align:justify;">Revenue in the first quarter was $496 million compared to $528 million realized in the same period last year as strong drilling activity in Canada was offset by lower U.S. drilling activity.</li><li style="margin-top:2pt; text-align:justify;">Adjusted EBITDA<sup>(1)</sup> was $137 million and included $3 million of restructuring costs and $3 million of share-based compensation expense. In 2024, first quarter Adjusted EBITDA<sup>(1)</sup> was $143 million and included share-based compensation expense of $23 million.</li><li style="margin-top:2pt; text-align:justify;">First quarter net earnings attributable to shareholders was $35 million or $2.52 per share and comparable to $37 million or $2.53 per share in 2024. Precision has consistently delivered positive net earnings since mid-2022.</li><li style="margin-top:2pt; text-align:justify;">Cash provided by operations during the quarter was $63 million, allowing the Company to repurchase $31 million of common shares and repay $17 million of debt.</li><li style="margin-top:2pt; text-align:justify;">Capital expenditures were $60 million and the Company has lowered its 2025 capital budget to $200 million versus the $225 million previously announced.</li><li style="margin-top:2pt; text-align:justify;">Precision remains committed to repaying at least $100 million of debt in 2025 and allocating 35% to 45% of free cash flow, before debt repayments, to share buybacks.</li></ul>  <p><strong>Operational Highlights</strong></p>  <ul type="disc"><li style="margin-top:2pt; text-align:justify;">Canada's activity averaged 74 drilling rigs in the first quarter and surpassed the 73 active rigs in the same period last year.</li><li style="margin-top:2pt; text-align:justify;">Canadian revenue per utilization day was $35,601 and comparable to the $35,596 in the first quarter of 2024.</li><li style="margin-top:2pt; text-align:justify;">U.S. activity averaged 30 drilling rigs compared to 38 in the same period last year.</li><li style="margin-top:2pt; text-align:justify;">U.S. revenue per utilization day was US$33,157, which included US$1,263 per utilization day for idle but contracted rig revenue, versus US$32,867 in the first quarter of last year.</li><li style="margin-top:2pt; text-align:justify;">Internationally, we had eight rigs active in the first quarter, consistent with the first quarter of 2024, and realized revenue of US$36 million compared to US$38 million in 2024.</li><li style="margin-top:2pt; text-align:justify;">Service rig operating hours decreased 10% compared to the same quarter last year due to customer project deferrals and impacts of an earlier spring break up in Canada, plus lower U.S. activity.<br >&#160; &#160; &#160; (1) See &#8220;FINANCIAL MEASURES AND RATIOS."</li></ul>  <p align="justify"><strong>MANAGEMENT COMMENTARY</strong></p>  <p align="justify">&#8220;I am pleased with Precision&#8217;s first quarter financial and operational results, and particularly with the efforts of the Precision team as we manage our way through a period of unusual volatility and market uncertainty. In the first quarter, our net earnings attributable to shareholders was $35 million, marking 11 consecutive quarters of positive earnings, and we are well on our way to meeting our capital allocation targets. During the quarter, we generated $63 million of cash provided by operations, allowing us to repay $17 million of debt and purchase $31 million of shares. Over the last four quarters, Precision has reduced its outstanding shares by nearly one million shares, representing 7% of our outstanding balance.</p>  <p align="justify">"During the first quarter our Canadian drilling activity remained slightly higher than last year, averaging 74 active rigs compared to 73 in 2024 and we expect this trend to continue through the first half of this year.&#160;In the U.S., we have modestly increased our activity levels from the fourth quarter, currently operating 34 rigs, primarily by capitalizing on the emerging opportunities in natural gas plays.&#160;With initial Liquefied Natural Gas (<strong>LNG</strong>) exports beginning shortly in Canada and significant LNG export capacity expansion underway in the U.S., we believe our market positioning for these increasing LNG opportunities is constructive.</p>  <p align="justify">"Second-half industry activity in North America will depend largely on customer realized cash flows and their capital allocation priorities.&#160;We believe industry capital discipline will remain a stabilizing market feature muting our customers&#8217; short-term response to volatile commodity prices.&#160;However, global events and conflicts, including unexpected OPEC+ production increases, trade and tariff uncertainty, and geopolitical conflicts have the potential to impact global economic growth and access to commodity supplies, creating a range of commodity price scenarios which are difficult to predict.</p>  <p align="justify">"Tightly controlling all aspects of our business, adjusting spending and specifically managing Precision&#8217;s cash inflows and outflows at a pace that matches the cyclicality of our industry is a cornerstone of Precision&#8217;s business model.&#160;We are reducing our 2025 capital spending by $25 million to $200 million to mitigate increased market uncertainty and a potential reduction in customer demand. This includes trimming our expected upgrade spending by approximately $8 million and maintenance capital by $17 million.&#160;We remain poised to further adjust capital spending in response to actual customer demand.&#160;</p>  <p align="justify">"We have also reduced our fixed costs by approximately $10 million annually by streamlining our internal structure and focusing more directly on customer needs and aligning with current activity levels. These changes included flattening our operations leadership structure, exiting our North Dakota well-servicing business and reducing the related staffing levels.</p>  <p align="justify">"Our International drilling operations and Completion and Production business both contributed meaningful free cash flow for the quarter, and this is expected to continue for the rest of the year.</p>  <p align="justify">"With a predominantly variable cost business and low debt levels, a highly experienced team committed to serving our customers, and a high-performance rig fleet, Precision is better positioned than any time in the past decade to navigate uncertainty while simultaneously creating shareholder value," concluded Mr. Neveu.</p>  <p align="justify"><strong>SELECT FINANCIAL AND OPERATING INFORMATION</strong></p>  <p align="justify"><strong>Financial Highlights</strong></p> <table style="width:100%; border-collapse:collapse !important;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; 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text-align:justify;">Revenue was $496 million compared to $528 million in the first quarter of 2024 as strong drilling activity in Canada was offset by lower U.S. drilling activity.</li><li style="margin-top:2pt; text-align:justify;">Adjusted EBITDA decreased to $137 million from $143 million, primarily due to lower drilling activity in the U.S. and restructuring costs of $3 million that were partially offset by lower share-based compensation expense. Please refer to &#8220;Other Items&#8221; later in this news release for additional information on share-based compensation.</li><li style="margin-top:6pt; text-align:justify;">Adjusted EBITDA as a percentage of revenue was relatively stable at 28% compared to 27% in 2024.</li><li style="margin-top:6pt; text-align:justify;">Net earnings attributable to shareholders was $35 million or $2.52 per share and comparable with $37 million or $2.53 per share for the same period last year. On a diluted basis, net earnings attributable to shareholders was $2.20 versus $2.53 in 2024.</li><li style="margin-top:6pt; text-align:justify;">Cash provided by operations was $63 million, allowing the Company to repurchase 408,973 shares for $31 million, reduce debt by $17 million by repaying the outstanding balance on the Senior Credit Facility, and end the quarter with $28 million of cash and almost $550 million of available liquidity.</li><li style="margin-top:6pt; text-align:justify;">In&#160;Canada, revenue per utilization day was $35,601, consistent with the first quarter of 2024. Canadian operating costs per utilization day increased 4% to $20,822, mainly due to wage increases and <em>Super Single</em> rig reactivations. First quarter revenue and operating costs per utilization day were consistent with the fourth quarter of 2024.</li><li style="margin-top:6pt; text-align:justify;">In the U.S. revenue per utilization day, excluding idle but contracted rig revenue of US$1,263, was US$31,894 compared with US$32,867 in the first quarter of last year. First quarter revenue per utilization day, excluding idle but contracted rig revenue, increased by 4% from the fourth quarter of 2024.</li><li style="margin-top:6pt; text-align:justify;">U.S. operating costs per utilization day increased 9% to US$23,568 compared to the same quarter last year due to higher mobilization costs, additional rig reactivations, and fixed costs being spread over fewer activity days. These same factors caused operating costs per utilization per day in the first quarter to rise 9% compared to the fourth quarter of 2024.</li><li style="margin-top:6pt; text-align:justify;">Internationally, we realized revenue of US$36 million from eight active drilling rigs, which is similar to the US$38 million generated in the first quarter of 2024.</li><li style="margin-top:6pt; text-align:justify;">Completion and Production Services revenue was $79 million, a decrease of $8 million from 2024, as service rig operating hours decreased 10% due to a number of customer project deferrals and an earlier spring break up in Canada, plus less activity in the U.S. Adjusted EBITDA was $18 million, representing 22% of revenue compared to 21% in the first quarter of 2024.</li><li style="margin-top:6pt; text-align:justify;">General and administrative expenses were $30 million compared with $45 million in the first quarter of 2024 primarily due to lower share-based compensation expense.</li><li style="margin-top:6pt; text-align:justify;">Capital expenditures increased slightly to $60 million versus $56 million in 2024 and by spend category included $40 million for the maintenance of existing assets, infrastructure, and intangible assets and $20 million for expansion and upgrades. Precision has lowered its 2025 capital budget to $200 million.</li></ul>  <p align="justify"><strong>STRATEGY</strong></p>  <p align="justify">Precision&#8217;s vision is to be globally recognized as the <em>High Performance, High Value</em> provider of land drilling services. We work toward this vision by defining and measuring our results against strategic priorities that we establish at the beginning of every year.</p>  <p align="justify">Precision&#8217;s 2025 strategic priorities and the progress made during the first quarter are as follows:</p>  <ol style="list-style-type:decimal;"><li style="margin-top:6pt; text-align:justify;"><strong>Maximize free cash flow through disciplined capital deployment and strict cost management. </strong> <ul type="disc"><li style="margin-top:6pt; text-align:justify;">Generated cash from operations of $63 million, allowing the Company to reduce debt and buy back shares.</li><li style="margin-top:6pt; text-align:justify;">Proactively reduced fixed cost structure to address market uncertainty and expect to realize approximately $10 million in annual savings.</li><li style="margin-top:6pt; text-align:justify;">Reduced our 2025 capital budget to $200 million versus the $225 million previously announced.</li></ul> </li><li style="margin-top:6pt; text-align:justify;"><strong>Enhance shareholder returns through debt reduction and share repurchases. Plan to reduce debt by at least $100 million and allocate 35% to 45% of free cash flow before debt repayments for share repurchases. </strong> <ul type="disc"><li style="margin-top:6pt; text-align:justify;">Returned $31 million of capital to shareholders by repurchasing 408,973 shares during the quarter.</li><li style="margin-top:6pt; text-align:justify;">Reduced debt by $17 million and ended the quarter with almost $550 million of available liquidity.</li><li style="margin-top:6pt; text-align:justify;">Remain committed to reducing debt by at least $100 million in 2025 and allocating 35% to 45% of free cash flow, before debt repayments, directly to shareholders.</li></ul> </li><li style="margin-top:6pt; text-align:justify;"><strong>Grow revenue in existing service lines through contracted upgrades, optimized pricing and utilization, and opportunistic consolidating tuck-in acquisitions. </strong> <ul type="disc"><li style="margin-top:6pt; text-align:justify;">Increased Canadian rig utilization, averaging 74 active rigs for the first quarter versus 73 in 2024.</li><li style="margin-top:6pt; text-align:justify;">Maintained strong pricing in Canada with revenue per utilization per day of $35,601, aligning with an average day rate of $35,596 in the first quarter of 2024.</li><li style="margin-top:6pt; text-align:justify;">Invested $20 million in expansion and upgrade capital to enhance our drilling rigs.</li><li style="margin-top:6pt; text-align:justify;">Current&#160;market conditions and commodity price volatility make acquisitions less likely in the near term. <br ></li></ul> </li></ol>  <p align="justify"><strong>OUTLOOK</strong></p>  <p align="justify">Near-term expectations for global energy demand growth have been tempered by several geopolitical events including OPEC+ easing of curtailments, trade policy uncertainty, and international conflicts. However, we believe the long-term fundamentals for energy demand are positive, driven by economic growth, increasing demand from emerging economies, and new energy sources of power demand.&#160;</p>  <p align="justify">In Canada, the Trans Mountain pipeline expansion, which became operational in May of 2024, combined with the imminent startup of LNG Canada will provide significant tidewater access for Canadian crude oil and natural gas, supporting Canadian drilling activity. In the U.S., the next wave of LNG export terminals is expected to add approximately 13 bcf/d of export capacity over the next five years, supporting U.S. natural gas drilling activity beyond domestic demand growth and further supporting natural gas drilling.</p>  <p align="justify">Our Canadian drilling activity peaked at 82 rigs in the first quarter with our <em>Super Triple</em> and <em>Super Single</em> rigs near full utilization. We expect the traditional spring breakup period this year to have a historically small impact on our activity, as strong demand for our growing fleet of pad-capable rigs should allow 45 to 48 rigs to continue operating during this period versus 43 last year. Despite&#160;trade and tariff uncertainty and oil prices falling to approximately US$60 per barrel, we have not experienced any meaningful change in customer demand or their longer-term plans. Overall, we expect our Canadian drilling activity to be up for the first half of the year compared to the first six months of 2024.</p>  <p align="justify">In the U.S., we have modestly increased our activity levels from the fourth quarter, currently operating 34 rigs, primarily by capitalizing on the emerging opportunities in natural gas plays. With significant LNG export capacity expansion underway in the U.S., we believe our market positioning for these increasing LNG opportunities is constructive.</p>  <p align="justify">North American industry activity in the second half of this year will depend largely on customer realized cash flows and their capital allocation priorities.&#160;We believe industry capital discipline will remain a stabilizing market feature muting our customers&#8217; short-term response to volatile commodity prices.&#160;However, global events and conflicts, including unexpected OPEC+ production increases, trade and tariff uncertainty, and geopolitical conflicts have the potential to impact global economic growth and access to commodity supplies, creating a range of commodity price scenarios which are difficult to predict.</p>  <p align="justify">Internationally, we have eight rigs on term contracts, five in Kuwait and three in the Kingdom of Saudi Arabia. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028, providing predictable cash flow for the next few years. In May and for the remainder of the year, we expect seven active rigs compared to eight for the first four months of the year but with no material impact on our 2025 cash flow. We continue to look for opportunities to leverage our international expertise.</p>  <p align="justify">As the premier well service provider in Canada, the outlook for this business remains strong, driven by increased takeaway capacity from Trans Mountain pipeline expansion and LNG Canada, and increased regulatory spending requirements for abandonment work. With continued labour constraints, we expect firm pricing into the foreseeable future.</p>  <p align="justify"><strong><em>Contracts</em></strong></p>  <p align="justify">The following chart outlines the average number of drilling rigs under term contract by quarter as at April 23, 2025. 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Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.</td></tr></table> <p align="justify"><strong><br ></strong></p>  <p align="justify"><strong>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS</strong></p>  <p align="justify">Certain statements contained in this release, including statements that contain words such as "could", "should", "can", "anticipate", "estimate", "intend", "plan", "expect", "believe", "will", "may", "continue", "project", "potential" and similar expressions and statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking information and statements").</p>  <p align="justify">In particular, forward-looking information and statements include, but are not limited to, the following:</p>  <ul type="disc"><li style="margin-top:6pt; text-align:justify;">our strategic priorities for 2025;</li><li style="text-align:justify;">our capital expenditures, free cash flow allocation and debt reduction plans for 2025 and beyond;</li><li style="text-align:justify;">anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2025;</li><li style="text-align:justify;">the average number of term contracts in place for 2025;</li><li style="text-align:justify;">customer adoption of Alpha&#153;&#160;technologies and EverGreen&#153;&#160;suite of environmental solutions;</li><li style="text-align:justify;">potential commercial opportunities and rig contract renewals; and</li><li style="text-align:justify;">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 style="margin-top:6pt; text-align:justify;">our ability to react to customer spending plans as a result of changes in oil and natural gas prices;</li><li style="text-align:justify;">the status of current negotiations with our customers and vendors;</li><li style="text-align:justify;">customer focus on safety performance;</li><li style="text-align:justify;">existing term contracts are neither renewed nor terminated prematurely;</li><li style="text-align:justify;">our ability to deliver rigs to customers on a timely basis;</li><li style="text-align:justify;">the impact of an increase/decrease in capital spending; and</li><li style="text-align:justify;">the general stability of the economic and political environments in the jurisdictions where we operate.<br ></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 style="margin-top:6pt; text-align:justify;">volatility in the price and demand for oil and natural gas;</li><li style="text-align:justify;">fluctuations in the level of oil and natural gas exploration and development activities;</li><li style="text-align:justify;">fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;</li><li style="text-align:justify;">our customers&#8217; inability to obtain adequate credit or financing to support their drilling and production activity;</li><li style="text-align:justify;">changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;</li><li style="text-align:justify;">shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;</li><li style="text-align:justify;">liquidity of the capital markets to fund customer drilling programs;</li><li style="text-align:justify;">availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;</li><li style="text-align:justify;">the impact of weather and seasonal conditions on operations and facilities;</li><li style="text-align:justify;">the impact of tariffs and trade disputes;</li><li style="text-align:justify;">competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;</li><li style="text-align:justify;">ability to improve our rig technology to improve drilling efficiency;</li><li style="text-align:justify;">general economic, market or business conditions;</li><li style="text-align:justify;">the availability of qualified personnel and management;</li><li style="text-align:justify;">a decline in our safety performance which could result in lower demand for our services;</li><li style="text-align:justify;">changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;</li><li style="text-align:justify;">terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;</li><li style="text-align:justify;">fluctuations in foreign exchange, interest rates and tax rates; and</li><li style="text-align:justify;">other unforeseen conditions which could impact the use of services supplied by Precision and Precision&#8217;s ability to respond to such conditions.<br ></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, 2024, which may be accessed on Precision&#8217;s SEDAR+ profile at www.sedarplus.ca or under Precision&#8217;s EDGAR profile at www.sec.gov. 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vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">338,692</td><td style="border-top: solid black 1pt ; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; ">Non-current liabilities:</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ; 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text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">935,624</td><td style="border-top: solid black 1pt ; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; ">Equity:</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: top ; 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">&#160;</td><td style="vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">(1,193</td><td style="vertical-align: top ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#8212;</td><td style="vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">(1,193</td><td style="vertical-align: top ; ">)</td></tr><tr><td style="vertical-align: top ; ">Settlement of Executive<br >Performance and Restricted<br >Share Units</td><td style="vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">11,651</td><td style="vertical-align: top ; 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vertical-align: top ; ">2,376,894</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">74,482</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">159,570</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(975,513</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">)</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">1,635,433</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#8212;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">1,635,433</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">&#160;</td></tr></table> <p align="center"><strong><br ></strong></p>  <p align="center"><strong>2025 FIRST QUARTER RESULTS CONFERENCE CALL AND WEBCAST</strong></p>  <p align="justify">Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Thursday, April 24, 2025.</p>  <p align="justify">To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.</p>  <p align="center"><u>https://register-conf.media-server.com/register/BIfac587dca2994a30be564b41d99b43ac</u></p>  <p align="justify">The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision&#8217;s website for 12 months.</p>  <p align="center"><u>https://edge.media-server.com/mmc/p/gifawh57</u></p>  <p align="justify"><strong>About Precision</strong></p>  <p align="justify">Precision is a leading provider of safe and environmentally responsible <em>High Performance, High Value</em> services to the energy industry, offering customers access to an extensive fleet of <em>Super Series</em> drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha&#153; that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen&#153; suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.</p>  <p align="justify">Precision is headquartered in Calgary, Alberta, Canada and 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"><strong>Additional Information</strong></p>  <p align="justify">For further information, please contact:</p>  <p align="justify">Lavonne Zdunich, CPA, CA<br >Vice President, Investor Relations<br >403.716.4500</p>  <p align="justify">800, 525 - 8th Avenue S.W.<br >Calgary, Alberta, Canada T2P 1G1<br >Website: <u>www.precisiondrilling.com</u></p> </p><p ></p></body></html>
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