Precision Drilling (PDS) 40-F 4 Mar 24 2023 FY Annual report (Canada) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	40-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Trading Symbol	PDS
Entity Registrant Name	PRECISION DRILLING CORPORATION
Entity Central Index Key	0001013605
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding	14,336,539
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Address, Address Line One	800, 525 - 8 Avenue, S.W
Entity Address, City or Town	Calgary
Entity Address, Postal Zip Code	T2P 1G1
Entity Address, State or Province	AB
Entity Address, Country	CA
Local Phone Number	716-4500
Security Exchange Name	NYSE
Title of 12(b) Security	Common Shares
ICFR Auditor Attestation Flag	true
Document Annual Report	true
Entity File Number	001-14534
Entity Incorporation, State or Country Code	A0
Auditor Name	KPMG LLP
Auditor Firm ID	85
Auditor Location	Calgary, Alberta, Canada
Document Registration Statement	false
City Area Code	403
Annual Information Form	true
Audited Annual Financial Statements	true
Document Financial Statement Error Correction [Flag]	false
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	10350 Richmond Avenue
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Houston
Entity Address, Postal Zip Code	77042
Entity Address, State or Province	TX
Local Phone Number	435-6100
City Area Code	713
Contact Personnel Name	Precision Drilling (US) Corporation

Consolidated Statements of Fina

Consolidated Statements of Financial Position - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 54,182	$ 21,587
Accounts receivable	421,427	413,925
Inventory	35,272	35,158
Total current assets	510,881	470,670
Non-current assets:
Income taxes recoverable	682	1,602
Deferred tax assets	73,662	455
Property, plant and equipment	2,338,088	2,303,338
Intangibles	17,310	19,575
Right-of-use assets	63,438	60,032
Finance lease receivables	5,003
Investments and other assets	9,971	20,451
Total non-current assets	2,508,154	2,405,453
Total assets	3,019,035	2,876,123
Current liabilities:
Accounts payable and accrued liabilities	342,382	392,053
Income tax payable	3,026	2,991
Current portion of lease obligation	17,386	12,698
Current portion of long-term debt	2,848	2,287
Total current liabilities	365,642	410,029
Non-current liabilities:
Share based compensation	25,122	60,133
Provisions and other	7,140	7,538
Lease obligation	57,124	52,978
Long-term debt	914,830	1,085,970
Deferred tax liabilities	73,515	28,946
Total non-current liabilities	1,077,731	1,235,565
Shareholders' equity:
Shareholders' capital	2,365,129	2,299,533
Contributed surplus	75,086	72,555
Deficit	(1,012,029)	(1,301,273)
Accumulated other comprehensive income	147,476	159,714
Total shareholders' equity	1,575,662	1,230,529
Total liabilities and shareholders' equity	$ 3,019,035	$ 2,876,123

Consolidated Statements of Net

Consolidated Statements of Net Earnings (Loss) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Profit or loss [abstract]
Revenue	$ 1,937,854	$ 1,617,194
Expenses:
Operating	1,204,548	1,124,601
General and administrative	122,188	180,988
Earnings before income taxes, gain on repurchase of unsecured senior notes, gain on acquisition, loss (gain) on investments and other assets, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals, and depreciation and amortization	611,118	311,605
Depreciation and amortization	297,557	279,035
Gain on asset disposals	(24,469)	(29,926)
Loss on asset decommissioning	9,592	0
Foreign exchange	(1,667)	1,278
Finance charges	83,414	87,813
Loss (gain) on investments and other assets	6,810	(12,452)
Gain on acquisition	(25,761)	0
Gain on repurchase of unsecured senior notes	(137)	0
Earnings (loss) before income taxes	265,779	(14,143)
Income taxes:
Current	4,494	4,362
Deferred	(27,959)	15,788
Income taxes	(23,465)	20,150
Net earnings (loss)	$ 289,244	$ (34,293)
Net earnings (loss) per share:
Basic	$ 21.03	$ (2.53)
Diluted	$ 19.53	$ (2.53)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of comprehensive income [abstract]
Net earnings (loss)	$ 289,244	$ (34,293)
Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency	(33,433)	106,669
Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt	21,195	(81,735)
Comprehensive income (loss)	$ 277,006	$ (9,359)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operations:
Net earnings (loss)	$ 289,244	$ (34,293)
Adjustments for:
Long-term compensation plans	6,659	60,094
Depreciation and amortization	297,557	279,035
Gain on asset disposals	(24,469)	(29,926)
Loss on asset decommissioning	9,592	0
Foreign exchange unrealized	(866)	638
Finance charges	83,414	87,813
Income taxes	(23,465)	20,150
Other	(229)	542
Loss (gain) on investments and other assets	6,810	(12,452)
Gain on acquisition	(25,761)	0
Loss on redemption and repurchase of unsecured senior notes	(137)	0
Income taxes paid	(3,103)	(3,263)
Income taxes recovered	24	24
Interest paid	(83,037)	(85,678)
Interest received	1,176	310
Funds provided by operations	533,409	282,994
Changes in non-cash working capital balances	(32,838)	(45,890)
Cash provided by operations	500,571	237,104
Investments:
Purchase of property, plant and equipment	(224,960)	(184,250)
Purchase of intangibles	(1,789)	0
Proceeds on sale of property, plant and equipment	23,841	37,198
Proceeds from sale of investments and other assets	10,013	0
Business acquisitions, net	(28,646)	(10,200)
Purchase of investments and other assets	(5,343)	(617)
Receipt of finance lease payments	255	0
Changes in non-cash working capital balances	11,845	13,454
Cash used in investing activities	(214,784)	(144,415)
Financing:
Issuance of long-term debt	162,649	144,889
Repayment of long-term debt	(375,237)	(250,749)
Repurchase of share capital	(29,955)	(10,010)
Lease payments	(9,423)	(7,134)
Issuance of common shares from the exercise of options	0	9,833
Cash used in financing activities	(251,966)	(113,171)
Effect of exchange rate changes on cash and cash equivalents	(1,226)	1,481
Increase (decrease) in cash	32,595	(19,001)
Cash and cash equivalents, beginning of year	21,587	40,588
Cash and cash equivalents, end of year	$ 54,182	$ 21,587

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands	Total	Shareholders' Capital [Member]	Contributed Surplus [Member]	Accumulated Other Comprehensive Income [Member]	Deficit [Member]
Beginning Balance at Dec. 31, 2021	$ 1,225,555	$ 2,281,444	$ 76,311	$ 134,780	$ (1,266,980)
Net earnings (loss)	(34,293)				(34,293)
Other comprehensive income (loss)	24,934			24,934
Share-based payment reclassification	13,864	14,083	(219)
Share repurchase	(10,010)	(10,010)
Share options exercised	9,833	14,016	(4,183)
Share-based compensation expense	646		646
Ending Balance at Dec. 31, 2022	1,230,529	2,299,533	72,555	159,714	(1,301,273)
Net earnings (loss)	289,244				289,244
Other comprehensive income (loss)	(12,238)			(12,238)
Acquisition share consideration	75,588	75,588
Settlements of Executive Performance and Restricted Share Unit	19,206	19,206
Share repurchase	(29,955)	(29,955)
Redemption of non-management directors share units	757	757
Share-based compensation expense	2,531		2,531
Ending Balance at Dec. 31, 2023	$ 1,575,662	$ 2,365,129	$ 75,086	$ 147,476	$ (1,012,029)

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2023
Description Of Business [Abstract]
Description of Business	NOTE 1. DESCRIPTION OF BUSINESS Precision Drilling Corporation ( Precision or the Corporation ) is incorporated under the laws of the Province of Alberta, Canada and is a provider of contract drilling and completion and production services primarily to oil and natural gas exploration and production companies in Canada, the United States and certain international locations. The address of the registered office is 800, 525 – 8th Avenue S.W., Calgary, Alberta, Canada, T2P 1G1.

Basis of Preparation

Basis of Preparation	12 Months Ended
	Dec. 31, 2023
Basis Of Preparation [Abstract]
Basis of Preparation	NOTE 2. BASIS OF PREPARATION (a) Statement of Compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as issued by the International Accounting Standards Board ( IASB ). These consolidated financial statements were authorized for issue by the Board of Directors on March 1, 2024. (b) Basis of Measurement The consolidated financial statements have been prepared using the historical cost basis and are presented in thousands of Canadian dollars. (c) Use of Estimates and Judgements The preparation of the consolidated financial statements requires management to make estimates and judgements that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingencies. These estimates and judgements are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The estimation of anticipated future events involves uncertainty and, consequently, the estimates used in the preparation of the consolidated financial statements may change as future events unfold, more experience is acquired, or the Corporation’s operating environment changes. The Corporation reviews its estimates and assumptions on an ongoing basis. Adjustments that result from a change in estimate are recorded in the period in which they become known. Estimates are more difficult to determine, and the range of potential outcomes can be wider, in periods of higher volatility and uncertainty. The impacts of the COVID-19 pandemic and the recovery therefrom coupled with several factors including higher levels of uncertainty due the Russian invasion of Ukraine and its impact on energy markets, rising interest and inflation rates, and constrained supply chains have created a higher level of volatility and uncertainty. Management has, to the extent reasonable, incorporated known facts and circumstances into the estimates made, however, actual results could differ from those estimates and those differences could be material. Significant estimates and judgements used in the preparation of the consolidated financial statements are described in Note 3(a), (d), (e), (f), (g), (h), (i), (o), and (p). Climate-related risks and opportunities may have a future impact on the Corporation and its estimates and judgements, including but not limited to the useful life and residual value of its property, plant and equipment and the measurement of projected cash flows when identifying impairment triggers, performing tests for impairment or impairment recoveries, when available, of non-financial assets. The Corporation evaluated the remaining useful lives and residual values of its property, plant and equipment, concluding they remain reasonable given the current estimate of the demand period for oil and natural gas extractive services well exceeds their remaining useful lives. In addition, the Corporation’s property, plant and equipment, including drill rig equipment, adapts to numerous low-carbon projects, including but not limited to, geothermal drilling, carbon capture and storage and the extraction of helium and hydrogen gas. In future periods, if indications of impairment of non-financial assets exist, the Corporation’s measurement of projected cash flows may be exposed to higher estimation uncertainty, including but not limited to the Corporation’s continued capital investment required to lower the carbon intensity of its property, plant and equipment, period and growth expectations used to calculate terminal values and the Corporation’s weighted average cost of capital. (d) Environmental Reporting Regulations Environmental reporting continues to evolve and the Corporation may be subject to additional future disclosure requirements. The International Sustainability Standards Board issued two IFRS Sustainability Disclosure Standards with the objective to develop a global framework for environmental sustainability disclosure. The Canadian Securities Administrators have also issued a proposed National Instrument 51-107 Disclosure of Climate-related Matters which sets forth additional reporting requirements for Canadian Public Companies. Precision continues to monitor developments on these reporting requirements as it progresses with its determination of the financial implications of complying with these regulations.

Material Accounting Policies

Material Accounting Policies	12 Months Ended
	Dec. 31, 2023
Disclosure Of Material Accounting Policies [Abstract]
Material Accounting Policies	NOTE 3. MATERIAL ACCOUNTING POLICIES (a) Basis of Consolidation These consolidated financial statements include the accounts of the Corporation and all of its subsidiaries and partnerships, substantially all of which are wholly owned. The consolidated financial statements of the subsidiaries are prepared for the same period as the parent entity, using consistent accounting policies. All significant intercompany balances and transactions and any unrealized gains and losses arising from intercompany transactions, have been eliminated. Subsidiaries are entities controlled by the Corporation. Control exists when Precision has the power to govern the financial and operating policies of an entity to obtain benefits from its activities. In assessing control, potential voting rights that currently are exercisable are considered. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. An associate is an entity for which the Corporation has significant influence and thereby has the power to participate in the financial and operational decisions but does not control or jointly control the investee. Investments in associates are accounted for using the equity method of accounting and are recognized at cost and subsequently adjusted for the proportionate share of the investee's net assets. The Corporation's consolidated financial statements include its share of the investee's net earnings (loss) and other comprehensive income (loss) until the date that significant influence ceases. Precision does not hold interests in any special-purpose entities. The acquisition method is used to account for acquisitions of subsidiaries and assets that meet the definition of a business under IFRS. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the cost of acquisition over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized immediately in the statements of net earnings (loss). Transaction costs, other than those associated with the issuance of debt or equity securities, that the Corporation incurs in connection with a business combination are expensed as incurred. (b) Cash Cash consists of cash and short-term investments with original maturities of three months or less . (c) Inventory Inventory is primarily comprised of operating supplies and carried at the lower of average cost, being the cost to acquire the inventory, and net realizable value. Inventory is charged to operating expenses as items are sold or consumed at the amount of the average cost of the item. (d) Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation and any accumulated impairment losses. Cost includes an expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, and borrowing costs on qualifying assets. The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Corporation, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment (repair and maintenance) are recognized in net earnings as incurred. Property, plant, and equipment are depreciated as follows: Expected Life Salvage Value Basis of Drilling rig equipment: – Power & Tubulars 5 years – straight-line – Dynamic 10 years – straight-line – Structural 20 years 10 % straight-line Service rig equipment 20 years 10 % straight-line Drilling rig spare equipment up to 15 years – straight-line Service rig spare equipment up to 15 years – straight-line Rental equipment up to 15 years 0 to 25 % straight-line Other equipment 3 to 10 years – straight-line Light duty vehicles 4 years – straight-line Heavy duty vehicles 7 to 10 years – straight-line Buildings 10 to 20 years – straight-line Property, plant and equipment are depreciated based on estimates of useful lives and salvage values. These estimates consider data and information from various sources including vendors, industry practice, and Precision ’ s own historical experience and may change as more experience is gained, market conditions shift, or technological advancements are made. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal to the carrying amount of property, plant and equipment, and are recognized in the consolidated statements of net earnings (loss). Determination of which parts of the drilling rig equipment represent significant cost relative to the entire rig and identifying the consumption patterns along with the useful lives of these significant parts, are matters of judgement. This determination can be complex and subject to differing interpretations and views, particularly when rig equipment comprises individual components for which different depreciation methods or rates are appropriate. The estimated useful lives, residual values and method and components of depreciation are reviewed annually, and adjusted prospectively, if appropriate. (e) Intangibles Intangible assets that are acquired by the Corporation with finite lives are initially recorded at estimated fair value and subsequently measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits of the specific asset to which they relate. Intangible assets are amortized based on estimates of useful lives. These estimates consider data and information from various sources including vendors and Precision ’ s own historical experience and may change as more experience is gained or technological advancements are made. Amortization is recognized in net earnings using the straight-line method over the estimated useful lives of the respective assets. Precision’s loan commitment fees are amortized over the term of the respective facility. Software is amortized over its expected useful life of up to 10 years. The estimated useful lives and methods of amortization are reviewed annually and adjusted prospectively if appropriate. (f) Impairment of Non-Financial Assets The carrying amounts of the Corporation’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash-generating unit or CGU ). Judgement is required in the aggregation of assets into CGUs. If any such indication exists, then the asset or CGU’s recoverable amount is estimated. Judgement is required when evaluating whether a CGU has indications of impairment. The recoverable amount of an asset or a CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using an after-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Value in use is generally computed by reference to the present value of the future cash flows expected to be derived from the CGU. An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its estimated recoverable amount. Impairment losses are recognized in net earnings. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior years are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. (g) Income Taxes Income tax expense is recognized in net earnings except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax is the expected tax payable or receivable on the taxable earnings or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized using the asset and liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in net earnings in the period that includes the date of enactment or substantive enactment. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities that are expected to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The Corporation is subject to taxation in numerous jurisdictions. Uncertainties exist with respect to the interpretation of complex tax regulations and require significant judgement. Differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to taxable income and expense already recorded. The Corporation establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions are based on various factors, such as the experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. (h) Revenue from Contracts with Customers Precision recognizes revenue from a variety of sources. In general, customer invoices are issued upon rendering all performance obligations for an individual well-site job. Under the Corporation’s standard contract terms, customer payments are to be received within 28 days of the customer’s receipt of an invoice. Contract Drilling Services The Corporation contracts individual drilling rig packages, including crews and support equipment, to its customers. Depending on the customer’s drilling program, contracts may be for a single well, multiple wells or a fixed term. Revenue from contract drilling services is recognized over time from spud to rig release on a daily basis. Operating days are measured through industry standard tour sheets that document the daily activity of the rig. Revenue is recognized at the applicable day rate for each well, based on rates specified in the drilling contract. The Corporation provides services under turnkey contracts, whereby Precision is required to drill a well to an agreed upon depth under specified conditions for a fixed price, regardless of the time required or problems encountered in drilling the well. Revenue from turnkey drilling contracts is recognized over time using the input method based on costs incurred to date in relation to estimated total contract costs, as that most accurately depicts the Corporation’s performance. Completion and Production Services The Corporation provides a variety of well completion and production services including well servicing. In general, service rigs do not involve long-term contracts or penalties for termination. Revenue is recognized daily upon completion of services. Operating days are measured through daily tour sheets and field tickets. Revenue is recognized at the applicable daily or hourly rate, as stipulated in the contract. The Corporation offers its customers a variety of oilfield equipment for rental. Rental revenue is recognized daily at the applicable rate stated in the rental contract. Rental days are measured through field tickets. The Corporation provides accommodation and catering services to customers in remote locations. Customers contract these services either as a package or individually for a fixed term. For accommodation services, the Corporation supplies camp equipment and revenue is recognized over time on a daily basis, once the equipment is on-site and available for use, at the applicable rate stated in the contract. For catering services, the Corporation recognizes revenue daily according to meals served. Accommodation and catering services provided are measured through field tickets. (i) Provisions Provisions are recognized when the Corporation has a present obligation as a result of a past event, when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and when a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. Precision maintains a provision for the deductible and uninsured portions of workers’ compensation and general liability claims. The amount accrued for the provision for losses incurred varies depending on the number and nature of the claims outstanding at the dates of the statements of financial position. In addition, the accrual includes management’s estimate of the future cost to settle each claim such as future changes in the severity of the claim and increases in medical costs. Precision uses third parties to assist in developing the estimate of the ultimate costs to settle each claim, which is based on historical experience associated with the type of each claim and specific information related to each claim. The specific circumstances of each claim may change over time prior to settlement and, as a result, the estimates made as of the reporting dates may change. The current portion of the provision is presented within accounts payables and accrued liabilities. (j) Share-Based Incentive Compensation Plans The Corporation has established several cash-settled share-based incentive compensation plans for non-management directors, officers, and other eligible employees. The estimated fair value of amounts payable to eligible participants under these plans are recognized as an expense with a corresponding increase in liabilities over the period that the participants become unconditionally entitled to payment. The recorded liability is re-measured at the end of each reporting period until settlement with the resultant change to the fair value of the liability recognized in net earnings for the period. When the plans are settled, the cash paid reduces the outstanding liability. The Corporation has an employee share purchase plan that allows eligible employees to purchase common shares through payroll deductions. Prior to January 1, 2012, the Corporation had an equity-settled deferred share unit plan whereby non-management directors of Precision could elect to receive all or a portion of their compensation in fully-vested deferred share units. Compensation expense was recognized based on the fair value price of the Corporation’s shares at the date of grant with a corresponding increase to contributed surplus. Upon redemption of the deferred share units into common shares, the amount previously recognized in contributed surplus is recorded as an increase to shareholders’ capital. The Corporation continues to have obligations under this plan. The Corporation has a share option plan for certain eligible employees. Under this plan, the fair value of share purchase options is calculated at the date of grant using the Black-Scholes option pricing model, and that value is recorded as compensation expense over the grant’s vesting period with an offsetting credit to contributed surplus. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of options that vest. Upon exercise of the equity purchase option, the associated amount is reclassified from contributed surplus to shareholders’ capital. Consideration paid by employees upon exercise of the equity purchase options is credited to shareholders’ capital. (k) Foreign Currency Translation Transactions of the Corporation’s individual entities are recorded in the currency of the primary economic environment in which it operates (its functional currency). Transactions in currencies other than the entities’ functional currency are translated at rates in effect at the time of the transaction. At each period end, monetary assets and liabilities are translated at the prevailing period-end rates. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Gains and losses are included in net earnings except for gains and losses on translation of long-term debt designated as a hedge of foreign operations, which are deferred and included in other comprehensive income. For the purpose of preparing the Corporation’s consolidated financial statements, the financial statements of each foreign operation that does not have a Canadian dollar functional currency are translated into Canadian dollars. Assets and liabilities are translated at exchange rates in effect at the period end date. Revenues and expenses are translated using average exchange rates for the month of the respective transaction. Gains or losses resulting from these translation adjustments are recognized initially in other comprehensive income and reclassified from equity to net earnings on disposal or partial disposal of the foreign operation. Change in functional currency On July 1, 2023, as a result of changing facts and circumstances in the current year, a subsidiary of the Corporation changed its functional currency from U.S. Dollars ( USD ) to Kuwaiti Dinar ( KWD ) to reflect the business activities within the primary economic environment in which the subsidiary operates. The changes in facts and circumstances that led to this determination included, but were not limited to, the expiration of multiple material USD denominated customer drilling contracts and the execution of multiple material KWD denominated customer drilling contracts. The change in functional currency was applied prospectively, in accordance with IAS 21, The Effects of Changes in Foreign Exchange Rates , on July 1, 2023, with the assets and liabilities of the subsidiary being converted into KWD from USD at a fixed exchange rate of USD1 : KWD 3.24 . (l) Per Share Amounts Basic per share amounts are calculated using the weighted average number of shares outstanding during the period. Diluted per share amounts are calculated by using the treasury stock method for equity-based compensation arrangements. The treasury stock method assumes that any proceeds obtained on exercise of equity-based compensation arrangements would be used to purchase common shares at the average market price during the period. The weighted average number of shares outstanding is then adjusted by the difference between the number of shares issued from the exercise of equity-based compensation arrangements and shares repurchased from the related proceeds. (m) Financial Instruments i) Non-Derivative Financial Instruments: Financial assets and liabilities are classified and measured at amortized cost, fair value through other comprehensive income or fair value through net earnings. The classification of financial assets and liabilities is generally based on the business model in which the asset or liability is managed and its contractual cash flow characteristics. Financial assets held within a business model whose objective is to collect contractual cash flows and whose contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding are measured at amortized cost. After their initial fair value measurement, accounts receivable, accounts payable and accrued liabilities and long-term debt are classified and measured at amortized cost using the effective interest rate method. Upon initial recognition of a non-derivative financial asset, a loss allowance is recorded for Expected Credit Losses ( ECL ). Loss allowances for trade receivables are measured based on lifetime ECL that incorporates historical loss information and is adjusted for current economic and credit conditions. ii) Derivative Financial Instruments: The Corporation may enter into certain financial derivative contracts in order to manage the exposure to market risks from fluctuations in interest rates or exchange rates. These instruments are not used for trading or speculative purposes. Precision has not designated its financial derivative contracts as effective accounting hedges, and thus has not applied hedge accounting, even though it considers certain financial contracts to be economic hedges. As a result, financial derivative contracts are classified as fair value through net earnings and are recorded on the statements of financial position at estimated fair value. Transaction costs are recognized in net earnings when incurred. Derivatives embedded in financial assets are never separated. Rather, the financial instrument as a whole is assessed for classification. Derivatives embedded in financial liabilities are separated from the host contract and accounted for separately when their economic characteristics and risks are not closely related to the host contract. Embedded derivatives in financial liabilities are recorded on the statements of financial position at estimated fair value and changes in the fair value are recognized in earnings. (n) Hedge Accounting The Corporation utilizes foreign currency long-term debt to hedge its exposure to changes in the carrying values of the Corporation’s net investment in certain foreign operations from fluctuations in foreign exchange rates. To be accounted for as a hedge, the foreign currency long-term debt must be designated and documented as a hedge and must be effective at inception and on an ongoing basis. The documentation defines the relationship between the foreign currency long-term debt and the net investment in the foreign operations, as well as the Corporation’s risk management objective and strategy for undertaking the hedging transaction. The Corporation formally assesses, both at inception and on an ongoing basis, whether the changes in fair value of the foreign currency long-term debt is highly effective in offsetting changes in fair value of the net investment in the foreign operations. The portion of gains or losses on the hedging item determined to be an effective hedge is recognized in other comprehensive income, net of tax, and is limited to the translation gain or loss on the net investment, while ineffective portions are recorded through net earnings. A reduction in the fair value of the net investment in the foreign operations or increase in the foreign currency long-term debt balance may result in a portion of the hedge becoming ineffective. If the hedging relationship ceases to be effective or is terminated, hedge accounting is not applied to subsequent gains or losses. The amounts recognized in other comprehensive income are reclassified to net earnings and the corresponding exchange gains or losses arising from the translation of the foreign operation are recorded through net earnings upon dissolution or substantial dissolution of the foreign operation . (o) Leases At inception, Precision assesses whether its contracts contain a lease. A contract contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The assessment of whether a contract conveys the right to control the use of an identified asset considers whether: ▪ the contract involves the use of an identified asset and the substantive substitution rights of the supplier. If the supplier has a substantive substitution right, then the asset is not identified; ▪ the lessee’s right to obtain substantially all of the economic benefits from the use of the asset; and ▪ the lessee’s right to direct the use of the asset, including decision-making to change how and for what purpose the asset is used. At inception or on reassessment of a contract that contains a lease component, Precision allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. Leases in which Precision is a lessee Precision recognizes a right-of-use asset and corresponding lease obligation at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease obligation adjusted for lease payments made on or before the commencement date, incurred initial direct costs, estimated site retirement costs and any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are consistent with those of property, plant and equipment. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease obligation. The lease obligation is initially measured at the present value of the minimum lease payments not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Precision’s incremental borrowing rate. Generally, Precision uses its incremental borrowing rate as the discount rate for those leases in which it is the lessee. Lease payments included in the measurement of the lease obligation comprise the following: ▪ fixed payments, including in-substance fixed payments; ▪ variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; ▪ amounts expected to be payable under a residual value guarantee; and ▪ the exercise price under a purchase option that Precision is reasonably certain to exercise, lease payments in an optional renewal period if Precision is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless Precision is reasonably certain not to terminate early. The lease obligation is measured at amortized cost using the effective interest method. The measurement of lease obligations requires the use of certain estimates and assumptions including discount rates, exercise of lease term extension options, and escalating lease rates. It is remeasured when there is a change in: ▪ future lease payments arising from a change in an index or rate; ▪ the estimated amount expected to be payable under a residual value guarantee; or ▪ the assessment of whether Precision will exercise a purchase, extension or termination option. When the lease obligation is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in net earnings if the carrying amount of the right-of-use asset has been reduced to zero. Leases in which Precision is a lessor When Precision acts as a lessor, at inception, Precision evaluates the classification as either a finance or operating lease. To classify each lease, Precision makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease, if not, then it is an operating lease. When acting as a sub-lessor, Precision accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease then Precision classifies the sub-lease as an operating lease. If an arrangement contains lease and non-lease components, Precision applies IFRS 15 to allocate the consideration in the contract. Precision recognizes lease payments received under operating leases for drilling rigs as income on a systematic basis, drilling days, over the lease term as part of revenue . (p) Critical Accounting Assumptions and Estimates i) Impairment of Long-Lived Assets At each reporting date, the Corporation reviews the carrying amount of assets in each CGU to determine whether an indicator of impairment exists. The Corporation’s analysis is based on relevant internal and external factors that indicate a CGU may be impaired such as the obsolescence or planned disposal of significant assets, financial performance of the CGU compared to forecasts, and past impairment tests, with a focus upon earnings before income tax, gain on repurchase of unsecured senior notes, gain on acquisition, loss (gain) on investments and other assets, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals, and depreciation and amortization ( Adjusted EBITDA ), and consideration of the Corporation’s market capitalization. When indications of impairment exist within a CGU, a recoverable amount is determined which requires assumptions to estimate future discounted cash flows. These estimates and assumptions include future drilling activity and margins and the resulting estimated Adjusted EBITDA associated with the CGU and the discount rate used to present value the estimated cash flows. In selecting a discount rate, the Corporation uses observable market data inputs to develop a rate that the Corporation believes approximates the discount rate of market participants. Although the Corporation believes the assumptions and estimates are reasonable and consistent with current conditions, internal planning, and expected future operations, such assumptions and estimations are subject to significant uncertainty and judgement. ii) Income Taxes Significant estimation and assumptions are required in determining the provision for income taxes. The recognition of deferred tax assets in respect of deductible temporary differences and unused tax losses and credits is based on the Corporation ’ s estimation of future taxable profit against which these differences, losses and credits may be used. The assessment is based upon existing tax laws and estimates of the Corporation ’ s future taxable income. These estimates may be

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about business combination [abstract]
Business Combination	NOTE 4. BUSINESS COMBINATION (a) CWC Energy Services Corp. On November 8, 2023, Precision acquired all of the issued and outstanding shares of CWC Energy Services Corp. ( CWC ) for consideration of $ 89 million, which included the issuance of 947,807 Precision common shares and cash of $ 14 million. With this acquisition, Precision substantially increased the size and scale of its Canadian well servicing operations and expanded its geographic footprint into complementary regions. Precision added 62 marketable service rigs to its fleet along with experienced crews and field personnel and operating facilities. Precision also added 18 high-quality drilling rigs to its fleet, including seven drilling rigs in Canada and 11 drilling rigs in the U.S. The addition of the U.S. drilling rigs expanded the Corporation's operations into Wyoming, further diversifying its serviceable U.S. basins. Precision incurred $ 3 million of various transaction costs related to the business combination, which were recognized as an expense in the statements of net earnings (loss). These costs were primarily related to advisory, legal, consulting and other transaction costs. The following table summarizes the allocation of the purchase price: (Stated in thousands of Canadian dollars) Consideration: Number of shares issued 947,807 Share price at issuance $ 79.75 Common shares $ 75,588 Cash 13,726 Total consideration $ 89,314 Allocation of purchase price Cash 13,080 Accounts receivable 41,641 Property, plant and equipment 140,965 Intangibles 3,000 Right-of-use assets 1,466 Accounts payable and accrued liabilities ( 22,260 ) Long-term debt ( 60,387 ) Lease obligations ( 1,466 ) Deferred tax liabilities ( 964 ) Gain on acquisition ( 25,761 ) Total $ 89,314 The Corporation recognized a gain on acquisition of $ 26 million (2022 – nil ) in the statements of net earnings (loss) that was primarily attributable to movements in the fair value of common share consideration between the date of transaction announcement and date of closing. The acquired CWC business contributed revenue of $ 20 million and net earnings of $ 3 million for the period of November 8, 2023 to December 31, 2023. Had the acquisition occurred on January 1, 2023, it is estimated that the consolidated pro-forma revenue and net earnings for the year ended December 31, 2023 would have been $ 182 million and $ 18 million, respectively. Since the date of acquisition, depreciation of the acquired property, plant and equipment was recognized in the statements of net earnings (loss) in accordance with Precision’s existing depreciation policies for similar equipment types. The Corporation accounted for the acquisition as a business combination and used the acquisition method to record the net assets and liabilities assumed at fair value. Precision engaged an independent third-party valuator to estimate the acquisition-date fair value over a portion of the Rig Equipment included in property, plant and equipment. The Corporation used the appraisals available for comparable assets in estimating the remaining acquisition-date fair value of Rig Equipment included in property, plant and equipment. (b) High Arctic Energy Services Inc. On July 27, 2022, Precision acquired the well servicing business and associated rental assets of High Arctic Energy Services Inc. for consideration of $ 38 million. On the date of acquisition, Precision made a $ 10 million cash payment with the remaining balance of $ 28 million, included in accounts payable and accrued liabilities at December 31, 2022, and subsequently paid in the first quarter of 2023. Included in the Completion and Production Services operating segment, the acquisition increased the size and scale of Precision’s operations within the Canadian well servicing industry, adding well-service rigs to its fleet along with related rental assets, ancillary support equipment, inventories, spares and operating facilities in key operating basins. The acquisition was accounted for as a business combination, using the acquisition method, whereby the Acquired Assets and Assumed Liabilities (Acquired Net Assets) were recorded at their estimated fair values at the date of acquisition. Precision relied on a third-party appraisal when determining the fair value of the Acquired Net Assets. Precision incurred $ 1 million of various transaction costs related to the business combination, which were recognized as an expense in the statements of net earnings (loss). These costs were primarily related to advisory, legal, consulting and other transaction costs. The following table summarizes the allocation of the purchase price: (Stated in thousands of Canadian dollars) Cash $ 10,200 Accounts payable and accrued liabilities 27,300 Fair value of consideration transferred $ 37,500 Acquired Assets Rig equipment $ 32,796 Vehicles 900 Buildings 1,457 Land 2,347 Right-of-use assets 6,990 Assumed Liabilities Lease obligations ( 6,990 ) Fair value of Acquired Net Assets $ 37,500 Since the date of acquisition, depreciation of the acquired property, plant and equipment was recognized in the statements of net earnings (loss) in accordance with Precision’s existing depreciation policies for similar equipment types.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Disclosure Of Revenue Explanatory [Abstract]
Revenue	NOTE 5. REVENUE The following table includes a reconciliation of disaggregated revenue by reportable segment (Note 6). Revenue has been disaggregated by primary geographical market and type of service provided. Year ended December 31, 2023 Contract Completion Corporate Inter- Total United States $ 848,262 $ 13,683 $ — $ ( 30 ) $ 861,915 Canada 709,703 227,033 — ( 7,097 ) 929,639 International 146,300 — — — 146,300 $ 1,704,265 $ 240,716 $ — $ ( 7,127 ) $ 1,937,854 Day rate/hourly services $ 1,661,762 $ 240,716 $ — $ ( 537 ) $ 1,901,941 Shortfall payments/idle but contracted 24,602 — — — 24,602 Turnkey drilling services 8,988 — — — 8,988 Other 8,913 — — ( 6,590 ) 2,323 $ 1,704,265 $ 240,716 $ — $ ( 7,127 ) $ 1,937,854 Year ended December 31, 2022 Contract Completion Corporate Inter- Total United States $ 727,544 $ 18,129 $ — $ ( 43 ) $ 745,630 Canada 562,586 169,042 — ( 6,068 ) 725,560 International 146,004 — — — 146,004 $ 1,436,134 $ 187,171 $ — $ ( 6,111 ) $ 1,617,194 Day rate/hourly services $ 1,394,394 $ 187,171 $ — $ ( 748 ) $ 1,580,817 Shortfall payments/idle but contracted 2,153 — — — 2,153 Turnkey drilling services 31,723 — — — 31,723 Other 7,864 — — ( 5,363 ) 2,501 $ 1,436,134 $ 187,171 $ — $ ( 6,111 ) $ 1,617,194

Segmented Information

Segmented Information	12 Months Ended
	Dec. 31, 2023
Disclosure of operating segments [abstract]
Segmented Information	NOTE 6. SEGMENTED INFORMATION The Corporation operates primarily in Canada, the United States and certain international locations, in two industry segments; Contract Drilling Services and Completion and Production Services. Contract Drilling Services includes drilling rigs, procurement and distribution of oilfield supplies, and the manufacture, sale and repair of drilling equipment. Completion and Production Services includes service rigs, oilfield equipment rental, and camp and catering services. Year ended December 31, 2023 Contract Completion Corporate Inter- Total Revenue $ 1,704,265 $ 240,716 $ — $ ( 7,127 ) $ 1,937,854 Earnings before income taxes, gain on 630,761 51,224 ( 70,867 ) — 611,118 Depreciation and amortization 269,133 14,654 13,770 — 297,557 Gain on asset disposals ( 23,378 ) ( 973 ) ( 118 ) — ( 24,469 ) Loss on asset decommissioning 9,592 — — — 9,592 Total assets 2,565,495 271,724 181,816 — 3,019,035 Capital expenditures 213,660 9,984 3,105 — 226,749 Year ended December 31, 2022 Contract Completion Corporate Inter- Total Revenue $ 1,436,134 $ 187,171 $ — $ ( 6,111 ) $ 1,617,194 Earnings before income taxes, gain on 397,753 38,147 ( 124,295 ) — 311,605 Depreciation and amortization 255,286 14,381 9,368 — 279,035 Gain on asset disposals ( 25,495 ) ( 3,233 ) ( 1,198 ) — ( 29,926 ) Total assets 2,574,867 179,226 122,030 — 2,876,123 Capital expenditures 177,844 5,325 1,081 — 184,250 2023 2022 Earnings before income taxes, gain on repurchase $ 611,118 $ 311,605 Deduct: Depreciation and amortization 297,557 279,035 Gain on asset disposals ( 24,469 ) ( 29,926 ) Loss on asset decommissioning 9,592 — Foreign exchange ( 1,667 ) 1,278 Finance charges 83,414 87,813 Loss (gain) on investments and other assets 6,810 ( 12,452 ) Gain on acquisition ( 25,761 ) — Gain on repurchase of unsecured senior notes ( 137 ) — Income taxes ( 23,465 ) 20,150 Net earnings (loss) $ 289,244 $ ( 34,293 ) The Corporation’s operations are carried on in the following geographic locations: Year ended December 31, 2023 United States Canada International Total Revenue $ 861,915 $ 929,639 $ 146,300 $ 1,937,854 Total assets 1,226,256 1,246,069 546,710 3,019,035 Year ended December 31, 2022 United States Canada International Total Revenue $ 745,630 $ 725,560 $ 146,004 $ 1,617,194 Total assets 1,376,413 1,056,093 443,617 2,876,123

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about property, plant and equipment [abstract]
Property, Plant and Equipment	NOTE 7. PROPERTY, PLANT AND EQUIPMENT 2023 2022 Cost $ 6,918,765 $ 6,906,771 Accumulated depreciation ( 4,580,677 ) ( 4,603,433 ) $ 2,338,088 $ 2,303,338 Rig equipment 2,094,510 2,083,446 Rental equipment 16,066 15,977 Other equipment 9,236 11,465 Vehicles 2,333 3,380 Buildings 45,827 38,949 Assets under construction 126,872 117,535 Land 43,244 32,586 $ 2,338,088 $ 2,303,338 Cost Rig Rental Other Vehicles Buildings Assets Land Total Balance, December 31, 2021 $ 5,968,316 $ 103,181 $ 178,717 $ 34,680 $ 119,519 $ 67,884 $ 31,424 $ 6,503,721 Additions 63,058 587 517 — 141 122,271 — 186,574 Acquisitions 32,796 — — 900 1,457 — 2,347 37,500 Disposals ( 71,912 ) ( 7,538 ) ( 8,358 ) ( 873 ) ( 9,461 ) 2 ( 2,187 ) ( 100,327 ) Reclassifications 74,148 — 188 — — ( 74,336 ) — — Foreign exchange 268,056 224 4,345 1,295 2,667 1,714 1,002 279,303 Balance, December 31, 2022 6,334,462 96,454 175,409 36,002 114,323 117,535 32,586 6,906,771 Additions 24,158 102 151 — 612 199,937 — 224,960 Acquisitions 118,965 — 1,500 500 8,960 — 11,040 140,965 Disposals ( 127,979 ) — ( 9,681 ) ( 3,058 ) ( 214 ) ( 39 ) ( 10 ) ( 140,981 ) Reclassifications 172,300 — 6,038 — 2,038 ( 180,376 ) — — Asset decommissioning ( 78,367 ) — — — — — — ( 78,367 ) Foreign exchange ( 119,329 ) ( 75 ) ( 2,988 ) ( 748 ) ( 886 ) ( 10,185 ) ( 372 ) ( 134,583 ) Balance, December 31, 2023 $ 6,324,210 $ 96,481 $ 170,429 $ 32,696 $ 124,833 $ 126,872 $ 43,244 $ 6,918,765 Accumulated Depreciation Rig Rental Other Vehicles Buildings Assets Land Total Balance, December 31, 2021 $ 3,894,131 $ 82,584 $ 161,629 $ 31,476 $ 75,510 $ — $ — $ 4,245,330 Depreciation expense 250,885 5,196 6,894 875 4,252 — — 268,102 Disposals ( 66,452 ) ( 7,522 ) ( 8,357 ) ( 873 ) ( 5,793 ) — — ( 88,997 ) Foreign exchange 172,452 219 3,778 1,144 1,405 — — 178,998 Balance, December 31, 2022 4,251,016 80,477 163,944 32,622 75,374 — — 4,603,433 Depreciation expense 268,532 12 9,070 924 4,237 — — 282,775 Disposals ( 122,823 ) — ( 9,681 ) ( 2,788 ) ( 133 ) — — ( 135,425 ) Asset decommissioning ( 68,775 ) — — — — — — ( 68,775 ) Foreign exchange ( 98,250 ) ( 74 ) ( 2,140 ) ( 395 ) ( 472 ) — — ( 101,331 ) Balance, December 31, 2023 $ 4,229,700 $ 80,415 $ 161,193 $ 30,363 $ 79,006 $ — $ — $ 4,580,677 (a) Impairment Precision reviews the carrying value of its long-lived assets for indications of impairment at the end of each reporting period. At December 31, 2023, Precision reviewed each of its cash-generating units and did not identify indications of impairment and, therefore, did not test its CGUs for impairment. (b) Asset Additions In 2023, Precision purchased $ 225 million (2022 – $ 184 million) of property, plant and equipment and completed nil (2022 – $ 2 million) non-cash equipment swaps resulting in total asset additions of $ 225 million (2022 – $ 187 million). (c) Asset Disposals Through the completion of normal course business operations, the Corporation sold used assets incurring gains or losses on disposal resulting in a net gain on asset disposal o f $ 24 million (2022 – $ 30 million). (d) Asset Decommissioning In 2023, the Corporation incurred a $ 10 million (2022 – nil ) loss on asset decommissioning relating to certain drilling and ancillary equipment, contained within the Contract Drilling Services segment, that no longer met the Corporation's High Performance technology standards.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about intangible assets [abstract]
Intangibles	NOTE 8. INTANGIBLES 2023 2022 Cost $ 59,952 $ 55,111 Accumulated amortization ( 42,642 ) ( 35,536 ) $ 17,310 $ 19,575 Loan commitment fees related to Senior Credit Facility $ 843 $ 1,408 Software 16,467 18,167 $ 17,310 $ 19,575 Cost Loan Software Brand Names Total Balance, December 31, 2021 $ 17,081 $ 38,027 $ — $ 55,108 Additions — — — — Foreign exchange — 3 — 3 Balance, December 31, 2022 17,081 38,030 — 55,111 Additions — 1,789 — 1,789 Acquisition — — 3,000 3,000 Foreign exchange — 52 — 52 Balance, December 31, 2023 $ 17,081 $ 39,871 $ 3,000 $ 59,952 Accumulated Amortization Loan Software Brand Names Total Balance, December 31, 2021 $ 15,014 $ 16,179 $ — $ 31,193 Amortization expense 659 3,668 — 4,327 Foreign exchange — 16 — 16 Balance, December 31, 2022 15,673 19,863 — 35,536 Amortization expense 565 3,465 3,000 7,030 Foreign exchange — 76 — 76 Balance, December 31, 2023 $ 16,238 $ 23,404 $ 3,000 $ 42,642

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2023
Disclosure Of Long Term Debt [Abstract]
Long-Term Debt	NOTE 9. LONG-TERM DEBT 2023 2022 2023 2022 U.S. Denominated Facilities Canadian Facilities and Translated Current Portion of Long-Term Debt Canadian Real Estate Credit Facility US $ — US $ — $ 1,915 $ 1,333 U.S. Real Estate Credit Facility 704 704 933 954 US $ 704 US $ 704 $ 2,848 $ 2,287 Long-Term Debt Senior Credit Facility US $ — US $ 44,000 $ — $ 59,620 Canadian Real Estate Credit Facility — — 24,018 16,334 U.S. Real Estate Credit Facility 7,685 8,389 10,181 11,368 Unsecured Senior Notes: 7.125 % senior notes due 2026 273,330 347,765 362,096 471,225 6.875 % senior notes due 2029 400,000 400,000 529,904 542,004 US $ 681,015 US $ 800,154 926,199 1,100,551 Less net unamortized debt issue costs ( 11,369 ) ( 14,581 ) $ 914,830 $ 1,085,970 Senior Credit Unsecured Canadian U.S. Real CWC Debt Issue Total Balance December 31, 2021 $ 149,206 $ 945,519 $ 19,000 $ 12,388 $ — $ ( 17,096 ) $ 1,109,017 Changes from financing cash flows: Proceeds from Senior Credit 144,889 — — — — — 144,889 Repayment of Senior Credit ( 248,500 ) — — — — — ( 248,500 ) Repayment of Real Estate Credit — — ( 1,333 ) ( 916 ) — — ( 2,249 ) Non-cash changes: Amortization of debt issue costs — — — — — 2,528 2,528 Foreign exchange 14,025 67,710 — 850 — ( 13 ) 82,572 Balance December 31, 2022 $ 59,620 $ 1,013,229 $ 17,667 $ 12,322 $ — $ ( 14,581 ) $ 1,088,257 Current — — 1,333 954 — — 2,287 Long-term 59,620 1,013,229 16,334 11,368 — ( 14,581 ) 1,085,970 Balance December 31, 2022 $ 59,620 $ 1,013,229 $ 17,667 $ 12,322 $ — $ ( 14,581 ) $ 1,088,257 Changes from financing cash flows: Proceeds from Senior Credit 162,649 — — — — — 162,649 Acquired long-term debt — — 9,697 — 50,690 — 60,387 Repayment of long-term debt — — — — ( 50,690 ) — ( 50,690 ) Repayment of unsecured senior — ( 99,950 ) — — — — ( 99,950 ) Repayment of Senior Credit ( 222,216 ) — — — — — ( 222,216 ) Repayment of Real Estate Credit — — ( 1,431 ) ( 950 ) — — ( 2,381 ) Non-cash changes: Gain on repurchase of unsecured — ( 137 ) — — — — ( 137 ) Debt issue costs — — — — — — — Amortization of debt issue costs — — — — — 3,210 3,210 Foreign exchange ( 53 ) ( 21,142 ) — ( 258 ) — 2 ( 21,451 ) Balance December 31, 2023 $ — $ 892,000 $ 25,933 $ 11,114 $ — $ ( 11,369 ) $ 917,678 Current — — 1,915 933 — — 2,848 Long-term — 892,000 24,018 10,181 — ( 11,369 ) 914,830 Balance December 31, 2023 $ — $ 892,000 $ 25,933 $ 11,114 $ — $ ( 11,369 ) $ 917,678 Precision’s current and long-term debt obligations at December 31, 2023 will mature as follows: 2024 $ 2,848 2025 12,096 2026 376,345 2027 582 Thereafter 537,176 $ 929,047 (a) Senior Credit Facilities: The senior secured revolving credit facility ( Senior Credit Facility ) provides Precision with senior secured financing for general corporate purposes, including for acquisitions, of up to US$ 447 million with a provision for an increase in the facility of up to an additional US$ 353 million. The Senior Credit Facility is secured by charges on substantially all of the present and future assets of Precision, its material U.S. and Canadian subsidiaries and, if necessary, to adhere to covenants under the Senior Credit Facility, certain subsidiaries organized in jurisdictions outside of Canada and the U.S. The Senior Credit Facility has a term of four years, with an annual option on Precision’s part to request that the lenders extend, at their discretion, the facility to a new maturity date not to exceed five years from the date of the extension request. The Senior Credit Facility requires Precision comply with certain restrictive and financial covenants including a leverage ratio of consolidated senior debt to consolidated Covenant EBITDA (as defined in the debt agreement) of less than 2.5:1. For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness. It also requires the Corporation to maintain a ratio of consolidated Covenant EBITDA to consolidated interest expense for the most recent four consecutive quarters, of greater than 2.5:1, subject to the amendments noted below. Distributions under the Senior Credit Facility are subject to a pro-forma senior net leverage covenant of less than or equal to 1.75:1. The Senior Credit Facility also limits the redemption and repurchase of junior debt subject to a pro-forma senior net leverage covenant test of less than or equal to 1.75:1. During 2023, Precision agreed with the lenders to remove certain non-extending lenders from the facility, thereby reducing the total commitment from US$ 500 million to US$ 447 million. Under the Senior Credit Facility, amounts can be drawn in U.S. dollars and/or Canadian dollars. At December 31, 2023, US$ nil was drawn under this facility (2022 – US$ 44 million) as all amounts borrowed under this facility were fully repaid during 2023. Up to US$ 200 million of the Senior Credit Facility is available for letters of credit denominated in U.S and/or Canadian dollars and other currencies acceptable to the fronting lender. As at December 31, 2023 outstanding letters of credit amounted to US$ 56 million (2022 – US$ 56 million). The interest rate on loans that are denominated in U.S. dollars is, at the option of Precision, either a margin over a U.S. base rate or a margin over LIBOR. The interest rate on loans denominated in Canadian dollars is, at the option of Precision, either a margin over the Canadian prime rate or a margin over the Canadian Dollar Offered Rate ( CDOR ); such margins will be based on the then applicable ratio of consolidated total debt to EBITDA. (b) Real Estate Credit Facilities In November 2020, Precision established a Real Estate Term Credit Facility. The facility matures in November 2025 and is secured by real property located in Houston, Texas. Principal plus interest payments are due monthly, based on 15 -year straight-line amortization with any unpaid principal and accrued interest due at maturity. Interest is calculated using a LIBOR rate plus margin. In March 2021, Precision established a Canadian Real Estate Credit Facility. The facility matures in March 2026 and is secured by real properties in Alberta, Canada. Principal plus interest payments are due quarterly, based on 15 -year straight-line amortization with any unpaid principal and accrued interest due at maturity. Interest is calculated using a CDOR rate plus margin. In November 2023, Precision assumed a $ 10 million Canadian Real Estate Facility from the acquisition of CWC Energy Services. The facility matures in June 2028 and is secured by real properties in Alberta, Canada. Principal plus interest payments are due monthly, based on a 22 -year amortization period with any unpaid principal and accrued interest due at maturity. Interest is calculated using a CORRA rate plus margin. In connection with this Canadian Real Estate Facility, Precision acquired an interest rate swap agreement to exchange the floating rate interest payments for fixed rate interest payments, which fixes the Bankers Acceptance-Canadian Overnight Repo Rate Average components of its interest payment in the outstanding Canadian Real Estate Credit Facility. Under the interest rate swap agreement, Precision pays a fixed rate of 4.7 %. The fair value of the interest rate swap arrangement is the difference between the forward interest rates and the discounted contract rate and are classified as Level II on the fair value hierarchy. As at December 31, 2023, the mark-to-market value of the interest rate swap was not material and was included within accounts receivable in the consolidated statements of financial position. The Real Estate Credit Facilities contain certain affirmative and negative covenants and events of default, customary for these types of transactions. Under the terms of these facilities, Precision must maintain financial covenants in accordance with the Senior Credit Facility, described above, as of the last day of each period of four consecutive fiscal quarters. For the Canadian Real Estate Credit Facility, in the event the Senior Credit Facility expires, is cancelled or is terminated, financial covenants in effect at that time shall remain in place for the remaining duration of the facility. For the U.S. Real Estate Credit Facility, in the event the consolidated Covenant EBITDA to consolidated interest expense coverage ratio is waived or removed from the Senior Credit Facility, a minimum threshold of 1.15 :1 is required. (c) Unsecured Senior Notes: Precision has the following unsecured senior notes outstanding: 7.125% US$ senior notes due 2026 These unsecured senior notes bear interest at a fixed rate of 7.125 % per annum and mature on January 15, 2026 . Interest is payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2018. Any time on or after November 15, 2023, these notes can be redeemed for their principal amount plus accrued interest. Upon specified change of control events, each holder of a note will have the right to sell to Precision all or a portion of its notes at a purchase price in cash equal to 101 % of the principal amount, plus accrued interest to the date of purchase. 6.875% US$ senior notes due 2029 These unsecured senior notes bear interest at a fixed rate of 6.875 % per annum and mature on January 15, 2029 . Interest is payable semi-annually on January 15 and July 15 of each year, commencing January 15, 2022. These unsecured senior notes were issued at a price equal to 99.253 % of the face value, resulting in a US$ 3 million original issue discount. The original issue discount will be amortized over the life of the notes using the effective interest rate method. Prior to June 15, 2024, Precision may redeem up to 35 % of the 6.875 % unsecured senior notes due in 2029 with the net proceeds of certain equity offerings at a redemption price equal to 106.875 % of the principal amount plus accrued interest. Prior to January 15, 2025, Precision may redeem these notes in whole or in part at 100 % of their principal amount, plus accrued interest and the greater of 1.0% of the principal amount of the note to be redeemed and the excess, if any, of the present value of the January 15, 2025 redemption price plus required interest payments through January 15, 2025 (calculated using the U.S. Treasury rate plus 50 basis points) over the principal amount of the note. As well, Precision may redeem these notes in whole or in part at any time on or after January 15, 2025 and before January 15, 2027, at redemption prices ranging between 103.438% and 101.719% of their principal amount plus accrued interest. Any time on or after January 15, 2027, these notes can be redeemed for their principal amount plus accrued interest. Upon specified change of control events, each holder of a note will have the right to sell to Precision all or a portion of its notes at a purchase price in cash equal to 101% of the principal amount, plus accrued interest to the date of purchase. The unsecured senior notes require Precision to comply with certain restrictive and financial covenants including an incurrence based test of Consolidated Interest Coverage Ratio, as defined in the senior note agreements, of greater than or equal to 2.0 :1 for the most recent four consecutive fiscal quarters. In the event the Consolidated Interest Coverage Ratio is less than 2.0:1 for the most recent four consecutive fiscal quarters the senior notes restrict Precision’s ability to incur additional indebtedness. The unsecured senior notes also contain a restricted payments covenant that limits Precision’s ability to make payments in the nature of dividends, distributions and for repurchases from shareholders. These restricted payments baskets grow by, among other things, 50% of cumulative consolidated net earnings, and decrease by 100% of cumulative consolidated net losses as defined in the note agreements, and cumulative payments made to shareholders. At December 31, 2023, the governing net restricted payments ba sket was negative $ 91 million (2022 – negative $ 363 million), therefore limiting us from making any further dividend payments or share repurchases until the governing restricted payments basket once again becomes positive. During 2023, pursuant to the indentures governing the unsecured senior notes, Precision used the available general restricted payments basket to facilitate the repurchase and cancellation of its common shares. Precision’s unsecured senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all U.S. and Canadian subsidiaries that guaranteed the Senior Credit Facility ( Guarantor Subsidiaries ). These Guarantor Subsidiaries are directly or indirectly 100 % owned by the parent company. Separate financial statements for each of the Guarantor Subsidiaries have not been provided; instead, the Corporation has included in Note 25 summarized financial information and expanded qualitative non-financial disclosures based on Rule 3-10 of the U.S. Securities and Exchange Commission’s Regulation S-X. (d) Covenants: At December 31, 2023, Precision was in compliance with the covenants of the Senior Credit Facility, Real Estate Credit Facilities and unsecured senior notes. Covenant At December 31, 2023 Senior Credit Facility Consolidated senior debt to consolidated covenant EBITDA (1) ≤ 2.50 0.07 Consolidated covenant EBITDA to consolidated interest expense ≥ 2.50 6.92 Real Estate Credit Facility Consolidated covenant EBITDA to consolidated interest expense ≥ 2.50 6.92 Unsecured Senior Notes Consolidated interest coverage ratio ≥ 2.00 7.50 (1) For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.

Finance Charges

Finance Charges	12 Months Ended
	Dec. 31, 2023
Finance Costs [Abstract]
Finance Charges	NOTE 10. FINANCE CHARGES 2023 2022 Interest: Long-term debt $ 76,591 $ 81,060 Lease obligations 3,784 2,934 Other 685 968 Income ( 1,392 ) ( 323 ) Amortization of debt issue costs 3,746 3,174 Finance charges $ 83,414 $ 87,813

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Disclosure Of Leases [Abstract]
Leases	NOTE 11. LEASES (a) As a lessee Precision recognizes right-of-use assets primarily from its leases of real estate and vehicles and equipment. Real Estate Vehicles and Equipment Total Balance, December 31, 2021 $ 40,463 $ 10,977 $ 51,440 Additions 1,662 5,410 7,072 Acquired 6,990 — 6,990 Depreciation ( 3,730 ) ( 3,535 ) ( 7,265 ) Lease remeasurements ( 372 ) 189 ( 183 ) Effect of foreign currency exchange differences 1,483 495 1,978 Balance, December 31, 2022 $ 46,496 $ 13,536 $ 60,032 Additions 1,217 15,811 17,028 Acquired 574 892 1,466 Derecognition ( 5,947 ) ( 685 ) ( 6,632 ) Depreciation ( 3,559 ) ( 4,741 ) ( 8,300 ) Lease remeasurements ( 789 ) 1,314 525 Effect of foreign currency exchange differences ( 480 ) ( 201 ) ( 681 ) Balance, December 31, 2023 $ 37,512 $ 25,926 $ 63,438 Precision’s real estate lease contracts often contain renewal options which may impact the determination of the lease term for purposes of calculating the lease obligation. If it is reasonably certain that a renewal option will be exercised, the renewal period is included in the lease term. When entering a lease, Precision assesses whether it is reasonably certain renewal options will be exercised. Reasonable certainty is established if all relevant facts and circumstances indicate an economic incentive to exercise the renewal option. For the majority of its real estate leases, Precision is reasonably certain it will exercise its renewal option. Accordingly, the renewal period has been included in the lease term used to calculate the lease obligation. For the period ended December 31, 2023, Precision had interest and payments of $ 13 million (202 2 – $ 10 million) in relation to its lease obligations. The Corporation has commitments under various lease agreements, primarily for real estate and vehicles and equipment. Terms of Precision’s real estate leases run for a period of one to 10 years while vehicle and equipment leases are typically for terms of between three and four years . Expected non-cancellable undiscounted operating lease payments are as follows: 2023 2022 Less than one year $ 17,540 $ 10,985 One to five years 42,460 28,977 More than five years 10,748 8,628 $ 70,748 $ 48,590 (b) As a lessor Precision leases its rig equipment under long-term drilling contracts with terms ranging from one to five years . At December 31, 2023, the net book value of the underlying rig equipment subject to long-term drilling contract s was $ 554 million (202 2 – $ 774 million). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received subsequent to December 31, 2023: . Operating Leases Finance Leases Less than one year $ 430,702 $ 764 One to five years 540,906 3,176 More than five years 57,061 3,473 Total undiscounted lease receipts $ 1,028,669 $ 7,413 Unearned finance income on lease receipts ( 1,639 ) Net investment in the lease $ 5,774

Share Based Compensation Plans

Share Based Compensation Plans	12 Months Ended
	Dec. 31, 2023
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Share Based Compensation Plans	NOTE 12. SHARE-BASED COMPENSATION PLANS Precision’s omnibus equity incentive plan ( Omnibus Plan ) allows the Corporation to settle short-term incentive awards (annual bonus) and long-term incentive awards (share options, performance share units and restricted share units) issued on or after February 8, 2017 in voting shares of Precision (either issued from treasury or purchased in the open market), cash, or a combination of both. Precision intends to settle all short-term incentive, restricted share unit and performance share unit awards issued under the Omnibus Plan in cash and to settle options in voting shares. Liability Classified Plans Restricted Performance Executive Performance Share Units Non- Total Balance, December 31, 2021 $ 18,050 $ 21,524 $ 16,507 $ 4,674 $ 60,755 Expensed during the year 34,555 87,297 4,172 7,623 133,647 Settlement in shares — — ( 14,083 ) — ( 14,083 ) Reclassification from equity-settled plans — — ( 406 ) — ( 406 ) Payments ( 14,372 ) ( 7,960 ) ( 6,190 ) — ( 28,522 ) Foreign exchange ( 43 ) ( 3 ) — — ( 46 ) Balance, December 31, 2022 38,190 100,858 — 12,297 151,345 Expensed during the year 6,594 28,256 — ( 2,787 ) 32,063 Settlement in shares ( 2,101 ) ( 17,104 ) — ( 758 ) ( 19,963 ) Payments ( 26,524 ) ( 47,971 ) — ( 385 ) ( 74,880 ) Foreign exchange ( 45 ) 3 — — ( 42 ) Balance, December 31, 2023 $ 16,114 $ 64,042 $ — $ 8,367 $ 88,523 Current 12,484 50,917 — — 63,401 Long-term 3,630 13,125 — 8,367 25,122 Balance, December 31, 2023 $ 16,114 $ 64,042 $ — $ 8,367 $ 88,523 (a) Restricted Share Units and Performance Share Units Precision has various cash-settled share-based incentive plans for officers and other eligible employees. Under the Restricted Share Unit ( RSU ) incentive plan, shares granted to eligible employees vest annually over a three-year term. Vested shares are automatically paid out in cash at a value determined by the fair market value of the shares at the vesting date. Under the Performance Share Unit ( PSU ) incentive plan, shares granted to eligible employees vest at the end of a three-year term. Vested shares are automatically paid out in cash in the first quarter following the vested term at a value determined by the fair market value of the shares at the vesting date and based on the number of performance shares held multiplied by a performance factor that ranges from zero to two times. The performance factor is based on Precision’s share price performance compared to a peer group over the three-year period, repayment of debt and leverage ratio. A summary of the RSUs and PSUs outstanding under these share-based incentive plans is presented below: RSUs PSUs December 31, 2021 598,156 983,734 Granted 180,710 311,579 Redeemed ( 266,876 ) ( 143,659 ) Forfeited ( 16,822 ) ( 14,983 ) December 31, 2022 495,168 1,136,671 Granted 66,032 121,690 Redeemed ( 266,744 ) ( 438,612 ) Forfeited ( 18,362 ) ( 25,006 ) December 31, 2023 276,094 794,743 Subsequent to December 31, 2023, Precision elected to settle certain vesting RSUs and PSUs through the issuance of 265,143 common shares. (b) Non-Management Directors Precision has a deferred share unit ( DSU ) plan for non-management directors whereby fully vested DSUs are granted quarterly based on an election by the non-management director to receive all or a portion of his or her compensation in DSUs. These DSUs are redeemable in cash or for an equal number of common shares upon the director’s retirement. The redemption of DSUs in cash or common shares is solely at Precision’s discretion. Non-management directors can receive a lump sum payment or two separate payments any time up until December 15 of the year following retirement. If the non-management director does not specify a redemption date, the DSUs will be redeemed on a single date six months after retirement. The cash settlement amount is based on the weighted average trading price for Precision’s shares on the Toronto Stock Exchange for the five days immediately prior to payout. A summary of the DSUs outstanding under this share-based incentive plan is presented below: Deferred Share Units Outstanding Balance December 31, 2021 104,591 Granted 14,183 Balance December 31, 2022 118,774 Granted 16,336 Redeemed ( 18,830 ) Balance December 31, 2023 116,280 During 2023, 18,830 DSUs were redeemed upon the retirement of a non-management director. Precision elected to settle the redemption of DSUs through a combination of cash and common shares. Equity Settled Plans (c) Executive Restricted Share Units Plan Precision grants Executive RSUs to certain senior executives with the intention of settling them in voting shares of the Corporation either issued from treasury or purchased in the open market. Granted units vest annually over a three-year term. Executive Restricted Share Units Outstanding Weighted Average December 31, 2022 - $ - Granted 46,740 96.90 December 31, 2023 46,740 96.90 Included in net earnings (loss) for the year ended December 31, 2023 was an expense of $ 3 million (2022 – nil ). (d) Option Plan Under this plan, the exercise price of each option equals the fair market value of the option at the date of grant determined by the weighted average trading price for the five days preceding the grant. The options are denominated in either Canadian or U.S. dollars, and vest over a period of three years from the date of grant, as employees render continuous service to the Corporation, and have a term of seven years . A summary of the status of the equity incentive plan is presented below: Canadian Share Options Options Range of Weighted Options December 31, 2021 115,605 87.00 – 146.40 $ 123.35 115,605 Exercised ( 26,705 ) 87.00 – 89.20 88.62 Forfeited ( 65,845 ) 89.20 – 286.20 141.05 December 31, 2022 and December 31, 2023 23,055 87.00 – 145.97 $ 113.01 23,055 U.S. Share Options Options Range of Weighted Options December 31, 2021 267,843 51.20 – 115.80 $ 80.43 257,854 Exercised ( 93,890 ) 51.20 – 68.80 61.64 Forfeited ( 32,205 ) 115.80 – 115.80 115.80 December 31, 2022 141,748 51.20 – 111.47 84.84 141,748 Forfeited ( 13,350 ) 64.20 – 100.40 75.66 December 31, 2023 128,398 51.20 – 111.47 $ 85.80 128,398 Canadian Share Options Total Options Outstanding Options Exercisable Range of Exercise Prices: Number Weighted Weighted Average Number Weighted $ 87.00 12,885 $ 87.00 1.15 12,885 $ 87.00 145.97 10,170 145.97 0.13 10,170 145.97 $ 87.00 – 145.97 23,055 $ 113.01 0.70 23,055 $ 113.01 U.S. Share Options Total Options Outstanding Options Exercisable Range of Exercise Prices (US$): Number Weighted Weighted Average Number Weighted $ 51.20 - 79.80 74,118 $ 66.99 1.27 74,118 $ 66.99 111.47 54,280 111.47 0.13 54,280 111.47 $ 51.20 – 111.47 128,398 $ 85.80 0.79 128,398 $ 85.80 No options were granted during 2022 and 2023. (e) Non-Management Directors Prior to January 1, 2012, Precision had a deferred share unit plan for non-management directors. Under the plan, fully vested deferred share units were granted quarterly based on an election by the non-management director to receive all or a portion of his or her compensation in deferred share units. These deferred share units are redeemable into an equal number of common shares any time after the director’s retirement. As at December 31, 2023, there w ere 1,470 (2022 – 1,470 ) deferred share units outstanding.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Net deferred tax assets and liabilities [abstract]
Income Taxes	NOTE 13. INCOME TAXES The provision for income taxes differs from that which would be expected by applying statutory Canadian income tax rates. A reconciliation of the difference for the years ended December 31, is as follows: 2023 2022 Earnings (loss) before income taxes $ 265,779 $ ( 14,143 ) Federal and provincial statutory rates 24 % 24 % Tax at statutory rates $ 63,787 $ ( 3,394 ) Adjusted for the effect of: Non-deductible expenses 2,426 1,146 Non-taxable capital gains ( 2,551 ) ( 379 ) Gain on acquisition ( 6,222 ) — Impact of foreign tax rates ( 2,450 ) ( 2,559 ) Withholding taxes 337 1,026 Taxes related to prior years ( 4,945 ) 1,718 Tax assets not recognized 8,629 22,592 Deferred tax assets recognized ( 82,476 ) Income tax expense (recovery) $ ( 23,465 ) $ 20,150 The net deferred tax liability is comprised of the tax effect of the following temporary differences: 2023 2022 Deferred tax liability: Property, plant and equipment and intangibles $ 358,170 $ 364,278 Debt issue costs 928 1,303 Partnership deferrals — 21,768 Other 6,741 6,284 365,839 393,633 Offsetting of assets and liabilities ( 292,324 ) ( 364,687 ) $ 73,515 $ 28,946 Deferred tax assets: Losses (expire from time to time up to 2042) $ 332,192 $ 318,967 Long-term incentive plan 21,770 36,542 Other 12,024 9,633 365,986 365,142 Offsetting of assets and liabilities ( 292,324 ) ( 364,687 ) $ 73,662 $ 455 Net deferred tax liability $ ( 147 ) $ 28,491 The Corporation has loss carry forwards in the U.S. and certain international locations and capital loss carry forwards in Canada and other deductible temporary differences in certain international locations for which it is unlikely that sufficient future taxable income will be available. Accordingly, the Corporation has not recognized a deferred tax asset for the following items: 2023 2022 Tax losses (Capital) $ 17,247 $ 29,255 Tax losses (Income) 23,446 134,588 Deductible temporary differences 5,246 5,224 Total $ 45,939 $ 169,067 The movement in temporary differences is as follows: Property, Partnership Other Losses Debt Issue Long-Term Other Net Balance, December 31, 2021 $ 359,383 $ 11,082 $ 6,221 $ ( 340,406 ) $ 1,457 $ ( 14,264 ) $ ( 12,121 ) $ 11,352 Recognized in net earnings (loss) ( 10,047 ) 10,686 51 33,827 ( 154 ) ( 21,583 ) 3,008 15,788 Foreign exchange 14,942 — 12 ( 12,388 ) — ( 695 ) ( 520 ) 1,351 Balance, December 31, 2022 $ 364,278 $ 21,768 $ 6,284 $ ( 318,967 ) $ 1,303 $ ( 36,542 ) $ ( 9,633 ) $ 28,491 Recognized in net earnings (loss) ( 11,063 ) ( 21,768 ) ( 231 ) ( 6,792 ) ( 375 ) 14,583 ( 2,313 ) ( 27,959 ) Acquisition 9,865 — 694 ( 9,358 ) — — ( 237 ) 964 Foreign exchange ( 4,910 ) — ( 6 ) 2,925 — 189 159 ( 1,643 ) Balance, December 31, 2023 $ 358,170 $ — $ 6,741 $ ( 332,192 ) $ 928 $ ( 21,770 ) $ ( 12,024 ) $ ( 147 ) In December 2021, the Organization for Economic Co-operation and Development issued model rules for a new global minimum tax framework ( Pillar Two ). Under Pillar Two legislation, Precision is liable to pay a top-up tax for differences between its Global Anti-Base Erosion effective tax rate and the 15 % minimum tax rate. In May 2023, the IASB issued amendments to IAS 12, Income Taxes to address Pillar Two, which provided clarity on the impacts and additional disclosure requirements once legislation is substantively enacted. For jurisdictions where Precision operates that have substantially enacted the Pillar Two legislation, there is no material impact to the Company. Precision also operates in jurisdictions where it is expected that Pillar Two legislation will be enacted in the future. For these jurisdictions, Precision has assessed its exposure to the Pillar Two legislation and foresees no material impact to the Company.

Bank Indebtedness

Bank Indebtedness	12 Months Ended
	Dec. 31, 2023
Debt instruments held [abstract]
Bank Indebtedness	NOTE 14. BANK INDEBTEDNESS At December 31, 2023, Precision had available $ 40 million (2022 – $ 40 million) and US$ 15 million (2022 – US$ 15 million) under secured operating facilities, and a secured US$ 40 million (2022 – US$ 40 million) facility for the issuance of letters of credit and performance and bid bonds to support international operations. In 2022, Precision increased the capacity of our secured demand letter of credit facility from US$ 30 million to US$ 40 million to allow for the issuance of additional letters of credit after securing certain international drilling contracts. As at December 31, 2023 and 2022, no amounts had been drawn on any of the facilities. Availability of the $40 million and US$40 million facilities was reduced by outstanding letters of credit in the amount of $ 20 million (2022 – $ 28 million) and US$ 28 million (2022 – US$ 31 million), respectively. The facilities are primarily secured by charges on substantially all present and future property of Precision and its material subsidiaries. Advances under the $40 million facility are available at the bank’s prime lending rate, U.S. base rate, U.S. LIBOR rate plus applicable margin, or applicable margin for Banker’s Acceptances, or in combination, and under the US$15 million facility at the bank’s prime lending rate.

Provisions and Other

Provisions and Other	12 Months Ended
	Dec. 31, 2023
Disclosure of other provisions [abstract]
Provisions and Other	NOTE 15. PROVIS IONS AND OTHER Workers’ Balance December 31, 2021 $ 8,718 Expensed during the year 7,615 Payment of deductibles and uninsured claims ( 5,229 ) Foreign exchange 643 Balance December 31, 2022 11,747 Expensed during the year 5,261 Payment of deductibles and uninsured claims ( 6,124 ) Foreign exchange ( 248 ) Balance December 31, 2023 $ 10,636 2023 2022 Current $ 3,496 $ 4,209 Long-term 7,140 7,538 $ 10,636 $ 11,747

Shareholders' Capital

Shareholders' Capital	12 Months Ended
	Dec. 31, 2023
Disclosure of classes of share capital [abstract]
Shareholders' Capital	NOTE 16. SHAREHOLDERS’ CAPITAL (a) Authorized – unlimited number of voting common shares – unlimited number of preferred shares, issuable in series, limited to an amount equal to one half of the issued and outstanding common shares (b) Issued Common shares Number Amount Balance, December 31, 2021 13,304,425 $ 2,281,444 Share repurchase ( 130,395 ) ( 10,010 ) Settlement of Executive PSUs 263,900 14,083 Share options exercised 120,595 14,016 Balance, December 31, 2022 13,558,525 $ 2,299,533 Settlement of PSUs and RSUs 230,336 19,206 Issue of shares on business acquisition (Note 4) 947,807 $ 75,588 Share repurchases ( 412,623 ) ( 29,955 ) Redemption of non-management directors share units 12,494 757 Balance, December 31, 2023 14,336,539 $ 2,365,129 (c) Normal Course Issuer Bid In 2023, the Toronto Stock Exchange ( TSX ) approved Precision’s application to renew its Normal Course Issuer Bid ( NCIB ). Under the terms of the NCIB, Precision may purchase and cancel up to a maximum of 1,326,321 common shares, representing 10 % of the public float of common shares as of September 5, 2023. Purchases under the NCIB were made through the facilities of the TSX, the New York Stock Exchange and various other designated exchanges in accordance with applicable regulatory requirements at a price per common share representative of the market price at the time of acquisition. The NCIB will terminate no later than September 18, 2024. For the year ended December 31, 2023, Precision repurchased and cancelled a total of 412,623 (2022 – 130,395 ) common shares for $ 30 million (2022 – $ 10 million). Subsequent to December 31, 2023, Precision repurchased and cancelled 123,100 common shares for $ 10 million.

Per Share Amounts

Per Share Amounts	12 Months Ended
	Dec. 31, 2023
Earnings per share [abstract]
Per Share Amounts	NOTE 17. PER SHARE AMOUNTS The following tables reconcile the net loss and weighted average shares outstanding used in computing basic and diluted loss per share: 2023 2022 Net earnings (loss) – basic $ 289,244 $ ( 34,293 ) Effect of share options and other equity compensation plans 9,235 — Net earnings (loss) – diluted $ 298,479 $ ( 34,293 ) (Stated in thousands) 2023 2022 Weighted average shares outstanding – basic 13,754 13,546 Effect of share options and other equity compensation plans 1,533 — Weighted average shares outstanding – diluted 15,287 13,546

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2023
Accumulated Other Comprehensive Income [abstract]
Accumulated Other Comprehensive Income	NOTE 18. ACCUMULATED OTHER COMPREHENSIVE INCOME Unrealized Foreign Exchange Tax Benefit Accumulated December 31, 2021 $ 472,401 $ ( 343,019 ) $ 5,398 $ 134,780 Other comprehensive income (loss) 106,669 ( 81,735 ) — 24,934 December 31, 2022 579,070 ( 424,754 ) 5,398 159,714 Other comprehensive income (loss) ( 33,433 ) 21,195 — ( 12,238 ) December 31, 2023 $ 545,637 $ ( 403,559 ) $ 5,398 $ 147,476

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related party transactions [abstract]
Related Party Transactions	NOTE 19. RELATED PARTY TRANSACTIONS Compensation of Key Management Personnel The remuneration of key management personnel is as follows: 2023 2022 Salaries and other benefits $ 9,966 $ 6,132 Equity-settled share-based compensation 1,541 441 Cash-settled share-based compensation 17,660 60,796 $ 29,167 $ 67,369 Key management personnel are comprised of the directors and executive officers of the Corporation. Certain executive officers have entered into employment agreements with Precision that provide termination benefits of up to 24 months base salary plus up to two times targeted incentive compensation upon dismissal without cause.

Capital Commitments

Capital Commitments	12 Months Ended
	Dec. 31, 2023
Commitments [Abstract]
Capital Commitments	NOTE 20. CAPITAL COMMITMENTS At December 31, 2023, the Corporation had commitments to purchase property, plant and equipment totaling $ 175 million (2022 – $ 184 million). Payments of $ 88 million for these commitments are expected to be made in 2024, $ 72 million in 2025 and $ 15 million in 2026.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract]
Financial Instruments	NOTE 21. FINANCIAL INSTRUMENTS Financial Risk Management The Board of Directors is responsible for identifying the principal risks of Precision’s business and for ensuring the implementation of systems to manage these risks. With the assistance of senior management, who report to the Board of Directors on the risks of Precision’s business, the Board of Directors considers such risks and discusses the management of such risks on a regular basis. Precision has exposure to the following risks from its use of financial instruments: (a) Credit Risk Accounts receivable includes balances from customers primarily operating in the oil and natural gas industry. The Corporation manages credit risk by assessing the creditworthiness of its customers before providing services and on an ongoing basis, and by monitoring the amount and age of balances outstanding. In some instances, the Corporation will take additional measures to reduce credit risk including obtaining letters of credit and prepayments from customers. When indicators of credit problems app ear, the Corporation takes appropriate steps to reduce its exposure including negotiating with the customer, filing liens and entering into litigation. For the years ended December 31, 2023 and 2022, Precision did no t have any customers with revenue from transactions exceeding 10 % of consolidated revenue. In addition, Precision’s most significant customer accounted for $ 24 million of the trade receivables balance at December 31, 2023 (2022 – $ 24 million). The movement in the expected c redit loss allowance during the year was as follows: 2023 2022 Balance, January 1, $ 1,732 $ 585 Impairment loss recognized 437 1,167 Amounts written-off as uncollectible ( 1,784 ) ( 23 ) Impairment loss reversed ( 53 ) ( 31 ) Effect of movement in exchange rates 6 34 Balance, December 31, $ 338 $ 1,732 The ageing of trade receivables at December 31 was as follows: 2023 2022 Gross Provision for Gross Provision for Not past due $ 214,897 $ 1 $ 224,872 $ 2 Past due 0 – 30 days 70,398 3 54,578 16 Past due 31 – 120 days 17,465 273 18,845 1,400 Past due more than 120 days 2,719 61 766 314 $ 305,479 $ 338 $ 299,061 $ 1,732 (b) Interest Rate Risk Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. Precision has exposure to interest rate fluctuations on amounts drawn on its Senior Credit Facility and certain Real Estate Credit Facilities, as they are subject to floating rates of interest. At December 31, 2023, Precision had drawn US$ nil on its Senior Credit Facility (2022 – US$ 44 million) and $ 27 million (2022 – $ 30 million) on its Real Estate Credit Facilities subject to variable interest rates. As at December 31, 2023, a 1 % change to the interest rate would have less than a $ 1 million impact on net earnings (loss) (2022 – $ 1 million). The interest rate on Precision’s unsecured senior notes is fixed and is not subject to interest rate risk. (c) Foreign Currency Risk The Corporation is primarily exposed to foreign currency fluctuations in relation to the working capital of its foreign operations and certain long-term debt facilities of its Canadian operations. The Corporation has no significant exposures to foreign currencies other than the U.S. dollar. The Corporation monitors its foreign currency exposure and attempts to minimize the impact by aligning appropriate levels of U.S. denominated debt with cash flows from U.S. based operations. The following financial instruments were denominated in U.S. dollars: 2023 2022 Canadian Foreign Canadian Foreign Cash US $ 9,539 US $ 16,459 US $ 264 US $ 13,421 Accounts receivable 17 148,885 215 175,543 Accounts payable and accrued liabilities ( 26,706 ) ( 120,416 ) ( 28,041 ) ( 101,531 ) Long-term liabilities, excluding long-term incentive plans (1) — ( 13,708 ) — ( 14,542 ) Net foreign currency exposure US $ ( 17,150 ) US $ 31,220 US $ ( 27,562 ) US $ 72,891 Impact of $0.01 change in the U.S. dollar to Canadian dollar $ ( 172 ) $ — $ ( 276 ) $ — Impact of $0.01 change in the U.S. dollar to Canadian dollar $ — $ 312 $ — $ 729 (1) Excludes U.S. dollar long-term debt that has been designated as a hedge of the Corporation’s net investment in certain self-sustaining foreign operations. (d) Liquidity Risk Liquidity risk is the exposure of the Corporation to the risk of not being able to meet its financial obligations as they become due. The Corporation manages liquidity risk by monitoring and reviewing actual and forecasted cash flows to ensure there are available cash resources to meet these needs. The following are the contractual maturities of the Corporation’s financial liabilities and other contractual commitments as at December 31, 2023: 2024 2025 2026 2027 2028 Thereafter Total Accounts payable and accrued liabilities $ 342,382 $ — $ — $ — $ — $ — $ 342,382 Share-based compensation 67,117 23,523 11,133 — — — 101,773 Long-term debt 2,848 12,096 376,345 582 7,272 529,904 929,047 Interest on long-term debt (1) 65,030 64,950 38,305 36,885 36,658 1,518 243,346 Commitments 105,803 87,116 27,267 8,651 5,800 10,748 245,385 Total $ 583,180 $ 187,685 $ 453,050 $ 46,118 $ 49,730 $ 542,170 $ 1,861,933 (1) Excludes amortization of long-term debt issue costs. Fair Values The carrying value of cash, accounts receivable, and accounts payable and accrued liabilities approximates their fair value due to the relatively short period to maturity of the instruments. Amounts drawn on the Senior Credit Facility and Real Estate Credit Facilities, measured at amortized cost, approximate fair value as this indebtedness is subject to floating rates of interest. The fair value of the unsecured senior notes at December 31, 2023 was approximately $ 867 million (2022 – $ 965 million). Financial assets and liabilities recorded or disclosed at fair value in the consolidated statements of financial position are categorized based on the level of judgement associated with the inputs used to measure their fair value. Hierarchical levels are based on the amount of subjectivity associated with the inputs in the fair determination and are as follows: Level I – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level II – Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level III – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The estimated fair value of Unsecured Senior Notes is based on level II inputs. The fair value is estimated considering the risk free interest rates on government debt instruments of similar maturities, adjusted for estimated credit risk, industry risk and market risk premiums.

Capital Management

Capital Management	12 Months Ended
	Dec. 31, 2023
Capital Management [Abstract]
Capital Management	NOTE 22. CAPITAL MANAGEMENT The Corporation’s strategy is to carry a capital base to maintain investor, creditor and market confidence and to sustain the future development of the business. The Corporation seeks to maintain a balance between the level of long-term debt and shareholders’ equity to ensure access to capital markets to fund growth and working capital given the cyclical nature of the oilfield services sector. The Corporation strives to maintain a conservative ratio of long-term debt to long-term debt plus equity. As at December 31, 2023 and 2022, these ratios were as follows: 2023 2022 Long-term debt $ 914,830 $ 1,085,970 Shareholders’ equity 1,575,662 1,230,529 Total capitalization $ 2,490,492 $ 2,316,499 Long-term debt to long-term debt plus equity ratio 0.37 0.47 As at December 31, 2023, liquidity remained sufficient as Precision had $ 54 million (2022 – $ 22 million) in cash and access to the US$ 447 million Senior Credit Facility (2022 – US$ 500 million) and $ 115 million (2022 – $ 115 million) secured operating facilities. As at December 31, 2023, US$ nil (2022 – US$ 44 million) was drawn on the Senior Credit Facility with available credit further reduced by US$ 56 million (2022 – US$ 56 million) of outstanding letters of credit. Availability of the $ 40 million secured operating facility and US$ 40 million secured facility for the issuance of letters of credit and performance and bid bonds were reduced by outstanding letters of credit of $ 20 million (2022 – $ 28 million) and US$ 28 million (2022 – US$ 31 million), respectively. No amounts were drawn on the US$ 15 million (2022 – nil ) secured operating facility.

Supplemental Information

Supplemental Information	12 Months Ended
	Dec. 31, 2023
Disclosure Of Supplemental Information [Abstract]
Supplemental Information	NOTE 23. SUPPLEMENTAL INFORMATION Components of changes in non-cash working capital balances were as follows: 2023 2022 Accounts receivable $ 30,431 $ ( 143,832 ) Inventory ( 637 ) ( 10,482 ) Accounts payable and accrued liabilities ( 50,787 ) 121,878 $ ( 20,993 ) $ ( 32,436 ) Pertaining to: Operations $ ( 32,838 ) $ ( 45,890 ) Investments 11,845 13,454 The components of accounts receivable were as follows: 2023 2022 Trade $ 305,141 $ 297,329 Accrued trade 29,363 25,446 Prepaids and other 86,923 91,150 $ 421,427 $ 413,925 The components of accounts payable and accrued liabilities were as follows: 2023 2022 Accounts payable $ 151,348 $ 136,360 Accrued liabilities: Payroll 82,257 153,932 Other 108,777 101,761 $ 342,382 $ 392,053 Precision presents expenses in the consolidated statements of net earnings (loss) by function with the exception of depreciation and amortization and gain on asset disposals, which are presented by nature. Operating expense and general and administrative expense would include $ 269 million (2022 – $ 241 million) and $ 14 million (2022 – $ 8 million), respectively, of depreciation and amortization and gain on asset disposals, if the statements of net earnings (loss) were presented purely by function. The following table presents operating and general and administrative expenses by nature: 2023 2022 Wages, salaries and benefits $ 846,216 $ 735,566 Purchased materials, supplies and services 445,927 436,356 Share-based compensation 34,593 133,667 $ 1,326,736 $ 1,305,589 Allocated to: Operating expense $ 1,204,548 $ 1,124,601 General and administrative 122,188 180,988 $ 1,326,736 $ 1,305,589

Contingencies and Guarantees

Contingencies and Guarantees	12 Months Ended
	Dec. 31, 2023
Disclosure of contingent liabilities [abstract]
Contingencies and Guarantees	NOTE 24. CONTINGENCIES AND GUARANTEES The business and operations of the Corporation are complex and the Corporation has executed a number of significant financings, business combinations, acquisitions and dispositions over the course of its history. The computation of income taxes payable as a result of these transactions involves many complex factors as well as the Corporation’s interpretation of relevant tax legislation and regulations. The Corporation’s management believes that the provision for income tax is adequate and in accordance with IFRS and applicable legislation and regulations. However, there are tax filing positions that have been and can still be the subject of review by taxation authorities who may successfully challenge the Corporation’s interpretation of the applicable tax legislation and regulations, with the result that additional taxes could be payable by the Corporation. The Corporation, through the performance of its services, product sales and business arrangements, is sometimes named as a defendant in litigation. The outcome of such claims against the Corporation is not determinable at this time; however, their ultimate resolution is not expected to have a material adverse effect on the Corporation. The Corporation has entered into agreements indemnifying certain parties primarily with respect to tax and specific third-party claims associated with businesses sold by the Corporation. Due to the nature of the indemnifications, the maximum exposure under these agreements cannot be estimated. No amounts have been recorded for the indemnities as the Corporation’s obligations under them are not probable or determinable .

Long-Term Debt Guarantors

Long-Term Debt Guarantors	12 Months Ended
	Dec. 31, 2023
Long Term Debt Guarantor Disclosure [Abstract]
Long-Term Debt Guarantors	NOTE 25. 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, 2023, Precision had $ 892 million principal amount of unsecured senior notes outstanding, $ 362 million due in 2026 and $ 530 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 Net Earnings (Loss) Parent and Guarantor Subsidiaries 2023 2022 Revenue $ 1,784,797 $ 1,474,824 Expenses 1,206,180 1,196,168 Earnings before income taxes, gain on repurchase of unsecured senior notes, 578,617 278,656 Net earnings (loss) 276,931 ( 25,780 ) Statements of Financial Position Parent and Guarantor Subsidiaries 2023 2022 Assets Current assets $ 363,987 $ 378,740 Property, plant and equipment 2,008,758 1,959,329 Other non-current assets 138,121 97,691 Parent and Guarantor Subsidiaries 2023 2022 Liabilities Current liabilities $ 283,242 $ 365,025 Long-term debt 905,811 1,085,970 Other non-current liabilities 161,134 144,477 Excluded from the statements of net earnings (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 2023 2022 Assets Accounts receivable, intercompany $ 53,939 $ 52,649 Short-term advances to affiliates 62,519 11,753 Parent and Guarantor Subsidiaries 2023 2022 Liabilities Accounts payable and accrued liabilities, intercompany $ 206,340 $ 41,202 Long-term advances from affiliates 170,316 183,330

Subsidiaries

Subsidiaries	12 Months Ended
	Dec. 31, 2023
Disclosure of subsidiaries [abstract]
Subsidiaries	NOTE 26. SUBSIDIARIES Significant Subsidiaries Ownership Interest Country of 2023 2022 Precision Limited Partnership Canada 100 % 100 % Precision Drilling Canada Limited Partnership Canada 100 % 100 % Precision Diversified Oilfield Services Corp. Canada 100 % 100 % Precision Drilling (US) Corporation United States 100 % 100 % Precision Drilling Holdings Company United States 100 % 100 % Precision Drilling Company LP United States 100 % 100 % Precision Completion & Production Services Ltd. United States 100 % 100 % Grey Wolf Drilling Limited Barbados 100 % 100 % Grey Wolf Drilling (Barbados) Ltd. Barbados 100 % 100 %

Material Accounting Policies (P

Material Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Disclosure Of Material Accounting Policies [Abstract]
Basis of Consolidation	(a) Basis of Consolidation These consolidated financial statements include the accounts of the Corporation and all of its subsidiaries and partnerships, substantially all of which are wholly owned. The consolidated financial statements of the subsidiaries are prepared for the same period as the parent entity, using consistent accounting policies. All significant intercompany balances and transactions and any unrealized gains and losses arising from intercompany transactions, have been eliminated. Subsidiaries are entities controlled by the Corporation. Control exists when Precision has the power to govern the financial and operating policies of an entity to obtain benefits from its activities. In assessing control, potential voting rights that currently are exercisable are considered. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. An associate is an entity for which the Corporation has significant influence and thereby has the power to participate in the financial and operational decisions but does not control or jointly control the investee. Investments in associates are accounted for using the equity method of accounting and are recognized at cost and subsequently adjusted for the proportionate share of the investee's net assets. The Corporation's consolidated financial statements include its share of the investee's net earnings (loss) and other comprehensive income (loss) until the date that significant influence ceases. Precision does not hold interests in any special-purpose entities. The acquisition method is used to account for acquisitions of subsidiaries and assets that meet the definition of a business under IFRS. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the cost of acquisition over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized immediately in the statements of net earnings (loss). Transaction costs, other than those associated with the issuance of debt or equity securities, that the Corporation incurs in connection with a business combination are expensed as incurred.
Cash	(b) Cash Cash consists of cash and short-term investments with original maturities of three months or less .
Inventory	(c) Inventory Inventory is primarily comprised of operating supplies and carried at the lower of average cost, being the cost to acquire the inventory, and net realizable value. Inventory is charged to operating expenses as items are sold or consumed at the amount of the average cost of the item.
Property, Plant and Equipment	(d) Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation and any accumulated impairment losses. Cost includes an expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, and borrowing costs on qualifying assets. The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Corporation, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment (repair and maintenance) are recognized in net earnings as incurred. Property, plant, and equipment are depreciated as follows: Expected Life Salvage Value Basis of Drilling rig equipment: – Power & Tubulars 5 years – straight-line – Dynamic 10 years – straight-line – Structural 20 years 10 % straight-line Service rig equipment 20 years 10 % straight-line Drilling rig spare equipment up to 15 years – straight-line Service rig spare equipment up to 15 years – straight-line Rental equipment up to 15 years 0 to 25 % straight-line Other equipment 3 to 10 years – straight-line Light duty vehicles 4 years – straight-line Heavy duty vehicles 7 to 10 years – straight-line Buildings 10 to 20 years – straight-line Property, plant and equipment are depreciated based on estimates of useful lives and salvage values. These estimates consider data and information from various sources including vendors, industry practice, and Precision ’ s own historical experience and may change as more experience is gained, market conditions shift, or technological advancements are made. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal to the carrying amount of property, plant and equipment, and are recognized in the consolidated statements of net earnings (loss). Determination of which parts of the drilling rig equipment represent significant cost relative to the entire rig and identifying the consumption patterns along with the useful lives of these significant parts, are matters of judgement. This determination can be complex and subject to differing interpretations and views, particularly when rig equipment comprises individual components for which different depreciation methods or rates are appropriate. The estimated useful lives, residual values and method and components of depreciation are reviewed annually, and adjusted prospectively, if appropriate.
Intangibles	(e) Intangibles Intangible assets that are acquired by the Corporation with finite lives are initially recorded at estimated fair value and subsequently measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits of the specific asset to which they relate. Intangible assets are amortized based on estimates of useful lives. These estimates consider data and information from various sources including vendors and Precision ’ s own historical experience and may change as more experience is gained or technological advancements are made. Amortization is recognized in net earnings using the straight-line method over the estimated useful lives of the respective assets. Precision’s loan commitment fees are amortized over the term of the respective facility. Software is amortized over its expected useful life of up to 10 years. The estimated useful lives and methods of amortization are reviewed annually and adjusted prospectively if appropriate.
Impairment of Non-Financial Assets	(f) Impairment of Non-Financial Assets The carrying amounts of the Corporation’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash-generating unit or CGU ). Judgement is required in the aggregation of assets into CGUs. If any such indication exists, then the asset or CGU’s recoverable amount is estimated. Judgement is required when evaluating whether a CGU has indications of impairment. The recoverable amount of an asset or a CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using an after-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Value in use is generally computed by reference to the present value of the future cash flows expected to be derived from the CGU. An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its estimated recoverable amount. Impairment losses are recognized in net earnings. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior years are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
Income Taxes	(g) Income Taxes Income tax expense is recognized in net earnings except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax is the expected tax payable or receivable on the taxable earnings or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized using the asset and liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in net earnings in the period that includes the date of enactment or substantive enactment. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities that are expected to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The Corporation is subject to taxation in numerous jurisdictions. Uncertainties exist with respect to the interpretation of complex tax regulations and require significant judgement. Differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to taxable income and expense already recorded. The Corporation establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions are based on various factors, such as the experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.
Revenue from Contracts with Customers	(h) Revenue from Contracts with Customers Precision recognizes revenue from a variety of sources. In general, customer invoices are issued upon rendering all performance obligations for an individual well-site job. Under the Corporation’s standard contract terms, customer payments are to be received within 28 days of the customer’s receipt of an invoice. Contract Drilling Services The Corporation contracts individual drilling rig packages, including crews and support equipment, to its customers. Depending on the customer’s drilling program, contracts may be for a single well, multiple wells or a fixed term. Revenue from contract drilling services is recognized over time from spud to rig release on a daily basis. Operating days are measured through industry standard tour sheets that document the daily activity of the rig. Revenue is recognized at the applicable day rate for each well, based on rates specified in the drilling contract. The Corporation provides services under turnkey contracts, whereby Precision is required to drill a well to an agreed upon depth under specified conditions for a fixed price, regardless of the time required or problems encountered in drilling the well. Revenue from turnkey drilling contracts is recognized over time using the input method based on costs incurred to date in relation to estimated total contract costs, as that most accurately depicts the Corporation’s performance. Completion and Production Services The Corporation provides a variety of well completion and production services including well servicing. In general, service rigs do not involve long-term contracts or penalties for termination. Revenue is recognized daily upon completion of services. Operating days are measured through daily tour sheets and field tickets. Revenue is recognized at the applicable daily or hourly rate, as stipulated in the contract. The Corporation offers its customers a variety of oilfield equipment for rental. Rental revenue is recognized daily at the applicable rate stated in the rental contract. Rental days are measured through field tickets. The Corporation provides accommodation and catering services to customers in remote locations. Customers contract these services either as a package or individually for a fixed term. For accommodation services, the Corporation supplies camp equipment and revenue is recognized over time on a daily basis, once the equipment is on-site and available for use, at the applicable rate stated in the contract. For catering services, the Corporation recognizes revenue daily according to meals served. Accommodation and catering services provided are measured through field tickets.
Provisions	(i) Provisions Provisions are recognized when the Corporation has a present obligation as a result of a past event, when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and when a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. Precision maintains a provision for the deductible and uninsured portions of workers’ compensation and general liability claims. The amount accrued for the provision for losses incurred varies depending on the number and nature of the claims outstanding at the dates of the statements of financial position. In addition, the accrual includes management’s estimate of the future cost to settle each claim such as future changes in the severity of the claim and increases in medical costs. Precision uses third parties to assist in developing the estimate of the ultimate costs to settle each claim, which is based on historical experience associated with the type of each claim and specific information related to each claim. The specific circumstances of each claim may change over time prior to settlement and, as a result, the estimates made as of the reporting dates may change. The current portion of the provision is presented within accounts payables and accrued liabilities.
Share Based Incentive Compensation Plans	(j) Share-Based Incentive Compensation Plans The Corporation has established several cash-settled share-based incentive compensation plans for non-management directors, officers, and other eligible employees. The estimated fair value of amounts payable to eligible participants under these plans are recognized as an expense with a corresponding increase in liabilities over the period that the participants become unconditionally entitled to payment. The recorded liability is re-measured at the end of each reporting period until settlement with the resultant change to the fair value of the liability recognized in net earnings for the period. When the plans are settled, the cash paid reduces the outstanding liability. The Corporation has an employee share purchase plan that allows eligible employees to purchase common shares through payroll deductions. Prior to January 1, 2012, the Corporation had an equity-settled deferred share unit plan whereby non-management directors of Precision could elect to receive all or a portion of their compensation in fully-vested deferred share units. Compensation expense was recognized based on the fair value price of the Corporation’s shares at the date of grant with a corresponding increase to contributed surplus. Upon redemption of the deferred share units into common shares, the amount previously recognized in contributed surplus is recorded as an increase to shareholders’ capital. The Corporation continues to have obligations under this plan. The Corporation has a share option plan for certain eligible employees. Under this plan, the fair value of share purchase options is calculated at the date of grant using the Black-Scholes option pricing model, and that value is recorded as compensation expense over the grant’s vesting period with an offsetting credit to contributed surplus. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of options that vest. Upon exercise of the equity purchase option, the associated amount is reclassified from contributed surplus to shareholders’ capital. Consideration paid by employees upon exercise of the equity purchase options is credited to shareholders’ capital.
Foreign Currency Translation	(k) Foreign Currency Translation Transactions of the Corporation’s individual entities are recorded in the currency of the primary economic environment in which it operates (its functional currency). Transactions in currencies other than the entities’ functional currency are translated at rates in effect at the time of the transaction. At each period end, monetary assets and liabilities are translated at the prevailing period-end rates. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Gains and losses are included in net earnings except for gains and losses on translation of long-term debt designated as a hedge of foreign operations, which are deferred and included in other comprehensive income. For the purpose of preparing the Corporation’s consolidated financial statements, the financial statements of each foreign operation that does not have a Canadian dollar functional currency are translated into Canadian dollars. Assets and liabilities are translated at exchange rates in effect at the period end date. Revenues and expenses are translated using average exchange rates for the month of the respective transaction. Gains or losses resulting from these translation adjustments are recognized initially in other comprehensive income and reclassified from equity to net earnings on disposal or partial disposal of the foreign operation. Change in functional currency On July 1, 2023, as a result of changing facts and circumstances in the current year, a subsidiary of the Corporation changed its functional currency from U.S. Dollars ( USD ) to Kuwaiti Dinar ( KWD ) to reflect the business activities within the primary economic environment in which the subsidiary operates. The changes in facts and circumstances that led to this determination included, but were not limited to, the expiration of multiple material USD denominated customer drilling contracts and the execution of multiple material KWD denominated customer drilling contracts. The change in functional currency was applied prospectively, in accordance with IAS 21, The Effects of Changes in Foreign Exchange Rates , on July 1, 2023, with the assets and liabilities of the subsidiary being converted into KWD from USD at a fixed exchange rate of USD1 : KWD 3.24 .
Per Share Amounts	(l) Per Share Amounts Basic per share amounts are calculated using the weighted average number of shares outstanding during the period. Diluted per share amounts are calculated by using the treasury stock method for equity-based compensation arrangements. The treasury stock method assumes that any proceeds obtained on exercise of equity-based compensation arrangements would be used to purchase common shares at the average market price during the period. The weighted average number of shares outstanding is then adjusted by the difference between the number of shares issued from the exercise of equity-based compensation arrangements and shares repurchased from the related proceeds.
Financial Instruments	(m) Financial Instruments i) Non-Derivative Financial Instruments: Financial assets and liabilities are classified and measured at amortized cost, fair value through other comprehensive income or fair value through net earnings. The classification of financial assets and liabilities is generally based on the business model in which the asset or liability is managed and its contractual cash flow characteristics. Financial assets held within a business model whose objective is to collect contractual cash flows and whose contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding are measured at amortized cost. After their initial fair value measurement, accounts receivable, accounts payable and accrued liabilities and long-term debt are classified and measured at amortized cost using the effective interest rate method. Upon initial recognition of a non-derivative financial asset, a loss allowance is recorded for Expected Credit Losses ( ECL ). Loss allowances for trade receivables are measured based on lifetime ECL that incorporates historical loss information and is adjusted for current economic and credit conditions. ii) Derivative Financial Instruments: The Corporation may enter into certain financial derivative contracts in order to manage the exposure to market risks from fluctuations in interest rates or exchange rates. These instruments are not used for trading or speculative purposes. Precision has not designated its financial derivative contracts as effective accounting hedges, and thus has not applied hedge accounting, even though it considers certain financial contracts to be economic hedges. As a result, financial derivative contracts are classified as fair value through net earnings and are recorded on the statements of financial position at estimated fair value. Transaction costs are recognized in net earnings when incurred. Derivatives embedded in financial assets are never separated. Rather, the financial instrument as a whole is assessed for classification. Derivatives embedded in financial liabilities are separated from the host contract and accounted for separately when their economic characteristics and risks are not closely related to the host contract. Embedded derivatives in financial liabilities are recorded on the statements of financial position at estimated fair value and changes in the fair value are recognized in earnings.
Hedge Accounting	(n) Hedge Accounting The Corporation utilizes foreign currency long-term debt to hedge its exposure to changes in the carrying values of the Corporation’s net investment in certain foreign operations from fluctuations in foreign exchange rates. To be accounted for as a hedge, the foreign currency long-term debt must be designated and documented as a hedge and must be effective at inception and on an ongoing basis. The documentation defines the relationship between the foreign currency long-term debt and the net investment in the foreign operations, as well as the Corporation’s risk management objective and strategy for undertaking the hedging transaction. The Corporation formally assesses, both at inception and on an ongoing basis, whether the changes in fair value of the foreign currency long-term debt is highly effective in offsetting changes in fair value of the net investment in the foreign operations. The portion of gains or losses on the hedging item determined to be an effective hedge is recognized in other comprehensive income, net of tax, and is limited to the translation gain or loss on the net investment, while ineffective portions are recorded through net earnings. A reduction in the fair value of the net investment in the foreign operations or increase in the foreign currency long-term debt balance may result in a portion of the hedge becoming ineffective. If the hedging relationship ceases to be effective or is terminated, hedge accounting is not applied to subsequent gains or losses. The amounts recognized in other comprehensive income are reclassified to net earnings and the corresponding exchange gains or losses arising from the translation of the foreign operation are recorded through net earnings upon dissolution or substantial dissolution of the foreign operation
Leases	(o) Leases At inception, Precision assesses whether its contracts contain a lease. A contract contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The assessment of whether a contract conveys the right to control the use of an identified asset considers whether: ▪ the contract involves the use of an identified asset and the substantive substitution rights of the supplier. If the supplier has a substantive substitution right, then the asset is not identified; ▪ the lessee’s right to obtain substantially all of the economic benefits from the use of the asset; and ▪ the lessee’s right to direct the use of the asset, including decision-making to change how and for what purpose the asset is used. At inception or on reassessment of a contract that contains a lease component, Precision allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. Leases in which Precision is a lessee Precision recognizes a right-of-use asset and corresponding lease obligation at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease obligation adjusted for lease payments made on or before the commencement date, incurred initial direct costs, estimated site retirement costs and any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are consistent with those of property, plant and equipment. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease obligation. The lease obligation is initially measured at the present value of the minimum lease payments not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Precision’s incremental borrowing rate. Generally, Precision uses its incremental borrowing rate as the discount rate for those leases in which it is the lessee. Lease payments included in the measurement of the lease obligation comprise the following: ▪ fixed payments, including in-substance fixed payments; ▪ variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; ▪ amounts expected to be payable under a residual value guarantee; and ▪ the exercise price under a purchase option that Precision is reasonably certain to exercise, lease payments in an optional renewal period if Precision is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless Precision is reasonably certain not to terminate early. The lease obligation is measured at amortized cost using the effective interest method. The measurement of lease obligations requires the use of certain estimates and assumptions including discount rates, exercise of lease term extension options, and escalating lease rates. It is remeasured when there is a change in: ▪ future lease payments arising from a change in an index or rate; ▪ the estimated amount expected to be payable under a residual value guarantee; or ▪ the assessment of whether Precision will exercise a purchase, extension or termination option. When the lease obligation is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in net earnings if the carrying amount of the right-of-use asset has been reduced to zero. Leases in which Precision is a lessor When Precision acts as a lessor, at inception, Precision evaluates the classification as either a finance or operating lease. To classify each lease, Precision makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease, if not, then it is an operating lease. When acting as a sub-lessor, Precision accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease then Precision classifies the sub-lease as an operating lease. If an arrangement contains lease and non-lease components, Precision applies IFRS 15 to allocate the consideration in the contract. Precision recognizes lease payments received under operating leases for drilling rigs as income on a systematic basis, drilling days, over the lease term as part of revenue
Critical Accounting Assumptions and Estimates	(p) Critical Accounting Assumptions and Estimates i) Impairment of Long-Lived Assets At each reporting date, the Corporation reviews the carrying amount of assets in each CGU to determine whether an indicator of impairment exists. The Corporation’s analysis is based on relevant internal and external factors that indicate a CGU may be impaired such as the obsolescence or planned disposal of significant assets, financial performance of the CGU compared to forecasts, and past impairment tests, with a focus upon earnings before income tax, gain on repurchase of unsecured senior notes, gain on acquisition, loss (gain) on investments and other assets, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals, and depreciation and amortization ( Adjusted EBITDA ), and consideration of the Corporation’s market capitalization. When indications of impairment exist within a CGU, a recoverable amount is determined which requires assumptions to estimate future discounted cash flows. These estimates and assumptions include future drilling activity and margins and the resulting estimated Adjusted EBITDA associated with the CGU and the discount rate used to present value the estimated cash flows. In selecting a discount rate, the Corporation uses observable market data inputs to develop a rate that the Corporation believes approximates the discount rate of market participants. Although the Corporation believes the assumptions and estimates are reasonable and consistent with current conditions, internal planning, and expected future operations, such assumptions and estimations are subject to significant uncertainty and judgement. ii) Income Taxes Significant estimation and assumptions are required in determining the provision for income taxes. The recognition of deferred tax assets in respect of deductible temporary differences and unused tax losses and credits is based on the Corporation ’ s estimation of future taxable profit against which these differences, losses and credits may be used. The assessment is based upon existing tax laws and estimates of the Corporation ’ s future taxable income. These estimates may be materially different from the actual final tax return in future periods. iii) Business Combinations The determination of fair value is estimated based on information available at the date of acquisition and requires management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of property, plant and equipment generally requires significant judgement. The measurement of the estimated fair value of acquired property, plant, and equipment is based on a combination of approaches, including the market approach, which applies significant assumptions related to the price at which comparable assets would be sold. Minor changes to these assumptions could have resulted in a significant impact to the fair value of property, plant and equipment acquired.
Accounting Standards Adopted January 1, 2023	(q) Accounting Standards Adopted January 1, 2023 i) Material accounting policy information The Corporation adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) from January 1, 2023. Although the amendments did not result in any changes to the accounting policies themselves, they impacted the accounting policy information disclosed in the financial statements. The amendments require the disclosure of 'material', rather than 'significant', accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements. Management reviewed the accounting policies and made updates to the information disclosed in certain instances in line with the amendments. (ii) Global minimum top-up tax The Corporation adopted the International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12) upon their release on May 23, 2023. The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax, which is effective immediately, and require new disclosures about the Pillar Two exposure. The mandatory exception applies retrospectively. However, because no new legislation to implement the top-up tax was enacted or substantively enacted at December 31, 2023 in any jurisdiction in which Precision operates and no related deferred tax was recognized at that date, the retrospective application has no impact on the Corporation's consolidated financial statements.

Material Accounting Policies (T

Material Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure Of Material Accounting Policies [Abstract]
Schedule of Property, Plant and Equipment Depreciation	Property, plant, and equipment are depreciated as follows: Expected Life Salvage Value Basis of Drilling rig equipment: – Power & Tubulars 5 years – straight-line – Dynamic 10 years – straight-line – Structural 20 years 10 % straight-line Service rig equipment 20 years 10 % straight-line Drilling rig spare equipment up to 15 years – straight-line Service rig spare equipment up to 15 years – straight-line Rental equipment up to 15 years 0 to 25 % straight-line Other equipment 3 to 10 years – straight-line Light duty vehicles 4 years – straight-line Heavy duty vehicles 7 to 10 years – straight-line Buildings 10 to 20 years – straight-line

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 31, 2023
CWC Energy Services Corp. [Member]
Disclosure of detailed information about business combination [line items]
Summary Of The Allocation Of The Purchase Price	The following table summarizes the allocation of the purchase price: (Stated in thousands of Canadian dollars) Consideration: Number of shares issued 947,807 Share price at issuance $ 79.75 Common shares $ 75,588 Cash 13,726 Total consideration $ 89,314 Allocation of purchase price Cash 13,080 Accounts receivable 41,641 Property, plant and equipment 140,965 Intangibles 3,000 Right-of-use assets 1,466 Accounts payable and accrued liabilities ( 22,260 ) Long-term debt ( 60,387 ) Lease obligations ( 1,466 ) Deferred tax liabilities ( 964 ) Gain on acquisition ( 25,761 ) Total $ 89,314
High Arctic Energy Services Inc [Member]
Disclosure of detailed information about business combination [line items]
Summary Of The Allocation Of The Purchase Price	The following table summarizes the allocation of the purchase price: (Stated in thousands of Canadian dollars) Cash $ 10,200 Accounts payable and accrued liabilities 27,300 Fair value of consideration transferred $ 37,500 Acquired Assets Rig equipment $ 32,796 Vehicles 900 Buildings 1,457 Land 2,347 Right-of-use assets 6,990 Assumed Liabilities Lease obligations ( 6,990 ) Fair value of Acquired Net Assets $ 37,500

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure Of Revenue Explanatory [Abstract]
Summary of Reconciliation of Disaggregated Revenue by Reportable Segment	The following table includes a reconciliation of disaggregated revenue by reportable segment (Note 6). Revenue has been disaggregated by primary geographical market and type of service provided. Year ended December 31, 2023 Contract Completion Corporate Inter- Total United States $ 848,262 $ 13,683 $ — $ ( 30 ) $ 861,915 Canada 709,703 227,033 — ( 7,097 ) 929,639 International 146,300 — — — 146,300 $ 1,704,265 $ 240,716 $ — $ ( 7,127 ) $ 1,937,854 Day rate/hourly services $ 1,661,762 $ 240,716 $ — $ ( 537 ) $ 1,901,941 Shortfall payments/idle but contracted 24,602 — — — 24,602 Turnkey drilling services 8,988 — — — 8,988 Other 8,913 — — ( 6,590 ) 2,323 $ 1,704,265 $ 240,716 $ — $ ( 7,127 ) $ 1,937,854 Year ended December 31, 2022 Contract Completion Corporate Inter- Total United States $ 727,544 $ 18,129 $ — $ ( 43 ) $ 745,630 Canada 562,586 169,042 — ( 6,068 ) 725,560 International 146,004 — — — 146,004 $ 1,436,134 $ 187,171 $ — $ ( 6,111 ) $ 1,617,194 Day rate/hourly services $ 1,394,394 $ 187,171 $ — $ ( 748 ) $ 1,580,817 Shortfall payments/idle but contracted 2,153 — — — 2,153 Turnkey drilling services 31,723 — — — 31,723 Other 7,864 — — ( 5,363 ) 2,501 $ 1,436,134 $ 187,171 $ — $ ( 6,111 ) $ 1,617,194

Segmented Information (Tables)

Segmented Information (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of operating segments [abstract]
Summary of Operating Segments	The Corporation operates primarily in Canada, the United States and certain international locations, in two industry segments; Contract Drilling Services and Completion and Production Services. Contract Drilling Services includes drilling rigs, procurement and distribution of oilfield supplies, and the manufacture, sale and repair of drilling equipment. Completion and Production Services includes service rigs, oilfield equipment rental, and camp and catering services. Year ended December 31, 2023 Contract Completion Corporate Inter- Total Revenue $ 1,704,265 $ 240,716 $ — $ ( 7,127 ) $ 1,937,854 Earnings before income taxes, gain on 630,761 51,224 ( 70,867 ) — 611,118 Depreciation and amortization 269,133 14,654 13,770 — 297,557 Gain on asset disposals ( 23,378 ) ( 973 ) ( 118 ) — ( 24,469 ) Loss on asset decommissioning 9,592 — — — 9,592 Total assets 2,565,495 271,724 181,816 — 3,019,035 Capital expenditures 213,660 9,984 3,105 — 226,749 Year ended December 31, 2022 Contract Completion Corporate Inter- Total Revenue $ 1,436,134 $ 187,171 $ — $ ( 6,111 ) $ 1,617,194 Earnings before income taxes, gain on 397,753 38,147 ( 124,295 ) — 311,605 Depreciation and amortization 255,286 14,381 9,368 — 279,035 Gain on asset disposals ( 25,495 ) ( 3,233 ) ( 1,198 ) — ( 29,926 ) Total assets 2,574,867 179,226 122,030 — 2,876,123 Capital expenditures 177,844 5,325 1,081 — 184,250
Summary of Detailed Information About Reconciliation of Operating Gain (Loss) to Net Gain (Loss) Explanatory	2023 2022 Earnings before income taxes, gain on repurchase $ 611,118 $ 311,605 Deduct: Depreciation and amortization 297,557 279,035 Gain on asset disposals ( 24,469 ) ( 29,926 ) Loss on asset decommissioning 9,592 — Foreign exchange ( 1,667 ) 1,278 Finance charges 83,414 87,813 Loss (gain) on investments and other assets 6,810 ( 12,452 ) Gain on acquisition ( 25,761 ) — Gain on repurchase of unsecured senior notes ( 137 ) — Income taxes ( 23,465 ) 20,150 Net earnings (loss) $ 289,244 $ ( 34,293 )
Summary of Operating Segments by Geographic Locations	The Corporation’s operations are carried on in the following geographic locations: Year ended December 31, 2023 United States Canada International Total Revenue $ 861,915 $ 929,639 $ 146,300 $ 1,937,854 Total assets 1,226,256 1,246,069 546,710 3,019,035 Year ended December 31, 2022 United States Canada International Total Revenue $ 745,630 $ 725,560 $ 146,004 $ 1,617,194 Total assets 1,376,413 1,056,093 443,617 2,876,123

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about property, plant and equipment [abstract]
Schedule of Property, Plant and Equipment	2023 2022 Cost $ 6,918,765 $ 6,906,771 Accumulated depreciation ( 4,580,677 ) ( 4,603,433 ) $ 2,338,088 $ 2,303,338 Rig equipment 2,094,510 2,083,446 Rental equipment 16,066 15,977 Other equipment 9,236 11,465 Vehicles 2,333 3,380 Buildings 45,827 38,949 Assets under construction 126,872 117,535 Land 43,244 32,586 $ 2,338,088 $ 2,303,338 Cost Rig Rental Other Vehicles Buildings Assets Land Total Balance, December 31, 2021 $ 5,968,316 $ 103,181 $ 178,717 $ 34,680 $ 119,519 $ 67,884 $ 31,424 $ 6,503,721 Additions 63,058 587 517 — 141 122,271 — 186,574 Acquisitions 32,796 — — 900 1,457 — 2,347 37,500 Disposals ( 71,912 ) ( 7,538 ) ( 8,358 ) ( 873 ) ( 9,461 ) 2 ( 2,187 ) ( 100,327 ) Reclassifications 74,148 — 188 — — ( 74,336 ) — — Foreign exchange 268,056 224 4,345 1,295 2,667 1,714 1,002 279,303 Balance, December 31, 2022 6,334,462 96,454 175,409 36,002 114,323 117,535 32,586 6,906,771 Additions 24,158 102 151 — 612 199,937 — 224,960 Acquisitions 118,965 — 1,500 500 8,960 — 11,040 140,965 Disposals ( 127,979 ) — ( 9,681 ) ( 3,058 ) ( 214 ) ( 39 ) ( 10 ) ( 140,981 ) Reclassifications 172,300 — 6,038 — 2,038 ( 180,376 ) — — Asset decommissioning ( 78,367 ) — — — — — — ( 78,367 ) Foreign exchange ( 119,329 ) ( 75 ) ( 2,988 ) ( 748 ) ( 886 ) ( 10,185 ) ( 372 ) ( 134,583 ) Balance, December 31, 2023 $ 6,324,210 $ 96,481 $ 170,429 $ 32,696 $ 124,833 $ 126,872 $ 43,244 $ 6,918,765 Accumulated Depreciation Rig Rental Other Vehicles Buildings Assets Land Total Balance, December 31, 2021 $ 3,894,131 $ 82,584 $ 161,629 $ 31,476 $ 75,510 $ — $ — $ 4,245,330 Depreciation expense 250,885 5,196 6,894 875 4,252 — — 268,102 Disposals ( 66,452 ) ( 7,522 ) ( 8,357 ) ( 873 ) ( 5,793 ) — — ( 88,997 ) Foreign exchange 172,452 219 3,778 1,144 1,405 — — 178,998 Balance, December 31, 2022 4,251,016 80,477 163,944 32,622 75,374 — — 4,603,433 Depreciation expense 268,532 12 9,070 924 4,237 — — 282,775 Disposals ( 122,823 ) — ( 9,681 ) ( 2,788 ) ( 133 ) — — ( 135,425 ) Asset decommissioning ( 68,775 ) — — — — — — ( 68,775 ) Foreign exchange ( 98,250 ) ( 74 ) ( 2,140 ) ( 395 ) ( 472 ) — — ( 101,331 ) Balance, December 31, 2023 $ 4,229,700 $ 80,415 $ 161,193 $ 30,363 $ 79,006 $ — $ — $ 4,580,677

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about intangible assets [abstract]
Schedule of Intangibles	2023 2022 Cost $ 59,952 $ 55,111 Accumulated amortization ( 42,642 ) ( 35,536 ) $ 17,310 $ 19,575 Loan commitment fees related to Senior Credit Facility $ 843 $ 1,408 Software 16,467 18,167 $ 17,310 $ 19,575 Cost Loan Software Brand Names Total Balance, December 31, 2021 $ 17,081 $ 38,027 $ — $ 55,108 Additions — — — — Foreign exchange — 3 — 3 Balance, December 31, 2022 17,081 38,030 — 55,111 Additions — 1,789 — 1,789 Acquisition — — 3,000 3,000 Foreign exchange — 52 — 52 Balance, December 31, 2023 $ 17,081 $ 39,871 $ 3,000 $ 59,952 Accumulated Amortization Loan Software Brand Names Total Balance, December 31, 2021 $ 15,014 $ 16,179 $ — $ 31,193 Amortization expense 659 3,668 — 4,327 Foreign exchange — 16 — 16 Balance, December 31, 2022 15,673 19,863 — 35,536 Amortization expense 565 3,465 3,000 7,030 Foreign exchange — 76 — 76 Balance, December 31, 2023 $ 16,238 $ 23,404 $ 3,000 $ 42,642

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure Of Long Term Debt [Abstract]
Long-Term Debt	2023 2022 2023 2022 U.S. Denominated Facilities Canadian Facilities and Translated Current Portion of Long-Term Debt Canadian Real Estate Credit Facility US $ — US $ — $ 1,915 $ 1,333 U.S. Real Estate Credit Facility 704 704 933 954 US $ 704 US $ 704 $ 2,848 $ 2,287 Long-Term Debt Senior Credit Facility US $ — US $ 44,000 $ — $ 59,620 Canadian Real Estate Credit Facility — — 24,018 16,334 U.S. Real Estate Credit Facility 7,685 8,389 10,181 11,368 Unsecured Senior Notes: 7.125 % senior notes due 2026 273,330 347,765 362,096 471,225 6.875 % senior notes due 2029 400,000 400,000 529,904 542,004 US $ 681,015 US $ 800,154 926,199 1,100,551 Less net unamortized debt issue costs ( 11,369 ) ( 14,581 ) $ 914,830 $ 1,085,970 Senior Credit Unsecured Canadian U.S. Real CWC Debt Issue Total Balance December 31, 2021 $ 149,206 $ 945,519 $ 19,000 $ 12,388 $ — $ ( 17,096 ) $ 1,109,017 Changes from financing cash flows: Proceeds from Senior Credit 144,889 — — — — — 144,889 Repayment of Senior Credit ( 248,500 ) — — — — — ( 248,500 ) Repayment of Real Estate Credit — — ( 1,333 ) ( 916 ) — — ( 2,249 ) Non-cash changes: Amortization of debt issue costs — — — — — 2,528 2,528 Foreign exchange 14,025 67,710 — 850 — ( 13 ) 82,572 Balance December 31, 2022 $ 59,620 $ 1,013,229 $ 17,667 $ 12,322 $ — $ ( 14,581 ) $ 1,088,257 Current — — 1,333 954 — — 2,287 Long-term 59,620 1,013,229 16,334 11,368 — ( 14,581 ) 1,085,970 Balance December 31, 2022 $ 59,620 $ 1,013,229 $ 17,667 $ 12,322 $ — $ ( 14,581 ) $ 1,088,257 Changes from financing cash flows: Proceeds from Senior Credit 162,649 — — — — — 162,649 Acquired long-term debt — — 9,697 — 50,690 — 60,387 Repayment of long-term debt — — — — ( 50,690 ) — ( 50,690 ) Repayment of unsecured senior — ( 99,950 ) — — — — ( 99,950 ) Repayment of Senior Credit ( 222,216 ) — — — — — ( 222,216 ) Repayment of Real Estate Credit — — ( 1,431 ) ( 950 ) — — ( 2,381 ) Non-cash changes: Gain on repurchase of unsecured — ( 137 ) — — — — ( 137 ) Debt issue costs — — — — — — — Amortization of debt issue costs — — — — — 3,210 3,210 Foreign exchange ( 53 ) ( 21,142 ) — ( 258 ) — 2 ( 21,451 ) Balance December 31, 2023 $ — $ 892,000 $ 25,933 $ 11,114 $ — $ ( 11,369 ) $ 917,678 Current — — 1,915 933 — — 2,848 Long-term — 892,000 24,018 10,181 — ( 11,369 ) 914,830 Balance December 31, 2023 $ — $ 892,000 $ 25,933 $ 11,114 $ — $ ( 11,369 ) $ 917,678
Long-Term Debt Obligations	Precision’s current and long-term debt obligations at December 31, 2023 will mature as follows: 2024 $ 2,848 2025 12,096 2026 376,345 2027 582 Thereafter 537,176 $ 929,047
Schedule of Listing of Currently Applicable Restrictive and Financial Covenants	At December 31, 2023, Precision was in compliance with the covenants of the Senior Credit Facility, Real Estate Credit Facilities and unsecured senior notes. Covenant At December 31, 2023 Senior Credit Facility Consolidated senior debt to consolidated covenant EBITDA (1) ≤ 2.50 0.07 Consolidated covenant EBITDA to consolidated interest expense ≥ 2.50 6.92 Real Estate Credit Facility Consolidated covenant EBITDA to consolidated interest expense ≥ 2.50 6.92 Unsecured Senior Notes Consolidated interest coverage ratio ≥ 2.00 7.50 (1) For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.

Finance Charges (Tables)

Finance Charges (Tables)	12 Months Ended
	Dec. 31, 2023
Finance Costs [Abstract]
Summary of Finance Charges	2023 2022 Interest: Long-term debt $ 76,591 $ 81,060 Lease obligations 3,784 2,934 Other 685 968 Income ( 1,392 ) ( 323 ) Amortization of debt issue costs 3,746 3,174 Finance charges $ 83,414 $ 87,813

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure Of Leases [Abstract]
Summary of Right-of-Use-Assets	Precision recognizes right-of-use assets primarily from its leases of real estate and vehicles and equipment. Real Estate Vehicles and Equipment Total Balance, December 31, 2021 $ 40,463 $ 10,977 $ 51,440 Additions 1,662 5,410 7,072 Acquired 6,990 — 6,990 Depreciation ( 3,730 ) ( 3,535 ) ( 7,265 ) Lease remeasurements ( 372 ) 189 ( 183 ) Effect of foreign currency exchange differences 1,483 495 1,978 Balance, December 31, 2022 $ 46,496 $ 13,536 $ 60,032 Additions 1,217 15,811 17,028 Acquired 574 892 1,466 Derecognition ( 5,947 ) ( 685 ) ( 6,632 ) Depreciation ( 3,559 ) ( 4,741 ) ( 8,300 ) Lease remeasurements ( 789 ) 1,314 525 Effect of foreign currency exchange differences ( 480 ) ( 201 ) ( 681 ) Balance, December 31, 2023 $ 37,512 $ 25,926 $ 63,438
Expected Non-cancellable Undiscounted Operating Lease Payments	Expected non-cancellable undiscounted operating lease payments are as follows: 2023 2022 Less than one year $ 17,540 $ 10,985 One to five years 42,460 28,977 More than five years 10,748 8,628 $ 70,748 $ 48,590
Summary of Maturity Analysis of Lease Payments	The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received subsequent to December 31, 2023: . Operating Leases Finance Leases Less than one year $ 430,702 $ 764 One to five years 540,906 3,176 More than five years 57,061 3,473 Total undiscounted lease receipts $ 1,028,669 $ 7,413 Unearned finance income on lease receipts ( 1,639 ) Net investment in the lease $ 5,774

Share Based Compensation Plans

Share Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Disclosure of Liability Classified Plans	Liability Classified Plans Restricted Performance Executive Performance Share Units Non- Total Balance, December 31, 2021 $ 18,050 $ 21,524 $ 16,507 $ 4,674 $ 60,755 Expensed during the year 34,555 87,297 4,172 7,623 133,647 Settlement in shares — — ( 14,083 ) — ( 14,083 ) Reclassification from equity-settled plans — — ( 406 ) — ( 406 ) Payments ( 14,372 ) ( 7,960 ) ( 6,190 ) — ( 28,522 ) Foreign exchange ( 43 ) ( 3 ) — — ( 46 ) Balance, December 31, 2022 38,190 100,858 — 12,297 151,345 Expensed during the year 6,594 28,256 — ( 2,787 ) 32,063 Settlement in shares ( 2,101 ) ( 17,104 ) — ( 758 ) ( 19,963 ) Payments ( 26,524 ) ( 47,971 ) — ( 385 ) ( 74,880 ) Foreign exchange ( 45 ) 3 — — ( 42 ) Balance, December 31, 2023 $ 16,114 $ 64,042 $ — $ 8,367 $ 88,523 Current 12,484 50,917 — — 63,401 Long-term 3,630 13,125 — 8,367 25,122 Balance, December 31, 2023 $ 16,114 $ 64,042 $ — $ 8,367 $ 88,523
Summary of Shares Outstanding Under Share Based Incentive/Equity Settled Plans	A summary of the RSUs and PSUs outstanding under these share-based incentive plans is presented below: RSUs PSUs December 31, 2021 598,156 983,734 Granted 180,710 311,579 Redeemed ( 266,876 ) ( 143,659 ) Forfeited ( 16,822 ) ( 14,983 ) December 31, 2022 495,168 1,136,671 Granted 66,032 121,690 Redeemed ( 266,744 ) ( 438,612 ) Forfeited ( 18,362 ) ( 25,006 ) December 31, 2023 276,094 794,743
Summary of Status of Equity Incentive Plan	A summary of the status of the equity incentive plan is presented below: Canadian Share Options Options Range of Weighted Options December 31, 2021 115,605 87.00 – 146.40 $ 123.35 115,605 Exercised ( 26,705 ) 87.00 – 89.20 88.62 Forfeited ( 65,845 ) 89.20 – 286.20 141.05 December 31, 2022 and December 31, 2023 23,055 87.00 – 145.97 $ 113.01 23,055 U.S. Share Options Options Range of Weighted Options December 31, 2021 267,843 51.20 – 115.80 $ 80.43 257,854 Exercised ( 93,890 ) 51.20 – 68.80 61.64 Forfeited ( 32,205 ) 115.80 – 115.80 115.80 December 31, 2022 141,748 51.20 – 111.47 84.84 141,748 Forfeited ( 13,350 ) 64.20 – 100.40 75.66 December 31, 2023 128,398 51.20 – 111.47 $ 85.80 128,398
Range of Exercise Prices for Options Outstanding	Canadian Share Options Total Options Outstanding Options Exercisable Range of Exercise Prices: Number Weighted Weighted Average Number Weighted $ 87.00 12,885 $ 87.00 1.15 12,885 $ 87.00 145.97 10,170 145.97 0.13 10,170 145.97 $ 87.00 – 145.97 23,055 $ 113.01 0.70 23,055 $ 113.01 U.S. Share Options Total Options Outstanding Options Exercisable Range of Exercise Prices (US$): Number Weighted Weighted Average Number Weighted $ 51.20 - 79.80 74,118 $ 66.99 1.27 74,118 $ 66.99 111.47 54,280 111.47 0.13 54,280 111.47 $ 51.20 – 111.47 128,398 $ 85.80 0.79 128,398 $ 85.80
Deferred Share Units (DSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Summary of Shares Outstanding Under Share Based Incentive/Equity Settled Plans	A summary of the DSUs outstanding under this share-based incentive plan is presented below: Deferred Share Units Outstanding Balance December 31, 2021 104,591 Granted 14,183 Balance December 31, 2022 118,774 Granted 16,336 Redeemed ( 18,830 ) Balance December 31, 2023 116,280
Executive Restricted Share Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Summary of Shares Outstanding Under Share Based Incentive/Equity Settled Plans	Executive Restricted Share Units Outstanding Weighted Average December 31, 2022 - $ - Granted 46,740 96.90 December 31, 2023 46,740 96.90

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Net deferred tax assets and liabilities [abstract]
Schedule of Provision for Income Taxes	The provision for income taxes differs from that which would be expected by applying statutory Canadian income tax rates. A reconciliation of the difference for the years ended December 31, is as follows: 2023 2022 Earnings (loss) before income taxes $ 265,779 $ ( 14,143 ) Federal and provincial statutory rates 24 % 24 % Tax at statutory rates $ 63,787 $ ( 3,394 ) Adjusted for the effect of: Non-deductible expenses 2,426 1,146 Non-taxable capital gains ( 2,551 ) ( 379 ) Gain on acquisition ( 6,222 ) — Impact of foreign tax rates ( 2,450 ) ( 2,559 ) Withholding taxes 337 1,026 Taxes related to prior years ( 4,945 ) 1,718 Tax assets not recognized 8,629 22,592 Deferred tax assets recognized ( 82,476 ) Income tax expense (recovery) $ ( 23,465 ) $ 20,150
Summary of Net Deferred Tax Liability	The net deferred tax liability is comprised of the tax effect of the following temporary differences: 2023 2022 Deferred tax liability: Property, plant and equipment and intangibles $ 358,170 $ 364,278 Debt issue costs 928 1,303 Partnership deferrals — 21,768 Other 6,741 6,284 365,839 393,633 Offsetting of assets and liabilities ( 292,324 ) ( 364,687 ) $ 73,515 $ 28,946 Deferred tax assets: Losses (expire from time to time up to 2042) $ 332,192 $ 318,967 Long-term incentive plan 21,770 36,542 Other 12,024 9,633 365,986 365,142 Offsetting of assets and liabilities ( 292,324 ) ( 364,687 ) $ 73,662 $ 455 Net deferred tax liability $ ( 147 ) $ 28,491
Summary of Deferred Tax Asset Not Recognized	Accordingly, the Corporation has not recognized a deferred tax asset for the following items: 2023 2022 Tax losses (Capital) $ 17,247 $ 29,255 Tax losses (Income) 23,446 134,588 Deductible temporary differences 5,246 5,224 Total $ 45,939 $ 169,067
Summary of Movement in Temporary Differences of Deferred Tax Liabilities	The movement in temporary differences is as follows: Property, Partnership Other Losses Debt Issue Long-Term Other Net Balance, December 31, 2021 $ 359,383 $ 11,082 $ 6,221 $ ( 340,406 ) $ 1,457 $ ( 14,264 ) $ ( 12,121 ) $ 11,352 Recognized in net earnings (loss) ( 10,047 ) 10,686 51 33,827 ( 154 ) ( 21,583 ) 3,008 15,788 Foreign exchange 14,942 — 12 ( 12,388 ) — ( 695 ) ( 520 ) 1,351 Balance, December 31, 2022 $ 364,278 $ 21,768 $ 6,284 $ ( 318,967 ) $ 1,303 $ ( 36,542 ) $ ( 9,633 ) $ 28,491 Recognized in net earnings (loss) ( 11,063 ) ( 21,768 ) ( 231 ) ( 6,792 ) ( 375 ) 14,583 ( 2,313 ) ( 27,959 ) Acquisition 9,865 — 694 ( 9,358 ) — — ( 237 ) 964 Foreign exchange ( 4,910 ) — ( 6 ) 2,925 — 189 159 ( 1,643 ) Balance, December 31, 2023 $ 358,170 $ — $ 6,741 $ ( 332,192 ) $ 928 $ ( 21,770 ) $ ( 12,024 ) $ ( 147 )

Provisions and Other (Tables)

Provisions and Other (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of other provisions [abstract]
Disclosure of Provisions and Other	Workers’ Balance December 31, 2021 $ 8,718 Expensed during the year 7,615 Payment of deductibles and uninsured claims ( 5,229 ) Foreign exchange 643 Balance December 31, 2022 11,747 Expensed during the year 5,261 Payment of deductibles and uninsured claims ( 6,124 ) Foreign exchange ( 248 ) Balance December 31, 2023 $ 10,636 2023 2022 Current $ 3,496 $ 4,209 Long-term 7,140 7,538 $ 10,636 $ 11,747

Shareholders' Capital (Tables)

Shareholders' Capital (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of classes of share capital [abstract]
Schedule of Issued Capital	(a) Authorized – unlimited number of voting common shares – unlimited number of preferred shares, issuable in series, limited to an amount equal to one half of the issued and outstanding common shares (b) Issued Common shares Number Amount Balance, December 31, 2021 13,304,425 $ 2,281,444 Share repurchase ( 130,395 ) ( 10,010 ) Settlement of Executive PSUs 263,900 14,083 Share options exercised 120,595 14,016 Balance, December 31, 2022 13,558,525 $ 2,299,533 Settlement of PSUs and RSUs 230,336 19,206 Issue of shares on business acquisition (Note 4) 947,807 $ 75,588 Share repurchases ( 412,623 ) ( 29,955 ) Redemption of non-management directors share units 12,494 757 Balance, December 31, 2023 14,336,539 $ 2,365,129

Per Share Amounts (Tables)

Per Share Amounts (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings per share [abstract]
Per Share Amounts	The following tables reconcile the net loss and weighted average shares outstanding used in computing basic and diluted loss per share: 2023 2022 Net earnings (loss) – basic $ 289,244 $ ( 34,293 ) Effect of share options and other equity compensation plans 9,235 — Net earnings (loss) – diluted $ 298,479 $ ( 34,293 ) (Stated in thousands) 2023 2022 Weighted average shares outstanding – basic 13,754 13,546 Effect of share options and other equity compensation plans 1,533 — Weighted average shares outstanding – diluted 15,287 13,546

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2023
Text Block1 [Abstract]
Summary of Accumulated Other Comprehensive Income	Unrealized Foreign Exchange Tax Benefit Accumulated December 31, 2021 $ 472,401 $ ( 343,019 ) $ 5,398 $ 134,780 Other comprehensive income (loss) 106,669 ( 81,735 ) — 24,934 December 31, 2022 579,070 ( 424,754 ) 5,398 159,714 Other comprehensive income (loss) ( 33,433 ) 21,195 — ( 12,238 ) December 31, 2023 $ 545,637 $ ( 403,559 ) $ 5,398 $ 147,476

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related party transactions [abstract]
Compensation of Key Management Personnel	The remuneration of key management personnel is as follows: 2023 2022 Salaries and other benefits $ 9,966 $ 6,132 Equity-settled share-based compensation 1,541 441 Cash-settled share-based compensation 17,660 60,796 $ 29,167 $ 67,369

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract]
Summary of Expected Credit Loss Allowance	The movement in the expected c redit loss allowance during the year was as follows: 2023 2022 Balance, January 1, $ 1,732 $ 585 Impairment loss recognized 437 1,167 Amounts written-off as uncollectible ( 1,784 ) ( 23 ) Impairment loss reversed ( 53 ) ( 31 ) Effect of movement in exchange rates 6 34 Balance, December 31, $ 338 $ 1,732
Summary of Ageing of Trade Receivables	The ageing of trade receivables at December 31 was as follows: 2023 2022 Gross Provision for Gross Provision for Not past due $ 214,897 $ 1 $ 224,872 $ 2 Past due 0 – 30 days 70,398 3 54,578 16 Past due 31 – 120 days 17,465 273 18,845 1,400 Past due more than 120 days 2,719 61 766 314 $ 305,479 $ 338 $ 299,061 $ 1,732
Summary of Financial Instruments were Denominated in U S Dollars	The following financial instruments were denominated in U.S. dollars: 2023 2022 Canadian Foreign Canadian Foreign Cash US $ 9,539 US $ 16,459 US $ 264 US $ 13,421 Accounts receivable 17 148,885 215 175,543 Accounts payable and accrued liabilities ( 26,706 ) ( 120,416 ) ( 28,041 ) ( 101,531 ) Long-term liabilities, excluding long-term incentive plans (1) — ( 13,708 ) — ( 14,542 ) Net foreign currency exposure US $ ( 17,150 ) US $ 31,220 US $ ( 27,562 ) US $ 72,891 Impact of $0.01 change in the U.S. dollar to Canadian dollar $ ( 172 ) $ — $ ( 276 ) $ — Impact of $0.01 change in the U.S. dollar to Canadian dollar $ — $ 312 $ — $ 729 (1) Excludes U.S. dollar long-term debt that has been designated as a hedge of the Corporation’s net investment in certain self-sustaining foreign operations.
Summary of Contractual Maturities of Financial Liabilities and Other Contractual Commitments	The following are the contractual maturities of the Corporation’s financial liabilities and other contractual commitments as at December 31, 2023: 2024 2025 2026 2027 2028 Thereafter Total Accounts payable and accrued liabilities $ 342,382 $ — $ — $ — $ — $ — $ 342,382 Share-based compensation 67,117 23,523 11,133 — — — 101,773 Long-term debt 2,848 12,096 376,345 582 7,272 529,904 929,047 Interest on long-term debt (1) 65,030 64,950 38,305 36,885 36,658 1,518 243,346 Commitments 105,803 87,116 27,267 8,651 5,800 10,748 245,385 Total $ 583,180 $ 187,685 $ 453,050 $ 46,118 $ 49,730 $ 542,170 $ 1,861,933 (1) Excludes amortization of long-term debt issue costs.

Capital Management (Tables)

Capital Management (Tables)	12 Months Ended
	Dec. 31, 2023
Capital Management [Abstract]
Summary of Capitalisation and Ratio	As at December 31, 2023 and 2022, these ratios were as follows: 2023 2022 Long-term debt $ 914,830 $ 1,085,970 Shareholders’ equity 1,575,662 1,230,529 Total capitalization $ 2,490,492 $ 2,316,499 Long-term debt to long-term debt plus equity ratio 0.37 0.47

Supplemental Information (Table

Supplemental Information (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure Of Supplemental Information [Abstract]
Components of Changes in Non-cash Working Capital Balances	Components of changes in non-cash working capital balances were as follows: 2023 2022 Accounts receivable $ 30,431 $ ( 143,832 ) Inventory ( 637 ) ( 10,482 ) Accounts payable and accrued liabilities ( 50,787 ) 121,878 $ ( 20,993 ) $ ( 32,436 ) Pertaining to: Operations $ ( 32,838 ) $ ( 45,890 ) Investments 11,845 13,454
Components of Accounts Receivable	The components of accounts receivable were as follows: 2023 2022 Trade $ 305,141 $ 297,329 Accrued trade 29,363 25,446 Prepaids and other 86,923 91,150 $ 421,427 $ 413,925
Components of Accounts Payable and Accrued Liabilities	The components of accounts payable and accrued liabilities were as follows: 2023 2022 Accounts payable $ 151,348 $ 136,360 Accrued liabilities: Payroll 82,257 153,932 Other 108,777 101,761 $ 342,382 $ 392,053
Summary of Operating and General and Administrative Expenses	The following table presents operating and general and administrative expenses by nature: 2023 2022 Wages, salaries and benefits $ 846,216 $ 735,566 Purchased materials, supplies and services 445,927 436,356 Share-based compensation 34,593 133,667 $ 1,326,736 $ 1,305,589 Allocated to: Operating expense $ 1,204,548 $ 1,124,601 General and administrative 122,188 180,988 $ 1,326,736 $ 1,305,589

Long-Term Debt Guarantors (Tabl

Long-Term Debt Guarantors (Tables)	12 Months Ended
	Dec. 31, 2023
Long Term Debt Guarantor Disclosure [Abstract]
Condensed Consolidated Statement of Net Earnings (Loss)	Statements of Net Earnings (Loss) Parent and Guarantor Subsidiaries 2023 2022 Revenue $ 1,784,797 $ 1,474,824 Expenses 1,206,180 1,196,168 Earnings before income taxes, gain on repurchase of unsecured senior notes, 578,617 278,656 Net earnings (loss) 276,931 ( 25,780 )
Condensed Consolidated Statement of Financial Position	Statements of Financial Position Parent and Guarantor Subsidiaries 2023 2022 Assets Current assets $ 363,987 $ 378,740 Property, plant and equipment 2,008,758 1,959,329 Other non-current assets 138,121 97,691 Parent and Guarantor Subsidiaries 2023 2022 Liabilities Current liabilities $ 283,242 $ 365,025 Long-term debt 905,811 1,085,970 Other non-current liabilities 161,134 144,477 Excluded from the statements of net earnings (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 2023 2022 Assets Accounts receivable, intercompany $ 53,939 $ 52,649 Short-term advances to affiliates 62,519 11,753 Parent and Guarantor Subsidiaries 2023 2022 Liabilities Accounts payable and accrued liabilities, intercompany $ 206,340 $ 41,202 Long-term advances from affiliates 170,316 183,330

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of subsidiaries [abstract]
Summary of Subsidiaries	Significant Subsidiaries Ownership Interest Country of 2023 2022 Precision Limited Partnership Canada 100 % 100 % Precision Drilling Canada Limited Partnership Canada 100 % 100 % Precision Diversified Oilfield Services Corp. Canada 100 % 100 % Precision Drilling (US) Corporation United States 100 % 100 % Precision Drilling Holdings Company United States 100 % 100 % Precision Drilling Company LP United States 100 % 100 % Precision Completion & Production Services Ltd. United States 100 % 100 % Grey Wolf Drilling Limited Barbados 100 % 100 % Grey Wolf Drilling (Barbados) Ltd. Barbados 100 % 100 %

Material Accounting Policies -

Material Accounting Policies - Additional Information (Details) - $ / د.ك	12 Months Ended
	Dec. 31, 2023	Jul. 01, 2023
Disclosure Of Material Accounting Policies [Line Items]
Cash original maturity	three months or less
Fixed exchange rate		0.309
Top of Range [Member] | Software [Member]
Disclosure Of Material Accounting Policies [Line Items]
Expected useful life of intangible asset	10 years

Summary of Property, Plant, and

Summary of Property, Plant, and Equipment Expected Life Salvage Value and Basis of Depreciation (Detail)	12 Months Ended
	Dec. 31, 2023
Drilling Rig Power and Tubulars Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	5 years
Basis of Depreciation	straight-line
Drilling Rig Dynamic Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	10 years
Basis of Depreciation	straight-line
Drilling Rig Structural Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	20 years
Salvage Value	10%
Basis of Depreciation	straight-line
Service Rig Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	20 years
Salvage Value	10%
Basis of Depreciation	straight-line
Drilling Rig Spare Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	up to 15 years
Basis of Depreciation	straight-line
Service Rig Spare Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	up to 15 years
Basis of Depreciation	straight-line
Rental Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	up to 15 years
Basis of Depreciation	straight-line
Rental Equipment [Member] | Top of Range [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Salvage Value	25%
Rental Equipment [Member] | Bottom Of Range [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Salvage Value	0%
Other Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	3 to 10 years
Basis of Depreciation	straight-line
Light Duty Vehicles [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	4 years
Basis of Depreciation	straight-line
Heavy Duty Vehicles [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	7 to 10 years
Basis of Depreciation	straight-line
Buildings [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	10 to 20 years
Basis of Depreciation	straight-line

Business Combination - Addition

Business Combination - Additional Information (Detail)		2 Months Ended	12 Months Ended
	Nov. 08, 2023 CAD ($) Rigs shares	Dec. 31, 2023 CAD ($) shares	Dec. 31, 2023 CAD ($) shares	Dec. 31, 2022 CAD ($)	Jul. 27, 2022 CAD ($)
Disclosure of detailed information about business combination [line items]
Net earnings			$ 289,244,000	$ (34,293,000)
CWC Energy Services Corp. [Member]
Disclosure of detailed information about business combination [line items]
Consideration transferred, acquisition-date fair value	$ 89,000,000	$ 89,314,000	$ 89,314,000
Issuance of Precision common shares | shares	947,807	947,807	947,807
Cash Payment	$ 14,000,000	$ 13,726,000	$ 13,726,000
Number of marketable rigs | Rigs	62
Number of high-quality drilling rigs | Rigs	18
Acquisition-related costs			3,000,000
Gain on acquisition		25,761,000	25,761,000	$ 0
Business contributed revenue		20,000,000	182,000,000
Net earnings		3,000,000	18,000,000
CWC Energy Services Corp. [Member] | Canada [Member]
Disclosure of detailed information about business combination [line items]
Number of high-quality drilling rigs | Rigs	7
CWC Energy Services Corp. [Member] | U.S [Member]
Disclosure of detailed information about business combination [line items]
Number of high-quality drilling rigs | Rigs	11
High Arctic Energy Services Inc [Member]
Disclosure of detailed information about business combination [line items]
Consideration transferred, acquisition-date fair value		37,500,000	37,500,000		$ 38,000,000
Cash Payment		10,200,000	10,200,000		10,000,000
Accounts payable and accrued liabilities		$ 27,300,000	27,300,000		$ 28,000,000
Acquisition-related costs			$ 1,000,000

Business Combination - Summary

Business Combination - Summary Of The Allocation Of The Purchase Price (Detail) - CAD ($)	Dec. 31, 2023	Nov. 08, 2023	Dec. 31, 2022	Jul. 27, 2022	Dec. 31, 2021
Allocation of purchase price
Deferred tax liabilities	$ 147,000		$ (28,491,000)		$ (11,352,000)
CWC Energy Services Corp. [Member]
Disclosure of detailed information about business combination [line items]
Number of shares issued	947,807	947,807
Share price at issuance	$ 79.75
Common shares	75,588
Cash	$ 13,726,000	$ 14,000,000
Fair value of consideration transferred	89,314,000	$ 89,000,000
Allocation of purchase price
Cash	13,080,000
Accounts receivable	41,641,000
Property, plant and equipment	140,965,000
Intangibles	3,000,000
Right-of-use assets	1,466,000
Accounts payable and accrued liabilities	(22,260,000)
Long-term debt	(60,387,000)
Lease obligations	(1,466,000)
Deferred tax liabilities	(964,000)
Gain on acquisition	(25,761,000)		$ 0
Fair value of Acquired Net Assets	89,314,000
High Arctic Energy Services Inc [Member]
Disclosure of detailed information about business combination [line items]
Cash	10,200,000			$ 10,000,000
Accounts payable and accrued liabilities	27,300,000			28,000,000
Fair value of consideration transferred	37,500,000			$ 38,000,000
Allocation of purchase price
Right-of-use assets	6,990,000
Lease obligations	(6,990,000)
Fair value of Acquired Net Assets	37,500,000
High Arctic Energy Services Inc [Member] | Rig Equipment [Member]
Allocation of purchase price
Property, plant and equipment	32,796,000
High Arctic Energy Services Inc [Member] | Vehicles [member]
Allocation of purchase price
Property, plant and equipment	900,000
High Arctic Energy Services Inc [Member] | Buildings [member]
Allocation of purchase price
Property, plant and equipment	1,457,000
High Arctic Energy Services Inc [Member] | Land [member]
Allocation of purchase price
Property, plant and equipment	$ 2,347,000

Summary of Reconciliation of Di

Summary of Reconciliation of Disaggregated Revenue by Primary Geographical Market (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	$ 1,937,854	$ 1,617,194
Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	1,704,265	1,436,134
Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	240,716	187,171
Inter-Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	(7,127)	(6,111)
Canada [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	929,639	725,560
Canada [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	709,703	562,586
Canada [Member] | Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	227,033	169,042
Canada [Member] | Inter-Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	(7,097)	(6,068)
United States [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	861,915	745,630
United States [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	848,262	727,544
United States [Member] | Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	13,683	18,129
United States [Member] | Inter-Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	(30)	(43)
International [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	146,300	146,004
International [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	$ 146,300	$ 146,004

Summary of Reconciliation of _2

Summary of Reconciliation of Disaggregated Revenue by Type of Service Provided (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	$ 1,937,854	$ 1,617,194
Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	1,704,265	1,436,134
Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	240,716	187,171
Inter-Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	(7,127)	(6,111)
Day Rate Or Hourly Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	1,901,941	1,580,817
Day Rate Or Hourly Services [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	1,661,762	1,394,394
Day Rate Or Hourly Services [Member] | Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	240,716	187,171
Day Rate Or Hourly Services [Member] | Inter-Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	(537)	(748)
Shortfall Payments Or Idle But Contracted [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	24,602	2,153
Shortfall Payments Or Idle But Contracted [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	24,602	2,153
Turnkey Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	8,988	31,723
Turnkey Drilling Services [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	8,988	31,723
Other [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	2,323	2,501
Other [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	8,913	7,864
Other [Member] | Inter-Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	$ (6,590)	$ (5,363)

Summary of Operating Segments (

Summary of Operating Segments (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of operating segments [Line Items]
Revenue	$ 1,937,854	$ 1,617,194
Earnings before income taxes, gain on repurchase of unsecured senior notes, gain on acquisition, loss (gain) on investments and other assets, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals and depreciation and amortization	265,779	(14,143)
Depreciation and amortization	297,557	279,035
Gain on asset disposals	24,469	29,926
Loss on asset decommissioning	9,592	0
Total assets	3,019,035	2,876,123
All Other Segments [Member]
Disclosure of operating segments [Line Items]
Revenue	1,937,854	1,617,194
Earnings before income taxes, gain on repurchase of unsecured senior notes, gain on acquisition, loss (gain) on investments and other assets, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals and depreciation and amortization	611,118	311,605
Depreciation and amortization	297,557	279,035
Gain on asset disposals	24,469	29,926
Loss on asset decommissioning	9,592
Total assets	3,019,035	2,876,123
Capital expenditures	226,749	184,250
Contract Drilling Services [Member]
Disclosure of operating segments [Line Items]
Revenue	1,704,265	1,436,134
Earnings before income taxes, gain on repurchase of unsecured senior notes, gain on acquisition, loss (gain) on investments and other assets, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals and depreciation and amortization	630,761	397,753
Depreciation and amortization	269,133	255,286
Gain on asset disposals	23,378	25,495
Loss on asset decommissioning	9,592
Total assets	2,565,495	2,574,867
Capital expenditures	213,660	177,844
Completion and Production Services [Member]
Disclosure of operating segments [Line Items]
Revenue	240,716	187,171
Earnings before income taxes, gain on repurchase of unsecured senior notes, gain on acquisition, loss (gain) on investments and other assets, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals and depreciation and amortization	51,224	38,147
Depreciation and amortization	14,654	14,381
Gain on asset disposals	973	3,233
Total assets	271,724	179,226
Capital expenditures	9,984	5,325
Corporate and Other [Member]
Disclosure of operating segments [Line Items]
Earnings before income taxes, gain on repurchase of unsecured senior notes, gain on acquisition, loss (gain) on investments and other assets, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals and depreciation and amortization	(70,867)	(124,295)
Depreciation and amortization	13,770	9,368
Gain on asset disposals	118	1,198
Total assets	181,816	122,030
Capital expenditures	3,105	1,081
Inter-Segment Eliminations [Member]
Disclosure of operating segments [Line Items]
Revenue	$ (7,127)	$ (6,111)

Summary of Detailed Information

Summary of Detailed Information About Reconciliation of Operating Gain (Loss) to Net Gain (Loss) Explanatory (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of operating segments [abstract]
Earnings before income taxes, gain on repurchase of unsecured senior notes, gain on acquisition, loss (gain) on investments and other assets, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals and depreciation and amortization	$ 611,118	$ 311,605
Depreciation and amortization	297,557	279,035
Gains (losses) on disposals of non-current assets	24,469	29,926
Loss on asset decommissioning	9,592	0
Foreign exchange	(1,667)	1,278
Finance charges	83,414	87,813
Loss (gain) on investments and other assets	6,810	(12,452)
Gain on acquisition	(25,761)	0
Gain on repurchase of unsecured senior notes	(137)
Income taxes	(23,465)	20,150
Net earnings (loss)	$ 289,244	$ (34,293)

Summary of Operating Segments b

Summary of Operating Segments by Geographic Locations (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of geographical areas [Line Items]
Revenue	$ 1,937,854	$ 1,617,194
Total assets	3,019,035	2,876,123
United States [Member]
Disclosure of geographical areas [Line Items]
Revenue	861,915	745,630
Total assets	1,226,256	1,376,413
Canada [Member]
Disclosure of geographical areas [Line Items]
Revenue	929,639	725,560
Total assets	1,246,069	1,056,093
International [Member]
Disclosure of geographical areas [Line Items]
Revenue	146,300	146,004
Total assets	$ 546,710	$ 443,617

Schedule of Property, Plant and

Schedule of Property, Plant and Equipment (Detail) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	$ 2,338,088	$ 2,303,338
Rig Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	2,094,510	2,083,446
Rental Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	16,066	15,977
Other Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	9,236	11,465
Vehicles [member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	2,333	3,380
Buildings [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	45,827	38,949
Assets Under Construction [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	126,872	117,535
Land [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	43,244	32,586
Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	6,918,765	6,906,771	$ 6,503,721
Gross [Member] | Rig Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	6,324,210	6,334,462	5,968,316
Gross [Member] | Rental Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	96,481	96,454	103,181
Gross [Member] | Other Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	170,429	175,409	178,717
Gross [Member] | Vehicles [member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	32,696	36,002	34,680
Gross [Member] | Buildings [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	124,833	114,323	119,519
Gross [Member] | Assets Under Construction [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	126,872	117,535	67,884
Gross [Member] | Land [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	43,244	32,586	31,424
Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(4,580,677)	(4,603,433)	(4,245,330)
Accumulated Depreciation [Member] | Rig Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(4,229,700)	(4,251,016)	(3,894,131)
Accumulated Depreciation [Member] | Rental Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(80,415)	(80,477)	(82,584)
Accumulated Depreciation [Member] | Other Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(161,193)	(163,944)	(161,629)
Accumulated Depreciation [Member] | Vehicles [member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(30,363)	(32,622)	(31,476)
Accumulated Depreciation [Member] | Buildings [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	$ (79,006)	$ (75,374)	$ (75,510)

Change in Property, Plant and E

Change in Property, Plant and Equipment (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	$ 2,303,338
Additions	225,000	$ 187,000
Ending Balance	2,338,088	2,303,338
Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	6,906,771	6,503,721
Additions	224,960	186,574
Disposals	(140,981)	(100,327)
Acquisitions	140,965	37,500
Foreign exchange	(134,583)	279,303
Asset decommissioning	(78,367)
Ending Balance	6,918,765	6,906,771
Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(4,603,433)	(4,245,330)
Depreciation expense	282,775	268,102
Disposals	135,425	88,997
Foreign exchange	101,331	(178,998)
Asset decommissioning	(68,775)
Ending Balance	(4,580,677)	(4,603,433)
Rig Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	2,083,446
Ending Balance	2,094,510	2,083,446
Rig Equipment [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	6,334,462	5,968,316
Additions	24,158	63,058
Disposals	(127,979)	(71,912)
Reclassifications	172,300	74,148
Acquisitions	118,965	32,796
Foreign exchange	(119,329)	268,056
Asset decommissioning	(78,367)
Ending Balance	6,324,210	6,334,462
Rig Equipment [Member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(4,251,016)	(3,894,131)
Depreciation expense	268,532	250,885
Disposals	122,823	66,452
Foreign exchange	98,250	(172,452)
Asset decommissioning	68,775
Ending Balance	(4,229,700)	(4,251,016)
Rental Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	15,977
Ending Balance	16,066	15,977
Rental Equipment [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	96,454	103,181
Additions	102	587
Disposals		(7,538)
Foreign exchange	(75)	224
Ending Balance	96,481	96,454
Rental Equipment [Member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(80,477)	(82,584)
Depreciation expense	12	5,196
Disposals		7,522
Foreign exchange	74	(219)
Ending Balance	(80,415)	(80,477)
Other Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	11,465
Ending Balance	9,236	11,465
Other Equipment [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	175,409	178,717
Additions	151	517
Disposals	(9,681)	(8,358)
Reclassifications	6,038	188
Acquisitions	1,500
Foreign exchange	(2,988)	4,345
Ending Balance	170,429	175,409
Other Equipment [Member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(163,944)	(161,629)
Depreciation expense	9,070	6,894
Disposals	9,681	8,357
Foreign exchange	2,140	(3,778)
Ending Balance	(161,193)	(163,944)
Vehicles [member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	3,380
Ending Balance	2,333	3,380
Vehicles [member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	36,002	34,680
Disposals	(3,058)	(873)
Acquisitions	500	900
Foreign exchange	(748)	1,295
Ending Balance	32,696	36,002
Vehicles [member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(32,622)	(31,476)
Depreciation expense	924	875
Disposals	2,788	873
Foreign exchange	395	(1,144)
Ending Balance	(30,363)	(32,622)
Buildings [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	38,949
Ending Balance	45,827	38,949
Buildings [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	114,323	119,519
Additions	612	141
Disposals	(214)	(9,461)
Reclassifications	2,038
Acquisitions	8,960	1,457
Foreign exchange	(886)	2,667
Ending Balance	124,833	114,323
Buildings [Member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(75,374)	(75,510)
Depreciation expense	4,237	4,252
Disposals	133	5,793
Foreign exchange	472	(1,405)
Ending Balance	(79,006)	(75,374)
Assets Under Construction [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	117,535
Ending Balance	126,872	117,535
Assets Under Construction [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	117,535	67,884
Additions	199,937	122,271
Disposals	(39)	(2)
Reclassifications	(180,376)	(74,336)
Foreign exchange	(10,185)	1,714
Ending Balance	126,872	117,535
Land [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	32,586
Ending Balance	43,244	32,586
Land [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	32,586	31,424
Disposals	(10)	(2,187)
Acquisitions	11,040	2,347
Foreign exchange	(372)	1,002
Ending Balance	$ 43,244	$ 32,586

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [Line Items]
Gains on disposals of assets	$ 24,000	$ 30,000
Loss on asset decommissioning	9,592	0
Purchase of property, plant and equipment	224,960	184,250
Increase in property plant and equipment due to non cash equipment swaps	0	2,000
Additions other than through business combinations, property, plant and equipment	$ 225,000	$ 187,000

Schedule of Intangibles (Detail

Schedule of Intangibles (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about intangible assets [Line Items]
Balance	$ 19,575
Loan commitment fees related to Senior Credit Facility	843	$ 1,408
Software	16,467	18,167
Balance	17,310	19,575
Gross [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	55,111	55,108
Balance	59,952	55,111
Additions	1,789
Acquisition	3,000
Foreign exchange	52	3
Gross [Member] | Loan Commitment Fees [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	17,081	17,081
Balance	17,081	17,081
Gross [Member] | Software [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	38,030	38,027
Balance	39,871	38,030
Additions	1,789
Foreign exchange	52	3
Gross [Member] | Brand Names [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	3,000
Acquisition	3,000
Accumulated Amortization [member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	(35,536)	(31,193)
Balance	(42,642)	(35,536)
Foreign exchange	(76)	(16)
Amortization expense	(7,030)	(4,327)
Accumulated Amortization [member] | Loan Commitment Fees [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	(15,673)	(15,014)
Balance	(16,238)	(15,673)
Amortization expense	(565)	(659)
Accumulated Amortization [member] | Software [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	(19,863)	(16,179)
Balance	(23,404)	(19,863)
Foreign exchange	(76)	(16)
Amortization expense	(3,465)	$ (3,668)
Accumulated Amortization [member] | Brand Names [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	(3,000)
Amortization expense	$ (3,000)

Schedule of Long Term Borrowing

Schedule of Long Term Borrowings (Detail) $ in Thousands, $ in Thousands	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)
Disclosure of long term debt [Line Items]
Current portion of long-term debt, gross	$ 2,848	$ 704	$ 2,287	$ 704
Long-term debt, gross	926,199	681,015	1,100,551	800,154
Less net unamortized debt issue costs	(11,369)		(14,581)
Long-term debt	914,830		1,085,970
Senior Credit Facility [Member]
Disclosure of long term debt [Line Items]
Long-term debt, gross			59,620	44,000
Canadian Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Current portion of long-term debt, gross	1,915		1,333
Long-term debt, gross	24,018		16,334
U.S. Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Current portion of long-term debt, gross	933	704	954	704
Long-term debt, gross	10,181	7,685	11,368	8,389
7.125% Senior Notes Due 2026 [Member]
Disclosure of long term debt [Line Items]
Long-term debt, gross	362,096	273,330	471,225	347,765
6.875% senior notes due 2029 [Member]
Disclosure of long term debt [Line Items]
Long-term debt, gross	$ 529,904	$ 400,000	$ 542,004	$ 400,000

Schedule of Long Term Borrowi_2

Schedule of Long Term Borrowings (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2023
7.125% Senior Notes Due 2026 [Member]
Disclosure of long term debt [Line Items]
Long term debt interest rate	7.125%
Long term debt maturity year	January 15, 2026
6.875% senior notes due 2029 [Member]
Disclosure of long term debt [Line Items]
Long term debt interest rate	6.875%
Long term debt maturity year	January 15, 2029

Summary of Changes in Long Term

Summary of Changes in Long Term Borrowings (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of long term debt [Line Items]
Beginning balance	$ 1,088,257	$ 1,109,017
Changes from financing cash flows:
Proceeds From Senior Credit Facility	162,649	144,889
Acquired long-term debt	60,387
Repayment of long-term debt	(50,690)
Repayment of unsecured senior notes	(99,950)
Repayment of Senior Credit Facility	(222,216)	(248,500)
Repayment of Real Estate Credit Facility	(2,381)	(2,249)
Gain on repurchase of unsecured senior notes	(137)	0
Amortization of debt issue costs	3,210	2,528
Foreign exchange	(21,451)	82,572
Current	2,848	2,287
Long-term	914,830	1,085,970
Ending balance	917,678	1,088,257
Senior Credit Facility [Member]
Disclosure of long term debt [Line Items]
Beginning balance	59,620	149,206
Changes from financing cash flows:
Proceeds From Senior Credit Facility	162,649	144,889
Repayment of Senior Credit Facility	(222,216)	(248,500)
Foreign exchange	(53)	14,025
Long-term		59,620
Ending balance		59,620
Unsecured Senior Notes [Member]
Disclosure of long term debt [Line Items]
Beginning balance	1,013,229	945,519
Changes from financing cash flows:
Repayment of unsecured senior notes	(99,950)
Gain on repurchase of unsecured senior notes	(137)
Foreign exchange	(21,142)	67,710
Long-term	892,000	1,013,229
Ending balance	892,000	1,013,229
Canadian Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Beginning balance	17,667	19,000
Changes from financing cash flows:
Acquired long-term debt	9,697
Repayment of Real Estate Credit Facility	(1,431)	(1,333)
Current	1,915	1,333
Long-term	24,018	16,334
Ending balance	25,933	17,667
U.S. Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Beginning balance	12,322	12,388
Changes from financing cash flows:
Repayment of Real Estate Credit Facility	(950)	(916)
Foreign exchange	(258)	850
Current	933	954
Long-term	10,181	11,368
Ending balance	11,114	12,322
CWC Syndicated Loan [Member]
Changes from financing cash flows:
Acquired long-term debt	50,690
Repayment of long-term debt	(50,690)
Debt Issue Costs and Original Issue Discount [Member]
Disclosure of long term debt [Line Items]
Beginning balance	(14,581)	(17,096)
Changes from financing cash flows:
Amortization of debt issue costs	3,210	2,528
Foreign exchange	2	(13)
Long-term	(11,369)	(14,581)
Ending balance	$ (11,369)	$ (14,581)

Long-Term Debt Maturities (Deta

Long-Term Debt Maturities (Detail) $ in Thousands	Dec. 31, 2023 CAD ($)
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	$ 929,047
2024 [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	2,848
2025 [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	12,096
2026 [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	376,345
2027 [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	582
Thereafter [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	$ 537,176

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) $ in Thousands, $ in Thousands	1 Months Ended			12 Months Ended
	Nov. 30, 2023 CAD ($)	Mar. 31, 2021	Nov. 30, 2020	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)
Disclosure of long term debt [Line Items]
Borrowings				$ 929,047
Description of compliance with covenants				The unsecured senior notes also contain a restricted payments covenant that limits Precision’s ability to make payments in the nature of dividends, distributions and for repurchases from shareholders. These restricted payments baskets grow by, among other things, 50% of cumulative consolidated net earnings, and decrease by 100% of cumulative consolidated net losses as defined in the note agreements, and cumulative payments made to shareholders. At December 31, 2023, the governing net restricted payments basket was negative $91 million (2022 – negative $363 million), therefore limiting us from making any further dividend payments or share repurchases until the governing restricted payments basket once again becomes positive. During 2023, pursuant to the indentures governing the unsecured senior notes, Precision used the available general restricted payments basket to facilitate the repurchase and cancellation of its common shares.	The unsecured senior notes also contain a restricted payments covenant that limits Precision’s ability to make payments in the nature of dividends, distributions and for repurchases from shareholders. These restricted payments baskets grow by, among other things, 50% of cumulative consolidated net earnings, and decrease by 100% of cumulative consolidated net losses as defined in the note agreements, and cumulative payments made to shareholders. At December 31, 2023, the governing net restricted payments basket was negative $91 million (2022 – negative $363 million), therefore limiting us from making any further dividend payments or share repurchases until the governing restricted payments basket once again becomes positive. During 2023, pursuant to the indentures governing the unsecured senior notes, Precision used the available general restricted payments basket to facilitate the repurchase and cancellation of its common shares.
Maximum Consolidated Interest Coverage Ratio to incur additional indebtedness				2%			2%
Description of compliance with covenants				The unsecured senior notes require Precision to comply with certain restrictive and financial covenants including an incurrence based test of Consolidated Interest Coverage Ratio, as defined in the senior note agreements, of greater than or equal to 2.0:1 for the most recent four consecutive fiscal quarters. In the event the Consolidated Interest Coverage Ratio is less than 2.0:1 for the most recent four consecutive fiscal quarters the senior notes restrict Precision’s ability to incur additional indebtedness.	The unsecured senior notes require Precision to comply with certain restrictive and financial covenants including an incurrence based test of Consolidated Interest Coverage Ratio, as defined in the senior note agreements, of greater than or equal to 2.0:1 for the most recent four consecutive fiscal quarters. In the event the Consolidated Interest Coverage Ratio is less than 2.0:1 for the most recent four consecutive fiscal quarters the senior notes restrict Precision’s ability to incur additional indebtedness.
Net restricted payments basket				$ (91,000)				$ (363,000)
Proportion of ownership interest in subsidiary				100%	100%
Senior Credit Facility [Member]
Disclosure of long term debt [Line Items]
Borrowings maximum borrowing capacity							$ 447,000		$ 500,000
Borrowings							0		44,000
Credit facility amount withdrawn							0		$ 44,000
Borrowings maximum available letters of credit							200,000
Outstanding letters of credit					$ 56,000	$ 56,000
Senior Credit Facility [Member] | Future Assets [Member]
Disclosure of long term debt [Line Items]
Borrowings additional borrowing capacity							$ 353,000
7.125% Senior Notes Due 2026 [Member]
Disclosure of long term debt [Line Items]
Interest rate				7.125%			7.125%
Maturity date				January 15, 2026	January 15, 2026
Borrowings frequency of payments				Interest is payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2018.	Interest is payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2018.
7.125% Senior Notes Due 2026 [Member] | Any time on or after December 15, 2021 [Member]
Disclosure of long term debt [Line Items]
Redemption price percentage				101%			101%
7.125% Senior Notes Due 2026 [Member] | Prior to November 15, 2020, Precision may redeem these notes in whole or in part [Member]
Disclosure of long term debt [Line Items]
Redemption price percentage				100%			100%
6.875% senior notes due 2029 [Member]
Disclosure of long term debt [Line Items]
Interest rate				6.875%			6.875%
Maturity date				January 15, 2029	January 15, 2029
Borrowings frequency of payments				Interest is payable semi-annually on January 15 and July 15 of each year, commencing January 15, 2022.	Interest is payable semi-annually on January 15 and July 15 of each year, commencing January 15, 2022.
6.875% senior notes due 2029 [Member] | Prior to June 15, 2024, Precision may redeem up to 35% of the 6.875% unsecured senior notes due 2029 [Member]
Disclosure of long term debt [Line Items]
Redemption price percentage				35%			35%
Borrowings maximum percentage of principal amount redeemed				106.875%			106.875%
Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Facility maturity period				2025-11	2025-11
Amortization period of principal and interest payments		15 years	15 years
Minimum threshold to consolidated interest coverage ratio			1.15%
Credit facility amount withdrawn				$ 27,000				$ 30,000
Unsecured Senior Notes [Member]
Disclosure of long term debt [Line Items]
Interest rate				6.875%			6.875%
Percentage of face value				99.253%	99.253%
Original issue discount				$ 3,000
CWC Energy Services [Member] | Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Facility maturity period	2028-06
Credit facility assumed on acquisition	$ 10,000
Amortization period of principal and interest payments	22 years
Interest rate	4.70%

Schedule of Listing of Currentl

Schedule of Listing of Currently Applicable Restrictive and Financial Covenants (Detail)	12 Months Ended
	Dec. 31, 2023
Senior Credit Facility [Member]
Disclosure of long term debt [Line Items]
Consolidated senior debt to consolidated covenant EBITDA(1)	0.07%	[1]
Consolidated covenant EBITDA to consolidated interest expense	6.92%
Senior Credit Facility [Member] | Top of Range [Member]
Disclosure of long term debt [Line Items]
Consolidated senior debt to consolidated covenant EBITDA(1)	2.50%	[1]
Senior Credit Facility [Member] | Bottom Of Range [Member]
Disclosure of long term debt [Line Items]
Consolidated covenant EBITDA to consolidated interest expense	2.50%
Unsecured Senior Notes [Member]
Disclosure of long term debt [Line Items]
Consolidated interest coverage ratio	7.50%
Unsecured Senior Notes [Member] | Bottom Of Range [Member]
Disclosure of long term debt [Line Items]
Consolidated interest coverage ratio	2%
Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Consolidated covenant EBITDA to consolidated interest expense	6.92%
Real Estate Credit Facility [Member] | Bottom Of Range [Member]
Disclosure of long term debt [Line Items]
Consolidated covenant EBITDA to consolidated interest expense	2.50%
[1] For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.

Summary of Finance Charges (Det

Summary of Finance Charges (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interest:
Long-term debt	$ 76,591	$ 81,060
Lease obligations	3,784	2,934
Other	685	968
Income	(1,392)	(323)
Amortization of debt issue costs	3,746	3,174
Finance charges	$ 83,414	$ 87,813

Summary of Right-of-Use-Assets

Summary of Right-of-Use-Assets (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning Balance	$ 60,032	$ 51,440
Additions	17,028	7,072
Acquired	1,466	6,990
Derecognition	(6,632)
Depreciation	(8,300)	(7,265)
Lease remeasurements	525	(183)
Effect of foreign currency exchange differences	(681)	1,978
Ending Balance	63,438	60,032
Real Estate [member]
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning Balance	46,496	40,463
Additions	1,217	1,662
Acquired	574	6,990
Derecognition	(5,947)
Depreciation	(3,559)	(3,730)
Lease remeasurements	(789)	(372)
Effect of foreign currency exchange differences	(480)	1,483
Ending Balance	37,512	46,496
Vehicles and Equipment [Member]
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning Balance	13,536	10,977
Additions	15,811	5,410
Acquired	892
Derecognition	(685)
Depreciation	(4,741)	(3,535)
Lease remeasurements	1,314	189
Effect of foreign currency exchange differences	(201)	495
Ending Balance	$ 25,926	$ 13,536

Leases - Additional Information

Leases - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases Disclosure [Line Items]
Interest and payments	$ 13	$ 10
Real Estate [member] | Bottom Of Range [Member]
Leases Disclosure [Line Items]
Terms of operating lease commitments	1 year
Real Estate [member] | Top of Range [Member]
Leases Disclosure [Line Items]
Terms of operating lease commitments	10 years
Vehicles [member] | Bottom Of Range [Member]
Leases Disclosure [Line Items]
Terms of operating lease commitments	3 years
Vehicles [member] | Top of Range [Member]
Leases Disclosure [Line Items]
Terms of operating lease commitments	4 years
Rig Equipment [Member]
Leases Disclosure [Line Items]
Long-term drilling contracts	$ 554	$ 774
Rig Equipment [Member] | Bottom Of Range [Member]
Leases Disclosure [Line Items]
Term of operating leases under long term drilling contracts	1 year
Rig Equipment [Member] | Top of Range [Member]
Leases Disclosure [Line Items]
Term of operating leases under long term drilling contracts	5 years

Expected Non-cancellable Undisc

Expected Non-cancellable Undiscounted Operating Lease Payments (Detail) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of finance lease and operating lease by lessee [Line Items]
Non-cancellable undiscounted operating lease	$ 70,748	$ 48,590
Less than one year [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Non-cancellable undiscounted operating lease	17,540	10,985
One to five years [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Non-cancellable undiscounted operating lease	42,460	28,977
More than five years [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Non-cancellable undiscounted operating lease	$ 10,748	$ 8,628

Summary of Maturity Analysis of

Summary of Maturity Analysis of Lease Payments (Detail) $ in Thousands	Dec. 31, 2023 CAD ($)
Disclosure of finance lease and operating lease by lessee [Line Items]
Undiscounted operating lease receipts	$ 1,028,669
Undiscounted finance lease receipts	7,413
Unearned finance income on finance lease receipts	(1,639)
Net investment in finance lease	5,774
Less than one year [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Undiscounted operating lease receipts	430,702
Undiscounted finance lease receipts	764
One to five years [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Undiscounted operating lease receipts	540,906
Undiscounted finance lease receipts	3,176
More than five years [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Undiscounted operating lease receipts	57,061
Undiscounted finance lease receipts	$ 3,473

Disclosure of Liability Classif

Disclosure of Liability Classified Plans (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	$ 151,345	$ 60,755
Expensed during the year	32,063	133,647
Settlement in shares	19,963	14,083
Reclassification from equity-settled plans		406
Payments	(74,880)	(28,522)
Foreign exchange	(42)	(46)
Ending balance	88,523	151,345
Current	63,401
Long-term	25,122	60,133
Restricted Share Units (RSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	38,190	18,050
Expensed during the year	6,594	34,555
Settlement in shares	2,101
Reclassification from equity-settled plans		0
Payments	(26,524)	(14,372)
Foreign exchange	(45)	(43)
Ending balance	16,114	38,190
Current	12,484
Long-term	3,630
Performance Share Units (PSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	100,858	21,524
Expensed during the year	28,256	87,297
Settlement in shares	17,104
Reclassification from equity-settled plans		0
Payments	(47,971)	(7,960)
Foreign exchange	3	(3)
Ending balance	64,042	100,858
Current	50,917
Long-term	13,125
Executive Performance Share Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	0	16,507
Expensed during the year		4,172
Settlement in shares		14,083
Reclassification from equity-settled plans		406
Payments		(6,190)
Foreign exchange
Ending balance	0	0
Current
Long-term
Deferred Share Units (DSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	12,297	4,674
Expensed during the year	(2,787)	7,623
Settlement in shares	758
Reclassification from equity-settled plans
Payments	(385)
Foreign exchange
Ending balance	8,367	$ 12,297
Current
Long-term	$ 8,367

Share Based Compensation Plan_2

Share Based Compensation Plans - Additional Information (Detail)		12 Months Ended
	Jan. 01, 2024 shares	Dec. 31, 2023 CAD ($) shares	Dec. 31, 2022 CAD ($) shares
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Option vesting period		3 years
Option expiration term		7 years
Number Of Deferred Share Units Outstanding		1,470	1,470
Events After Reporting Period [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Share based compensation number of shares vested	265,143
Restricted Share Units (RSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Shares granted to eligible employees vest term		3 years
Number of units redeemed		266,744	266,876
Performance Share Units (PSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Shares granted to eligible employees vest term		3 years
Number of units redeemed		438,612	143,659
Deferred Share Units (DSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of units redeemed		18,830
Executive Restricted Share Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Share unit vesting period		3 years
Net earnings (loss) | $		$ (3,000,000)	$ 0
U.S. Share Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of options granted		0	0

Summary of Shares Outstanding U

Summary of Shares Outstanding Under Share Based Incentive Plans (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted Share Units (RSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	495,168	598,156
Granted	66,032	180,710
Redeemed	(266,744)	(266,876)
Forfeited	(18,362)	(16,822)
Ending balance	276,094	495,168
Performance Share Units (PSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	1,136,671	983,734
Granted	121,690	311,579
Redeemed	(438,612)	(143,659)
Forfeited	(25,006)	(14,983)
Ending balance	794,743	1,136,671
Deferred Share Units (DSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	118,774	104,591
Granted	16,336	14,183
Redeemed	(18,830)
Ending balance	116,280	118,774

Summary of Executive Restricted

Summary of Executive Restricted Share Units Plan (Detail) - Executive Restricted Share Units [Member]	12 Months Ended
	Dec. 31, 2023 shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance | shares	0
Granted | shares	46,740
Ending balance | shares	46,740
Weighted Average Fair Value, Beginning balance | $ / shares	$ 0
Weighted Average Fair Value, Granted | $ / shares	96.9
Weighted Average Fair Value, Ending balance | $ / shares	$ 96.9

Summary of Status of Equity Inc

Summary of Status of Equity Incentive Plan (Detail)	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares
Canadian Share Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Options Outstanding, Beginning balance | shares	23,055	115,605
Options Outstanding, Exercised | shares		(26,705)
Options Outstanding, Forfeited | shares		(65,845)
Options Outstanding, Ending balance | shares	23,055	23,055
Weighted Average Exercise Price, Beginning balance	$ 113.01	$ 123.35
Weighted Average Exercise Price, Exercised		88.62
Weighted Average Exercise Price, Forfeitures		141.05
Weighted Average Exercise Price, Ending balance	$ 113.01	$ 113.01
Options exercisable | shares	23,055	23,055	115,605
Canadian Share Options [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Range of Exercise Prices, Beginning balance	$ 145.97	$ 146.4
Range of Exercise Prices, Exercised		89.2
Range of Exercise Prices, Forfeitures		286.2
Range of Exercise Prices, Ending balance	145.97	145.97
Canadian Share Options [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Range of Exercise Prices, Beginning balance	87	87
Range of Exercise Prices, Exercised		87
Range of Exercise Prices, Forfeitures		89.2
Range of Exercise Prices, Ending balance	$ 87	$ 87
U.S. Share Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Options Outstanding, Beginning balance | shares	141,748	267,843
Options Outstanding, Granted | shares	0	0
Options Outstanding, Exercised | shares		(93,890)
Options Outstanding, Forfeited | shares	(13,350)	(32,205)
Options Outstanding, Ending balance | shares	128,398	141,748
Weighted Average Exercise Price, Beginning balance	$ 84.84	$ 80.43
Weighted Average Exercise Price, Exercised		61.64
Weighted Average Exercise Price, Forfeitures	75.66	115.8
Weighted Average Exercise Price, Ending balance	$ 85.8	$ 84.84
Options exercisable | shares	128,398	141,748	257,854
U.S. Share Options [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Range of Exercise Prices, Beginning balance	$ 111.47	$ 115.8
Range of Exercise Prices, Exercised		68.8
Range of Exercise Prices, Forfeitures	100.4	115.8
Range of Exercise Prices, Ending balance	111.47	111.47
U.S. Share Options [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Range of Exercise Prices, Beginning balance	51.2	51.2
Range of Exercise Prices, Exercised		51.2
Range of Exercise Prices, Forfeitures	64.2	115.8
Range of Exercise Prices, Ending balance	$ 51.2	$ 51.2

Range of Exercise Prices for Op

Range of Exercise Prices for Options Outstanding (Detail)	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares
Canadian Share Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	23,055	23,055	115,605
Total options outstanding, Weighted average exercise price	$ 113.01	$ 113.01	$ 123.35
Options exercisable, Number | shares	23,055	23,055	115,605
Canadian Share Options [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices		$ 89.2
Canadian Share Options [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices		$ 87
Canadian Share Options [Member] | 87.00 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	$ 87
Total options outstanding, Number | shares	12,885
Total options outstanding, Weighted average exercise price	$ 87
Total options outstanding, Weighted average remaining contractual life (years)	1 year 1 month 24 days
Options exercisable, Number | shares	12,885
Options exercisable, Weighted average exercise price	$ 87
Canadian Share Options [Member] | 145.97 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	$ 145.97
Total options outstanding, Number | shares	10,170
Total options outstanding, Weighted average exercise price	$ 145.97
Total options outstanding, Weighted average remaining contractual life (years)	1 month 17 days
Options exercisable, Number | shares	10,170
Options exercisable, Weighted average exercise price	$ 145.97
Canadian Share Options [Member] | 87.00 – 145.97 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	23,055
Total options outstanding, Weighted average exercise price	$ 113.01
Total options outstanding, Weighted average remaining contractual life (years)	8 months 12 days
Options exercisable, Number | shares	23,055
Options exercisable, Weighted average exercise price	$ 113.01
Canadian Share Options [Member] | 87.00 – 145.97 Range of Exercise Prices [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	145.97
Canadian Share Options [Member] | 87.00 – 145.97 Range of Exercise Prices [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	$ 87
U.S. Share Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	128,398	141,748	267,843
Total options outstanding, Weighted average exercise price	$ 85.8	$ 84.84	$ 80.43
Options exercisable, Number | shares	128,398	141,748	257,854
U.S. Share Options [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices		$ 68.8
U.S. Share Options [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices		$ 51.2
U.S. Share Options [Member] | 51.20 - 79.80 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	74,118
Total options outstanding, Weighted average exercise price	$ 66.99
Total options outstanding, Weighted average remaining contractual life (years)	1 year 3 months 7 days
Options exercisable, Number | shares	74,118
Options exercisable, Weighted average exercise price	$ 66.99
U.S. Share Options [Member] | 51.20 - 79.80 Range of Exercise Prices [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	79.8
U.S. Share Options [Member] | 51.20 - 79.80 Range of Exercise Prices [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	51.2
U.S. Share Options [Member] | 111.47 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	$ 111.47
Total options outstanding, Number | shares	54,280
Total options outstanding, Weighted average exercise price	$ 111.47
Total options outstanding, Weighted average remaining contractual life (years)	1 month 17 days
Options exercisable, Number | shares	54,280
Options exercisable, Weighted average exercise price	$ 111.47
U.S. Share Options [Member] | 51.20 – 111.47 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	128,398
Total options outstanding, Weighted average exercise price	$ 85.8
Total options outstanding, Weighted average remaining contractual life (years)	9 months 14 days
Options exercisable, Number | shares	128,398
Options exercisable, Weighted average exercise price	$ 85.8
U.S. Share Options [Member] | 51.20 – 111.47 Range of Exercise Prices [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	111.47
U.S. Share Options [Member] | 51.20 – 111.47 Range of Exercise Prices [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	$ 51.2

Schedule of Provision for Incom

Schedule of Provision for Income Taxes (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in deferred tax liability (asset) [abstract]
Earnings (loss) before income taxes	$ 265,779	$ (14,143)
Federal and provincial statutory rates	24%	24%	15%
Tax at statutory rates	$ 63,787	$ (3,394)
Adjusted for the effect of:
Non-deductible expenses	2,426	1,146
Non-taxable capital gains	(2,551)	(379)
Gain on acquisition	(6,222)
Impact of foreign tax rates	(2,450)	(2,559)
Withholding taxes	337	1,026
Taxes related to prior years	(4,945)	1,718
Tax assets not recognized	8,629	22,592
Deferred tax assets recognized	(82,476)
Income taxes	$ (23,465)	$ 20,150

Summary of Net Deferred Tax Lia

Summary of Net Deferred Tax Liability (Detail) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax liability:
Property, plant and equipment and intangibles	$ 358,170	$ 364,278
Debt issue costs	928	1,303
Partnership deferrals	0	21,768
Other	6,741	6,284
Deferred income tax liability	365,839	393,633
Offsetting of assets and liabilities	(292,324)	(364,687)
Deferred tax liabilities	73,515	28,946
Deferred tax assets:
Losses (expire from time to time up to 2042)	332,192	318,967
Long-term incentive plan	21,770	36,542
Other	12,024	9,633
Deferred income tax asset	365,986	365,142
Offsetting of assets and liabilities	(292,324)	(364,687)
Deferred tax assets	73,662	455
Net deferred tax liability (asset)	$ (147)	$ 28,491	$ 11,352

Summary of Deferred Tax Asset N

Summary of Deferred Tax Asset Not Recognized (Detail) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]
Tax losses (Capital)	$ 17,247	$ 29,255
Tax losses (Income)	23,446	134,588
Deductible temporary differences	5,246	5,224
Total	$ 45,939	$ 169,067

Summary of Movement in Temporar

Summary of Movement in Temporary Differences of Deferred Tax Liabilities (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	$ 28,491	$ 11,352
Recognized in net earnings (loss)	(27,959)	15,788
Acquisition	964
Foreign exchange	(1,643)	1,351
Ending Balance	(147)	28,491
Property, Plant and Equipment and Intangibles [member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	364,278	359,383
Recognized in net earnings (loss)	(11,063)	(10,047)
Acquisition	9,865
Foreign exchange	(4,910)	14,942
Ending Balance	358,170	364,278
Partnership Deferrals [member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	21,768	11,082
Recognized in net earnings (loss)	(21,768)	10,686
Ending Balance	0	21,768
Other Deferred Tax Liabilities [Member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	6,284	6,221
Recognized in net earnings (loss)	(231)	51
Acquisition	694
Foreign exchange	(6)	12
Ending Balance	6,741	6,284
Losses [member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	(318,967)	(340,406)
Recognized in net earnings (loss)	(6,792)	33,827
Acquisition	(9,358)
Foreign exchange	2,925	(12,388)
Ending Balance	(332,192)	(318,967)
Debt Issue Costs [Member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	1,303	1,457
Recognized in net earnings (loss)	(375)	(154)
Ending Balance	928	1,303
Long-Term Incentive Plan [member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	(36,542)	(14,264)
Recognized in net earnings (loss)	14,583	(21,583)
Foreign exchange	189	(695)
Ending Balance	(21,770)	(36,542)
Other Deferred Tax Assets [Member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	(9,633)	(12,121)
Recognized in net earnings (loss)	(2,313)	3,008
Acquisition	(237)
Foreign exchange	159	(520)
Ending Balance	$ (12,024)	$ (9,633)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net deferred tax assets and liabilities [abstract]
Minimum tax rate	24%	24%	15%

Bank Indebtedness - Additional

Bank Indebtedness - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)
Disclosure of detailed information about financial instruments [Line Items]
Description of interest rate	Advances under the $40 million facility are available at the bank’s prime lending rate, U.S. base rate, U.S. LIBOR rate plus applicable margin, or applicable margin for Banker’s Acceptances, or in combination, and under the US$15 million facility at the bank’s prime lending rate.
Top of range [member] | Secured Demand Letter of Credit [Member]
Disclosure of detailed information about financial instruments [Line Items]
Amount of increase (decrease) of the credit facility.				$ 40
Bottom of range [member] | Secured Demand Letter of Credit [Member]
Disclosure of detailed information about financial instruments [Line Items]
Amount of increase (decrease) of the credit facility.				30
40.0 Million Secured Operating Facilities [Member]
Disclosure of detailed information about financial instruments [Line Items]
Line of credit borrowing capacity	$ 40,000,000		$ 40,000,000
Line of credit outstanding	0		0
Letters of credit outstanding	20,000,000		28,000,000
15.0 Million Secured Operating Facilities [Member]
Disclosure of detailed information about financial instruments [Line Items]
Line of credit borrowing capacity		$ 15		15
Line of credit outstanding	0		0
40.0 Million Operating Facilities [member]
Disclosure of detailed information about financial instruments [Line Items]
Line of credit borrowing capacity		40		40
Line of credit outstanding	$ 0		$ 0
Letters of credit outstanding		$ 28		$ 31

Change in Provisions and Other

Change in Provisions and Other (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of other provisions [abstract]
Beginning balance	$ 11,747	$ 8,718
Expensed during the year	5,261	7,615
Payment of deductibles and uninsured claims	(6,124)	(5,229)
Foreign exchange	(248)	643
Ending balance	$ 10,636	$ 11,747

Balance Sheet Classification of

Balance Sheet Classification of Provisions and Other (Detail) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of other provisions [abstract]
Current	$ 3,496	$ 4,209
Long-term	7,140	7,538
Other provisions	$ 10,636	$ 11,747	$ 8,718

Schedule of Issued Capital (Det

Schedule of Issued Capital (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of classes of share capital [line items]
Beginning balance, shares	13,558,525	13,304,425
Share repurchase	(412,623)	(130,395)
Issue of shares on business acquisition	947,807
Redemption of non-management directors share units	12,494
Share options exercised, shares		120,595
Ending balance, shares	14,336,539	13,558,525
Beginning balance	$ 2,299,533	$ 2,281,444
Share repurchase	(29,955)	(10,010)
Issue of shares on business acquisition, value	75,588
Redemption of non-management directors share units	757
Share options exercised		14,016
Ending balance	$ 2,365,129	$ 2,299,533
Performance Share Units (PSUs) [Member]
Disclosure of classes of share capital [line items]
Settlement of Executive PSUs, shares		263,900
Settlement of Executive PSUs		$ 14,083
Performance Share Units (PSUs) and Restricted Share Units (RSUs) [Member]
Disclosure of classes of share capital [line items]
Settlement of PSUs and RSUs, shares	230,336
Settlement of PSUs and RSUs	$ 19,206

Shareholders Capital - Addition

Shareholders Capital - Additional Information (Detail) - CAD ($) $ in Millions		12 Months Ended
	Jan. 01, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Classes Of Share Capital [Line Items]
Number of share purchase and cancel		412,623	130,395
Percentage of share purchase and cancel		10%
Purchase and cancel of shares | $		$ 30	$ 10
Events After Reporting Period [Member]
Disclosure Of Classes Of Share Capital [Line Items]
Number of share purchase and cancel	123,100
Purchase and cancel of shares | $	$ 10
Top of Range [Member]
Disclosure Of Classes Of Share Capital [Line Items]
Number of share purchase and cancel		1,326,321

Summary of Per Share Amounts (D

Summary of Per Share Amounts (Detail) - CAD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted average ordinary shares used in calculating basic and diluted earnings per share [abstract]
Net earnings (loss) -- basic	$ 289,244	$ (34,293)
Effect of share options and other equity compensation plans	9,235
Net earnings (loss) - diluted	$ 298,479	$ (34,293)
Weighted average shares outstanding – basic	13,754	13,546
Effect of share options and other equity compensation plans	1,533
Weighted average shares outstanding – diluted	15,287	13,546

Summary of Accumulated Other Co

Summary of Accumulated Other Comprehensive Income (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 159,714
Ending Balance	147,476	$ 159,714
Unrealized Foreign Currency Translation Gains (Losses) [member]
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	579,070	472,401
Other comprehensive income (loss)	(33,433)	106,669
Ending Balance	545,637	579,070
Foreign Exchange Gain (Loss) on Net Investment Hedge [member]
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(424,754)	(343,019)
Other comprehensive income (loss)	21,195	(81,735)
Ending Balance	(403,559)	(424,754)
Tax Benefit Related To Net Investment Hedge Of Long Term Debt [Member]
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	5,398	5,398
Ending Balance	5,398	5,398
Accumulated Other Comprehensive Income [Member]
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	159,714	134,780
Other comprehensive income (loss)	(12,238)	24,934
Ending Balance	$ 147,476	$ 159,714

Compensation of Key Management

Compensation of Key Management Personnel (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of transactions between related parties [abstract]
Salaries and other benefits	$ 9,966	$ 6,132
Equity-settled share-based compensation	1,541	441
Cash-settled share-based compensation	17,660	60,796
Key management personnel compensation	$ 29,167	$ 67,369

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023
Disclosure of transactions between related parties [abstract]
Related party transactions, description	Certain executive officers have entered into employment agreements with Precision that provide termination benefits of up to 24 months base salary plus up to two times targeted incentive compensation upon dismissal without cause.

Capital Commitments - Additiona

Capital Commitments - Additional Information (Detail) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of capital commitments [Line Items]
Commitments to purchase property, plant and equipment	$ 175	$ 184
2024 [Member]
Disclosure of capital commitments [Line Items]
Commitments to purchase property, plant and equipment	88
2025 [Member]
Disclosure of capital commitments [Line Items]
Commitments to purchase property, plant and equipment	72
2026 [Member]
Disclosure of capital commitments [Line Items]
Commitments to purchase property, plant and equipment	$ 15

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2023 USD ($) Customer	Dec. 31, 2023 CAD ($) Customer	Dec. 31, 2022 USD ($) Customer	Dec. 31, 2022 CAD ($) Customer
Disclosure of detailed information about financial instruments [Line Items]
Number of customers | Customer			0	0	0	0
Percentage concentration risk rate	10%
Percentage of change in interest rates	1%
Impact on net income due to changes in interest rate		$ 1
Fair value of unsecured senior notes				$ 867		$ 965
Top of range [member]
Disclosure of detailed information about financial instruments [Line Items]
Impact on net income due to changes in interest rate	$ 1
Senior Credit Facility [Member]
Disclosure of detailed information about financial instruments [Line Items]
Credit facility amount withdrawn			$ 0		$ 44
Real Estate Credit Facility [Member]
Disclosure of detailed information about financial instruments [Line Items]
Credit facility amount withdrawn				27		30
Credit Risk [Member] | Most Significant Customer [Member]
Disclosure of detailed information about financial instruments [Line Items]
Trade receivables				$ 24		$ 24

Summary of Expected Credit Loss

Summary of Expected Credit Loss Allowance (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Allowance For Doubtful Accounts [Abstract]
Beginning balance	$ 1,732	$ 585
Impairment loss recognized	437	1,167
Amounts written-off as uncollectible	(1,784)	(23)
Impairment loss reversed	(53)	(31)
Effect of movement in exchange rates	6	34
Ending balance	$ 338	$ 1,732

Summary of Ageing of Trade Rece

Summary of Ageing of Trade Receivables (Detail) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of provision matrix [Line Items]
Total Trade Receivables	$ 305,141	$ 297,329
Gross [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	305,479	299,061
Gross [Member] | Not Past Due [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	214,897	224,872
Gross [Member] | Past Due 0 - 30 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	70,398	54,578
Gross [Member] | Past Due 31 - 120 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	17,465	18,845
Gross [Member] | Past Due More than 120 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	2,719	766
Provision for Impairment [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	(338)	(1,732)
Provision for Impairment [Member] | Not Past Due [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	(1)	(2)
Provision for Impairment [Member] | Past Due 0 - 30 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	(3)	(16)
Provision for Impairment [Member] | Past Due 31 - 120 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	(273)	(1,400)
Provision for Impairment [Member] | Past Due More than 120 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	$ (61)	$ (314)

Summary of Financial Instrument

Summary of Financial Instruments were Denominated in U S Dollars (Detail) $ in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disclosure of detailed information about financial instruments [Line Items]
Cash		$ 54,182	$ 21,587
Accounts receivable		421,427	413,925
Accounts payable and accrued liabilities		(342,382)	(392,053)
Canadian Operations [Member] | Currency Risk [Member]
Disclosure of detailed information about financial instruments [Line Items]
Cash				$ 9,539	$ 264
Accounts receivable				17	215
Accounts payable and accrued liabilities				(26,706)	(28,041)
Long-term liabilities, excluding long-term incentive plans	[1]			0	0
Net foreign currency exposure				(17,150)	(27,562)
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on net earnings (loss)		(172)	(276)
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on comprehensive loss		0	0
Foreign Operations [Member] | Currency Risk [Member]
Disclosure of detailed information about financial instruments [Line Items]
Cash				16,459	13,421
Accounts receivable				148,885	175,543
Accounts payable and accrued liabilities				(120,416)	(101,531)
Long-term liabilities, excluding long-term incentive plans	[1]			(13,708)	(14,542)
Net foreign currency exposure				$ 31,220	$ 72,891
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on net earnings (loss)		0	0
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on comprehensive loss		$ 312	$ 729
[1] Excludes U.S. dollar long-term debt that has been designated as a hedge of the Corporation’s net investment in certain self-sustaining foreign operations.

Summary of Contractual Maturiti

Summary of Contractual Maturities of Financial Liabilities and Other Contractual Commitments (Detail) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities	$ 342,382	$ 392,053
Share-based compensation	(32,063)	(133,647)
Long-term debt, gross	926,199	$ 1,100,551	$ 681,015	$ 800,154
Liquidity risk [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities	342,382
Share-based compensation	101,773
Long-term debt, gross	929,047
Interest on long-term debt	243,346
Commitments	245,385
Total	1,861,933
Liquidity risk [Member] | 2024 [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities	342,382
Share-based compensation	67,117
Long-term debt, gross	2,848
Interest on long-term debt	65,030
Commitments	105,803
Total	583,180
Liquidity risk [Member] | 2025 [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities	0
Share-based compensation	23,523
Long-term debt, gross	12,096
Interest on long-term debt	64,950
Commitments	87,116
Total	187,685
Liquidity risk [Member] | 2026 [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities	0
Share-based compensation	11,133
Long-term debt, gross	376,345
Interest on long-term debt	38,305
Commitments	27,267
Total	453,050
Liquidity risk [Member] | 2027 [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities	0
Share-based compensation	0
Long-term debt, gross	582
Interest on long-term debt	36,885
Commitments	8,651
Total	46,118
Liquidity risk [Member] | 2028 [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities	0
Share-based compensation	0
Long-term debt, gross	7,272
Interest on long-term debt	36,658
Commitments	5,800
Total	49,730
Liquidity risk [Member] | Thereafter [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities	0
Share-based compensation	0
Long-term debt, gross	529,904
Interest on long-term debt	1,518
Commitments	10,748
Total	$ 542,170

Capital Management - Summary of

Capital Management - Summary of Capitalization and Ratio (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Capitalisation [Abstract]
Long-term debt	$ 914,830	$ 1,085,970
Shareholders' equity	1,575,662	1,230,529
Total capitalization	$ 2,490,492	$ 2,316,499
Long-term debt to long-term debt plus equity ratio	0.37%	0.47%

Capital Management - Additional

Capital Management - Additional Information (Detail) $ in Thousands	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)
Disclosure Of Capitalisation [Line Items]
Cash	$ 54,182		$ 21,587
Credit facility drawn	929,047
Senior Credit Facility [Member]
Disclosure Of Capitalisation [Line Items]
Line of credit borrowing capacity		$ 447,000,000		$ 500,000,000
Credit facility drawn		0		44,000,000
Letters of Credit [Member]
Disclosure Of Capitalisation [Line Items]
Change in borrowings capacity		56,000,000		56,000,000
Secured Facility [Member]
Disclosure Of Capitalisation [Line Items]
Line of credit facility, remaining capacity		40,000,000
Letters of credit outstanding	20,000	28,000,000	28,000	31,000,000
Secured Operating Facility [Member]
Disclosure Of Capitalisation [Line Items]
Line of credit borrowing capacity	115,000		$ 115,000
40.0 Million Secured Operating Facilities [Member]
Disclosure Of Capitalisation [Line Items]
Line of credit facility, remaining capacity	$ 40,000
15.0 Million Secured Operating Facilities [Member]
Disclosure Of Capitalisation [Line Items]
Line of credit borrowing capacity		15,000,000
Credit facility drawn		$ 0
Line of credit outstanding				$ 0

Components of Changes in Non-ca

Components of Changes in Non-cash Working Capital Balances (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Change In Noncash Working Capital Balances [Abstract]
Accounts receivable	$ 30,431	$ (143,832)
Inventory	(637)	(10,482)
Accounts payable and accrued liabilities	(50,787)	121,878
Non cash working capital	(20,993)	(32,436)
Operations	(32,838)	(45,890)
Investments	$ 11,845	$ 13,454

Components of Accounts Receivab

Components of Accounts Receivable (Detail) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable [Abstract]
Trade	$ 305,141	$ 297,329
Accrued trade	29,363	25,446
Prepaids and other	86,923	91,150
Trade and other current receivables	$ 421,427	$ 413,925

Components of Accounts Payable

Components of Accounts Payable and Accrued Liabilities (Detail) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable And Accrued Liabilities1 [Abstract]
Accounts payable	$ 151,348	$ 136,360
Accrued liabilities:
Payroll	82,257	153,932
Other	108,777	101,761
Accounts payable and accrued liabilities	$ 342,382	$ 392,053

Supplemental Information - Addi

Supplemental Information - Additional Information (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Supplemental Information [Line Items]
Operating expense	$ 1,204,548	$ 1,124,601
General and administrative expense	122,188	180,988
Depreciation and amortization gain on asset disposal loss on asset decommissioning and reversal of impairment of property plant and equipment [Member]
Supplemental Information [Line Items]
Operating expense	269,000	241,000
General and administrative expense	$ 14,000	$ 8,000

Summary of Operating and Genera

Summary of Operating and General and Administrative Expenses (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Expenses by nature [abstract]
Wages, salaries and benefits	$ 846,216	$ 735,566
Purchased materials, supplies and services	445,927	436,356
Share-based compensation	34,593	133,667
Operating and general and administrative expenses	1,326,736	1,305,589
Allocated to:
Operating expense	1,204,548	1,124,601
General and administrative	122,188	180,988
Operating and general and administrative expenses	$ 1,326,736	$ 1,305,589

Contingencies and Guarantees -

Contingencies and Guarantees - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($)
Tax contingent liability [Member]
Disclosure of contingent liabilities [Line Items]
Disclosure of uncertainties of contingent liabilities	The business and operations of the Corporation are complex and the Corporation has executed a number of significant financings, business combinations, acquisitions and dispositions over the course of its history. The computation of income taxes payable as a result of these transactions involves many complex factors as well as the Corporation’s interpretation of relevant tax legislation and regulations. The Corporation’s management believes that the provision for income tax is adequate and in accordance with IFRS and applicable legislation and regulations. However, there are tax filing positions that have been and can still be the subject of review by taxation authorities who may successfully challenge the Corporation’s interpretation of the applicable tax legislation and regulations, with the result that additional taxes could be payable by the Corporation.
Legal proceedings contingent liability [Member]
Disclosure of contingent liabilities [Line Items]
Disclosure of uncertainties of contingent liabilities	The Corporation, through the performance of its services, product sales and business arrangements, is sometimes named as a defendant in litigation. The outcome of such claims against the Corporation is not determinable at this time; however, their ultimate resolution is not expected to have a material adverse effect on the Corporation.
Other contingent liabilities [Member]
Disclosure of contingent liabilities [Line Items]
Disclosure not practicable	The Corporation has entered into agreements indemnifying certain parties primarily with respect to tax and specific third-party claims associated with businesses sold by the Corporation. Due to the nature of the indemnifications, the maximum exposure under these agreements cannot be estimated. No amounts have been recorded for the indemnities as the Corporation’s obligations under them are not probable or determinable
Obligation amount	$ 0

Long-Term Debt Guarantors - Add

Long-Term Debt Guarantors - Additional Information (Details) $ in Thousands	Dec. 31, 2023 CAD ($)
Disclosure of subsidiaries [line items]
Borrowings	$ 929,047
Unsecured Senior Notes [Member] | Guarantor Subsidiaries [Member]
Disclosure of subsidiaries [line items]
Borrowings	892,000
Unsecured Senior Notes Outstanding Due in 2026 [Member] | Guarantor Subsidiaries [Member]
Disclosure of subsidiaries [line items]
Borrowings	362,000
Unsecured Senior Notes Outstanding Due in 2029 [Member] | Guarantor Subsidiaries [Member]
Disclosure of subsidiaries [line items]
Borrowings	$ 530,000

Statements of Net Earnings (Los

Statements of Net Earnings (Loss) (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of subsidiaries [Line Items]
Revenue	$ 1,937,854	$ 1,617,194
Expenses	1,204,548	1,124,601
Net earnings (loss)	289,244	(34,293)
Parent And Guarantor Subsidiaries [Member]
Disclosure of subsidiaries [Line Items]
Revenue	1,784,797	1,474,824
Expenses	1,206,180	1,196,168
Earnings before income taxes, gain on repurchase of unsecured senior notes, gain on acquisition, loss (gain) on investments and other assets, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals, and depreciation and amortization	578,617	278,656
Net earnings (loss)	$ 276,931	$ (25,780)

Statements of Financial Positio

Statements of Financial Position (Detail) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Current assets	$ 510,881	$ 470,670
Property, plant and equipment	2,338,088	2,303,338
Accounts receivable, intercompany	421,427	413,925
Liabilities and shareholders' equity
Current liabilities	365,642	410,029
Long-term debt	914,830	1,085,970
Accounts payable and accrued liabilities, intercompany	342,382	392,053
Parent And Guarantor Subsidiaries [Member]
Assets
Current assets	363,987	378,740
Property, plant and equipment	2,008,758	1,959,329
Other non-current assets	138,121	97,691
Accounts receivable, intercompany	53,939	52,649
Short-term advances to affiliates	62,519	11,753
Liabilities and shareholders' equity
Current liabilities	283,242	365,025
Long-term debt	905,811	1,085,970
Other non-current liabilities	161,134	144,477
Accounts payable and accrued liabilities, intercompany	206,340	41,202
Long-term advances from affiliates	$ 170,316	$ 183,330

Summary of Subsidiaries (Detail

Summary of Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of subsidiaries [Line Items]
Ownership Interest	100%
Precision Limited Partnership [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Canada
Ownership Interest	100%	100%
Precision Drilling Canada Limited Partnership [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Canada
Ownership Interest	100%	100%
Precision Diversified Oilfield Services Corp [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Canada
Ownership Interest	100%	100%
Precision Drilling (US) Corporation [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	United States
Ownership Interest	100%	100%
Precision Drilling Holdings Company [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	United States
Ownership Interest	100%	100%
Precision Drilling Company LP [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	United States
Ownership Interest	100%	100%
Precision Completion and Production Services Ltd [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	United States
Ownership Interest	100%	100%
Grey Wolf Drilling Limited [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Barbados
Ownership Interest	100%	100%
Grey Wolf Drilling Barbados Ltd [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Barbados
Ownership Interest	100%	100%