Precision Drilling (PDS) 6-K Current report (foreign)

Exhibit 99.2

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars)	March 31, 2024			December 31, 2023			January 1, 2023
ASSETS				(see Note 2d)
Current assets:
Cash	$	30,948		$	54,182		$	21,587
Accounts receivable		432,674			421,427			413,925
Inventory		36,018			35,272			35,158
Total current assets		499,640			510,881			470,670
Non-current assets:
Income tax recoverable		696			682			1,602
Deferred tax assets		50,294			73,662			455
Property, plant and equipment		2,349,414			2,338,088			2,303,338
Intangibles		16,367			17,310			19,575
Right-of-use assets		65,625			63,438			60,032
Finance lease receivables		4,891			5,003			—
Investments and other assets		10,199			9,971			20,451
Total non-current assets		2,497,486			2,508,154			2,405,453
Total assets	$	2,997,126		$	3,019,035		$	2,876,123
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	266,298		$	350,749		$	404,350
Income taxes payable		3,782			3,026			2,991
Current portion of lease obligations		18,584			17,386			12,698
Current portion of long-term debt (Note 5)		2,869			2,848			2,287
Total current liabilities		291,533			374,009			422,326
Non-current liabilities:
Share-based compensation (Note 7)		5,942			16,755			47,836
Provisions and other		7,302			7,140			7,538
Lease obligations		57,742			57,124			52,978
Long-term debt (Note 5)		935,142			914,830			1,085,970
Deferred tax liabilities		64,032			73,515			28,946
Total non-current liabilities		1,070,160			1,069,364			1,223,268
Shareholders’ equity:
Shareholders’ capital (Note 8)		2,376,894			2,365,129			2,299,533
Contributed surplus		74,482			75,086			72,555
Deficit		(975,513	)		(1,012,029	)		(1,301,273	)
Accumulated other comprehensive income		159,570			147,476			159,714
Total shareholders’ equity		1,635,433			1,575,662			1,230,529
Total liabilities and shareholders’ equity	$	2,997,126		$	3,019,035		$	2,876,123

See accompanying notes to condensed interim consolidated financial statements.

1

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (UNAUDITED)

	Three Months Ended March 31,
(Stated in thousands of Canadian dollars, except per share amounts)	2024			2023
Revenue (Note 3)	$	527,788		$	558,607
Expenses:
Operating		339,506			339,867
General and administrative		45,133			15,521
Earnings before income taxes, loss (gain) on    investments and other assets, finance charges,    foreign exchange, gain on asset disposals, and    depreciation and amortization		143,149			203,219
Depreciation and amortization		78,213			71,543
Gain on asset disposals		(3,237	)		(9,276	)
Foreign exchange		394			(483	)
Finance charges (Note 6)		18,369			22,920
Loss (gain) on investments and other assets		(228	)		4,230
Earnings before income taxes		49,638			114,285
Income taxes:
Current		1,017			841
Deferred		12,105			17,614
		13,122			18,455
Net earnings	$	36,516		$	95,830
Net earnings per share: (Note 9)
Basic	$	2.53		$	7.02
Diluted	$	2.53		$	5.57

See accompanying notes to condensed interim consolidated financial statements.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

	Three Months Ended March 31,
(Stated in thousands of Canadian dollars)	2024			2023
Net earnings	$	36,516		$	95,830
Unrealized gain (loss) on translation of assets     and liabilities of operations denominated in    foreign currency		32,253			(4,140	)
Foreign exchange gain (loss) on net investment hedge    with U.S. denominated debt		(20,159	)		2,673
Comprehensive income	$	48,610		$	94,363

See accompanying notes to condensed interim consolidated financial statements.

2

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended March 31,
(Stated in thousands of Canadian dollars)	2024			2023
Cash provided by (used in):
Operations:
Net earnings	$	36,516		$	95,830
Adjustments for:
Long-term compensation plans		7,451			(4,117	)
Depreciation and amortization		78,213			71,543
Gain on asset disposals		(3,237	)		(9,276	)
Foreign exchange		728			(502	)
Finance charges		18,369			22,920
Income taxes		13,122			18,455
Loss (gain) on investments and other assets		(228	)		4,230
Income taxes paid		(234	)		(171	)
Interest paid		(33,430	)		(39,375	)
Interest received		495			116
Funds provided by operations		117,765			159,653
Changes in non-cash working capital balances		(52,222	)		(131,297	)
Cash provided by operations		65,543			28,356
Investments:
Purchase of property, plant and equipment		(55,527	)		(50,795	)
Proceeds on sale of property, plant and equipment		5,186			7,765
Business acquisitions		—			(28,000	)
Purchase of investments and other assets		—			(55	)
Receipt of finance lease payments		191			—
Changes in non-cash working capital balances		(25,087	)		(7,732	)
Cash used in investing activities		(75,237	)		(78,817	)
Financing:
Issuance of long-term debt		—			139,049
Repayments of long-term debt		(716	)		(61,344	)
Repurchase of share capital		(10,081	)		(4,993	)
Lease payments		(3,200	)		(1,961	)
Cash used in financing activities		(13,997	)		70,751
Effect of exchange rate changes on cash		457			(258	)
Increase (decrease) in cash		(23,234	)		20,032
Cash, beginning of period		54,182			21,587
Cash, end of period	$	30,948		$	41,619

See accompanying notes to condensed interim consolidated financial statements.

3

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus			Accumulated Other Comprehensive Income		Deficit			Total Equity
Balance at January 1, 2024	$	2,365,129		$	75,086		$	147,476	$	(1,012,029	)	$	1,575,662
Net earnings for the period		—			—			—		36,516			36,516
Other comprehensive income    for the period		—			—			12,094		—			12,094
Settlement of Executive Performance    and Restricted Share Units		21,846			(1,479	)		—		—			20,367
Share repurchases		(10,081	)		—			—		—			(10,081	)
Share-based compensation expense		—			875			—		—			875
Balance at March 31, 2024	$	2,376,894		$	74,482		$	159,570	$	(975,513	)	$	1,635,433

(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus		Accumulated Other Comprehensive Income			Deficit			Total Equity
Balance at January 1, 2023	$	2,299,533		$	72,555	$	159,714		$	(1,301,273	)	$	1,230,529
Net earnings for the period		—			—		—			95,830			95,830
Other comprehensive loss    for the period		—			—		(1,467	)		—			(1,467	)
Settlement of Executive Performance    and Restricted Share Units		19,206			—		—			—			19,206
Share repurchases		(4,993	)		—		—			—			(4,993	)
Share-based compensation expense		—			480		—			—			480
Balance at March 31, 2023	$	2,313,746		$	73,035	$	158,247		$	(1,205,443	)	$	1,339,585

See accompanying notes to condensed interim consolidated financial statements.

4

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

NOTE 1. DESCRIPTION OF BUSINESS

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

NOTE 2. BASIS OF PRESENTATION

(a) Statement of Compliance

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

The condensed interim consolidated financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Corporation as at and for the year ended December 31, 2023.

These condensed interim consolidated financial statements were prepared using accounting policies and methods of their application are consistent with those used in the preparation of the Corporation’s consolidated annual financial statements for the year ended December 31, 2023, except as noted in Note 2 (d).

These condensed interim consolidated financial statements were approved by the Board of Directors on April 24, 2024.

(b) Use of Estimates and Judgements

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

Significant estimates and judgements used in the preparation of these condensed interim consolidated financial statements remained unchanged from those disclosed in the Corporation’s consolidated annual financial statements for the year ended December 31, 2023.

(c) Environmental Reporting Regulations

Environmental reporting continues to evolve and the Corporation may be subject to additional future disclosure requirements. The International Sustainability Standards Board (ISSB) has issued two IFRS Sustainability Disclosure Standards with the objective to develop a global framework for environmental sustainability disclosure. The Canadian Sustainability Standards Board (CSSB) has also released two Exposure Drafts open for comment on Proposed Canadian Sustainability Disclosure Standards which are aligned with the ISSB. Final CSSB standards are anticipated to be issued later in 2024. The Canadian Securities Administrators (CSA) 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.

(d) Change in Accounting Policy

The Corporation has adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Amendments to IAS 1, as issued in 2020 and 2022. The amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024. They clarify certain requirements for determining whether a liability should be classified as current or non-current and require new disclosures for non-current liabilities that are subject to covenants within 12 months after the reporting period.

5

Due to the change in policy, there is a retrospective impact on the comparative statement of financial position, as the Corporation has a deferred share unit (DSU) plan for non-management directors which are redeemable in cash or for an equal number of common shares upon the director's retirement. In the case of a director retiring, the director's respective DSU liability would become payable and the Corporation would not have the right to defer settlement of the liability for at least 12 months. As such, the liability is impacted by the revised policy. The following presentation changes were made to the Statement of Financial Position:

· As of January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million.

· As of December 31, 2023, accounts payable and accrued liabilities increased by $8 million and non-current share-based compensation liability decreased by $8 million.

The related liability is now classified as current at March 31, 2024 because the DSUs can be redeemed by the holders within 12 months after the reporting period. The Corporation's other liabilities were not impacted by the amendments.

The change in accounting policy will also be reflected in the Corporation's consolidated financial statements as at and for the year ending December 31, 2024.

NOTE 3. Revenue

(a) Disaggregation of revenue

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

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

Three Months Ended March 31, 2023	Contract Drilling Services		Completion and Production Services		Corporate and Other		Inter- Segment Eliminations			Total
United States	$	254,138	$	4,077	$	—	$	(14	)	$	258,201
Canada		201,678		70,446		—		(1,978	)		270,146
International		30,260		—		—		—			30,260
	$	486,076	$	74,523	$	—	$	(1,992	)	$	558,607
Day rate/hourly services	$	473,665	$	74,523	$	—	$	(14	)	$	548,174
Shortfall payments/idle but contracted		883		—		—		—			883
Turnkey drilling services		8,988		—		—		—			8,988
Other		2,540		—		—		(1,978	)		562
	$	486,076	$	74,523	$	—	$	(1,992	)	$	558,607

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(b) Seasonality

Precision has operations that are carried on in Canada which represent approximately 60% (2023 – 48%) of consolidated revenue for the three months ended March 31, 2024 and 42% (2023 – 38%) of consolidated total assets as at March 31, 2024. The ability to move heavy equipment in Canadian oil and natural gas fields is dependent on weather conditions. As warm weather returns in the spring, the winter's frost comes out of the ground rendering many secondary roads incapable of supporting the weight of heavy equipment until they have thoroughly dried out. The duration of this “spring break-up” has a direct impact on Precision’s activity levels. In addition, many exploration and production areas in northern Canada are accessible only in winter months when the ground is frozen hard enough to support equipment. The timing of freeze up and spring break-up affects the ability to move equipment in and out of these areas. As a result, late March through May is traditionally Precision’s slowest time in this region.

NOTE 4. SEGMENTED INFORMATION

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

Three Months Ended March 31, 2024	Contract Drilling Services			Completion and Production Services			Corporate and Other			Inter- Segment Eliminations			Total
Revenue	$	443,367		$	87,087		$	—		$	(2,666	)	$	527,788
Earnings before income taxes, loss (gain)    on investments and other assets,    finance charges, foreign exchange,    gain on asset disposals, and    depreciation and amortization		153,673			18,605			(29,129	)		—			143,149
Depreciation and amortization		69,052			6,820			2,341			—			78,213
Gain on asset disposals		(2,667	)		(542	)		(28	)		—			(3,237	)
Total assets		2,557,443			262,734			176,949			—			2,997,126
Capital expenditures		52,385			2,920			222			—			55,527

Three Months Ended March 31, 2023	Contract Drilling Services			Completion and Production Services			Corporate and Other			Inter- Segment Eliminations			Total
Revenue	$	486,076		$	74,523		$	—		$	(1,992	)	$	558,607
Earnings before income taxes, loss (gain)    on investments and other assets,    finance charges, foreign exchange,    gain on asset disposals, and    depreciation and amortization		189,123			17,406			(3,310	)		—			203,219
Depreciation and amortization		65,555			3,731			2,257			—			71,543
Gain on asset disposals		(8,580	)		(566	)		(130	)		—			(9,276	)
Total assets		2,570,030			187,913			133,456			—			2,891,399
Capital expenditures		48,824			1,783			188			—			50,795

7

A reconciliation of total segment earnings before income taxes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, depreciation and amortization to net earnings is as follows:

	Three Months Ended March 31,
	2024			2023
Total segment earnings before income taxes, loss (gain)    on investments and other assets, finance charges,    foreign exchange, gain on asset disposals, and    depreciation and amortization	$	143,149		$	203,219
Deduct:
Depreciation and amortization		78,213			71,543
Gain on asset disposals		(3,237	)		(9,276	)
Foreign exchange		394			(483	)
Finance charges		18,369			22,920
Loss (gain) on investments and other assets		(228	)		4,230
Income taxes		13,122			18,455
Net earnings	$	36,516		$	95,830

NOTE 5. LONG-TERM DEBT

	U.S. Denominated Facilities				Canadian Facilities and Translated U.S. Facilities
		March 31,		December 31,		March 31,			December 31,
		2024		2023		2024			2023
Current Portion of Long-Term Debt
Canadian Real Estate Credit Facility	US$	—	US$	—	$	1,915		$	1,915
U.S. Real Estate Credit Facility		704		704		954			933
	US$	704	US$	704	$	2,869		$	2,848
Long-Term Debt
Canadian Real Estate Credit Facility		—		—		23,540			24,018
U.S. Real Estate Credit Facility		7,509		7,685		10,172			10,181
Unsecured Senior Notes:
7.125% senior notes due 2026		273,330		273,330		370,279			362,096
6.875% senior notes due 2029		400,000		400,000		541,880			529,904
	US$	680,839	US$	681,015		945,871			926,199
Less net unamortized debt issue costs    and original issue discount						(10,729	)		(11,369	)
					$	935,142		$	914,830

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	Unsecured Senior Notes		Canadian Real Estate Credit Facility			U.S. Real Estate Credit Facility			Debt Issue Costs and Original Issue Discount			Total
Current	$	—	$	1,915		$	933		$	—		$	2,848
Long-term		892,000		24,018			10,181			(11,369	)		914,830
December 31, 2023		892,000		25,933			11,114			(11,369	)		917,678
Changes from financing cash flows:
Repayment of Real Estate Credit    Facility		—		(478	)		(238	)		—			(716	)
		892,000		25,455			10,876			(11,369	)		916,962
Amortization of debt issue costs		—		—			—			640			640
Foreign exchange adjustment		20,159		—			250			—			20,409
March 31, 2024	$	912,159	$	25,455		$	11,126		$	(10,729	)	$	938,011
Current	$	—	$	1,915		$	954		$	—		$	2,869
Long-term		912,159		23,540			10,172			(10,729	)		935,142
March 31, 2024	$	912,159	$	25,455		$	11,126		$	(10,729	)	$	938,011

As at March 31, 2024, Precision was in compliance with the covenants of the Senior Credit Facility and Real Estate Credit Facilities.

	Covenant		At March 31, 2024
Senior Credit Facility
Consolidated senior debt to consolidated covenant EBITDA(1)		<2.50		0.07
Consolidated covenant EBITDA to consolidated interest expense		>2.50		7.48
Real Estate Credit Facilities
Consolidated covenant EBITDA to consolidated interest expense		>2.50		7.48

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

NOTE 6. FINANCE CHARGES

	Three Months Ended March 31,
	2024			2023
Interest:
Long-term debt	$	17,028		$	21,213
Lease obligations		1,039			862
Other		91			155
Income		(568	)		(104	)
Amortization of debt issue costs, loan commitment fees    and original issue discount		779			794
Finance charges	$	18,369		$	22,920

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NOTE 7. SHARE-BASED COMPENSATION PLANS

Liability Classified Plans

	Restricted Share Units (a)			Performance Share Units (a)			Non-Management Directors’ DSUs (b)		Total
December 31, 2023	$	16,114		$	64,042		$	8,367	$	88,523
Expensed during period		5,011			14,228			2,520		21,759
Settlement in shares		(2,012	)		(18,355	)		—		(20,367	)
Payments and redemptions		(12,910	)		(39,913	)		—		(52,823	)
Foreign exchange		(45	)		(161	)		—		(206	)
March 31, 2024	$	6,158		$	19,841		$	10,887	$	36,886
Current	$	5,099		$	14,958		$	10,887	$	30,944
Long-term		1,059			4,883			—		5,942
	$	6,158		$	19,841		$	10,887	$	36,886

(a) Restricted Share Units and Performance Share Units

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

	RSUs Outstanding			PSUs Outstanding
December 31, 2023		276,094			794,743
Granted		88,310			157,680
Redeemed		(180,266	)		(448,628	)
Forfeited		(1,382	)		(1,892	)
March 31, 2024		182,756			501,903

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

A summary of the activity under the non-management director Deferred Share Unit (DSU) plan is presented below:

	DSUs Outstanding
December 31, 2023		116,280
Granted		3,190
March 31, 2024		119,470

Equity Settled Plans

(c) Executive Restricted Share Units Plan

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

	Executive RSUs Outstanding			Weighted Average Fair Value
December 31, 2023		46,740		$	96.90
Granted		61,930			79.84
Redeemed		(15,570	)		96.90
Forfeited		(608	)		96.90
March 31, 2024		92,492		$	85.48

Included in net earnings for the three months ended March 31, 2024 were expenses of $1 million (2023 – $0.5 million).

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(d) Option Plan

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

Canadian share options	Outstanding			Range of  Exercise Price				Weighted Average Exercise Price		Exercisable
December 31, 2023		23,055		$	87.00	—	145.97	$	113.01		23,055
Forfeited		(10,170	)		145.97	—	145.97		145.97
March 31, 2024		12,885		$	87.00	—	87.00	$	87.00		12,885

U.S. share options	Outstanding			Range of  Exercise Price (US$)				Weighted Average Exercise Price  (US$)		Exercisable
December 31, 2023		128,398		$	51.20	—	111.47	$	85.80		128,398
Forfeited		(55,921	)		68.80	—	111.47		110.22
March 31, 2024		72,477		$	51.20	—	79.80	$	66.96		72,477

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

As at March 31, 2024, there were 1,470 (2023 – 1,470) deferred share units outstanding.

NOTE 8. SHAREHOLDERS’ CAPITAL

Common shares	Number			Amount
December 31, 2023		14,336,539			2,365,129
Settlement of PSUs and RSUs		265,143			21,846
Share repurchases		(123,100	)		(10,081	)
March 31, 2024		14,478,582			2,376,894

NOTE 9. PER SHARE AMOUNTS

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

	Three Months Ended March 31,
	2024		2023
Net earnings – basic	$	36,516	$	95,830
Effect of share options and other equity    compensation plans		—		(13,244	)
Net earnings – diluted	$	36,516	$	82,586

	Three Months Ended March 31,
(Stated in thousands)	2024		2023
Weighted average shares outstanding – basic		14,407		13,648
Effect of share options and other equity    compensation plans		3		1,191
Weighted average shares outstanding – diluted		14,410		14,839

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NOTE 10. FAIR VALUES OF FINANCIAL INSTRUMENTS

The carrying values 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. At the end of each reporting period, investments and other assets are measured at their estimated fair value, with changes in fair value recognized in profit or loss. Amounts drawn on the Senior Credit Facility and the Canadian and U.S. Real Estate Credit Facilities are measured at amortized cost and approximate fair value as this indebtedness is subject to floating rates of interest. The fair value of the unsecured senior notes at March 31, 2024 was approximately $910 million (December 31, 2023 – $867 million).

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

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

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

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

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

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SHAREHOLDER INFORMATION   STOCK EXCHANGE LISTINGS Shares of Precision Drilling Corporation are listed on the Toronto Stock Exchange under the trading symbol PD and on the New York Stock Exchange under the trading symbol PDS.   TRANSFER AGENT AND REGISTRAR Computershare Trust Company of Canada Calgary, Alberta   TRANSFER POINT Computershare Trust Company NA Canton, Massachusetts   Q1 2024 TRADING PROFILE Toronto (TSX: PD) High: $92.25 Low: $68.92 Close: $91.13 Volume Traded: 4,611,500   New York (NYSE: PDS) High: US$68.05 Low: US$51.53 Close: US$67.29 Volume Traded: 5,085,900   ACCOUNT QUESTIONS Precision’s Transfer Agent can help you with a variety of shareholder related services, including: • change of address • lost unit certificates • transfer of shares to another person • estate settlement   Computershare Trust Company of Canada 100 University Avenue 9th Floor, North Tower Toronto, Ontario M5J 2Y1 Canada   1-800-564-6253 (toll free in Canada and the United States) 1-514-982-7555 (international direct dialing) Email: service@computershare.com   ONLINE INFORMATION To receive news releases by email, or to view this interim report online, please visit Precision’s website at www.precisiondrilling.com and refer to the Investor Relations section. Additional information relating to Precision, including the Annual Information Form, Annual Report and Management Information Circular has been filed with SEDAR and is available at www.sedar.com and on the EDGAR website www.sec.gov CORPORATE INFORMATION   DIRECTORS Michael R. Culbert William T. Donovan Steven W. Krablin Susan M. MacKenzie Lori A. Lancaster Kevin O. Meyers Kevin A. Neveu David W. Williams   OFFICERS Kevin A. Neveu President and Chief Executive Officer   Veronica H. Foley Chief Legal & Compliance Officer   Carey T. Ford Chief Financial Officer   Shuja U. Goraya Chief Technology Officer   Darren J. Ruhr Chief Administrative Officer   Gene C. Stahl President, North American Drilling   AUDITORS KPMG LLP Calgary, Alberta   HEAD OFFICE Suite 800, 525 8th Avenue SW Calgary, Alberta, T2P 1G1 Canada Telephone: 403-716-4500 Facsimile: 403-264-0251 Email: info@precisiondrilling.com www.precisiondrilling.com

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