CWC Energy Services Corp.

2022 Annual Report

Contents
1 
Corporate Profile
3 
President’s Message
6 
Management’s Discussion & Analysis
33 
Financial Statements
41 
Notes to the Financial Statements

TSX-V: CWC
CWC Energy Services Corp. provides drilling 
rigs and service rigs to established oil and gas 
producers in Canada and the United States. 
These oilfield service activities are necessary 
to complete newly drilled wells and to maintain 
ongoing servicing of producing wells. CWC’s 
services are provided through 2 divisions: 
Contract Drilling and Production Services.
Corporate Profile – March 2023
Calgary
Denver
Horn
River
Montney/
Deep Basin
Devonian
Bakken
Permian
Eagle Ford
Heavy Oil
Denver-
Julesburg
Powder River
Niobrara
Uinta
San Juan
Piceance
Viking
Cardium
Bakken
Suite 2910, 605 - 5th Ave SW, Calgary, AB, T2P 3H5    T: 403.264.2177    F: 403.264.2842    www.cwcenergyservices.com
Market Profile
March 31, 2023
Shares outstanding
518.9 million
Price
$0.22
Market cap
$114.2 million
Financial Information
($ millions)
2022
2021
2020
Revenue 
$205.3 
$102.6 
$67.9 
Adjusted EBITDA 
$45.9 
$18.9 
$11.1 
Total Assets 
$287.6 
$226.6 
$202.2 
Long-Term Debt 
$43.0
$45.8 
$30.2 
Net Debt
$7.1
$26.9
 $18.2 

Board of Directors
Jim Reid, Chairman
Duncan Au
Daryl Austin
Gary L. Bentham
Jason Chehade
Nancy Foster
Wade McGowan
Management
Duncan Au,  
FCPA, FCA, CFA, ICD.D
President & CEO 
Stuart King, CPA, CA
Chief Financial Officer 
Paul Donohue
VP Operations (Drilling) 
Darwin McIntyre
VP Operations  
(Well Services) 
Bob Apps
VP Sales and Marketing 
(Drilling) 
Mike Dubois
VP Sales and Marketing 
(Well Services)
Suite 2910, 605 - 5th Ave SW, Calgary, AB, T2P 3H5    T: 403.264.2177    F: 403.264.2842    www.cwcenergyservices.com
Divisions
Contract 
Drilling
The Contract Drilling division operates under the trade name CWC 
Ironhand Drilling and is comprised of 13 electric triple drilling rigs 
with depth ratings from 3,600 to 7,600 metres and 9 telescopic double 
drilling rigs with depth ratings from 3,200 to 5,000 metres. All 22 
drilling rigs have top drives, 17 have walking systems, 9 have 7,500 
psi pumping systems, 3 have carbon reduction bi-fuel capabilites, and 
2 have high line power capabilities. All of the drilling rigs are ideally 
suited for the most active depths for horizontal drilling in the Western 
Canadian Sedimentary Basin (“WCSB”), including the Montney, Cardium, 
Duvernay and other deep basin horizons, and select United States basins 
including the Permian, Eagle Ford, Niobrara, Denver-Julesburg (“DJ”), 
Powder River, and Bakken. With operational bases in Nisku, Alberta and 
Casper, Wyoming, CWC Ironhand Drilling is ideally positioned for the 
deeper depths of the Canadian and U.S. basins.
Production
Services
The Production Services division operates under the trade name CWC Well 
Services. With 140 service rigs, CWC is one of the largest well servicing 
companies in Canada as measured by active fleet and operating hours, 
offering the most technologically advanced service rig fleet in the WCSB. 
These service rigs provide completions, maintenance, workovers and 
well decommissioning with depths ranging from 1,500 to 5,000 metres 
and are well positioned throughout the WCSB with operating locations 
in Grande Prairie, Slave Lake, Sylvan Lake, Drayton Valley, Lloydminster, 
Provost and Brooks, Alberta.
Equipment
2023
2022
2021
2020
Contract Drilling – Canada
7
7
7
7
Contract Drilling – U.S.
15
15
12
2
Service Rigs
140
143
144
145
2023 ESTIMATE
REVENUE BY DIVISION
ADJUSTED EBITDA BY DIVISION *
Production Services 
Contract Drilling – Canada 
Contract Drilling – U.S.
* Divisional contribution, corporate costs excluded
45%
38%
17%
42%
40%
18%

President’s Message
Dear Fellow Shareholders,
I am very excited to share with you CWC Energy Services Corp.’s (“CWC” or 
the “Company”) 2022 Annual Report. 2022 was a record-breaking year in 
CWC’s 18 year history. The Company took advantage of the downturn in 
2020 and the recovery in 2021 to become extremely efficient and lean in its 
cost structure that resulted in a strong balance sheet. The Company used this 
strong balance sheet to purchase 10 triple drilling rigs in November 2021 and 
3 triple drilling rigs in June 2022 at $0.08 and $0.17 on the $1.00 respectively, 
compared to the replacement cost to build new. These acquisition metrics have 
proven to be highly accretive for the benefit of our shareholders. The purchase of these 13 triple drilling rigs 
geographically diversifies our operations to the United States and increases our total drilling rig fleet in 
Canada and the U.S. by 144% from 9 to 22 drilling rigs. For 2023, CWC expects the approximate revenue and 
Adjusted EBITDA contribution from Contract Drilling in Canada to be 18%, Contract Drilling in the U.S. to be 
38% and from Production Services in Canada to be 45%, thereby providing CWC shareholders with a more 
resilient, balanced and stronger Company. 
Highlights of 2022
2022 started the year with West Texas Intermediate (“WTI”) crude oil prices at US$75/bbl and rising to 
US$123/bbl by early June 2022, primarily as a result of Russia’s invasion of Ukraine and the economic 
sanctions put on Russia by democratic countries around the world, before its steady decline to end the year 
at US$80/bbl. The higher crude oil and natural gas prices, government’s concern over energy security, and 
rising inflation and interest rates, translated into a stellar year for North American oilfield services activity 
throughout 2022 and, by extension, increased business and record-breaking financial results for CWC. In 
2022, CWC increased revenue to $205.3 million (a $102.7 million increase or 100% from 2021) and increased 
Adjusted EBITDA to $45.9 million (a $27.1 million increase or 143% from 2021) resulting in net income of 
$41.7 million (a $37.1 million increase or 811% from 2021).
As CWC proved out the highly accretive nature of the 10 triple drilling rig acquisition made in November 
2021 and under the backdrop of many countries and governments prioritizing energy security, CWC’s Board 
of Directors announced on June 24, 2022 the acquisition of an additional 3 high-spec triple drilling rigs for 
US$7.4 million (approximately $9.6 million) using our existing credit facilities from our banking syndicate. 
Along with this acquisition, CWC’s Board of Directors approved an $8.3 million increase to the capital 
expenditure budget to complete upgrades and Level IV recertifications on these 3 drilling rigs. For a total 
investment of $17.9 million, CWC acquired these 3 triple drilling rigs at a very attractive price, estimating the 
replacement cost of these drilling rigs and related equipment and inventory to be $103 million resulting in 
the total investment being 17.4% of replacement cost. The cash flow expected to be generated from these 3 
triple drilling rigs in 2023 and future years is expected to be highly accretive for CWC’s shareholders.
On July 29, 2022 our banking syndicate agreed to CWC’s exercise of its accordion feature to expand the credit 
facilities from $70 million to $80 million to accommodate the acquisition of the 3 triple drilling rigs and to 
extend the maturity of the credit facilities to July 31, 2025. Such support from our debtholders allows CWC 
to focus on its business operations and strategic growth initiatives to create long-term shareholder value.
On November 16, 2022, the Company reinstated its Normal Course Issuer Bid (“NCIB”) with an Automatic 
Securities Purchase Plan (“ASPP”) with Raymond James Ltd. During 2022, CWC purchased 210,000 common 
shares under the NCIB which were cancelled and returned to treasury. These common shares represented 
Page | 3

0.6% of the 34,170,116 shares traded on the TSX Venture Exchange in 2022, as the Company added value for 
its remaining shareholders by reducing the number of common shares outstanding and providing liquidity 
for those shareholders looking to sell their shares.
On June 23, 2022, CWC made history drilling Alberta’s first two lithium brine evaluation wells for our 
customer. In the last 2 years, CWC has worked on lithium brine, carbon capture, helium and salt water 
disposal wells. These projects show the diversity and versatility of our equipment as we transition to a new 
energy environment.
Also in June 2022, CWC released its second annual Environmental, Social and Governance (“ESG”) Report 
using the framework established by the Sustainability Accounting Standards Board (“SASB”) for Oil and Gas 
Services. This 2022 ESG Report covers performance metrics for 2018 to 2021. CWC’s commitment to ESG 
and sustainability has shown improvement over the last four years and the Company is proud to be the first 
Canadian contract drilling and well servicing company to report our Scope 1 and 2 emissions as outlined 
in this report. Management will continue to work towards advancing these efforts further in future years, 
especially in the area of emission reductions and establishing goals and targets. One of the initial steps CWC 
has taken towards meeting its ESG targets has been to convert some of our drilling rig field equipment to 
have carbon reduction bi-fuel and high-line power capabilities and one of our service rigs to a Tier 4 engine. 
Management is confident that CWC will continue to be regarded as a leader on ESG and sustainability matters 
in the oilfield services industry as the nature of the work for our equipment evolves.
Outlook For 2023
As strong as the activity level and pricing was in 2022, the expectation for 2023 is even higher. On November 
23, 2022, the CAOEC forecasted 70,495 operating days for Canadian drilling rigs in 2023, an increase of 
20% compared to 2022. While inflation, interest rate increases by central banks and a potential global 
recession continue to be a concern for the price of crude oil and natural gas, North American oilfield services 
activity and pricing has not shown any signs of a significant pullback to date. The discipline among our 
North American E&P customers to return free cash flow in the form of dividends and share buybacks to 
their shareholders remains strong and will keep the potential of any oversupply of crude oil or natural gas 
in check. This should result in a steady stream of North American oilfield services activity throughout 2023 
and beyond. 
For CWC, Q1 2023 has started off strong. Activity levels in both Canada and the U.S. are as high as last year’s 
comparable quarter, while pricing continues to increase compared to the prior quarter for both drilling rigs 
and service rigs. The day and hourly rates for both the drilling rigs and service rigs are now at record levels 
in CWC’s 19 year history buoyed by inflation for both labour and supplies. The biggest challenge for CWC and 
the industry will be to attract more field labour or rig crews to accommodate any further increases in activity 
levels, if required by our E&P customers. CWC has been successful in its recruiting efforts hitting a high of 
720 employees in 2022, an increase of 17% more employees than our pre-COVID-19 levels in January 2020.
Should CWC continue on its current path, 2023 will be another record-breaking year for revenue and 
Adjusted EBITDA in the Company’s 19 year history.
Shareholder Returns
From a shareholder return perspective, I am very pleased to report that CWC is the best performing public 
Canadian contract drilling and well servicing company with a share price appreciation of 120% of what it 
was prior to the COVID-19 induced downturn as the graph of Share Price Returns from January 1, 2020 to 
March 31, 2023 on the following page indicates: 
Page | 4

The recent pullback in share price to the $0.22 per share level is an extremely attractive entry point as the 
forecasted 2023 free cash flow of $20 million would result in a free cash flow yield of 20%. Should CWC 
achieve these forecasted financial results in 2023, there would be the potential by our Board of Directors 
to make decisions related to shareholder friendly outcomes in the form of dividends and share buybacks 
barring any other potential use of the free cash flow, such as mergers and acquisitions, that could be more 
attractive and accretive to CWC’s shareholders. 
Conclusion
In closing, I would like to express my sincere thanks to CWC’s employees for their truly hard work and 
dedication for the outstanding results in 2022 and making CWC the best performing contract drilling and well 
servicing company in Canada and the U.S. To our customers, we cherish your ongoing business and relationship 
and thank you for sharing your good cash flow fortunes in 2022 and 2023 with our drilling and service rig 
pricing increases, which will help create a healthy and sustainable energy industry for all stakeholders. To 
my Board of Directors, thank you for your support, wisdom, guidance and belief in this management team, 
who continue to push forward and give their best every day. And to all my fellow shareholders who continue 
to believe and support us, discipline, patience, and perseverance has and will continue to reward us in what I 
believe is the beginning of a multi-year energy uptrend. 
Sincerely submitted on behalf of the Board of Directors,
 
Duncan T. Au
President & Chief Executive Officer
March 31, 2023
Page | 5

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‡˜‡—‡‹…”‡ƒ•‡†̈́ʹʹǤ͹‹ŽŽ‹‘ȋͳͺͳΨȌ‹ͶʹͲʹʹˆ‘”–Š‡‘–”ƒ…–”‹ŽŽ‹‰•‡‰‡–ƒ†̈́͵Ǥ͸‹ŽŽ‹‘ȋͳ͹ΨȌˆ‘”–Š‡
”‘†—…–‹‘‡”˜‹…‡••‡‰‡–…‘’ƒ”‡†–‘ͶʹͲʹͳǤ
x
‡…‘”†ͶʹͲʹʹ†Œ—•–‡†ȋͳȌ‘ˆ̈́ͳ͵Ǥ͹‹ŽŽ‹‘ǡƒ‹…”‡ƒ•‡‘ˆ̈́͹Ǥ͸‹ŽŽ‹‘ȋͳʹͶΨȌ…‘’ƒ”‡†–‘̈́͸Ǥͳ‹ŽŽ‹‘‹Ͷ
ʹͲʹͳǤ
x
‡…‘”†ͶʹͲʹʹ‡–‹…‘‡‘ˆ̈́ʹ͸ǤͲ‹ŽŽ‹‘ǡƒ‹…”‡ƒ•‡‘ˆ̈́ʹ͵Ǥʹ‹ŽŽ‹‘…‘’ƒ”‡†–‘̈́ʹǤͻ‹ŽŽ‹‘‹ͶʹͲʹͳǤŠ‡
‹…”‡ƒ•‡‹•’”‹ƒ”‹Ž›†—‡–‘ƒ̈́ʹ͵Ǥ͵‹ŽŽ‹‘”‡˜‡”•ƒŽ‘ˆƒ‹’ƒ‹”‡–…Šƒ”‰‡–‘ƒ••‡–•–ƒ‡‹ʹͲͳͷƒ†ʹͲʹͲǤ
x
—”‹‰ͶʹͲʹʹǡʹͳͲǡͲͲͲȋͶʹͲʹͳǣ‹ŽȌ…‘‘•Šƒ”‡•™‡”‡’—”…Šƒ•‡†—†‡”–Š‡‘”ƒŽ‘—”•‡••—‡”‹†ȋDzdzȌ
™Š‹…Š™‡”‡…ƒ…‡ŽŽ‡†ƒ†”‡–—”‡†–‘–”‡ƒ•—”›Ǥ
ȋͳȌ
Ž‡ƒ•‡”‡ˆ‡”–‘–Š‡Dz‘Ǧ
ƒ†–Š‡”	‹ƒ…‹ƒŽ‡ƒ•—”‡•dz•‡…–‹‘ˆ‘”ˆ—”–Š‡”‹ˆ‘”ƒ–‹‘Ǥ
HighlightsfortheYearEndedDecember31,2022
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Š‡›‡ƒ”‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹ•ƒ™–Š‡‘’ƒ›ƒ…Š‹‡˜‡ƒ‡™‹Ž‡•–‘‡™‹–Š”‡…‘”†”‡˜‡—‡ǡ†Œ—•–‡†ȋͳȌ
ƒ†‡–‹…‘‡‹ǯ•‡‹‰Š–‡‡ȋͳͺȌ›‡ƒ”Š‹•–‘”›Ǥ
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‡…‘”†”‡˜‡—‡ˆ‘”ʹͲʹʹ‘ˆ̈́ʹͲͷǤ͵‹ŽŽ‹‘ǡƒ‹…”‡ƒ•‡‘ˆ̈́ͳͲʹǤ͹‹ŽŽ‹‘ȋͳͲͲΨȌ…‘’ƒ”‡†–‘̈́ͳͲʹǤ͸‹ŽŽ‹‘‹ʹͲʹͳǡ
•—”’ƒ••‹‰–Š‡’”‡˜‹‘—•ƒ—ƒŽ”‡…‘”†”‡˜‡—‡‘ˆ̈́ͳͶͶǤͺ‹ŽŽ‹‘ˆ‘”–Š‡›‡ƒ”‡†‡†ʹͲͳͺǤ‡˜‡—‡‹…”‡ƒ•‡†̈́͹ͺǤͻ
‹ŽŽ‹‘ȋʹͶͻΨȌ‹–Š‡‘–”ƒ…–”‹ŽŽ‹‰•‡‰‡–ƒ†̈́ʹ͵Ǥͺ‹ŽŽ‹‘ȋ͵ͶΨȌ‹–Š‡”‘†—…–‹‘‡”˜‹…‡••‡‰‡–…‘’ƒ”‡†
–‘ʹͲʹͳǤ
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‡…‘”††Œ—•–‡†ȋͳȌˆ‘”ʹͲʹʹ‘ˆ̈́ͶͷǤͻ‹ŽŽ‹‘ǡƒ‹…”‡ƒ•‡‘ˆ̈́ʹ͹ǤͲ‹ŽŽ‹‘ȋͳͶ͵ΨȌ…‘’ƒ”‡†–‘̈́ͳͺǤͻ‹ŽŽ‹‘‹
ʹͲʹͳǡ•—”’ƒ••‹‰–Š‡’”‡˜‹‘—•ƒ—ƒŽ”‡…‘”††Œ—•–‡†‘ˆ̈́͵ͶǤͳ‹ŽŽ‹‘ˆ‘”–Š‡›‡ƒ”‡†‡†ʹͲͳͶǤ
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‡…‘”†‡–‹…‘‡ˆ‘”ʹͲʹʹ‘ˆ̈́ͶͳǤ͹‹ŽŽ‹‘ǡƒ‹…”‡ƒ•‡‘ˆ̈́͵͹Ǥͳ‹ŽŽ‹‘…‘’ƒ”‡†–‘̈́ͶǤ͸‹ŽŽ‹‘‹ʹͲʹͳǡ•—”’ƒ••‹‰
–Š‡’”‡˜‹‘—•ƒ—ƒŽ”‡…‘”†‡–‹…‘‡‘ˆ̈́ͳʹǤ͹‹ŽŽ‹‘ˆ‘”–Š‡›‡ƒ”‡†‡†ʹͲͳͳǤ
x

—‡ʹͶǡʹͲʹʹǡ’—”…Šƒ•‡†–Š”‡‡ȋ͵Ȍ–”‹’Ž‡†”‹ŽŽ‹‰”‹‰•ƒ†…”‹–‹…ƒŽ•’ƒ”‡…‘’‘‡–•ˆ‘”̈́͹ǤͶ‹ŽŽ‹‘ȋ̈́ͻǤ͸‹ŽŽ‹‘ȌǤ
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
—Ž›ʹͻǡʹͲʹʹǡ–Š‡‘’ƒ›‡š‡”…‹•‡†–Š‡ƒ……‘”†‹‘ˆ‡ƒ–—”‡–‘‡š’ƒ†–Š‡”‡†‹–	ƒ…‹Ž‹–›–‘ƒ̈́ͺͲǤ͵‹ŽŽ‹‘ƒ
‘ƒ…‘’”‹•‡†‘ˆƒ̈́ͷͲǤ͹‹ŽŽ‹‘ƒƒ†‹ƒ•›†‹…ƒ–‡†ˆƒ…‹Ž‹–›ǡƒ̈́ͳʹǤͲ‹ŽŽ‹‘ȋ̈́ͳͷǤ͸‹ŽŽ‹‘ȌǤǤ•›†‹…ƒ–‡†ˆƒ…‹Ž‹–›ǡ
ƒ̈́͹Ǥͷ‹ŽŽ‹‘ƒƒ†‹ƒ‘’‡”ƒ–‹‰ˆƒ…‹Ž‹–›ƒ†ƒ̈́ͷǤͲ‹ŽŽ‹‘ȋ̈́͸Ǥͷ‹ŽŽ‹‘ȌǤǤ‘’‡”ƒ–‹‰ˆƒ…‹Ž‹–›ǤŠ‡‘’ƒ›
ˆ—”–Š‡”ƒ‡†‡†–Š‡”‡†‹–	ƒ…‹Ž‹–›–‘‡š–‡†–Š‡ƒ–—”‹–›–‘
—Ž›͵ͳǡʹͲʹͷǤ
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‘˜‡„‡”ͳ͸ǡʹͲʹʹǡ–Š‡‘’ƒ›”‡‹•–ƒ–‡†‹–•™‹–Šƒ—–‘ƒ–‹…‡…—”‹–‹‡•—”…Šƒ•‡ŽƒȋDzdzȌ™‹–Š
ƒ›‘† 
ƒ‡• –†Ǥǡ ™Š‹…Š ‡š’‹”‡• ‘ ‘˜‡„‡” ͳͷǡ ʹͲʹ͵Ǥ 	‘” –Š‡ ›‡ƒ” ‡†‡† ‡…‡„‡” ͵ͳǡ ʹͲʹʹǡ –Š‡ ‘’ƒ›
’—”…Šƒ•‡†ʹͳͲǡͲͲͲȋʹͲʹͳǣʹǡʹͶͻǡͷͲͲȌ…‘‘•Šƒ”‡•—†‡”–Š‡™Š‹…Š™‡”‡…ƒ…‡ŽŽ‡†ƒ†”‡–—”‡†–‘–”‡ƒ•—”›Ǥ
x
”‹ŽŽ‡†Ž„‡”–ƒǯ•ˆ‹”•–Ž‹–Š‹—„”‹‡‡˜ƒŽ—ƒ–‹‘™‡ŽŽ‹
—‡ʹͲʹʹǡ•Š‘™‹‰–Š‡†‹˜‡”•‹–›ƒ†˜‡”•ƒ–‹Ž‹–›‘ˆ‘—”‡“—‹’‡–Ǥ
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	‹”•–ƒƒ†‹ƒ†”‹ŽŽ‹‰ƒ†™‡ŽŽ•‡”˜‹…‹‰…‘’ƒ›–‘’—„Ž‹…Ž›”‡’‘”–‘—”…‘’‡ͳƒ†ʹ‡‹••‹‘•‹‘—”ʹͲʹʹ
‡’‘”–
‹
—‡ʹͲʹʹǤ
ȋͳȌ
Ž‡ƒ•‡”‡ˆ‡”–‘–Š‡Dz‘Ǧ
ƒ†–Š‡”	‹ƒ…‹ƒŽ‡ƒ•—”‡•dz•‡…–‹‘ˆ‘”ˆ—”–Š‡”‹ˆ‘”ƒ–‹‘Ǥ
IndustryOverview
Averagecrudeoilandnaturalgasprices

Threemonthsended

Dec.31,
2022
Sep.30,
2022
Jun.30,
2022
Mar.31,
2022
Dec.31,
2021
Sep.30,
2021
Jun.30,
2021
Mar.31,
2021
Crudeoil








‡•–‡šƒ•–‡”‡†‹ƒ–‡ȋ̈́Ȁ„„ŽȌ
ͺʹǤ͸ͷ
ͻͳǤͷͷ
ͳͲͺǤͶͳ
ͻͶǤʹͻ
͹͹Ǥͳͻ
͹ͲǤͷ͸
͸͸Ǥͳʹ
ͷ͹Ǥ͹ͻ
‡•–‡”ƒƒ†‹ƒ‡Ž‡…–ȋ̈́Ȁ„„ŽȌ
ͷͶǤͶͺ
͹ͲǤͻͷ
ͻ͵ǤͲͷ
ͺͳǤͶͻ
͸ͲǤͶͶ
ͷ͹Ǥ͸Ͷ
ͷͶǤ͸ͺ
ͶͷǤ͵ͻ
Naturalgas








ȋ̈́Ȁ…ˆȌ
͸ǤͲͲ
ͷǤͲͲ
͸Ǥͻʹ
ͶǤ͸͸
ͶǤͺͻ
͵Ǥ͹ͷ
͵ǤͲͷ
ʹǤͻͳ
‘—”…‡ǣ

–†’”‹…‡ˆ‘”‡…ƒ•–•Ǥ

ƒ‰‡ȁͺ
—••‹ƒǯ•‹˜ƒ•‹‘‘ˆ”ƒ‹‡ƒ†–Š‡™‡•–‡”™‘”Ž†ǯ•”‡•’‘•‡™‹–Š–”ƒ†‡•ƒ…–‹‘•ƒ‰ƒ‹•–—••‹ƒǡ‹…Ž—†‹‰•ƒ…–‹‘•‘
…”—†‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•„›…‡”–ƒ‹…‘—–”‹‡•ǡŠƒ˜‡”‡•—Ž–‡†‹•‹‰‹ˆ‹…ƒ–‹…”‡ƒ•‡•‹…”—†‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•’”‹…‡•‹
ʹͲʹʹǤƒ††‹–‹‘ǡ–Š‡…‘–‹—‡†”‡Ǧ‘’‡‹‰‘ˆ–Š‡‰Ž‘„ƒŽ‡…‘‘›ƒˆ–‡”„‡‹‰•‹‰‹ˆ‹…ƒ–Ž›•Ž‘™‡††‘™‹ʹͲʹͲƒ†ʹͲʹͳ
†—‡–‘–Š‡ǦͳͻŠ‡ƒŽ–Š’ƒ†‡‹…ǡŠƒ•”‡•—Ž–‡†‹ƒ•–‡ƒ†›”‹•‡‹‰Ž‘„ƒŽ†‡ƒ†™‹–Š‘—–ƒ•‹‰‹ˆ‹…ƒ–…‘””‡•’‘†‹‰
‹…”‡ƒ•‡‹‰Ž‘„ƒŽ•—’’Ž›ˆ‘”…”—†‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•ǡˆ—”–Š‡”Œ—•–‹ˆ›‹‰–Š‡Š‹‰Š‡”’”‹…‡•‡š’‡”‹‡…‡†‹ʹͲʹʹǤ‘™‡˜‡”ǡ
•‹‰‹ˆ‹…ƒ–‹ˆŽƒ–‹‘ƒ”›‹…”‡ƒ•‡•ƒ†”‹•‹‰‹–‡”‡•–”ƒ–‡•Šƒ˜‡•’ƒ”‡†ˆ‡ƒ”•‘ˆƒ‰Ž‘„ƒŽ”‡…‡••‹‘ǡ™Š‹…ŠŠƒ•”‡…‡–Ž›’—ŽŽ‡†
„ƒ…–‘ƒ”ƒ‰‡‘ˆ̈́͹Ͳ–‘̈́ͺͲȀ„„ŽǤ‡•’‹–‡”‡…‡••‹‘ƒ”›ˆ‡ƒ”•ǡ†‹•…—••‹‘ƒ„‘—–‡‡”‰›•‡…—”‹–›‹•ƒ––Š‡–‘’‘ˆƒ›
‰‘˜‡”‡–ƒŽƒ‰‡†ƒ•ǡ™Š‹…Š•Š‘—Ž†„‘†‡™‡ŽŽˆ‘”‘”–Š‡”‹…ƒ‘‹Žƒ†‰ƒ•ƒ…–‹˜‹–›ƒ†‘‹Žˆ‹‡Ž†•‡”˜‹…‡…‘’ƒ‹‡•ˆ‘”–Š‡
ˆ‘”‡•‡‡ƒ„Ž‡ˆ—–—”‡Ǥ
CorporateOverview
‡”‰›‡”˜‹…‡•‘”’Ǥ‹•ƒ’”‡‹‡”…‘–”ƒ…–†”‹ŽŽ‹‰ƒ†™‡ŽŽ•‡”˜‹…‹‰…‘’ƒ›‘’‡”ƒ–‹‰‹ƒƒ†ƒƒ†–Š‡‹–‡†
–ƒ–‡•™‹–Šƒ…‘’Ž‡‡–ƒ”›•—‹–‡‘ˆ‘‹Žˆ‹‡Ž†•‡”˜‹…‡•‹…Ž—†‹‰†”‹ŽŽ‹‰”‹‰•ƒ†•‡”˜‹…‡”‹‰•ǤŠ‡‘’ƒ›̵•…‘”’‘”ƒ–‡‘ˆˆ‹…‡
‹•Ž‘…ƒ–‡†‹ƒŽ‰ƒ”›ǡŽ„‡”–ƒǡ™‹–Š‘’‡”ƒ–‹‘ƒŽŽ‘…ƒ–‹‘•‹‹•—ǡ
”ƒ†‡”ƒ‹”‹‡ǡŽƒ˜‡ƒ‡ǡ›Ž˜ƒƒ‡ǡ”ƒ›–‘ƒŽŽ‡›ǡ
Ž‘›†‹•–‡”ǡ”‘˜‘•–ƒ†”‘‘•ǡŽ„‡”–ƒƒ†ǤǤ‘ˆˆ‹…‡•‹‡˜‡”ǡ‘Ž‘”ƒ†‘ƒ†ƒ•’‡”ǡ›‘‹‰ǤŠ‡‘’ƒ›ǯ••Šƒ”‡•
–”ƒ†‡‘–Š‡‡–—”‡š…Šƒ‰‡—†‡”–Š‡•›„‘ŽDzdzǤ
Š‡‘–”ƒ…–”‹ŽŽ‹‰†‹˜‹•‹‘‘’‡”ƒ–‡•—†‡”–Š‡–”ƒ†‡ƒ‡”‘Šƒ†”‹ŽŽ‹‰ƒ†‹•…‘’”‹•‡†‘ˆ–Š‹”–‡‡ȋͳ͵Ȍ‡Ž‡…–”‹…
–”‹’Ž‡†”‹ŽŽ‹‰”‹‰•™‹–Š†‡’–Š”ƒ–‹‰•ˆ”‘͵ǡ͸ͲͲ–‘͹ǡ͸ͲͲ‡–”‡•ƒ†‹‡ȋͻȌ–‡Ž‡•…‘’‹…†‘—„Ž‡†”‹ŽŽ‹‰”‹‰•™‹–Š†‡’–Š
”ƒ–‹‰•ˆ”‘͵ǡʹͲͲ–‘ͷǡͲͲͲ‡–”‡•ǤŽŽ–™‡–›Ǧ–™‘ȋʹʹȌ”‹‰•Šƒ˜‡–‘’†”‹˜‡•ǡ•‡˜‡–‡‡ȋͳ͹ȌŠƒ˜‡’ƒ†”‹‰‘˜‹‰•›•–‡•ǡ
‹‡ȋͻȌŠƒ˜‡͹ǡͷͲͲ’•‹’—’‹‰•›•–‡•ǡ–Š”‡‡ȋ͵ȌŠƒ˜‡…ƒ”„‘”‡†—…–‹‘„‹Ǧˆ—‡Ž…ƒ’ƒ„‹Ž‹–‹‡•ǡƒ†–™‘ȋʹȌŠƒ˜‡Š‹‰ŠŽ‹‡
’‘™‡”…ƒ’ƒ„‹Ž‹–‹‡•ǤŽŽ‘ˆ–Š‡†”‹ŽŽ‹‰”‹‰•ƒ”‡‹†‡ƒŽŽ›•—‹–‡†ˆ‘”–Š‡‘•–ƒ…–‹˜‡†‡’–Š•ˆ‘”Š‘”‹œ‘–ƒŽ†”‹ŽŽ‹‰‹–Š‡‡•–‡”
ƒƒ†‹ƒ‡†‹‡–ƒ”›ƒ•‹ȋDzdzȌǡ‹…Ž—†‹‰–Š‡‘–‡›ǡƒ”†‹—ǡ—˜‡”ƒ›ƒ†‘–Š‡”†‡‡’„ƒ•‹Š‘”‹œ‘•ǡƒ†•‡Ž‡…–
‹–‡†–ƒ–‡•„ƒ•‹•‹…Ž—†‹‰–Š‡‡”‹ƒǡƒ‰Ž‡	‘”†ǡ‹‘„”ƒ”ƒǡ‡˜‡”Ǧ
—Ž‡•„—”‰ȋDz
dzȌǡ‘™†‡”‹˜‡”ƒ†ƒ‡Ǥ
Š‡”‘†—…–‹‘‡”˜‹…‡•†‹˜‹•‹‘‘’‡”ƒ–‡•—†‡”–Š‡–”ƒ†‡ƒ‡‡ŽŽ‡”˜‹…‡•Ǥ‹–ŠƒˆŽ‡‡–‘ˆͳͶ͵•‡”˜‹…‡”‹‰•ǡ‹•
‘‡‘ˆƒƒ†ƒ̵•Žƒ”‰‡•–™‡ŽŽ•‡”˜‹…‹‰…‘’ƒ‹‡•ƒ•‡ƒ•—”‡†„›ƒ…–‹˜‡ˆŽ‡‡–ƒ†‘’‡”ƒ–‹‰Š‘—”•Ǥǯ••‡”˜‹…‡”‹‰ˆŽ‡‡–
…‘•‹•–•‘ˆ͹ͷ•‹‰Ž‡ǡͷͶ†‘—„Ž‡ƒ†ͳͶ•Žƒ–”‹‰•’”‘˜‹†‹‰•‡”˜‹…‡•™Š‹…Š‹…Ž—†‡…‘’Ž‡–‹‘•ǡƒ‹–‡ƒ…‡ǡ™‘”‘˜‡”•ƒ†
™‡ŽŽ†‡…‘‹••‹‘‹‰™‹–Š†‡’–Š”ƒ–‹‰•ˆ”‘ͳǡͷͲͲ–‘ͷǡͲͲͲ‡–”‡•ǤʹͲʹʹǡ…Š‘•‡–‘’ƒ”͹ͻ‘ˆ‹–••‡”˜‹…‡”‹‰•ƒ†
ˆ‘…—•‹–••ƒŽ‡•ƒ†‘’‡”ƒ–‹‘ƒŽ‡ˆˆ‘”–•‘–Š‡”‡ƒ‹‹‰͸Ͷƒ…–‹˜‡•‡”˜‹…‡”‹‰•†—‡–‘–Š‡”‡†—…–‹‘‹–Š‡—„‡”‘ˆ•‡”˜‹…‡
”‹‰•…—””‡–Ž›”‡“—‹”‡†–‘•‡”˜‹…‡–Š‡ƒ†–Š‡–‹‰Š–Žƒ„‘—”ƒ”‡–‡š’‡”‹‡…‡†‹–Š‡‹†—•–”›ˆ‘”•‡”˜‹…‡”‹‰…”‡™•Ǥ
	‘”–Š‡›‡ƒ”‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹǡƒ’’”‘š‹ƒ–‡Ž›ͺͺΨ‘ˆ”‡˜‡—‡ȋʹͲʹͳǣ͹ͳΨȌ™ƒ•ˆ”‘™‘”‘…”—†‡‘‹Ž™‡ŽŽ•ǡͳͳΨ
ȋʹͲʹͳǣʹ͹ΨȌ™ƒ•ˆ”‘ƒ–—”ƒŽ‰ƒ•™‡ŽŽ•ƒ†ͳΨ™ƒ•ˆ”‘‘–Š‡”™‡ŽŽ•…‘’”‹•‡†‘ˆ…ƒ”„‘…ƒ’–—”‡ƒ†Ž‹–Š‹—„”‹‡™‡ŽŽ•
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Grossmargin(1)








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Grossmarginpercentage(1)








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Totaldrillingrigs,endofperiod








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Revenueperoperatingday(2)








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Drillingrigoperatingdays








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Drillingrigutilization%(3)








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ȋʹȌ
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ProductionServices–Canada
$thousands,
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Revenue
ʹͶǡ͹ͻͲ
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Directoperatingexpenses
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Grossmargin(1)
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Servicerigoperatinghours
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Servicerigutilization%(2)
͸ͶΨ
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ȋʹȌ
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—–‹Ž‹œƒ–‹‘…ƒŽ…—Žƒ–‹‘—–‹Ž–Š‡‹”ˆ‹”•–†ƒ›„ƒ…‹ˆ‹‡Ž†•‡”˜‹…‡Ǥ
”‘†—…–‹‘‡”˜‹…‡•”‡˜‡—‡‘ˆ̈́ʹͶǤͺ‹ŽŽ‹‘‹ͶʹͲʹʹǡƒ‹…”‡ƒ•‡‘ˆ̈́͵Ǥ͸‹ŽŽ‹‘ȋͳ͹ΨȌ…‘’ƒ”‡†–‘̈́ʹͳǤʹ‹ŽŽ‹‘‹Ͷ
ʹͲʹͳƒ•–Š‡‘’ƒ›™ƒ••—……‡••ˆ—Ž‹‹’Ž‡‡–‹‰’”‹…‹‰ƒ†Œ—•–‡–•–‘’ƒ”–‹ƒŽŽ›‘ˆˆ•‡–Š‹‰Š‡”‹ˆŽƒ–‹‘ƒ”›ˆ‹‡Ž†Žƒ„‘—”ǡ
ˆ—‡Žƒ†•—’’Ž›…‘•–•ƒ•‡˜‹†‡–ˆ”‘–Š‡ƒ˜‡”ƒ‰‡”‡˜‡—‡’‡”Š‘—”‘ˆ̈́ͻʹ͵‹ͶʹͲʹʹ‹…”‡ƒ•‹‰̈́ʹͳͳ’‡”Š‘—”ȋ͵ͲΨȌ
…‘’ƒ”‡†–‘–Š‡̈́͹ͳʹ’‡”Š‘—”‹ͶʹͲʹͳǤ̵••‡”˜‹…‡”‹‰—–‹Ž‹œƒ–‹‘‹ͶʹͲʹʹ‘ˆ͸ͶΨȋͶʹͲʹͳǣ͸ͺΨȌ™‹–Šʹ͸ǡͺͷͶ
‘’‡”ƒ–‹‰ Š‘—”• ™ƒ• ͳͲΨ Ž‘™‡” –Šƒ –Š‡ ʹͻǡ͹͵ʹ ‘’‡”ƒ–‹‰ Š‘—”• ‹ Ͷ ʹͲʹͳ ƒ• ‡š–”‡‡Ž› …‘Ž† ™‡ƒ–Š‡” …‘†‹–‹‘• ‹
‡…‡„‡”ʹͲʹʹƒ†„—†‰‡–‡šŠƒ—•–‹‘ˆ”‘‘—”Ƭ…—•–‘‡”•”‡•—Ž–‡†‹”‡†—…‡†ƒ…–‹˜‹–›‹ͶʹͲʹʹ…‘’ƒ”‡†–‘Ͷ
ʹͲʹͳǤ
—”‹‰ͶʹͲʹʹǡ–Š‡‘’ƒ›‡ƒ”‡†̈́ͲǤ͹‹ŽŽ‹‘ȋͶʹͲʹͳǣ̈́ͳǤ͵‹ŽŽ‹‘Ȍ‹”‡˜‡—‡‘͵Ͷ‘‹Žƒ†‰ƒ••‹–‡•ȋͶʹͲʹͳǣͺ͹Ȍ
”‡“—‹”‹‰™‡ŽŽ†‡…‘‹••‹‘‹‰—†‡”–Š‡Ž„‡”–ƒ‹–‡‡Šƒ„‹Ž‹–ƒ–‹‘”‘‰”ƒȋDzdzȌƒ†ͺ‘‹Žƒ†‰ƒ••‹–‡•ȋͶʹͲʹͳǣʹȌ
—†‡”–Š‡ƒ•ƒ–…Š‡™ƒ……‡Ž‡”ƒ–‡†‹–‡Ž‘•—”‡”‘‰”ƒȋDzdzȌƒ•–Š‡‘’ƒ›ƒ’’”‘’”‹ƒ–‡Ž›’‹˜‘–‡†ƒ™ƒ›ˆ”‘™‡ŽŽ
†‡…‘‹••‹‘‹‰™‘”–‘’”‘†—…–‹‘Ǧ‘”‹‡–‡†ƒ‹–‡ƒ…‡ƒ†™‘”‘˜‡”™‘”ǤŠ‡̈́ͳǤͲ„‹ŽŽ‹‘Ž„‡”–ƒǡ–Š‡̈́ͶͲͲ
‹ŽŽ‹‘ƒ†–Š‡̈́ͳͲͲ‹ŽŽ‹‘ǤǤ‘”ƒ–‹–‡•‡…Žƒƒ–‹‘”‘‰”ƒȋDzdzȌ’”‘˜‹†‡†‰”ƒ–•—–‹Ž	‡„”—ƒ”›ͳͶǡ
ʹͲʹ͵–‘‡Ž‹‰‹„Ž‡‘‹Žˆ‹‡Ž†•‡”˜‹…‡…‘–”ƒ…–‘”•–‘’‡”ˆ‘”™‡ŽŽǡ’‹’‡Ž‹‡ǡƒ†‘‹Žƒ†‰ƒ••‹–‡…Ž‘•—”‡ƒ†”‡…Žƒƒ–‹‘™‘”ǡ
…”‡ƒ–‹‰Œ‘„•ƒ†•—’’‘”–‹‰–Š‡‡˜‹”‘‡–Ǥ
SellingandAdministrativeExpenses

Threemonthsended
December31,
Change

Change
Twelvemonthsended
December31,
Change
Change
$thousands
2022
2021
$
%
2022
2021
$
%
‡ŽŽ‹‰ƒ†ƒ†‹‹•–”ƒ–‹˜‡
‡š’‡•‡•
͸ǡ͹͵ͺ
ͶǡͶ͸͵
ʹǡʹ͹ͷ
ͷͳΨ
ʹʹǡͶͷͶ
ͳͷǡ͵ͳͲ
͹ǡͳͶͶ
Ͷ͹Ψ
‡ŽŽ‹‰ƒ†ƒ†‹‹•–”ƒ–‹˜‡‡š’‡•‡•‘ˆ̈́͸Ǥ͹‹ŽŽ‹‘‹ͶʹͲʹʹǡƒ‹…”‡ƒ•‡‘ˆ̈́ʹǤ͵‹ŽŽ‹‘ȋͷͳΨȌ…‘’ƒ”‡†–‘̈́ͶǤͷ‹ŽŽ‹‘
‹ͶʹͲʹͳǤ	‘”–Š‡›‡ƒ”‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹǡ•‡ŽŽ‹‰ƒ†ƒ†‹‹•–”ƒ–‹˜‡‡š’‡•‡•‘ˆ̈́ʹʹǤͷ‹ŽŽ‹‘ǡƒ‹…”‡ƒ•‡‘ˆ̈́͹Ǥͳ
‹ŽŽ‹‘ȋͶ͹ΨȌ…‘’ƒ”‡†–‘̈́ͳͷǤ͵‹ŽŽ‹‘‹ʹͲʹͳǤŠ‡‹…”‡ƒ•‡‹•‡ŽŽ‹‰ƒ†ƒ†‹‹•–”ƒ–‹˜‡‡š’‡•‡•ˆ‘”–Š‡“—ƒ”–‡”ƒ†
›‡ƒ” ‡†‡† ‡…‡„‡” ͵ͳǡ ʹͲʹʹ …‘’ƒ”‡† –‘ ʹͲʹͳ ™ƒ• ’”‹ƒ”‹Ž› †—‡ –‘ ƒ ‹…”‡ƒ•‡ ‹ –Š‡ —„‡” ‘ˆ ‡’Ž‘›‡‡• ƒ†
…‘’‡•ƒ–‹‘‹”‡•’‘•‡–‘Š‹‰Š‡”ƒ…–‹˜‹–›Ž‡˜‡Ž•Ǥ

ƒ‰‡ȁͳ͵
AdjustedEBITDA(1)

Threemonthsended
December31,
Change

Change
Twelvemonthsended
December31,
Change
Change
$thousands
2022
2021
$
%
2022
2021
$
%
AdjustedEBITDA(1)








‘–”ƒ…–”‹ŽŽ‹‰
ͻǡʹʹͶ
ʹǡͻ͵ͷ
͸ǡʹͺͻ
ʹͳͶΨ
ʹ͹ǡͶͳͶ
͸ǡ͵ͳ͵
ʹͳǡͳͲͳ
͵͵ͶΨ
”‘†—…–‹‘‡”˜‹…‡•
͸ǡͺͳͻ
ͷǡͻͶ͹
ͺ͹ʹ
ͳͷΨ
ʹͷǡ͸ͳͷ
ͳͺǡ͸ͺͻ
͸ǡͻʹ͸
͵͹Ψ
‘”’‘”ƒ–‡
ȋʹǡ͵Ͳ͹Ȍ
ȋʹǡ͹Ͷ͹Ȍ
ͶͶͲ
ͳ͸Ψ
ȋ͹ǡͲͻͺȌ
ȋ͸ǡͳ͵ͲȌ
ȋͻ͸ͺȌ
ȋͳ͸ȌΨ

ͳ͵ǡ͹͵͸
͸ǡͳ͵ͷ
͹ǡ͸Ͳͳ
ͳʹͶΨ
Ͷͷǡͻ͵ͳ
ͳͺǡͺ͹ʹ
ʹ͹ǡͲͷͻ
ͳͶ͵Ψ
†Œ—•–‡†ƒ”‰‹ȋΨȌȋͳȌ
ʹ͵Ψ
ͳͺΨ
Ȁƒ
ͷΨ
ʹʹΨ
ͳͺΨ
Ȁƒ
ͶΨ
ȋͳȌŽ‡ƒ•‡”‡ˆ‡”–‘–Š‡Dz‡…‘…‹Ž‹ƒ–‹‘‘ˆ‘Ǧ	‡ƒ•—”‡•dz•‡…–‹‘ˆ‘”ˆ—”–Š‡”‹ˆ‘”ƒ–‹‘Ǥ
ƒƒ‰‡‡–—•‡•†Œ—•–‡†ȋͳȌƒ•ƒ‡ƒ•—”‡‘ˆ–Š‡…ƒ•ŠˆŽ‘™‰‡‡”ƒ–‡†„›–Š‡‘’ƒ›Ǥ‘•‹–‹˜‡†Œ—•–‡†ȋͳȌ
’”‘˜‹†‡•–Š‡…ƒ•ŠˆŽ‘™‡‡†‡†–‘‰”‘™–Š‡„—•‹‡••–Š”‘—‰Š–Š‡’—”…Šƒ•‡‘ˆ‡“—‹’‡–‘”„—•‹‡••ƒ…“—‹•‹–‹‘•ǡ–‘ˆ—†
™‘”‹‰…ƒ’‹–ƒŽǡƒ†•‡”˜‹…‡ƒ†”‡†—…‡‘—–•–ƒ†‹‰Ž‘‰Ǧ–‡”†‡„–Ǥ
†Œ—•–‡†ȋͳȌ™ƒ•̈́ͳ͵Ǥ͹‹ŽŽ‹‘‹ͶʹͲʹʹǡƒ‹…”‡ƒ•‡‘ˆ̈́͹Ǥ͸‹ŽŽ‹‘ȋͳʹͶΨȌ…‘’ƒ”‡†–‘̈́͸Ǥͳ‹ŽŽ‹‘‹ͶʹͲʹͳǤ
†Œ—•–‡†ȋͳȌ™ƒ•̈́ͶͷǤͻ‹ŽŽ‹‘ˆ‘”ʹͲʹʹǡƒ‹…”‡ƒ•‡‘ˆ̈́ʹ͹Ǥͳ‹ŽŽ‹‘ȋͳͶ͵ΨȌ…‘’ƒ”‡†–‘̈́ͳͺǤͻ‹ŽŽ‹‘‹ʹͲʹͳǤŠ‡
‹…”‡ƒ•‡‹†Œ—•–‡†ȋͳȌ‹•’”‹ƒ”‹Ž›†—‡–‘–Š‡‡š’ƒ•‹‘‘ˆ‘—”ǤǤ‘’‡”ƒ–‹‘•™‹–Š–Š‡ƒ††‹–‹‘‘ˆ–Š‹”–‡‡ȋͳ͵Ȍ
–”‹’Ž‡†”‹ŽŽ‹‰”‹‰•ƒ†–Š‡‘˜‡”ƒŽŽ‹…”‡ƒ•‡‹‹†—•–”›ƒ…–‹˜‹–›ƒ†’”‹…‹‰ƒ•”‡•–”‹…–‹˜‡‡ƒ•—”‡•–ƒ‡–‘”‡†—…‡–Š‡•’”‡ƒ†
‘ˆǦͳͻ‰Ž‘„ƒŽŽ›™‡”‡‡ƒ•‡†ƒ†…”—†‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•’”‹…‡•‹…”‡ƒ•‡†Ǥ
StockBasedCompensation
–‘…„ƒ•‡†…‘’‡•ƒ–‹‘‹•’”‹ƒ”‹Ž›ƒˆ—…–‹‘‘ˆ‘—–•–ƒ†‹‰•–‘…‘’–‹‘•ƒ†”‡•–”‹…–‡†•Šƒ”‡—‹–•ȋDz•dzȌ„‡‹‰
‡š’‡•‡†‘˜‡”–Š‡‹”˜‡•–‹‰’‡”‹‘†•Ǥ
–‘…„ƒ•‡†…‘’‡•ƒ–‹‘‘ˆ̈́ͲǤͶ‹ŽŽ‹‘‹ͶʹͲʹʹǡƒ‹…”‡ƒ•‡‘ˆ̈́ͲǤͳ‹ŽŽ‹‘ȋ͵ͷΨȌ…‘’ƒ”‡†–‘̈́ͲǤ͵‹ŽŽ‹‘‹ͶʹͲʹͳǤ
–‘…„ƒ•‡†…‘’‡•ƒ–‹‘‘ˆ̈́ͳǤͲ‹ŽŽ‹‘ˆ‘”ʹͲʹʹǡƒ‹…”‡ƒ•‡‘ˆ̈́ͲǤ͵‹ŽŽ‹‘ȋ͵ͶΨȌ…‘’ƒ”‡†–‘̈́ͲǤͺ‹ŽŽ‹‘‹ʹͲʹͳǤ
FinanceCosts
	‹ƒ…‡…‘•–•‘ˆ̈́ͲǤͻ‹ŽŽ‹‘‹ͶʹͲʹʹǡƒ‹…”‡ƒ•‡‘ˆ̈́ͲǤ͸‹ŽŽ‹‘ȋͳͻͳΨȌ…‘’ƒ”‡†–‘̈́ͲǤ͵‹ŽŽ‹‘‹ͶʹͲʹͳǤ
	‹ƒ…‡…‘•–•‘ˆ̈́ʹǤ͸‹ŽŽ‹‘ˆ‘”ʹͲʹʹǡƒ‹…”‡ƒ•‡‘ˆ̈́ͳǤͷ‹ŽŽ‹‘ȋͳ͵͸ΨȌ…‘’ƒ”‡†–‘̈́ͳǤͳ‹ŽŽ‹‘‹ʹͲʹͳǤŠ‡‹…”‡ƒ•‡‹
ˆ‹ƒ…‡…‘•–•ˆ‘”–Š‡“—ƒ”–‡”ƒ†›‡ƒ”‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹ…‘’ƒ”‡†–‘ʹͲʹͳ™ƒ•’”‹ƒ”‹Ž›†—‡–‘–Š‡‹…”‡ƒ•‡†
‹–‡”‡•–”ƒ–‡•‹ʹͲʹʹǤ
Depreciation
‡’”‡…‹ƒ–‹‘‘ˆ̈́͵ǤͲ‹ŽŽ‹‘‹ͶʹͲʹʹǡƒ‹…”‡ƒ•‡‘ˆ̈́ͲǤ͵‹ŽŽ‹‘ȋͻΨȌ…‘’ƒ”‡†–‘̈́ʹǤͺ‹ŽŽ‹‘‹ͶʹͲʹͳǤ
‡’”‡…‹ƒ–‹‘‘ˆ̈́ͳʹǤʹ‹ŽŽ‹‘‹ʹͲʹʹǡƒ‹…”‡ƒ•‡‘ˆ̈́ͳǤ͸‹ŽŽ‹‘ȋͳͷΨȌ…‘’ƒ”‡†–‘̈́ͳͲǤ͸‹ŽŽ‹‘‹ʹͲʹͳ™ƒ•’”‹ƒ”‹Ž›
†—‡–‘–Š‡Š‹‰Š‡”†‡’”‡…‹ƒ„Ž‡ƒ••‡–„ƒ•‡‹ʹͲʹʹ…‘’ƒ”‡†–‘ʹͲʹͳǤ



Threemonthsended
December31,
Change

Change
Twelvemonthsended
December31,
Change
Change
$thousands
2022
2021
$
%
2022
2021
$
%
–‘…„ƒ•‡†…‘’‡•ƒ–‹‘
͵ͷ͸
ʹ͸͵
ͻ͵
͵ͷΨ
ͳǡͲͶͻ
͹ͺʹ
ʹ͸͹
͵ͶΨ

Threemonthsended
December31,
Change

Change
Twelvemonthsended
December31,
Change
Change
$thousands
2022
2021
$
%
2022
2021
$
%
	‹ƒ…‡…‘•–•
ͺͷͷ
ʹͻͶ
ͷ͸ͳ
ͳͻͳΨ
ʹǡͷͷͺ
ͳǡͲͺ͸
ͳǡͶ͹ʹ
ͳ͵͸Ψ

Threemonthsended
December31,
Change

Change
Twelvemonthsended
December31,
Change
Change
$thousands
2022
2021
$
%
2022
2021
$
%
‡’”‡…‹ƒ–‹‘
͵ǡͲ͵͵
ʹǡ͹͹Ͷ
ʹͷͻ
ͻΨ
ͳʹǡͳ͸ʹ
ͳͲǡͷ͸͵
ͳǡͷͻͻ
ͳͷΨ

ƒ‰‡ȁͳͶ
Impairment(Reversal)ofAssets

Threemonthsended
December31,

Change
Change
Twelvemonthsended
December31,
Change
Change
$thousands
2022
2021
$
%
2022
2021
$
%
Impairment(reversal)of
assets








‘–”ƒ…–”‹ŽŽ‹‰
ȋʹʹǡͻͷʹȌ
Ǧ ȋʹʹǡͻͷʹȌ
ȀȋͳȌ
ȋʹʹǡͻͷʹȌ
Ǧ
ȋʹʹǡͻͷʹȌ
ȀȋͳȌ
”‘†—…–‹‘‡”˜‹…‡•
ȋ͵ͲͻȌ
Ǧ
ȋ͵ͲͻȌ
ȀȋͳȌ
ȋ͵ͲͻȌ
ͳǡʹͻ͸
ȋͳǡ͸ͲͷȌ
ȋͳʹͶΨȌ

ȋʹ͵ǡʹ͸ͳȌ
Ǧ ȋʹ͵ǡʹ͸ͳȌ
ȀȋͳȌ
ȋʹ͵ǡʹ͸ͳȌ
ͳǡʹͻ͸
ȋʹͶǡͷͷ͹Ȍ
ȋͳǡͺͻͷΨȌ
Š‡”‡‘˜ƒŽ‘ˆ‡…‘‘‹…”‡•–”‹…–‹‘•†—‡–‘–Š‡ǦͳͻŠ‡ƒŽ–Š’ƒ†‡‹……”‡ƒ–‡†ƒ‹…”‡ƒ•‡††‡ƒ†ˆ‘”…”—†‡‘‹Žƒ†
ƒ–—”ƒŽ‰ƒ•™‹–Š‘—–ƒ•—ˆˆ‹…‹‡–…‘””‡•’‘†‹‰‹…”‡ƒ•‡‹‰Ž‘„ƒŽ•—’’Ž›ǤŠ‹•’‘•‹–‹˜‡Ž›ƒˆˆ‡…–‡†…—””‡–ƒ†ˆ‘”‡…ƒ•–‡†
†”‹ŽŽ‹‰ƒ†’”‘†—…–‹‘Ž‡˜‡Ž•‹ƒƒ†ƒƒ†–Š‡‹–‡†–ƒ–‡•”‡•—Ž–‹‰‹‹…”‡ƒ•‡††‡ƒ†ˆ‘”–Š‡‘’ƒ›ǯ••‡”˜‹…‡•Ǥ•
•—…Šǡ–Š‡‘’ƒ›…‘…Ž—†‡†–Šƒ––Š‡”‡™‡”‡‹†‹…ƒ–‘”•‘ˆ‹’ƒ‹”‡–”‡˜‡”•ƒŽƒ†’‡”ˆ‘”‡†ƒ‹’ƒ‹”‡––‡•–ˆ‘”–Š‡
‘’ƒ›ǯ•…ƒ•Š‰‡‡”ƒ–‹‰—‹–•ȋDz
•dzȌƒ–‡…‡„‡”͵ͳǡʹͲʹʹǤ
Š‡ ”‡…‘˜‡”ƒ„Ž‡ ƒ‘—– ‘ˆ –Š‡ 
 ™ƒ• „ƒ•‡† ‘ –Š‡ ˜ƒŽ—‡ ‹ —•‡ ‡–Š‘†ǡ ‡•–‹ƒ–‡† —•‹‰ †‹•…‘—–‡† …ƒ•Š ˆŽ‘™•
‹…‘”’‘”ƒ–‹‰–Š‡‘’ƒ›̵•‘•–”‡…‡–ʹͲʹ͵‹–‡”ƒŽͷǦ›‡ƒ”ˆ‘”‡…ƒ•–•ƒ–‡…‡„‡”͵ͳǡʹͲʹʹǤŠ‡…ƒŽ…—Žƒ–‹‘‘ˆ‡•–‹ƒ–‡†
ˆ—–—”‡…ƒ•ŠˆŽ‘™•™‡”‡†‹•…‘—–‡†–‘–Š‡‹”’”‡•‡–˜ƒŽ—‡—•‹‰ƒƒˆ–‡”Ǧ–ƒš†‹•…‘—–”ƒ–‡‘ˆʹͲΨ™Š‹…Š”‡ˆŽ‡…–•…—””‡–
ƒ”‡–ƒ••‡••‡–•‘ˆ–Š‡–‹‡˜ƒŽ—‡‘ˆ‘‡›ƒ†–Š‡”‹•••’‡…‹ˆ‹…–‘–Š‡ƒ••‡–•ǤŠ‡ˆƒ‹”˜ƒŽ—‡‘ˆ‡ƒ•—”‡‡–™ƒ•
…ƒ–‡‰‘”‹œ‡†ƒ•‡˜‡Ž͵ˆƒ‹”˜ƒŽ—‡„ƒ•‡†‘–Š‡‹’—–•‹–Š‡˜ƒŽ—ƒ–‹‘–‡…Š‹“—‡—•‡†Ǥ
Š‡ ‹’ƒ‹”‡– ”‡˜‡”•ƒŽ –‡•– …‘…Ž—†‡† –Šƒ– –Š‡ ”‡…‘˜‡”ƒ„Ž‡ ƒ‘—–• ‘ˆ –Š‡ ‘’ƒ›ǯ• 
• ‡š…‡‡†‡† –Š‡‹” …ƒ””›‹‰
ƒ‘—–•Ǥ–‡…‡„‡”͵ͳǡʹͲʹʹǡ–Š‡‘’ƒ›”‡…‘”†‡†ƒ”‡˜‡”•ƒŽ‘ˆŠ‹•–‘”‹…ƒŽ‹’ƒ‹”‡–…Šƒ”‰‡•‘ˆ̈́ʹʹǡͻͷʹ”‡Žƒ–‡†–‘–Š‡
‘–”ƒ…–”‹ŽŽ‹‰
ƒ†̈́͵Ͳͻ”‡Žƒ–‡†–‘–Š‡”‘†—…–‹‘‡”˜‹…‡•
‹–Š‡…‘•‘Ž‹†ƒ–‡†•–ƒ–‡‡–•‘ˆ…‘’”‡Š‡•‹˜‡
‹…‘‡Ǥ‘Š‹•–‘”‹…ƒŽ‹’ƒ‹”‡–•”‡ƒ‹ˆ‘”‡‹–Š‡”‘ˆ–Š‡‘’ƒ›ǯ•
•Ǥ
(Gain)LossonDisposalofEquipment
ƒƒ‰‡‡–…‘–‹—ƒŽŽ›‘‹–‘”•–Š‡ƒ••‡–‹šƒ†‡“—‹’‡–‡‡†•‘ˆ–Š‡‘’ƒ›ƒ††‹˜‡•–•ƒ••‡–•ƒ•‡‡†‡†–‘
‘’–‹‹œ‡‘’‡”ƒ–‹‘•Ǥ
	‘”–Š‡›‡ƒ”‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹǡ–Š‡Ž‘••‘†‹•’‘•ƒŽ‘ˆ‡“—‹’‡–‘ˆ̈́ͲǤͳ‹ŽŽ‹‘ǡƒ†‡…”‡ƒ•‡‘ˆ̈́ͲǤ͵‹ŽŽ‹‘ȋͳʹͲΨȌ
…‘’ƒ”‡†–‘ƒ‰ƒ‹‘†‹•’‘•ƒŽ‘ˆ‡“—‹’‡–‘ˆ̈́ͲǤ͵‹ŽŽ‹‘‹ʹͲʹͳǡ™ƒ•’”‹ƒ”‹Ž›”‡Žƒ–‡†–‘†”‹ŽŽ’‹’‡Ž‘•–†‘™Š‘Ž‡–Šƒ–
™ƒ•’ƒ”–‹ƒŽŽ›”‡…‘˜‡”‡†ˆ”‘…—•–‘‡”•ƒ†–Š‡†‹•’‘•ƒŽ‘ˆ•‡”˜‹…‡”‹‰‡“—‹’‡–Ǥ
DeferredIncomeTaxExpense





Threemonthsended
Twelvemonthsended





December31,
December31,
$thousands




2022
2021
2022
2021
‡–‹…‘‡„‡ˆ‘”‡‹…‘‡–ƒš‡•
͵ʹǡ͹ͺͲ
͵ǡͲͳʹ
ͷ͵ǡ͵͹͵
ͷǡ͵ͻ͸
—””‡–‹…‘‡–ƒš




ͳͳͶ
Ǧ
ͳͳͶ
Ǧ
‡ˆ‡””‡†‹…‘‡–ƒš‡š’‡•‡
͸ǡ͸ʹ͸
ͳͶ͸
ͳͳǡͷͻͻ
ͺʹ͵
‡ˆ‡””‡†‹…‘‡–ƒš‡š’‡•‡ƒ•ƒΨ‘ˆ‡–‹…‘‡„‡ˆ‘”‡‹…‘‡–ƒš‡•
ʹͲΨ
ͷΨ
ʹʹΨ
ͳͷΨ
š’‡…–‡†•–ƒ–—–‘”›‹…‘‡–ƒš”ƒ–‡
ʹ͵ǤͳΨ
ʹ͵Ǥ͹Ψ
ʹ͵ǤͳΨ
ʹ͵Ǥ͹Ψ
…‘‡–ƒš‡•ƒ”‡ƒˆ—…–‹‘‘ˆ–ƒšƒ„Ž‡‹…‘‡ƒ†ƒ”‡…ƒŽ…—Žƒ–‡††‹ˆˆ‡”‡–Ž›–Šƒ–ƒš’”‘˜‹•‹‘•‘ƒ……‘—–‹‰‹…‘‡Ǥ
‹ˆˆ‡”‡…‡•„‡–™‡‡ƒ……‘—–‹‰‹…‘‡ƒ†–ƒšƒ„Ž‡‹…‘‡‹…Ž—†‡•—…Š–Š‹‰•ƒ•‰ƒ‹•‘”Ž‘••‡•‘†‹•’‘•ƒŽ‘ˆˆ‹š‡†ƒ••‡–•ǡ
•–‘…„ƒ•‡†…‘’‡•ƒ–‹‘ǡ†‹ˆˆ‡”‡…‡•„‡–™‡‡‹…‘‡–ƒš‡•–‹ƒ–‡•ƒ†ƒ…–—ƒŽ–ƒšˆ‹Ž‹‰•ǡƒ†‘–Š‡”†‹ˆˆ‡”‡…‡•Ǥ
Š‡†‡ˆ‡””‡†‹…‘‡–ƒš‡š’‡•‡‹ͶʹͲʹʹ‘ˆ̈́͸Ǥ͸‹ŽŽ‹‘ȋͶʹͲʹͳǣ̈́ͲǤͳ‹ŽŽ‹‘Ȍƒ†̈́ͳͳǤ͸‹ŽŽ‹‘ˆ‘”ʹͲʹʹȋʹͲʹͳǣ̈́ͲǤͺ
‹ŽŽ‹‘Ȍ‹•ƒ”‡•—Ž–‘ˆ–Š‡‹…‘‡„‡ˆ‘”‡‹…‘‡–ƒš‡•ǤŠ‡‹…”‡ƒ•‡‹†‡ˆ‡””‡†‹…‘‡–ƒš‡š’‡•‡‹ʹͲʹʹ™ƒ•’”‹ƒ”‹Ž›
†—‡–‘–Š‡”‡˜‡”•ƒŽ‘ˆ‹’ƒ‹”‡–‘ˆƒ••‡–…Šƒ”‰‡•‘ˆ̈́ʹ͵Ǥ͵‹ŽŽ‹‘‹ʹͲʹʹ…‘’ƒ”‡†–‘ƒ‹’ƒ‹”‡–‘ˆƒ••‡–•…Šƒ”‰‡‘ˆ
̈́ͳǤ͵‹ŽŽ‹‘‹ʹͲʹͳǤ

Threemonthsended
December31,
Change

Change
Twelvemonthsended
December31,
Change
Change
$thousands
2022
2021
$
%
2022
2021
$
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ȋ
ƒ‹ȌŽ‘••‘†‹•’‘•ƒŽ‘ˆ
‡“—‹’‡–
ȋʹ͹Ȍ
ȋʹͲͺȌ
ȋͳͺͳȌ
ȋͺ͹ΨȌ
ͷͲ
ȋʹͷͳȌ
ȋ͵ͲͳȌ
ȋͳʹͲΨȌ

ƒ‰‡ȁͳͷ
Š‡‘’ƒ›Šƒ••—„•–ƒ–‹ƒŽ–ƒš’‘‘Ž•ƒ†‘Ǧ…ƒ’‹–ƒŽŽ‘••‡•ƒ˜ƒ‹Žƒ„Ž‡–‘”‡†—…‡ˆ—–—”‡–ƒšƒ„Ž‡‹…‘‡‹ƒƒ†ƒƒ†–Š‡
‹–‡†–ƒ–‡•Ǥ
NetIncomeandComprehensiveIncome
ȋͳȌ‘–‡ƒ‹‰ˆ—Ž
‡–‹…‘‡‘ˆ̈́ʹ͸ǤͲ‹ŽŽ‹‘‹ͶʹͲʹʹǡƒ‹…”‡ƒ•‡‘ˆ̈́ʹ͵Ǥʹ‹ŽŽ‹‘…‘’ƒ”‡†–‘̈́ʹǤͻ‹ŽŽ‹‘‹ͶʹͲʹͳǤ‘’”‡Š‡•‹˜‡
‹…‘‡‘ˆ̈́ʹͷǤʹ‹ŽŽ‹‘‹ͶʹͲʹʹǡƒ‹…”‡ƒ•‡‘ˆ̈́ʹʹǤʹ‹ŽŽ‹‘…‘’ƒ”‡†–‘̈́͵Ǥͳ‹ŽŽ‹‘‹ͶʹͲʹͳǤ
‡–‹…‘‡‘ˆ̈́ͶͳǤ͹‹ŽŽ‹‘‹ʹͲʹʹǡƒ‹…”‡ƒ•‡‘ˆ̈́͵͹Ǥͳ‹ŽŽ‹‘…‘’ƒ”‡†–‘̈́ͶǤ͸‹ŽŽ‹‘‹ʹͲʹͳǤ‘’”‡Š‡•‹˜‡‹…‘‡
‘ˆ̈́ͶͷǤʹ‹ŽŽ‹‘‹ʹͲʹʹǡƒ‹…”‡ƒ•‡‘ˆ̈́ͶͲǤͶ‹ŽŽ‹‘…‘’ƒ”‡†–‘̈́ͶǤͺ‹ŽŽ‹‘‹ʹͲʹͳǤŠ‡‹…”‡ƒ•‡•‹‡–‹…‘‡ƒ†
…‘’”‡Š‡•‹˜‡‹…‘‡‹ʹͲʹʹ™‡”‡’”‹ƒ”‹Ž›†—‡–‘–Š‡”‡˜‡”•ƒŽ‘ˆ‹’ƒ‹”‡–‘ˆƒ••‡–…Šƒ”‰‡•‘ˆ̈́ʹ͵Ǥ͵‹ŽŽ‹‘‹ʹͲʹʹ
…‘’ƒ”‡†–‘ƒ‹’ƒ‹”‡–‘ˆƒ••‡–•…Šƒ”‰‡‘ˆ̈́ͳǤ͵‹ŽŽ‹‘‹ʹͲʹͳǤ•ƒ††‹–‹‘ǡ–Š‡‘’ƒ›•ƒ™‹…”‡ƒ•‡•‹‡–‹…‘‡
ƒ†…‘’”‡Š‡•‹˜‡‹…‘‡’”‹ƒ”‹Ž›†—‡–‘–Š‡‡š’ƒ•‹‘‘ˆ‘—”ǤǤ‘’‡”ƒ–‹‘•™‹–Š–Š‡ƒ††‹–‹‘‘ˆͳ͵–”‹’Ž‡†”‹ŽŽ‹‰”‹‰•
ƒ†–Š‡‘˜‡”ƒŽŽ‹…”‡ƒ•‡‹‹†—•–”›ƒ…–‹˜‹–›ƒ†’”‹…‹‰ƒ•”‡•–”‹…–‹˜‡‡ƒ•—”‡•–ƒ‡–‘”‡†—…‡–Š‡•’”‡ƒ†‘ˆǦͳͻ
‰Ž‘„ƒŽŽ›™‡”‡‡ƒ•‡†ƒ†…”—†‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•’”‹…‡•‹…”‡ƒ•‡†Ǥ
LiquidityandCapitalResources
SourceofFunds
Š‡‘’ƒ›ǯ•Ž‹“—‹†‹–›‡‡†•‹–Š‡•Š‘”–ƒ†Ž‘‰–‡”…ƒ„‡•‘—”…‡†‹•‡˜‡”ƒŽ™ƒ›•‹…Ž—†‹‰ˆ—†•ˆ”‘‘’‡”ƒ–‹‘•ǡ
„‘””‘™‹‰ƒ‰ƒ‹•–‡š‹•–‹‰…”‡†‹–ˆƒ…‹Ž‹–‹‡•ǡ‡™†‡„–‹•–”—‡–•ǡ‡“—‹–›‹••—ƒ…‡•ƒ†’”‘…‡‡†•ˆ”‘–Š‡•ƒŽ‡‘ˆƒ••‡–•Ǥƒ•Š
‹ˆŽ‘™•ƒ”‡—•‡†–‘”‡’ƒ›‘—–•–ƒ†‹‰ƒ‘—–•‘–Š‡‘’ƒ›̵•…”‡†‹–ˆƒ…‹Ž‹–‹‡•ƒ†ˆ—†…ƒ’‹–ƒŽ”‡“—‹”‡‡–•Ǥ
—”‹‰ʹͲʹʹǡ–Š‡‘’ƒ›ǯ•‘’‡”ƒ–‹‰…ƒ•ŠˆŽ‘™‘ˆ̈́ʹͻǤͺ‹ŽŽ‹‘ǡ’”‘…‡‡†•‘†‹•’‘•ƒŽ‘ˆ‡“—‹’‡–‘ˆ̈́ͳǤʹ‹ŽŽ‹‘ǡƒ†…ƒ•Š
•‡––Ž‡‡– ˆ”‘ –Š‡ ‡š‡”…‹•‡ ‘ˆ •–‘… ‘’–‹‘• ‘ˆ ̈́ͲǤͻ ‹ŽŽ‹‘ ™ƒ• —•‡† –‘ ˆ—† …ƒ’‹–ƒŽ ‡š’‡†‹–—”‡• ‘ˆ ̈́ʹͷǤͶ ‹ŽŽ‹‘ǡ
”‡’ƒ›‡–•‘ˆŽ‘‰Ǧ–‡”†‡„–‘ˆ̈́͵Ǥ͵‹ŽŽ‹‘ǡ’ƒ›‡–•‘ˆ‹–‡”‡•–‘Ž‘‰Ǧ–‡”†‡„–ǡˆ‹ƒ…‡…‘•–•ƒ†Ž‡ƒ•‡•‘ˆ̈́͵Ǥͳ‹ŽŽ‹‘
ƒ†ƒ…“—‹•‹–‹‘‘ˆ…‘‘•Šƒ”‡•—†‡”–Š‡‘ˆ̈́ͲǤͳ‹ŽŽ‹‘Ǥ
•ƒ–‡…‡„‡”͵ͳǡʹͲʹʹ–Š‡‘’ƒ›Šƒ†™‘”‹‰…ƒ’‹–ƒŽȋ‡š…Ž—†‹‰†‡„–Ȍ‘ˆ̈́͵ͷǤͻ‹ŽŽ‹‘ǡƒ‹…”‡ƒ•‡‘ˆ̈́ͳ͹ǤͲ‹ŽŽ‹‘
ȋͻͲΨȌˆ”‘̈́ͳͻǤͲ‹ŽŽ‹‘ƒ–‡…‡„‡”͵ͳǡʹͲʹͳȋ’Ž‡ƒ•‡”‡ˆ‡”–‘–Š‡̶‘Ǧ
ƒ†–Š‡”	‹ƒ…‹ƒŽ‡ƒ•—”‡•̶•‡…–‹‘ˆ‘”
ˆ—”–Š‡”‹ˆ‘”ƒ–‹‘ȌǤŠ‡‹…”‡ƒ•‡‹™‘”‹‰…ƒ’‹–ƒŽȋ‡š…Ž—†‹‰†‡„–Ȍ‹•’”‹ƒ”‹Ž›†—‡–‘Š‹‰Š‡”ƒ……‘—–•”‡…‡‹˜ƒ„Ž‡”‡Žƒ–‡†
–‘ ‹…”‡ƒ•‡† ƒ…–‹˜‹–› Ž‡˜‡Ž•ǡ ’ƒ”–‹…—Žƒ”Ž› ‹ –Š‡ ǤǤǡ ‹ Ͷ ʹͲʹʹ ˜‡”•—• Ͷ ʹͲʹͳǤ ›’‹…ƒŽŽ› ƒ• ƒ…–‹˜‹–› Ž‡˜‡Ž• ‹…”‡ƒ•‡ ‘”
†‡…”‡ƒ•‡ǡ™‘”‹‰…ƒ’‹–ƒŽ™‹ŽŽƒŽ•‘‹…”‡ƒ•‡‘”†‡…”‡ƒ•‡Ǥ
Š‡‘’ƒ›Šƒ•…”‡†‹–ˆƒ…‹Ž‹–‹‡•™‹–Šƒ•›†‹…ƒ–‡‘ˆˆ‘—”ƒƒ†‹ƒˆ‹ƒ…‹ƒŽ‹•–‹–—–‹‘•ȋ–Š‡Dz”‡†‹–	ƒ…‹Ž‹–›dzȌǤ
—Ž›ʹͻǡ
ʹͲʹʹǡ–Š‡‘’ƒ›‡š‡”…‹•‡†–Š‡ƒ……‘”†‹‘ˆ‡ƒ–—”‡–‘‡š’ƒ†–Š‡”‡†‹–	ƒ…‹Ž‹–›…‘’”‹•‡†‘ˆƒ̈́ͷͲǡ͹ͳͲƒƒ†‹ƒ•›†‹…ƒ–‡†
ˆƒ…‹Ž‹–›ǡƒ̈́ͳʹǡͲͲͲǤǤ•›†‹…ƒ–‡†ˆƒ…‹Ž‹–›ǡƒ̈́͹ǡͷͲͲƒƒ†‹ƒ‘’‡”ƒ–‹‰ˆƒ…‹Ž‹–›ƒ†ƒ̈́ͷǡͲͲͲǤǤ‘’‡”ƒ–‹‰ˆƒ…‹Ž‹–›ǤŠ‡
‘’ƒ› ˆ—”–Š‡” ƒ‡†‡† –Š‡ ”‡†‹– 	ƒ…‹Ž‹–› –‘ ‡š–‡† –Š‡ ƒ–—”‹–› –‘ 
—Ž› ͵ͳǡ ʹͲʹͷ ȋDzƒ–—”‹–› ƒ–‡dzȌǤ ‘ ’”‹…‹’ƒŽ
’ƒ›‡–•ƒ”‡”‡“—‹”‡†—†‡”–Š‡”‡†‹–	ƒ…‹Ž‹–›—–‹Ž–Š‡ƒ–—”‹–›ƒ–‡ǡƒ–™Š‹…Š–‹‡ƒ›ƒ‘—–•‘—–•–ƒ†‹‰ƒ”‡†—‡ƒ†
’ƒ›ƒ„Ž‡ǤŠ‡‘’ƒ›ƒ›ǡ‘ƒƒ—ƒŽ„ƒ•‹•ǡ”‡“—‡•––Š‡ƒ–—”‹–›ƒ–‡„‡‡š–‡†‡†ˆ‘”ƒ’‡”‹‘†‘––‘‡š…‡‡†–Š”‡‡›‡ƒ”•
ˆ”‘–Š‡†ƒ–‡‘ˆ–Š‡”‡“—‡•–Ǥˆƒ”‡“—‡•–ˆ‘”ƒ‡š–‡•‹‘‹•‘–ƒ’’”‘˜‡†„›–Š‡„ƒ‹‰•›†‹…ƒ–‡ǡ–Š‡ƒ–—”‹–›ƒ–‡™‹ŽŽ
”‡ƒ‹—…Šƒ‰‡†Ǥ
Š‡‘’ƒ›‹•‹…‘’Ž‹ƒ…‡™‹–Š‡ƒ…Š‘ˆ–Š‡ˆ‹ƒ…‹ƒŽ…‘˜‡ƒ–•ƒ–‡…‡„‡”͵ͳǡʹͲʹʹǤˆˆ‡…–‹˜‡‡…‡„‡”͵ͳǡʹͲʹʹǡ–Š‡
ƒ’’Ž‹…ƒ„Ž‡”ƒ–‡•—†‡”–Š‡ƒ‘ƒƒ”‡„ƒ’”‹‡”ƒ–‡’Ž—•ͳǤʹͷΨǡ„ƒ‡”•ǯƒ……‡’–ƒ…‡•”ƒ–‡’Ž—•ƒ•–ƒ’‹‰ˆ‡‡‘ˆʹǤʹͷΨǡ
ƒ†•–ƒ†„›ˆ‡‡”ƒ–‡‘ˆͲǤͷ͸͵ΨǤ
Š‡‘’ƒ›ǯ•‘”–‰ƒ‰‡‘ƒ‹•ƒŽ‘ƒƒ–—”‹‰‘
—‡͵ͲǡʹͲʹͺ–Šƒ–‹•ƒ‘”–‹œ‡†‘˜‡”ʹʹ›‡ƒ”•™‹–Š„Ž‡†‡†‘–ŠŽ›
’”‹…‹’ƒŽƒ†‹–‡”‡•–’ƒ›‡–•‘ˆ̈́ͺ͸–Š‘—•ƒ†Ǥ–ƒ–—”‹–›ǡƒ’’”‘š‹ƒ–‡Ž›̈́͹ǤͲ‹ŽŽ‹‘‘ˆ’”‹…‹’ƒŽ™‹ŽŽ„‡…‘‡’ƒ›ƒ„Ž‡
ƒ••—‹‰‘Ž›”‡‰—Žƒ”‘–ŠŽ›’ƒ›‡–•ƒ”‡ƒ†‡Ǥƒ›ʹǡʹͲʹʹ–Š‡‘’ƒ›‡–‡”‡†‹–‘ƒ‹–‡”‡•–”ƒ–‡•™ƒ’–‘
‡š…Šƒ‰‡–Š‡ˆŽ‘ƒ–‹‰”ƒ–‡‹–‡”‡•–’ƒ›‡–•ˆ‘”ˆ‹š‡†”ƒ–‡‹–‡”‡•–’ƒ›‡–•ǡ™Š‹…Šˆ‹š–Š‡ƒ‡”•ǯ……‡’–ƒ…‡Ǧƒƒ†‹ƒ
‘ŽŽƒ”ˆˆ‡”‡†ƒ–‡…‘’‘‡–•‘ˆ‹–•‹–‡”‡•–’ƒ›‡–‘–Š‡‘—–•–ƒ†‹‰–‡”†‡„–Ǥ

Threemonthsended
December31,
Change

Change
Twelvemonthsended
December31,
Change
Change
$thousands
2022
2021
$
%
2022
2021
$
%
‡–‹…‘‡
ʹ͸ǡͲͶͲ
ʹǡͺ͸͸
ʹ͵ǡͳ͹Ͷ
ͺͲͻΨ
Ͷͳǡ͸͸Ͳ
Ͷǡͷ͹͵
͵͹ǡͲͺ͹
ͺͳͳΨ
”‡ƒŽ‹œ‡†‰ƒ‹ȋŽ‘••Ȍ‘
–”ƒ•Žƒ–‹‘‘ˆˆ‘”‡‹‰‘’‡”ƒ–‹‘•
ȋͺʹ͵Ȍ
ͳͺ͹
ȋͳǡͲͳͲȌ
ȋͷͶͲΨȌ
͵ǡͷͶͶ
ʹ͸Ͷ
͵ǡʹͺͲ
ͳǡʹͶʹΨ
‘’”‡Š‡•‹˜‡‹…‘‡
ʹͷǡʹͳ͹
͵ǡͲͷ͵
ʹʹǡͳ͸Ͷ
͹ʹ͸Ψ
ͶͷǡʹͲͶ
Ͷǡͺ͵͹
ͶͲǡ͵͸͹
ͺ͵ͷΨ

ƒ‰‡ȁͳ͸
†‡”–Š‡‹–‡”‡•–”ƒ–‡•™ƒ’ƒ‰”‡‡‡–ǡ–Š‡‘’ƒ›’ƒ›•ƒˆ‹š‡†”ƒ–‡‘ˆ͵Ǥ͵ͺΨ’‡”ƒ—’Ž—•–Š‡ƒ’’Ž‹…ƒ„Ž‡…”‡†‹–•’”‡ƒ†
‘ˆͳǤ͵ͷΨǡˆ‘”ƒ‡ˆˆ‡…–‹˜‡ˆ‹š‡†”ƒ–‡‘ˆͶǤ͹͵ΨǤŠ‡ˆƒ‹”˜ƒŽ—‡‘ˆ–Š‡‹–‡”‡•–”ƒ–‡•™ƒ’ƒ””ƒ‰‡‡–‹•–Š‡†‹ˆˆ‡”‡…‡„‡–™‡‡
–Š‡ˆ‘”™ƒ”†‹–‡”‡•–”ƒ–‡•ƒ†–Š‡†‹•…‘—–‡†…‘–”ƒ…–”ƒ–‡Ǥ•ƒ–‡…‡„‡”͵ͳǡʹͲʹʹǡ–Š‡ƒ”Ǧ–‘Ǧƒ”‡–˜ƒŽ—‡‘ˆ–Š‡
‹–‡”‡•–”ƒ–‡•™ƒ’‘ˆ̈́ͳͷʹ–Š‘—•ƒ†‹•‹…Ž—†‡†™‹–Š‹ƒ……‘—–•”‡…‡‹˜ƒ„Ž‡‘–Š‡‘•‘Ž‹†ƒ–‡†–ƒ–‡‡–•‘ˆ	‹ƒ…‹ƒŽ
‘•‹–‹‘ȋ‡…‡„‡”͵ͳǡʹͲʹͳǣ̈́ʹͳͲ–Š‘—•ƒ†‹…Ž—†‡†™‹–Š‹ƒ……‘—–•’ƒ›ƒ„Ž‡ƒ†ƒ……”—‡†Ž‹ƒ„‹Ž‹–‹‡•ȌǤ
CapitalRequirements
‡…‡„‡”ͷǡʹͲʹʹǡ–Š‡‘’ƒ›ƒ‘—…‡†‹–•…ƒ’‹–ƒŽ‡š’‡†‹–—”‡„—†‰‡–ˆ‘”ʹͲʹ͵‘ˆ̈́ʹ͸Ǥ͵‹ŽŽ‹‘‹…Ž—†‹‰̈́ͶǤͲ‹ŽŽ‹‘
‘ˆʹͲʹʹ…ƒ’‹–ƒŽ‡š’‡†‹–—”‡„‡‹‰…ƒ””‹‡†ˆ‘”™ƒ”†‹–‘ʹͲʹ͵ˆ‘”–Š‡—’‰”ƒ†‡•ƒ†‡˜‡Ž”‡Ǧ…‡”–‹ˆ‹…ƒ–‹‘•‘ˆ–Š‡–Š”‡‡ȋ͵Ȍ
–”‹’Ž‡†”‹ŽŽ‹‰”‹‰•ƒ…“—‹”‡†‹
—‡ʹͲʹʹǤ̈́͸Ǥ͹‹ŽŽ‹‘‘ˆ–Š‡ʹͲʹ͵…ƒ’‹–ƒŽ‡š’‡†‹–—”‡‹•ˆ‘”ƒ‹–‡ƒ…‡ƒ†‹ˆ”ƒ•–”—…–—”‡
…ƒ’‹–ƒŽ”‡Žƒ–‡†–‘”‡Ǧ…‡”–‹ˆ‹…ƒ–‹‘•ǡƒ††‹–‹‘•ƒ†—’‰”ƒ†‡•–‘ˆ‹‡Ž†‡“—‹’‡–ˆ‘”–Š‡†”‹ŽŽ‹‰”‹‰ƒ†•‡”˜‹…‡”‹‰†‹˜‹•‹‘•ƒ•
™‡ŽŽ ƒ• ‹ˆ‘”ƒ–‹‘ –‡…Š‘Ž‘‰› ‹ˆ”ƒ•–”—…–—”‡ǡ ™‹–Š –Š‡ ”‡ƒ‹‹‰ ̈́ͳͷǤ͸ ‹ŽŽ‹‘ „‡‹‰ ˆ‘” ‰”‘™–Š …ƒ’‹–ƒŽ –‘ …‘’Ž‡–‡
—’‰”ƒ†‡• –‘ ˆ‘—” ȋͶȌ ‘ˆ –Š‡ †”‹ŽŽ‹‰ ”‹‰• ƒ† –‘ ’—”…Šƒ•‡ ƒ††‹–‹‘ƒŽ •–”‹‰• ‘ˆ •’‡…‹ƒŽ–› †”‹ŽŽ ’‹’‡Ǥ Š‡ ʹͲʹ͵ …ƒ’‹–ƒŽ
‡š’‡†‹–—”‡•„—†‰‡–‹•…‘•‹•–‡–™‹–Šǯ•…‘‹–‡––‘•ƒˆ‡–›ƒ†‘’‡”ƒ–‹‘ƒŽ‡ˆˆ‹…‹‡…›™‹–ŠŠ‹‰ŠǦ“—ƒŽ‹–›ƒ†™‡ŽŽǦ
ƒ‹–ƒ‹‡†‡“—‹’‡–Ǥ‹–‡†•–‘ˆ‹ƒ…‡‹–•ʹͲʹ͵…ƒ’‹–ƒŽ‡š’‡†‹–—”‡•„—†‰‡–ˆ”‘‘’‡”ƒ–‹‰…ƒ•ŠˆŽ‘™•Ǥ
Š‡ ‘’ƒ›ǯ•ʹͲʹʹ …ƒ’‹–ƒŽ‡š’‡†‹–—”‡• ƒ”‡ †‡–ƒ‹Ž‡† ‹–Š‡•‡…–‹‘ „‡Ž‘™–‹–Ž‡† Dzƒ’‹–ƒŽ š’‡†‹–—”‡•dzǤ –Š‡ˆ—–—”‡ǡ
ƒ††‹–‹‘ƒŽ†‹•…”‡–‹‘ƒ”›…ƒ’‹–ƒŽ‡š’‡†‹–—”‡•™‹ŽŽ„‡”‡“—‹”‡†‹‘”†‡”–‘…‘–‹—‡–‘‰”‘™–Š‡‘’ƒ›ǯ•ƒ••‡–•ƒ†”‡˜‡—‡Ǥ
– ‹• ƒ–‹…‹’ƒ–‡† ˆ—–—”‡ …ƒ•Š ”‡“—‹”‡‡–• ˆ‘” …ƒ’‹–ƒŽ ‡š’‡†‹–—”‡• ™‹ŽŽ „‡ ‡– –Š”‘—‰Š ƒ …‘„‹ƒ–‹‘ ‘ˆ ˆ—†• ˆ”‘
‘’‡”ƒ–‹‘•ƒ†„‘””‘™‹‰ƒ‰ƒ‹•–‡š‹•–‹‰…”‡†‹–ˆƒ…‹Ž‹–‹‡•ƒ•”‡“—‹”‡†Ǥ‘™‡˜‡”ǡƒ††‹–‹‘ƒŽˆ—†•ƒ›„‡”ƒ‹•‡†„›‡™†‡„–
‹•–”—‡–•ǡ‡“—‹–›‹••—ƒ…‡•ƒ†’”‘…‡‡†•ˆ”‘–Š‡•ƒŽ‡‘ˆƒ••‡–•Ǥ
ƒ›”‡“—‹”‡ƒ††‹–‹‘ƒŽˆ‹ƒ…‹‰‹–Š‡ˆ—–—”‡–‘‹’Ž‡‡–‹–••–”ƒ–‡‰‹‡•ƒ†„—•‹‡••‘„Œ‡…–‹˜‡•Ǥ–‹•’‘••‹„Ž‡–Šƒ–
•—…Šˆ‹ƒ…‹‰™‹ŽŽ‘–„‡ƒ˜ƒ‹Žƒ„Ž‡ǡ‘”‹ˆƒ˜ƒ‹Žƒ„Ž‡ǡ™‹ŽŽ‘–„‡ƒ˜ƒ‹Žƒ„Ž‡‘ˆƒ˜‘—”ƒ„Ž‡–‡”•Ǥˆ‹••—‡•ƒ›•Šƒ”‡•‹–Š‡
ˆ—–—”‡–‘ˆ‹ƒ…‡‹–•‘’‡”ƒ–‹‘•‘”‹’Ž‡‡–‹–••–”ƒ–‡‰‹‡•ǡ–Š‡…—””‡–•Šƒ”‡Š‘Ž†‡”•‘ˆƒ›‹…—”ƒ†‹Ž—–‹‘‘ˆ–Š‡‹”
‹–‡”‡•–Ǥ
CommonSharesandDividends
Š‡ˆ‘ŽŽ‘™‹‰–ƒ„Ž‡•—ƒ”‹œ‡•‘—–•–ƒ†‹‰•Šƒ”‡†ƒ–ƒƒ†’‘–‡–‹ƒŽŽ›†‹Ž—–‹˜‡•‡…—”‹–‹‡•ǣ

March1,2023
December31,2022
December31,2021
‘‘•Šƒ”‡•
ͷͳͺǡͳ͹ͳǡͺͻͶ
ͷͳͺǡͲͺͶǡ͹ʹ͹
ͷͲͻǡͲ͹ʹǡͲͻͳ
–‘…‘’–‹‘•
ͺͻǡͲͲͲ
ͺͻǡͲͲͲ
͹ǡ͵ʹ͵ǡͲͲͲ
‡•–”‹…–‡†•Šƒ”‡—‹–•
ͳ͹ǡ͵͸ͳǡ͹ͶͶ
ͳ͹ǡͶͶͺǡͻͳͳ
ͳ͸ǡͲͺͷǡͺͺ͹
	‘”–Š‡›‡ƒ”‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹǡͶǡ͸ͳͷǡͲͲͲ•–‘…‘’–‹‘•™‡”‡‡š‡”…‹•‡†ƒ†ʹǡ͸ͳͻǡͲͲͲ‡š’‹”‡†Ǥƒ††‹–‹‘ǡ͸ǡͲʹͶǡͲͲͲ
‡•–”‹…–‡†Šƒ”‡‹–•ȋDz•dzȌ™‡”‡‰”ƒ–‡†ǡͶǡ͸Ͳ͹ǡ͸͵͸™‡”‡‡š‡”…‹•‡†ƒ†ͷ͵ǡ͵ͶͲ‡š’‹”‡†Ǥ
‘˜‡„‡”ͳ͸ǡʹͲʹʹǡ–Š‡‘’ƒ›”‡‹•–ƒ–‡†‹–•™Š‹…Š‡š’‹”‡•‘‘˜‡„‡”ͳͷǡʹͲʹ͵Ǥ†‡”–Š‹•–Š‡‘’ƒ›
ƒ›’—”…Šƒ•‡ǡˆ”‘–‹‡–‘–‹‡ƒ•‹–…‘•‹†‡”•ƒ†˜‹•ƒ„Ž‡ǡ—’–‘ʹͷǡ͸ʹͲǡ͸͹ͳ‹••—‡†ƒ†‘—–•–ƒ†‹‰…‘‘•Šƒ”‡•–Š”‘—‰Š
–Š‡ˆƒ…‹Ž‹–‹‡•‘ˆ–Š‡‘”‘–Š‡””‡…‘‰‹œ‡†ƒ”‡–’Žƒ…‡•Ǥƒ††‹–‹‘ǡ‡–‡”‡†‹–‘ƒƒ—–‘ƒ–‹…•‡…—”‹–‹‡•’—”…Šƒ•‡
’Žƒȋ–Š‡DzdzȌȋƒ•†‡ˆ‹‡†—†‡”ƒ’’Ž‹…ƒ„Ž‡•‡…—”‹–‹‡•Žƒ™•Ȍ™‹–Šƒ›‘†
ƒ‡•–†Ǥȋ̶ƒ›‘†
ƒ‡•̶Ȍˆ‘”–Š‡’—”’‘•‡
‘ˆƒ‹‰’—”…Šƒ•‡•—†‡”–Š‡Ǥ—…Š’—”…Šƒ•‡•™‹ŽŽ„‡†‡–‡”‹‡†„›ƒ›‘†
ƒ‡•‹‹–••‘Ž‡†‹•…”‡–‹‘ǡ™‹–Š‘—–
…‘•—Ž–ƒ–‹‘™‹–ŠŠƒ˜‹‰”‡‰ƒ”†–‘–Š‡’”‹…‡Ž‹‹–ƒ–‹‘ƒ†ƒ‰‰”‡‰ƒ–‡’—”…Šƒ•‡Ž‹‹–ƒ–‹‘ƒ†‘–Š‡”–‡”•‘ˆ–Š‡
ƒ†–Š‡”—Ž‡•‘ˆ–Š‡Ǥ‘†—…–‹‰–Š‡ƒ•ƒƒŽŽ‘™•…‘‘•Šƒ”‡•–‘„‡’—”…Šƒ•‡†ƒ––‹‡•™Š‡™‘—Ž†
‘–Š‡”™‹•‡„‡’”‘Š‹„‹–‡†ˆ”‘†‘‹‰•‘’—”•—ƒ––‘•‡…—”‹–‹‡•Žƒ™•ƒ†‹–•‹–‡”ƒŽ–”ƒ†‹‰’‘Ž‹…‹‡•Ǥ
	‘”–Š‡›‡ƒ”‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹǡ–Š‡‘’ƒ›’—”…Šƒ•‡†ʹͳͲǡͲͲͲȋʹͲʹͳǣʹǡʹͶͻǡͷͲͲȌ…‘‘•Šƒ”‡•—†‡”–Š‡
™Š‹…Š™‡”‡…ƒ…‡ŽŽ‡†ƒ†”‡–—”‡†–‘–”‡ƒ•—”›Ǥ




ƒ‰‡ȁͳ͹
CapitalExpenditures

Threemonthsended
December31,
Change

Change
Twelvemonthsended
December31,
Change
Change
$thousands
2022
2021
$
%
2022
2021
$
%
Capitalexpenditures








‘–”ƒ…–†”‹ŽŽ‹‰
ͶǡͶ͵͵
ʹͶǡ͹͹ͺ
ȋʹͲǡ͵ͶͷȌ
ȋͺʹΨȌ
ʹͳǡͶͻ͵
ʹ͹ǡ͹ͻ͵
ȋ͸ǡ͵ͲͲȌ
ȋʹ͵ΨȌ
”‘†—…–‹‘•‡”˜‹…‡•
ͳǡʹͻͲ
ʹͷͲ
ͳǡͲͶͲ
Ͷͳ͸Ψ
ͶǡͶʹͲ
ͳǡͶ͹Ͳ
ʹǡͻͷͲ
ʹͲͳΨ
–Š‡”‡“—‹’‡–
ͳ
ͳͳ
ȋͳͲȌ
ȋͻͳΨȌ
ͳʹͺ
ͳͷ
ͳͳ͵
͹ͷ͵Ψ

ͷǡ͹ʹͶ
ʹͷǡͲ͵ͻ
ȋͳͻǡ͵ͳͷȌ
ȋ͹͹ΨȌ
ʹ͸ǡͲͶͳ
ʹͻǡʹ͹ͺ
ȋ͵ǡʹ͵͹Ȍ
ȋͳͳΨȌ










”‘™–Š…ƒ’‹–ƒŽ
Ͷǡʹ͸͹
ʹ͵ǡ͸͸Ͷ
ȋͳͻǡ͵ͻ͹Ȍ
ȋͺʹΨȌ
ͳͻǡͷͷͻ
ʹͷǡ͵ͻ͵
ȋͷǡͺ͵ͶȌ
ȋʹ͵ΨȌ
ƒ‹–‡ƒ…‡ƒ†‹ˆ”ƒ•–”—…–—”‡
…ƒ’‹–ƒŽ
ͳǡͶͷ͹
ͳǡ͵͹ͷ
ͺʹ
ͺΨ
͸ǡͶͺʹ
͵ǡͺͺͷ
ʹǡͷͻ͹
͸͹Ψ
‘–ƒŽ…ƒ’‹–ƒŽ‡š’‡†‹–—”‡•
ͷǡ͹ʹͶ
ʹͷǡͲ͵ͻ
ȋͳͻǡ͵ͳͷȌ
ȋ͹͹ΨȌ
ʹ͸ǡͲͶͳ
ʹͻǡʹ͹ͺ
ȋ͵ǡʹ͵͹Ȍ
ȋͳͳΨȌ
ƒ’‹–ƒŽ‡š’‡†‹–—”‡•‘ˆ̈́ͷǤ͹‹ŽŽ‹‘‹ͶʹͲʹʹǡƒ†‡…”‡ƒ•‡‘ˆ̈́ͳͻǤ͵‹ŽŽ‹‘…‘’ƒ”‡†–‘̈́ʹͷǤͲ‹ŽŽ‹‘‹ͶʹͲʹͳǤŠ‡
†‡…”‡ƒ•‡†…ƒ’‹–ƒŽ‡š’‡†‹–—”‡•ˆ‘”ͶʹͲʹʹ™ƒ•’”‹ƒ”‹Ž›†—‡–‘–Š‡’—”…Šƒ•‡‘ˆ–‡ȋͳͲȌ–”‹’Ž‡†”‹ŽŽ‹‰”‹‰•ƒ†ƒ…‹ŽŽƒ”›
‡“—‹’‡–ˆ‘”̈́ͳͺǤͷ‹ŽŽ‹‘ȋ̈́ʹ͵Ǥͷ‹ŽŽ‹‘Ȍ‹ͶʹͲʹͳ™‹–Š‘…‘’ƒ”ƒ„Ž‡’—”…Šƒ•‡‹ͶʹͲʹʹǤ
ƒ’‹–ƒŽ‡š’‡†‹–—”‡•‘ˆ̈́ʹ͸ǤͲ‹ŽŽ‹‘ˆ‘”–Š‡›‡ƒ”‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹǡƒ†‡…”‡ƒ•‡‘ˆ̈́͵Ǥʹ‹ŽŽ‹‘…‘’ƒ”‡†–‘̈́ʹͻǤ͵
‹ŽŽ‹‘‹ʹͲʹͳǤŠ‡†‡…”‡ƒ•‡†…ƒ’‹–ƒŽ‡š’‡†‹–—”‡ˆ‘”ʹͲʹʹ…‘’ƒ”‡†–‘ʹͲʹͳ™ƒ•’”‹ƒ”‹Ž›†—‡–‘–Š‡’—”…Šƒ•‡‘ˆ–Š”‡‡
ȋ͵Ȍ –”‹’Ž‡ †”‹ŽŽ‹‰ ”‹‰• ƒ† …”‹–‹…ƒŽ •’ƒ”‡ …‘’‘‡–• ˆ‘” ̈́͹ǤͶ ‹ŽŽ‹‘ ȋ̈́ͻǤ͸ ‹ŽŽ‹‘Ȍ ƒ† —’‰”ƒ†‡• ƒ† ‡˜‡Ž  ”‡Ǧ
…‡”–‹ˆ‹…ƒ–‹‘•‘ˆ–Š‡•‡–Š”‡‡ȋ͵Ȍ–”‹’Ž‡†”‹ŽŽ‹‰”‹‰••’‡–‹ʹͲʹʹ‘ˆ̈́ͶǤ͸‹ŽŽ‹‘ǡ™Š‹…Š™ƒ•Ž‡••–Šƒ–Š‡ƒ‘—–•’‡––‘
’—”…Šƒ•‡–‡ȋͳͲȌ–”‹’Ž‡†”‹ŽŽ‹‰”‹‰•ƒ†ƒ…‹ŽŽƒ”›‡“—‹’‡–ˆ‘”̈́ͳͺǤͷ‹ŽŽ‹‘ȋ̈́ʹ͵Ǥͷ‹ŽŽ‹‘Ȍ‹ʹͲʹͳǤ
CommitmentsandContractualObligations
†‡”–Š‡–‡”•‘ˆ–Š‡‘’ƒ›ǯ•ƒ‡†‡†ƒ‘ƒǡ–Š‡„‘””‘™‹‰•—†‡”–Š‡ƒ‘ƒƒ”‡†—‡‹ˆ—ŽŽ‘
—Ž›͵ͳǡʹͲʹͷǤ
Š‡‘’ƒ›‹•…‘‹––‡†–‘‘–ŠŽ›’ƒ›‡–•‘ˆ‹–‡”‡•–ƒ†„ƒ…Šƒ”‰‡•—–‹Ž
—Ž›͵ͳǡʹͲʹͷǤŠ‡‘’ƒ›ǯ•‘”–‰ƒ‰‡
‘ƒ‹•„‡‹‰ƒ‘”–‹œ‡†‘˜‡”ʹʹ›‡ƒ”•™‹–Š„Ž‡†‡†‘–ŠŽ›’”‹…‹’ƒŽƒ†‹–‡”‡•–’ƒ›‡–•ƒ†ƒ–—”‡•‘
—‡͵ͲǡʹͲʹͺǤ
ƒƒ‰‡‡–„‡Ž‹‡˜‡•–Šƒ––Š‡”‡™‹ŽŽ„‡•—ˆˆ‹…‹‡–…ƒ•ŠˆŽ‘™•‰‡‡”ƒ–‡†ˆ”‘‘’‡”ƒ–‹‘•–‘•‡”˜‹…‡–Š‡‹–‡”‡•–‘–Š‡†‡„–
ƒ†ˆ‹ƒ…‡–Š‡”‡“—‹”‡†…ƒ’‹–ƒŽ‡š’‡†‹–—”‡•‘ˆ–Š‡‘’ƒ›–Š”‘—‰ŠʹͲʹ͵Ǥ
SummaryandAnalysisofQuarterlyData
$thousands,exceptpershare
amounts
Threemonthsended
Dec.31,
2022
Sep.30,
2022
Jun.30,
2022
Mar.31,
2022
Dec.31,
2021
Sep.30,
2021
Jun.30,
2021
Mar.31,
2021



‡˜‡—‡
͸ͲǡͲ͵ͻ
͸ͳǡ͹ͺͳ
Ͷʹǡ͸ͺͳ
ͶͲǡͺ͵ͳ
͵͵ǡ͸ͻ͵
ʹ͹ǡ͹͹͸
ͳ͸ǡͶͻ͹
ʹͶǡ͸͸ͻ









†Œ—•–‡†ȋͳȌ
ͳ͵ǡ͹͵͸
ͳ͸ǡͳ͸ͻ
͹ǡ͸ͲͲ
ͺǡͶʹ͸
͸ǡͳ͵ͷ
ͷǡ͵ͻͶ
ʹǡͶͺͻ
ͶǡͺͷͶ









‡–‹…‘‡ȋŽ‘••Ȍ
ʹ͸ǡͲͶͲ
ͻǡͷͳ͹
ʹǡ͸͸Ͷ
͵ǡͶ͵ͻ
ʹǡͺ͸͸
ʹǡͲͳͻ
ȋ͹ͷͻȌ
ͶͶ͹



‡–‹…‘‡ȋŽ‘••Ȍ’‡”•Šƒ”‡ǣ
„ƒ•‹…ƒ††‹Ž—–‡†
ͲǤͲͷ
ͲǤͲʹ
ͲǤͲͳ
ͲǤͲͳ
ͲǤͲͳ
ͲǤͲͲ
ͲǤͲͲ
ͲǤͲͲ









‘–ƒŽƒ••‡–•
ʹͺ͹ǡͷͷʹ
ʹ͸ͷǡͲͷͲ
ʹͶͳǡͺʹ͹
ʹ͵ͳǡͶͳͲ
ʹʹ͸ǡ͸Ͷͷ
ʹͲͲǡ͹͹͹
ͳͻ͵ǡͳʹ͹
ʹͲʹǡͳͻͳ
‘–ƒŽŽ‘‰Ǧ–‡”†‡„–
Ͷ͵ǡͲͲͶ
ͷʹǡͲͺ͹
Ͷͻǡ͹͹͵
Ͷ͸ǡͻͶ͸
ͶͷǡͺͶ͹
ʹͶǡ͸ͺͺ
ʹͳǡͳͺ͹
ʹͻǡʹͺͷ
Šƒ”‡Š‘Ž†‡”•̵‡“—‹–›
ʹͳͲǡ͵ͺͳ
ͳͺͶǡͶͻͻ
ͳ͹Ͳǡͻ͹͸
ͳ͸͸ǡͶͶͷ
ͳ͸͵ǡʹ͸ͻ
ͳͷͻǡͻͷ͵
ͳͷ͹ǡʹͶʹ
ͳͷͺǡͳͲͺ
ȋͳȌŽ‡ƒ•‡”‡ˆ‡”–‘–Š‡Dz‘Ǧ
ƒ†–Š‡”	‹ƒ…‹ƒŽ‡ƒ•—”‡•dz•‡…–‹‘ˆ‘”ˆ—”–Š‡”‹ˆ‘”ƒ–‹‘Ǥ
Š‡–ƒ„Ž‡ƒ„‘˜‡•—ƒ”‹œ‡•ǯ•“—ƒ”–‡”Ž›”‡•—Ž–•ˆ‘”–Š‡’”‡˜‹‘—•‡‹‰Š–ˆ‹ƒ…‹ƒŽ“—ƒ”–‡”•Ǥǯ•‘’‡”ƒ–‹‘•ƒ”‡…ƒ””‹‡†
‘—– ‹ ™‡•–‡” ƒƒ†ƒƒ† –Š‡ ‹–‡† –ƒ–‡•Ǥ Š‡•‡…‘† “—ƒ”–‡” ‹• –›’‹…ƒŽŽ› ‡š’‡…–‡† –‘ „‡–Š‡ ™‡ƒ‡•– ˆ‹ƒ…‹ƒŽƒ†
‘’‡”ƒ–‹‰“—ƒ”–‡”ˆ‘”–Š‡‘’ƒ›†—‡–‘‰”‘—†…‘†‹–‹‘•„‡‹‰‹’ƒ…–‡†„›•’”‹‰„”‡ƒ—’‹ƒƒ†ƒǤŠ‡ƒ„‹Ž‹–›–‘
‘˜‡Š‡ƒ˜›‡“—‹’‡–‹–Š‡ƒƒ†‹ƒ…”—†‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•ˆ‹‡Ž†•‹•†‡’‡†‡–‘™‡ƒ–Š‡”…‘†‹–‹‘•Ǥ•™ƒ”™‡ƒ–Š‡”
”‡–—”•‹–Š‡•’”‹‰ǡ–Š‡™‹–‡”ǯ•ˆ”‘•–…‘‡•‘—–‘ˆ–Š‡‰”‘—†”‡†‡”‹‰ƒ›•‡…‘†ƒ”›”‘ƒ†•‹…ƒ’ƒ„Ž‡‘ˆ•—’’‘”–‹‰
–Š‡™‡‹‰Š–‘ˆŠ‡ƒ˜›‡“—‹’‡–—–‹Ž–Š‡›Šƒ˜‡–Š‘”‘—‰ŠŽ›†”‹‡†‘—–ǤŠ‡†—”ƒ–‹‘‘ˆ–Š‹••’”‹‰„”‡ƒ—’Šƒ•ƒ†‹”‡…–‹’ƒ…–

ƒ‰‡ȁͳͺ
‘–Š‡‘’ƒ›ǯ•ƒ…–‹˜‹–›Ž‡˜‡Ž•Ǥƒ††‹–‹‘ǡƒ›‡š’Ž‘”ƒ–‹‘ƒ†’”‘†—…–‹‘ƒ”‡ƒ•‹‘”–Š‡”ƒƒ†ƒƒ”‡ƒ……‡••‹„Ž‡‘Ž›
‹ ™‹–‡” ‘–Š• ™Š‡ –Š‡ ‰”‘—† ‹• ˆ”‘œ‡ ‡‘—‰Š –‘ •—’’‘”– ‡“—‹’‡–Ǥ • ƒ ”‡•—Ž–ǡ ‹†Ǧƒ”…Š –Š”‘—‰Š 
—‡ ‹•
–”ƒ†‹–‹‘ƒŽŽ›–Š‡‘’ƒ›ǯ••Ž‘™‡•––‹‡ǡƒ†ƒ••—…Š–Š‡”‡˜‡—‡ǡ‘’‡”ƒ–‹‰…‘•–•ǡƒ†ˆ‹ƒ…‹ƒŽ”‡•—Ž–•‘ˆ–Š‡‘’ƒ›™‹ŽŽ
˜ƒ”›‘ƒ“—ƒ”–‡”Ž›„ƒ•‹•Ǥ
Š”‘—‰Š–Š‡‡‹‰Š–“—ƒ”–‡”•’”‡•‡–‡†ǡ–Š‡ƒ‘—–‘ˆ”‡˜‡—‡ƒ†‡–‹…‘‡ȋŽ‘••Ȍǡƒ†Œ—•–‡†ˆ‘”–Š‡‡ˆˆ‡…–•‘ˆ•‡ƒ•‘ƒŽ‹–›ǡ
Šƒ˜‡ˆŽ—…–—ƒ–‡†’”‹ƒ”‹Ž›†—‡–‘…Šƒ‰‡•‹–Š‡—–‹Ž‹œƒ–‹‘‘ˆ‡“—‹’‡–ǡ…Šƒ‰‡•‹–Š‡†ƒ›ƒ†Š‘—”Ž›„‹ŽŽ‹‰”ƒ–‡ǡƒ†–Š‡
‹…”‡ƒ•‡‹–Š‡—„‡”‘ˆ†”‹ŽŽ‹‰”‹‰•ƒ†•‡”˜‹…‡”‹‰•‘˜‡”–Š‡’‡”‹‘†ƒ•†‡–ƒ‹Ž‡†‹–Š‡•‡…–‹‘–‹–Ž‡†Dz‡•—Ž–•‘ˆ’‡”ƒ–‹‘•dzǤ
–Š‡”•‹‰‹ˆ‹…ƒ–‹’ƒ…–•Šƒ˜‡„‡‡ƒ”‡•—Ž–‘ˆǣ
x
ͶʹͲʹʹ•ƒ™–Š‡‘’ƒ›ƒ…Š‹‡˜‡”‡…‘”†Ͷ”‡˜‡—‡ǡ†Œ—•–‡†ȋͳȌƒ†‡–‹…‘‡‹‹–•‡‹‰Š–‡‡ȋͳͺȌ›‡ƒ”
Š‹•–‘”›’”‹ƒ”‹Ž›†—‡–‘–Š‡‡š’ƒ•‹‘‘ˆ‘—”ǤǤ‘’‡”ƒ–‹‘•™‹–Š–Š‡ƒ††‹–‹‘‘ˆ–‡ȋͳͲȌ–”‹’Ž‡†”‹ŽŽ‹‰”‹‰•ƒ†–Š‡
‘˜‡”ƒŽŽ‹…”‡ƒ•‡‹‹†—•–”›ƒ…–‹˜‹–›ƒ†’”‹…‹‰ƒ•‹ˆŽƒ–‹‘ƒ”›…‘•–•ˆ”‘ˆ‹‡Ž†Žƒ„‘—”ǡˆ—‡Žƒ†•—’’Ž‹‡•…‘–‹—‡–‘
„‡”‡…‘˜‡”‡†ˆ”‘‘—”Ƭ…—•–‘‡”•Ǥ—”‹‰ͶʹͲʹʹǡʹͳͲǡͲͲͲ…‘‘•Šƒ”‡•™‡”‡’—”…Šƒ•‡†ǡ…ƒ…‡ŽŽ‡†ǡƒ†
”‡–—”‡†–‘–”‡ƒ•—”›—†‡”–Š‡Ǥ
x
͵ʹͲʹʹ•ƒ™–Š‡‘’ƒ›ƒ…Š‹‡˜‡”‡…‘”†“—ƒ”–‡”Ž›”‡˜‡—‡ǡ†Œ—•–‡†ȋͳȌƒ†‡–‹…‘‡‹‹–••‡˜‡–‡‡
ȋͳ͹Ȍ›‡ƒ”Š‹•–‘”›’”‹ƒ”‹Ž›†—‡–‘–Š‡‡š’ƒ•‹‘‘ˆ‘—”ǤǤ‘’‡”ƒ–‹‘•™‹–Š–Š‡ƒ††‹–‹‘‘ˆ–‡ȋͳͲȌ–”‹’Ž‡†”‹ŽŽ‹‰
”‹‰•ƒ†–Š‡‘˜‡”ƒŽŽ‹…”‡ƒ•‡‹‹†—•–”›ƒ…–‹˜‹–›ƒ†’”‹…‹‰ƒ•‹ˆŽƒ–‹‘ƒ”›…‘•–•ˆ”‘ˆ‹‡Ž†Žƒ„‘—”ǡˆ—‡Žƒ†•—’’Ž‹‡•
™‡”‡•—……‡••ˆ—ŽŽ›”‡…‘˜‡”‡†ˆ”‘‘—”Ƭ…—•–‘‡”•Ǥ
x
ʹʹͲʹʹ•ƒ™–Š‡‘’ƒ›ƒ…Š‹‡˜‡”‡…‘”†ʹ”‡˜‡—‡ǡ†Œ—•–‡†ȋͳȌƒ†‡–‹…‘‡‹‹–••‡˜‡–‡‡ȋͳ͹Ȍ›‡ƒ”
Š‹•–‘”› ™‹–Š –Š‡ …‘–‹—ƒ–‹‘ ‘ˆ Š‹‰Š‡” ƒ…–‹˜‹–› Ž‡˜‡Ž• ƒ• …”—†‡ ‘‹Žǡ ƒ• ‡ƒ•—”‡† „› ǡ ”‘•‡ –‘ ƒ ƒ˜‡”ƒ‰‡ ‘ˆ
̈́ͳͲͺȀ„„Ž™‹–Šƒ–—”ƒŽ‰ƒ•ǡƒ•‡ƒ•—”‡†„›ǡƒ˜‡”ƒ‰‹‰‘˜‡”̈́͸ǤͻͲȀ…ˆ™Š‹…Š”‡•—Ž–‡†‹„‘–Š‹…”‡ƒ•‡•‹
ƒ…–‹˜‹–›Ž‡˜‡Ž•ƒ†’”‹…‹‰Ǥ††‹–‹‘ƒŽŽ›‹–Š‡“—ƒ”–‡”ǡ–Š‡‘’ƒ›ƒ…“—‹”‡†–Š”‡‡ȋ͵ȌŠ‹‰ŠǦ•’‡…–”‹’Ž‡†”‹ŽŽ‹‰
”‹‰•ˆ‘”̈́͹ǤͶ‹ŽŽ‹‘ȋ̈́ͻǤ͸‹ŽŽ‹‘Ȍˆ—”–Š‡”‡š’ƒ†‹‰–Š‡‘’ƒ›ǯ•’”‡•‡…‡‹–Š‡ǤǤ
x
ͳʹͲʹʹ•ƒ™…”—†‡‘‹Ž’”‹…‡•…‘–‹—‡–‘”‹•‡ƒ„‘˜‡̈́ͳͲͷȀ„„Žƒ•ƒ…–‹˜‹–›Ž‡˜‡Ž•”‘•‡–‘’”‡ǦǦͳͻŠ‡ƒŽ–Š
’ƒ†‡‹…Ž‡˜‡Ž•ǤˆŽƒ–‹‘”‘•‡‹ˆ‹‡Ž†Žƒ„‘—”ǡˆ—‡Žƒ†•—’’Ž›…‘•–•ǡ™Š‹…Š”‡•—Ž–‡†‹’”‹…‹‰‹…”‡ƒ•‡•ˆ‘”–Š‡
‘’ƒ›ǯ•…—•–‘‡”•ǡ™Š‹…Š‘”‡–Šƒ‘ˆˆ•‡––Š‡Š‹‰Š‡”‹ˆŽƒ–‹‘”‡•—Ž–‹‰‹Š‹‰Š‡”†Œ—•–‡†ƒ†ƒ”‰‹•
‹‘˜‡”•‡˜‡ȋ͹Ȍ›‡ƒ”•Ǥ
x
ͶʹͲʹͳ•ƒ™–Š‡‘’ƒ›ƒ…“—‹”‡–‡ȋͳͲȌ–”‹’Ž‡†”‹ŽŽ‹‰”‹‰•ƒ†”‡Žƒ–‡†ƒ…‹ŽŽƒ”›‡“—‹’‡–„ƒ•‡†‹ƒ•’‡”ǡ
›‘‹‰ˆ‘”–‘–ƒŽ…ƒ•Š…‘•‹†‡”ƒ–‹‘‹…Ž—†‹‰–”ƒ•ƒ…–‹‘…‘•–•‘ˆ̈́ͳͺǤͷ‹ŽŽ‹‘ȋƒ’’”‘š‹ƒ–‡Ž›̈́ʹ͵Ǥͷ‹ŽŽ‹‘ȌǤ
Š‡’—”…Šƒ•‡ˆ—”–Š‡”‡š’ƒ†‡†–Š‡‘’ƒ›ǯ•’”‡•‡…‡‹–Š‡ǤǤƒ†‘”‡–Šƒ†‘—„Ž‡†–Š‡•‹œ‡‘ˆ–Š‡‘’ƒ›ǯ•
ƒ…–‹˜‡†”‹ŽŽ‹‰ˆŽ‡‡––‘‹‡–‡‡ȋͳͻȌ†”‹ŽŽ‹‰”‹‰•…‘’”‹•‡†‘ˆ•‡˜‡ȋ͹Ȍ…‘˜‡–‹‘ƒŽŠ‡ƒ˜›†‘—„Ž‡†”‹ŽŽ‹‰”‹‰•‹
ƒƒ†ƒƒ†ˆ‹˜‡ȋͷȌ–”‹’Ž‡ǡˆ‹˜‡ȋͷȌ–”‹’Ž‡ƒ†–™‘ȋʹȌ…‘˜‡–‹‘ƒŽŠ‡ƒ˜›†‘—„Ž‡†”‹ŽŽ‹‰”‹‰•‹–Š‡ǤǤŠ‡
‘’ƒ›„‡Ž‹‡˜‡•–Š‡’—”…Šƒ•‡‘ˆ–Š‡•‡–‡ȋͳͲȌ–”‹’Ž‡†”‹ŽŽ‹‰”‹‰•™‹ŽŽŠƒ˜‡ƒ•‹‰‹ˆ‹…ƒ–’‘•‹–‹˜‡‹’ƒ…–‘ˆ—–—”‡
“—ƒ”–‡”Ž›‘’‡”ƒ–‹‘ƒŽƒ†ˆ‹ƒ…‹ƒŽ”‡•—Ž–•Ǥ
x
͵ʹͲʹͳ•ƒ™–Š‡…‘–‹—ƒ–‹‘‘ˆŠ‹‰Š‡”ƒ…–‹˜‹–›Ž‡˜‡Ž•ƒ•…”—†‡‘‹Ž’”‹…‡•…‘–‹—‡†–‘”‹•‡–‘™ƒ”†•̈́ͺͲȀ„„ŽǤ
…‘–‹—ƒ–‹‘‘ˆƒ•Š‘”–ƒ‰‡‘ˆˆ‹‡Ž†Žƒ„‘—”‘””‹‰…”‡™•‹–Š‡‹†—•–”›†—”‹‰–Š‡“—ƒ”–‡””‡•—Ž–‡†‹ƒˆ—”–Š‡”‹…”‡ƒ•‡
‹™ƒ‰‡•ǡ™Š‹…ŠŽ‡†–‘Š‹‰Š‡”’”‹…‹‰ˆ‘”–Š‡‘’ƒ›ǯ•™‡ŽŽ•‡”˜‹…‹‰™‘”Ǥ
x
ʹʹͲʹͳ•ƒ™–Š‡…‘–‹—ƒ–‹‘‘ˆŠ‹‰Š‡”ƒ…–‹˜‹–›Ž‡˜‡Ž•ƒ†Œ—•–‡†ˆ‘”•‡ƒ•‘ƒŽ‹–›ƒ•…”—†‡‘‹Ž’”‹…‡•…‘–‹—‡†–‘”‹•‡
–‘‘˜‡”̈́͹ͲȀ„„ŽǤŠ‘”–ƒ‰‡‘ˆƒ˜ƒ‹Žƒ„Ž‡ˆ‹‡Ž†Žƒ„‘—”‘””‹‰…”‡™•‹–Š‡‹†—•–”›†—”‹‰–Š‡“—ƒ”–‡”„‡…ƒ‡ƒ
…‘•–”ƒ‹––‘Š‹‰Š‡”‰”‘™–Šǡ™Š‹…Š‹•‡š’‡…–‡†–‘Ž‡ƒ†–‘Š‹‰Š‡”’”‹…‹‰ˆ‘”–Š‡‘’ƒ›ǯ•†”‹ŽŽ‹‰ƒ†™‡ŽŽ•‡”˜‹…‹‰
™‘”‹ˆ—–—”‡“—ƒ”–‡”•Ǥ
x
ͳʹͲʹͳ•ƒ™–Š‡…‘–‹—ƒ–‹‘‘ˆƒ”‡…‘˜‡”›‹ƒƒ†‹ƒ‘‹Žˆ‹‡Ž†•‡”˜‹…‡ƒ…–‹˜‹–›…‘’ƒ”‡†–‘ͶʹͲʹͲƒ•–Š‡„‡Ž‹‡ˆ
‘ˆ–Š‡”‡–—”–‘‘”ƒŽ…›ƒ•ƒ”‡•—Ž–‘ˆ–Š‡”‘ŽŽ‘—–‘ˆ–Š‡Ǧͳͻ˜ƒ……‹‡•’”‘˜‹†‡†•—’’‘”–ˆ‘”ƒ‹…”‡ƒ•‡†
ˆ‘”‡…ƒ•–‘ˆ‰Ž‘„ƒŽ…”—†‡‘‹Ž†‡ƒ†ˆ‘”–Š‡”‡ƒ‹†‡”‘ˆʹͲʹͳǤ••—…Šǡ‘‹Ž’”‹…‡•…‘–‹—‡†–‘”‹•‡†—”‹‰–Š‡“—ƒ”–‡”
–‘‘˜‡”̈́͸ͲȀ„„ŽǤ—”‹‰ͳʹͲʹͳǡʹǡʹͶͻǡͷͲͲ…‘‘•Šƒ”‡•™‡”‡’—”…Šƒ•‡†ǡ…ƒ…‡ŽŽ‡†ƒ†”‡–—”‡†–‘–”‡ƒ•—”›
—†‡”–Š‡Ǥ
ȋͳȌŽ‡ƒ•‡”‡ˆ‡”–‘–Š‡Dz‘Ǧ
ƒ†–Š‡”	‹ƒ…‹ƒŽ‡ƒ•—”‡•dz•‡…–‹‘ˆ‘”ˆ—”–Š‡”‹ˆ‘”ƒ–‹‘Ǥ



ƒ‰‡ȁͳͻ
CriticalAccountingEstimatesandJudgments
Š‹•Ƭ‘ˆ–Š‡‘’ƒ›ǯ•ˆ‹ƒ…‹ƒŽ…‘†‹–‹‘ƒ†”‡•—Ž–•‘ˆ‘’‡”ƒ–‹‘•‹•„ƒ•‡†‘–Š‡…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•
™Š‹…Šƒ”‡’”‡’ƒ”‡†‹ƒ……‘”†ƒ…‡™‹–Š	ǤŠ‡’”‡’ƒ”ƒ–‹‘‘ˆ–Š‡…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•‹…‘ˆ‘”‹–›™‹–Š
	”‡“—‹”‡•–Šƒ–…‡”–ƒ‹‡•–‹ƒ–‡•ƒ†Œ—†‰‡–•„‡ƒ†‡™‹–Š”‡•’‡…––‘–Š‡”‡’‘”–‡†ƒ‘—–•‘ˆ”‡˜‡—‡ƒ†‡š’‡•‡•
ƒ†–Š‡…ƒ””›‹‰ƒ‘—–•‘ˆƒ••‡–•ƒ†Ž‹ƒ„‹Ž‹–‹‡•ǤŠ‡•‡‡•–‹ƒ–‡•ƒ”‡„ƒ•‡†‘Š‹•–‘”‹…ƒŽ‡š’‡”‹‡…‡ƒ†ƒƒ‰‡‡–ǯ•
Œ—†‰‡–Ǥ –‹…‹’ƒ–‹‰ ˆ—–—”‡ ‡˜‡–• ‹˜‘Ž˜‡• —…‡”–ƒ‹–› ƒ† …‘•‡“—‡–Ž› –Š‡ ‡•–‹ƒ–‡• —•‡† „› ƒƒ‰‡‡– ‹ –Š‡
’”‡’ƒ”ƒ–‹‘‘ˆ–Š‡…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•ƒ›…Šƒ‰‡ƒ•ˆ—–—”‡‡˜‡–•—ˆ‘Ž†ǡƒ††‹–‹‘ƒŽ‡š’‡”‹‡…‡‹•ƒ…“—‹”‡†
‘”–Š‡‘’ƒ›ǯ•‘’‡”ƒ–‹‰‡˜‹”‘‡–…Šƒ‰‡•Ǥƒ›…ƒ•‡•–Š‡—•‡‘ˆŒ—†‰‡–‹•”‡“—‹”‡†–‘ƒ‡‡•–‹ƒ–‡•Ǥ
•–‹ƒ–‡•ƒ†—†‡”Ž›‹‰ƒ••—’–‹‘•ƒ”‡”‡˜‹‡™‡†‘ƒ‘‰‘‹‰„ƒ•‹•Ǥ‡˜‹•‹‘•–‘ƒ……‘—–‹‰‡•–‹ƒ–‡•ƒ”‡”‡…‘‰‹œ‡†
‹–Š‡’‡”‹‘†‹™Š‹…Š–Š‡‡•–‹ƒ–‡•ƒ”‡”‡˜‹•‡†ƒ†‹ƒ›ˆ—–—”‡’‡”‹‘†•ƒˆˆ‡…–‡†Ǥ
CEOandCFOCertifications
Š‡ƒ†	‘ˆ‡–—”‡š…Šƒ‰‡Ž‹•–‡†…‘’ƒ‹‡•ǡ•—…Šƒ•ǡƒ”‡‘–”‡“—‹”‡†–‘…‡”–‹ˆ›–Š‡›Šƒ˜‡†‡•‹‰‡†
‹–‡”ƒŽ…‘–”‘Ž‘˜‡”ˆ‹ƒ…‹ƒŽ”‡’‘”–‹‰‘”…ƒ—•‡†‹––‘„‡†‡•‹‰‡†—†‡”–Š‡‹”•—’‡”˜‹•‹‘ǡ–‘’”‘˜‹†‡”‡ƒ•‘ƒ„Ž‡ƒ••—”ƒ…‡
”‡‰ƒ”†‹‰–Š‡”‡Ž‹ƒ„‹Ž‹–›‘ˆˆ‹ƒ…‹ƒŽ”‡’‘”–‹‰ƒ†–Š‡’”‡’ƒ”ƒ–‹‘‘ˆˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•ˆ‘”‡š–‡”ƒŽ’—”’‘•‡•‹ƒ……‘”†ƒ…‡
™‹–Š	Ǥ•–‡ƒ†ǡƒ‘’–‹‘ƒŽˆ‘”‘ˆ…‡”–‹ˆ‹…ƒ–‹‘Šƒ•„‡‡ƒ†‡ƒ˜ƒ‹Žƒ„Ž‡–‘‡–—”‡š…Šƒ‰‡Ž‹•–‡†…‘’ƒ‹‡•ƒ†
Šƒ•„‡‡—•‡†„›ǯ•…‡”–‹ˆ›‹‰‘ˆˆ‹…‡”•ˆ‘”–Š‡‡…‡„‡”͵ͳǡʹͲʹʹǡƒ—ƒŽˆ‹Ž‹‰•ǤŠ‡…‡”–‹ˆ‹…ƒ–‹‘”‡ˆŽ‡…–•™Šƒ––Š‡
‘’ƒ›…‘•‹†‡”•–‘„‡ƒ‘”‡ƒ’’”‘’”‹ƒ–‡Ž‡˜‡Ž‘ˆƒ†	…‡”–‹ˆ‹…ƒ–‹‘‰‹˜‡–Š‡•‹œ‡ƒ†ƒ–—”‡‘ˆ–Š‡‘’ƒ›ǯ•
‘’‡”ƒ–‹‘•Ǥ
Š‹•…‡”–‹ˆ‹…ƒ–‹‘”‡“—‹”‡•–Šƒ––Š‡…‡”–‹ˆ›‹‰‘ˆˆ‹…‡”••–ƒ–‡ǣ
x
Š‡›Šƒ˜‡”‡˜‹‡™‡†–Š‡ƒ—ƒŽˆ‹ƒ…‹ƒŽ”‡’‘”–ƒ†ƬǢ
x
Šƒ–ǡ„ƒ•‡†‘–Š‡‹”‘™Ž‡†‰‡ǡ–Š‡›Šƒ˜‡†‡–‡”‹‡†–Š‡”‡‹•‘—–”—‡•–ƒ–‡‡–‘ˆƒƒ–‡”‹ƒŽˆƒ…–‘”ƒ›
‘‹••‹‘‘ˆƒ–‡”‹ƒŽˆƒ…–”‡“—‹”‡†–‘„‡•–ƒ–‡†™Š‹…Š™‘—Ž†ƒ‡ƒ›•–ƒ–‡‡–‘–‹•Ž‡ƒ†‹‰‹Ž‹‰Š–‘ˆ–Š‡
…‹”…—•–ƒ…‡•—†‡”™Š‹…Š‹–™ƒ•ƒ†‡™‹–Š‹–Š‡ƒ—ƒŽˆ‹Ž‹‰•Ǣƒ†
x
Šƒ–„ƒ•‡†—’‘–Š‡‹”‘™Ž‡†‰‡ǡ–Š‡ƒ—ƒŽˆ‹Ž‹‰•ǡ–‘‰‡–Š‡”™‹–Š–Š‡‘–Š‡”ˆ‹ƒ…‹ƒŽ‹ˆ‘”ƒ–‹‘‹…Ž—†‡†‹
–Š‡ƒ—ƒŽˆ‹Ž‹‰•ǡˆƒ‹”Ž›’”‡•‡–‹ƒŽŽƒ–‡”‹ƒŽ”‡•’‡…–•–Š‡ˆ‹ƒ…‹ƒŽ…‘†‹–‹‘ǡˆ‹ƒ…‹ƒŽ’‡”ˆ‘”ƒ…‡ƒ†…ƒ•Š
ˆŽ‘™•‘ˆ–Š‡‘’ƒ›ƒ•‘ˆ–Š‡†ƒ–‡ƒ†ˆ‘”–Š‡’‡”‹‘†•’”‡•‡–‡†‹–Š‡ƒ—ƒŽˆ‹Ž‹‰•Ǥ
RisksandUncertainties
‡”–ƒ‹ ƒ…–‹˜‹–‹‡• ‘ˆ –Š‡ ‘’ƒ› ƒ”‡ ƒˆˆ‡…–‡† „› ˆƒ…–‘”• –Šƒ– ƒ”‡ „‡›‘† ‹–• …‘–”‘Ž ‘” ‹ˆŽ—‡…‡Ǥ ††‹–‹‘ƒŽ ”‹•• ƒ†
—…‡”–ƒ‹–‹‡•‘–…—””‡–Ž›‘™–‘ƒƒ‰‡‡–‘”–Šƒ–ƒ›…—””‡–Ž›‘–„‡…‘•‹†‡”‡†ƒ–‡”‹ƒŽ„›ƒƒ‰‡‡–ǡ…‘—Ž†
‡˜‡”–Š‡Ž‡••ƒŽ•‘Šƒ˜‡ƒƒ†˜‡”•‡‡ˆˆ‡…–‘–Š‡‘’ƒ›̵•„—•‹‡••ǤŽ‘‰™‹–Š–Š‡”‹••†‹•…—••‡†‹–Š‹•Ƭǡ‘–Š‡”
„—•‹‡••”‹••ˆƒ…‡†„›–Š‡‘’ƒ›ƒ›„‡ˆ‘—†—†‡”Dz‹•	ƒ…–‘”•dz‹–Š‡‘’ƒ›ǯ•‘•–”‡…‡–—ƒŽˆ‘”ƒ–‹‘
	‘”™Š‹…Š‹•ƒ˜ƒ‹Žƒ„Ž‡—†‡”–Š‡‘’ƒ›ǯ•’”‘ˆ‹Ž‡ƒ–™™™Ǥ•‡†ƒ”Ǥ…‘ǤŠ‡•‡”‹••ƒ”‡‘–ƒ‡šŠƒ—•–‹˜‡Ž‹•–ƒ†•Š‘—Ž†
‘–„‡–ƒ‡ƒ•ƒ…‘’Ž‡–‡•—ƒ”›‘”†‡•…”‹’–‹‘‘ˆƒŽŽ–Š‡”‹••ƒ••‘…‹ƒ–‡†™‹–Š–Š‡‘’ƒ›̵•„—•‹‡••ƒ†–Š‡‡‡”‰›
•‡”˜‹…‡•‹†—•–”›‰‡‡”ƒŽŽ›ǤŠ‹Ž‡•‘‡‡š’‘•—”‡•ƒ›„‡”‡†—…‡†„›–Š‡‘’ƒ›̵•”‹•ƒƒ‰‡‡–•–”ƒ–‡‰‹‡•ǡƒ›
”‹••ƒ”‡†”‹˜‡„›‡š–‡”ƒŽˆƒ…–‘”•„‡›‘†‹–•…‘–”‘Ž‘”ƒ”‡‘ˆƒƒ–—”‡™Š‹…Š…ƒ‘–„‡‡Ž‹‹ƒ–‡†Ǥ
ǯ•„—•‹‡••‹•‰‡‡”ƒŽŽ›–‹‡†‹Žƒ”‰‡’ƒ”––‘–Š‡‘‹Žƒ†‰ƒ•‡š’Ž‘”ƒ–‹‘ƒ†’”‘†—…–‹‘‹†—•–”›‹‡•–‡”ƒƒ†ƒƒ†
–Š‡‹–‡†–ƒ–‡•Ǥǯ•„—•‹‡••‹••‡•‹–‹˜‡–‘ƒ†™‹ŽŽ„‡ƒˆˆ‡…–‡†„›…Šƒ‰‹‰‹†—•–”›…‘†‹–‹‘•‹–Š‡‘‹Žƒ†‰ƒ•
‹†—•–”›ƒ†‡…‘‘‹…ƒ†‰‡‘’‘Ž‹–‹…ƒŽ†‡˜‡Ž‘’‡–•‰‡‡”ƒŽŽ›‹…Ž—†‹‰…Šƒ‰‡•‹–Š‡Ž‡˜‡Ž‘ˆ†‡ƒ†ǡ…Šƒ‰‡•‹’”‹…‹‰
Ž‡˜‡Ž•ǡ…Šƒ‰‡•‹Ž‡‰‹•Žƒ–‹‘‘”‹”‡‰—Žƒ–‹‘”‡Žƒ–‹‰–‘‡š’Ž‘”ƒ–‹‘ǡ†‡˜‡Ž‘’‡–ǡ’”‘†—…–‹‘ǡ”‡ˆ‹‹‰ǡ–”ƒ•’‘”–ƒ–‹‘ǡ‘”
ƒ”‡–‹‰‹–Š‡‘‹Žƒ†‰ƒ•‹†—•–”›ǤŠ‡ˆ‘ŽŽ‘™‹‰‹•ƒ•—ƒ”›‘ˆ…‡”–ƒ‹”‹•ˆƒ…–‘”•”‡Ž‡˜ƒ––‘ǯ•„—•‹‡••ǤŽŽ‘ˆ
–Š‡•‡ ”‹• ˆƒ…–‘”• …‘—Ž† ‡‰ƒ–‹˜‡Ž› ‹’ƒ…– ǯ• „—•‹‡•• ƒ† ‹–• ˆ‹ƒ…‹ƒŽ ƒ† ‘’‡”ƒ–‹‰ ”‡•—Ž–• ‹…Ž—†‹‰ ‹–• ”‡˜‡—‡ǡ
ƒ”‰‹•ƒ†…ƒ•ŠˆŽ‘™Ǥ
MarketEventsandConditions
ƒ”‡–‡˜‡–•ƒ†…‘†‹–‹‘•ǡ‹…Ž—†‹‰‰Ž‘„ƒŽ‡š…‡••…”—†‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ••—’’Ž›ǡƒ…–‹‘•–ƒ‡„›Ϊǡ•ƒ…–‹‘•
ƒ‰ƒ‹•–ǡƒ†…‹˜‹Ž—”‡•–‹ǡ”ƒƒ†‡‡œ—‡Žƒǡ•Ž‘™‹‰‰”‘™–Š‹Š‹ƒƒ†‡‡”‰‹‰‡…‘‘‹‡•ǡƒ”‡–˜‘Žƒ–‹Ž‹–›ƒ†
†‹•”—’–‹‘•‹•‹ƒǡ™‡ƒ‡‹‰‰Ž‘„ƒŽ”‡Žƒ–‹‘•Š‹’•ǡ…‘ˆŽ‹…–„‡–™‡‡–Š‡‹–‡†–ƒ–‡•ƒ†”ƒǡ‹•‘Žƒ–‹‘‹•–ƒ†’—‹–‹˜‡
–”ƒ†‡’‘Ž‹…‹‡•ǡ‹…”‡ƒ•‡†‹–‡†–ƒ–‡••ŠƒŽ‡’”‘†—…–‹‘ǡ•‘˜‡”‡‹‰†‡„–Ž‡˜‡Ž•ǡ™‘”Ž†Š‡ƒŽ–Š‡‡”‰‡…‹‡•ȋ‹…Ž—†‹‰–Š‡
Ǧͳͻ’ƒ†‡‹…Ȍǡ…Ž‹ƒ–‡…Šƒ‰‡…‘…‡”•ƒ†’‘Ž‹–‹…ƒŽ—’Š‡ƒ˜ƒŽ•‹˜ƒ”‹‘—•…‘—–”‹‡•ǡ‹…Ž—†‹‰‰”‘™‹‰ƒ–‹Ǧˆ‘••‹Žˆ—‡Ž
•‡–‹‡–ǡ Šƒ˜‡ …ƒ—•‡† •‹‰‹ˆ‹…ƒ– ™‡ƒ‡•• ƒ† ˜‘Žƒ–‹Ž‹–› ‹ …‘‘†‹–› ’”‹…‡•Ǥ 	‘ŽŽ‘™‹‰ ‡š–”‡‡ •—’’Ž›Ȁ†‡ƒ†
‹„ƒŽƒ…‡‹ʹͲʹͲǡ–Š‡…”—†‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•‹†—•–”›”‡„‘—†‡†•–”‘‰Ž›–Š”‘—‰Š‘—–ʹͲʹͳƒ†ʹͲʹʹǡ™‹–Š‘‹Ž’”‹…‡•

ƒ‰‡ȁʹͲ
”‡ƒ…Š‹‰–Š‡‹”Š‹‰Š‡•–Ž‡˜‡Ž•‹‡‹‰Š–›‡ƒ”•Ǥ‘™‡˜‡”ǡ–Š‡‘‰‘‹‰™ƒ”‹–Š‡”ƒ‹‡ƒ†’”‹…‡…ƒ’•ƒ†•ƒ…–‹‘•‘‘‹Žˆ”‘
—••‹ƒŠƒ˜‡‹’ƒ…–‡††‡ƒ†ƒ†‘‹Ž’”‹…‡•–Š”‘—‰Š‘—––Š‡Žƒ––‡”ŠƒŽˆ‘ˆʹͲʹʹǤ–‹•ƒ–‹…‹’ƒ–‡†–Šƒ––Š‡’‡–”‘Ž‡—ƒ†
ƒ–—”ƒŽ‰ƒ•‹†—•–”›™‹ŽŽ‡š’‡”‹‡…‡‘”‡’”‡••—”‡ˆ”‘‹˜‡•–‘”•–‘–ƒ‡‡ƒ‹‰ˆ—Ž•–”‹†‡•–‘™ƒ”†•…‘„ƒ–‹‰…Ž‹ƒ–‡
…Šƒ‰‡‹–Š‡—’…‘‹‰›‡ƒ”•ǡ‹…Ž—†‹‰†‹˜‡”•‹ˆ›‹‰–Š‡‹”‡‡”‰›’‘”–ˆ‘Ž‹‘•ǤŠ‡•‡‡˜‡–•ƒ†…‘†‹–‹‘•Šƒ˜‡…ƒ—•‡†ƒ
•‹‰‹ˆ‹…ƒ–†‡…”‡ƒ•‡‹–Š‡˜ƒŽ—ƒ–‹‘‘ˆ…”—†‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•…‘’ƒ‹‡•ƒ†ƒ†‡…”‡ƒ•‡‹…‘ˆ‹†‡…‡‹–Š‡’‡–”‘Ž‡—
ƒ† ƒ–—”ƒŽ ‰ƒ• ‹†—•–”›Ǥ —…Š †‹ˆˆ‹…—Ž–‹‡• Šƒ˜‡ „‡‡ ‡šƒ…‡”„ƒ–‡† ‹ ƒƒ†ƒ „› ’‘Ž‹–‹…ƒŽ ƒ† ‘–Š‡” ƒ…–‹‘• ”‡•—Ž–‹‰ ‹
—…‡”–ƒ‹–›•—””‘—†‹‰”‡‰—Žƒ–‘”›ǡ–ƒšǡ”‘›ƒŽ–›…Šƒ‰‡•ƒ†‡˜‹”‘‡–ƒŽ”‡‰—Žƒ–‹‘Ǥ
ƒ††‹–‹‘ǡ†‹ˆˆ‹…—Ž–‹‡•‡…‘—–‡”‡†„›‹†•–”‡ƒ’”‘’‘‡–•–‘‘„–ƒ‹–Š‡‡…‡••ƒ”›ƒ’’”‘˜ƒŽ•‘ƒ–‹‡Ž›„ƒ•‹•–‘„—‹Ž†
’‹’‡Ž‹‡•ǡŽ‹“—‡ˆ‹‡†ƒ–—”ƒŽ‰ƒ•’Žƒ–•ƒ†‘–Š‡”ˆƒ…‹Ž‹–‹‡•–‘’”‘˜‹†‡„‡––‡”ƒ……‡••–‘ƒ”‡–•ˆ‘”–Š‡’‡–”‘Ž‡—ƒ†ƒ–—”ƒŽ
‰ƒ•‹†—•–”›‹‡•–‡”ƒƒ†ƒƒ†…”‘••Ǧ„‘”†‡”™‹–Š–Š‡‹–‡†–ƒ–‡•Šƒ•Ž‡†–‘ƒ††‹–‹‘ƒŽ†‘™™ƒ”†’”‹…‡’”‡••—”‡‘
…”—†‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•’”‘†—…‡†‹‡•–‡”ƒƒ†ƒǤŠ‡”‡•—Ž–‹‰’”‹…‡†‹ˆˆ‡”‡–‹ƒŽ„‡–™‡‡‡•–‡”ƒƒ†‹ƒ‡Ž‡…–
…”—†‡‘‹Žǡ”‡–ƒ†‡•–‡šƒ•–‡”‡†‹ƒ–‡…”—†‡‘‹ŽŠƒ•…”‡ƒ–‡†—…‡”–ƒ‹–›ƒ†”‡†—…‡†…‘ˆ‹†‡…‡‹–Š‡’‡–”‘Ž‡—ƒ†
ƒ–—”ƒŽ‰ƒ•‹†—•–”›‹‡•–‡”ƒƒ†ƒǤ
GeopoliticalEvents
Š‡‘’ƒ›̵•„—•‹‡••ƒ›„‡ƒ†˜‡”•‡Ž›ƒˆˆ‡…–‡†„›”‡…‡–‰‡‘’‘Ž‹–‹…ƒŽƒ†‡˜‡–•ƒ††‡…‹•‹‘•ƒ†‡‹ƒƒ†ƒǡ–Š‡
‹–‡†–ƒ–‡•ǡŠ‹ƒǡ—”‘’‡ƒ†‡Ž•‡™Š‡”‡Ǥ
Š‡ …—””‡– ™ƒ” ‹ ”ƒ‹‡ ƒ† –Š‡ ‹–‡”ƒ–‹‘ƒŽ ”‡•’‘•‡ Šƒ•ǡ ƒ† ƒ› …‘–‹—‡ –‘ Šƒ˜‡ǡ ’‘–‡–‹ƒŽ ™‹†‡ ”ƒ‰‹‰
…‘•‡“—‡…‡•ˆ‘”‰Ž‘„ƒŽƒ”‡–˜‘Žƒ–‹Ž‹–›ƒ†‡…‘‘‹……‘†‹–‹‘•ǡ‹…Ž—†‹‰‡‡”‰›ƒ†…‘‘†‹–›’”‹…‡•ǡ™Š‹…Šƒ›ǡ‹
–—”ǡ‹…”‡ƒ•‡‹ˆŽƒ–‹‘ƒ”›’”‡••—”‡•ƒ†‹–‡”‡•–”ƒ–‡•Ǥ‡”–ƒ‹…‘—–”‹‡•ǡ‹…Ž—†‹‰ƒƒ†ƒƒ†–Š‡‹–‡†–ƒ–‡•ǡŠƒ˜‡
‹’‘•‡†•–”‹…–ˆ‹ƒ…‹ƒŽƒ†–”ƒ†‡•ƒ…–‹‘•ƒ‰ƒ‹•–—••‹ƒǡ™Š‹…ŠŠƒ˜‡ǡƒ†ƒ›…‘–‹—‡–‘Šƒ˜‡ǡˆƒ”Ǧ”‡ƒ…Š‹‰‡ˆˆ‡…–•‘–Š‡
‰Ž‘„ƒŽ‡…‘‘›ƒ†‡‡”‰›ƒ†…‘‘†‹–›’”‹…‡•ǤŠ‡•Š‘”–ǡ‡†‹—ƒ†Ž‘‰Ǧ–‡”‹’Ž‹…ƒ–‹‘•‘ˆ–Š‡™ƒ”‹”ƒ‹‡ƒ”‡
†‹ˆˆ‹…—Ž––‘’”‡†‹…–™‹–Šƒ›…‡”–ƒ‹–›ƒ––Š‹•–‹‡ƒ†–Š‡”‡”‡ƒ‹•—…‡”–ƒ‹–›”‡Žƒ–‹‰–‘–Š‡’‘–‡–‹ƒŽ†‹”‡…–ƒ†‹†‹”‡…–
‹’ƒ…–‘ˆ–Š‡™ƒ”‘–Š‡‘’ƒ›ǡƒ†‹–…‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†ƒ†˜‡”•‡‡ˆˆ‡…–‘‹–•„—•‹‡••ǡˆ‹ƒ…‹ƒŽ…‘†‹–‹‘ƒ†
”‡•—Ž–•‘ˆ‘’‡”ƒ–‹‘•Ǥ‡’‡†‹‰‘–Š‡‡š–‡–ǡ†—”ƒ–‹‘ǡƒ†•‡˜‡”‹–›‘ˆ–Š‡™ƒ”ǡ‹–ƒ›Šƒ˜‡–Š‡‡ˆˆ‡…–‘ˆŠ‡‹‰Š–‡‹‰ƒ›
‘ˆ–Š‡‘–Š‡””‹••†‡•…”‹„‡†Š‡”‡‹ǡ‹…Ž—†‹‰ǡ™‹–Š‘—–Ž‹‹–ƒ–‹‘ǡ–Š‡”‹••”‡Žƒ–‹‰–‘–Š‡‘’ƒ›̵•‡š’‘•—”‡–‘…‘‘†‹–›
’”‹…‡•Ǣ –Š‡ •—……‡••ˆ—Ž …‘’Ž‡–‹‘ ‘ˆ –Š‡ ‘’ƒ›̵• ‰”‘™–Š ƒ† ‡š’ƒ•‹‘ ’”‘Œ‡…–•ǡ ‹…Ž—†‹‰ –Š‡ ‡š’‡…–‡† ”‡–—” ‘
‹˜‡•–‡– –Š‡”‡‘ˆǢ •—’’Ž› …Šƒ‹• ƒ† –Š‡ ‘’ƒ›̵• ƒ„‹Ž‹–› –‘ ‘„–ƒ‹ ”‡“—‹”‡† ‡“—‹’‡–ǡ ƒ–‡”‹ƒŽ• ‘” Žƒ„‘—”Ǣ
…›„‡”•‡…—”‹–›”‹••Ǣ‹ˆŽƒ–‹‘ƒ”›’”‡••—”‡•Ǣƒ†”‡•–”‹…–‡†ƒ……‡••–‘…ƒ’‹–ƒŽƒ†‹…”‡ƒ•‡†„‘””‘™‹‰…‘•–•ƒ•ƒ”‡•—Ž–‘ˆ
‹…”‡ƒ•‡†‹–‡”‡•–”ƒ–‡•Ǥ
InflationandCostManagement
ˆƒ‹Ž—”‡–‘•‡…—”‡–Š‡•‡”˜‹…‡•ƒ†‡“—‹’‡–‡…‡••ƒ”›–‘–Š‡‘’ƒ›̵•‘’‡”ƒ–‹‘•ˆ‘”–Š‡‡š’‡…–‡†’”‹…‡ǡ‘–Š‡‡š’‡…–‡†
–‹‡Ž‹‡ǡ‘”ƒ–ƒŽŽǡƒ›Šƒ˜‡ƒƒ†˜‡”•‡‡ˆˆ‡…–‘–Š‡‘’ƒ›̵•ˆ‹ƒ…‹ƒŽ’‡”ˆ‘”ƒ…‡ƒ†…ƒ•ŠˆŽ‘™•ǤŠ‹”†’ƒ”–›’”‘†—…–‹‘
…‘’ƒ‹‡•̵‘’‡”ƒ–‹‰…‘•–•…‘—Ž†‡•…ƒŽƒ–‡ƒ†„‡…‘‡—…‘’‡–‹–‹˜‡†—‡–‘•—’’Ž›…Šƒ‹†‹•”—’–‹‘•ǡ‹ˆŽƒ–‹‘ƒ”›…‘•–
’”‡••—”‡•ǡ ‡“—‹’‡– Ž‹‹–ƒ–‹‘•ǡ ‡•…ƒŽƒ–‹‰ •—’’Ž› …‘•–•ǡ …‘‘†‹–› ’”‹…‡•ǡ ƒ† ƒ††‹–‹‘ƒŽ ‰‘˜‡”‡– ‹–‡”˜‡–‹‘
–Š”‘—‰Š•–‹—Ž—••’‡†‹‰‘”ƒ††‹–‹‘ƒŽ”‡‰—Žƒ–‹‘•ǡ™Š‹…Šƒ›”‡†—…‡–Š‡‘’ƒ›̵•”‡˜‡—‡ǤŠ‹”†’ƒ”–›’”‘†—…–‹‘
…‘’ƒ‹‡•̵‹ƒ„‹Ž‹–›–‘ƒƒ‰‡…‘•–•ƒ›‹’ƒ…–’”‘Œ‡…–”‡–—”•ƒ†ˆ—–—”‡†‡˜‡Ž‘’‡–†‡…‹•‹‘•ǡ™Š‹…Šǡ‹–—”ǡ…‘—Ž†
Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘–Š‡‘’ƒ›̵•„—•‹‡••ƒ†ˆ‹ƒ…‹ƒŽ…‘†‹–‹‘Ǥ
Š‡‘’ƒ›̵•‘’‡”ƒ–‹‰…‘•–•…‘—Ž†‡•…ƒŽƒ–‡ƒ†„‡…‘‡—…‘’‡–‹–‹˜‡†—‡–‘•—’’Ž›…Šƒ‹†‹•”—’–‹‘•ǡ‹ˆŽƒ–‹‘ƒ”›…‘•–
’”‡••—”‡•ǡ ‡“—‹’‡– Ž‹‹–ƒ–‹‘•ǡ ‡•…ƒŽƒ–‹‰ •—’’Ž› …‘•–•ǡ …‘‘†‹–› ’”‹…‡•ǡ ƒ† ƒ††‹–‹‘ƒŽ ‰‘˜‡”‡– ‹–‡”˜‡–‹‘
–Š”‘—‰Š•–‹—Ž—••’‡†‹‰‘”ƒ††‹–‹‘ƒŽ”‡‰—Žƒ–‹‘•ǤŠ‡‘’ƒ›̵•‹ƒ„‹Ž‹–›–‘ƒƒ‰‡…‘•–•ƒ›‹’ƒ…–ƒ”‰‹•™Š‹…Š
…‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘‹–•ˆ‹ƒ…‹ƒŽ’‡”ˆ‘”ƒ…‡ƒ†…ƒ•ŠˆŽ‘™•Ǥ
RelianceonSkilledCrews
 ‹ƒ„‹Ž‹–› –‘ ”‡…”—‹– ƒ† ”‡–ƒ‹ •‹ŽŽ‡† †”‹ŽŽ‹‰ ƒ† •‡”˜‹…‡ ”‹‰ …”‡™• ƒ† ‡› ’‡”•‘‡Ž …‘—Ž† ‡‰ƒ–‹˜‡Ž› ‹’ƒ…– –Š‡
‘’ƒ›̵•‘’‡”ƒ–‹‘•ǤŠ‡‘’‡”ƒ–‹‘•ƒ†ƒƒ‰‡‡–‘ˆ–Š‡‘’ƒ›”‡“—‹”‡–Š‡”‡…”—‹–‡–ƒ†”‡–‡–‹‘‘ˆƒ•‹ŽŽ‡†
™‘”ˆ‘”…‡ǡ‹…Ž—†‹‰…”‡™•ǡ–‡…Š‹…ƒŽ’‡”•‘‡Žƒ†‘–Š‡”’”‘ˆ‡••‹‘ƒŽ•ǤŠ‡Ž‘••‘ˆ‡›‡„‡”•‘ˆ•—…Š™‘”ˆ‘”…‡ǡ‘”ƒ
•—„•–ƒ–‹ƒŽ’‘”–‹‘‘ˆ–Š‡™‘”ˆ‘”…‡ƒ•ƒ™Š‘Ž‡ǡ…‘—Ž†”‡•—Ž–‹–Š‡ˆƒ‹Ž—”‡–‘‹’Ž‡‡––Š‡‘’ƒ›̵•„—•‹‡••’Žƒ•™Š‹…Š
…‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘–Š‡‘’ƒ›̵•„—•‹‡••ǡˆ‹ƒ…‹ƒŽ…‘†‹–‹‘ǡ”‡•—Ž–•‘ˆ‘’‡”ƒ–‹‘•ƒ†’”‘•’‡…–•Ǥ
Š‡”‡‹•…‘’‡–‹–‹‘ˆ‘”“—ƒŽ‹ˆ‹‡†’‡”•‘‡Ž‹–Š‡’‡–”‘Ž‡—ƒ†ƒ–—”ƒŽ‰ƒ•‹†—•–”›ƒ†–Š‡”‡…ƒ„‡‘ƒ••—”ƒ…‡–Šƒ–
–Š‡‘’ƒ›™‹ŽŽ„‡ƒ„Ž‡–‘…‘–‹—‡–‘ƒ––”ƒ…–ƒ†”‡–ƒ‹ƒŽŽ’‡”•‘‡Ž‡…‡••ƒ”›ˆ‘”–Š‡†‡˜‡Ž‘’‡–ƒ†‘’‡”ƒ–‹‘‘ˆ‹–•
„—•‹‡••Ǥ‘–”‹„—–‹‘•‘ˆ–Š‡‡š‹•–‹‰ƒƒ‰‡‡––‡ƒ–‘–Š‡‹‡†‹ƒ–‡ƒ†‡ƒ”Ǧ–‡”‘’‡”ƒ–‹‘•‘ˆ–Š‡‘’ƒ›ƒ”‡
Ž‹‡Ž›–‘„‡‘ˆ…‡–”ƒŽ‹’‘”–ƒ…‡Ǥƒ††‹–‹‘ǡ…‡”–ƒ‹‘ˆ–Š‡‘’ƒ›̵•…—””‡–‡’Ž‘›‡‡•ƒ”‡•‡‹‘”ƒ†Šƒ˜‡•‹‰‹ˆ‹…ƒ–
‹•–‹–—–‹‘ƒŽ‘™Ž‡†‰‡–Šƒ–—•–„‡–”ƒ•ˆ‡””‡†–‘‘–Š‡”‡’Ž‘›‡‡•’”‹‘”–‘–Š‡‹”†‡’ƒ”–—”‡ˆ”‘–Š‡™‘”ˆ‘”…‡Ǥˆ–Š‡
‘’ƒ›‹•—ƒ„Ž‡–‘ǣȋ‹Ȍ”‡–ƒ‹…—””‡–‡’Ž‘›‡‡•Ǣȋ‹‹Ȍ•—……‡••ˆ—ŽŽ›…‘’Ž‡–‡‡ˆˆ‡…–‹˜‡‘™Ž‡†‰‡–”ƒ•ˆ‡”•Ǣƒ†Ȁ‘”ȋ‹‹‹Ȍ

ƒ‰‡ȁʹͳ
”‡…”—‹–‡™‡’Ž‘›‡‡•™‹–Š–Š‡”‡“—‹•‹–‡‘™Ž‡†‰‡ƒ†‡š’‡”‹‡…‡ǡ–Š‡‘’ƒ›…‘—Ž†„‡‡‰ƒ–‹˜‡Ž›‹’ƒ…–‡†ǡ™Š‹…Š
‡‰ƒ–‹˜‡‹’ƒ…–…‘—Ž†’”‘˜‡–‘„‡ƒ–‡”‹ƒŽ‘˜‡”–‹‡Ǥƒ††‹–‹‘ǡ–Š‡‘’ƒ›…‘—Ž†‡š’‡”‹‡…‡‹…”‡ƒ•‡†…‘•–•–‘”‡–ƒ‹
ƒ†”‡…”—‹––Š‡•‡’”‘ˆ‡••‹‘ƒŽ•Ǥ
IndustryCompetition
Š‡’‡–”‘Ž‡—ƒ†ƒ–—”ƒŽ‰ƒ•‹†—•–”›‹•…‘’‡–‹–‹˜‡–Š”‘—‰Š‘—–‹–•Ž‹ˆ‡…›…Ž‡ǤŠ‡‘’ƒ›…‘’‡–‡•™‹–Š—‡”‘—•‘–Š‡”
‡–‹–‹‡•‹–Š‡‡‡”‰›•‡”˜‹…‡•‹†—•–”›Ǥ–Š‡”…‘’ƒ‹‡•ƒ›Šƒ˜‡ƒ……‡••–‘•—„•–ƒ–‹ƒŽŽ›‰”‡ƒ–‡”ˆ‹ƒ…‹ƒŽ”‡•‘—”…‡•ǡ…”‡™•ǡ
•–ƒˆˆƒ†‡“—‹’‡––Šƒ–Š‘•‡‘ˆ–Š‡‘’ƒ›ƒ†™Š‘ƒ›Šƒ˜‡Ž‘™‡”…‘•–•‘ˆǡƒ†„‡––‡”ƒ……‡••–‘ǡ…ƒ’‹–ƒŽǤ
InfectiousDiseases(includingCOVIDǦ19)
ƒ†‡‹…•ǡ‡’‹†‡‹…•‘”‘—–„”‡ƒ•‘ˆƒ‹ˆ‡…–‹‘—•†‹•‡ƒ•‡‹ƒƒ†ƒ‘”™‘”Ž†™‹†‡…‘—Ž†Šƒ˜‡ƒƒ†˜‡”•‡‹’ƒ…–‘–Š‡
‘’ƒ›̵• „—•‹‡••ǡ ‹…Ž—†‹‰ …Šƒ‰‡• –‘ –Š‡ ™ƒ› –Š‡ ‘’ƒ› ƒ† ‹–• …‘—–‡”’ƒ”–‹‡• ‘’‡”ƒ–‡ǡ ƒ† ‘ –Š‡ ‘’ƒ›̵•
ˆ‹ƒ…‹ƒŽ”‡•—Ž–•ƒ†…‘†‹–‹‘ǤŠ‡•’”‡ƒ†‘ˆ–Š‡Ǧͳͻ’ƒ†‡‹……‘–‹—‡•–‘’‘•‡”‹••–‘–Š‡‰Ž‘„ƒŽ‡…‘‘›ƒ†–Š‡
’‡–”‘Ž‡—ƒ†ƒ–—”ƒŽ‰ƒ•‹†—•–”›‘”‡„”‘ƒ†Ž›ǤŠ‹Ž‡–Š‡†—”ƒ–‹‘ƒ†ˆ—ŽŽ‹’ƒ…–‘ˆ–Š‡Ǧͳͻ’ƒ†‡‹…‹•‘–›‡–
‘™ǡ‡ˆˆ‡…–•‘ˆǦͳͻƒ›ƒŽ•‘‹…Ž—†‡†‹•”—’–‹‘•–‘’”‘†—…–‹‘‘’‡”ƒ–‹‘•ǡ”‡†—…‡†ƒ……‡••–‘ƒ–‡”‹ƒŽ•ƒ†•‡”˜‹…‡•ǡ
‹…”‡ƒ•‡†‡’Ž‘›‡‡ƒ„•‡–‡‡‹•ˆ”‘‹ŽŽ‡••ǡƒ†–‡’‘”ƒ”›…Ž‘•—”‡•‘ˆ–Š‡‘’ƒ›̵•‘ˆˆ‹…‡‘”ˆ‹‡Ž†•‹–‡•Ǥ––Š‡‘•‡–‘ˆ
–Š‡Ǧͳͻ’ƒ†‡‹…‹ƒ”…ŠʹͲʹͲǡ‰‘˜‡”‡–•ƒ†”‡‰—Žƒ–‘”›„‘†‹‡•‹ƒˆˆ‡…–‡†ƒ”‡ƒ•‹’‘•‡†ƒ—„‡”‘ˆ‡ƒ•—”‡•
†‡•‹‰‡†–‘…‘–ƒ‹–Š‡Ǧͳͻ’ƒ†‡‹…ǡ‹…Ž—†‹‰™‹†‡•’”‡ƒ†„—•‹‡••…Ž‘•—”‡•ǡ•‘…‹ƒŽ†‹•–ƒ…‹‰’”‘–‘…‘Ž•ǡ–”ƒ˜‡Ž
”‡•–”‹…–‹‘•ǡ“—ƒ”ƒ–‹‡•ǡ…—”ˆ‡™•ƒ†”‡•–”‹…–‹‘•‘‰ƒ–Š‡”‹‰•ƒ†‡˜‡–•ǤŠ‹Ž‡•—„•–ƒ–‹ƒŽŽ›ƒŽŽ…‘–ƒ‹‡–‡ƒ•—”‡•
‹ƒƒ†ƒƒ†–Š‡‹–‡†–ƒ–‡•Šƒ˜‡„‡‡Ž‹ˆ–‡†ǡƒ††‹–‹‘ƒŽ•ƒˆ‡–›’”‡…ƒ—–‹‘•ƒ†‘’‡”ƒ–‹‰’”‘–‘…‘Ž•ƒ‹‡†ƒ–…‘–ƒ‹‹‰
–Š‡•’”‡ƒ†‘ˆǦͳͻƒ›„‡‹•–‹–—–‡†‹Ž‹‡™‹–Š‰—‹†ƒ…‡‘ˆ’—„Ž‹…Š‡ƒŽ–Šƒ—–Š‘”‹–‹‡•Ǥ††‹–‹‘ƒŽ™ƒ˜‡•‘ˆ–Š‡Ǧ
ͳͻ’ƒ†‡‹…ǡ–‘‰‡–Š‡”™‹–Š–Š‡‡‡”‰‡…‡‘ˆ‡™Ǧͳͻ˜ƒ”‹ƒ–•–”ƒ‹•ǡƒ›Ž‡ƒ†–‘–Š‡‹’‘•‹–‹‘‘ˆ…‘–ƒ‹‡–
‡ƒ•—”‡•–‘˜ƒ”›‹‰†‡‰”‡‡•‹ƒ›”‡‰‹‘•™‹–Š‹ƒƒ†ƒǡ–Š‡‹–‡†–ƒ–‡•ƒ†‰Ž‘„ƒŽŽ›ǤŠ‡•‡…‘–ƒ‹‡–‡ƒ•—”‡•
Šƒ˜‡–Š‡’‘–‡–‹ƒŽ–‘‹’ƒ…–‰Ž‘„ƒŽ‡…‘‘‹…ƒ…–‹˜‹–›ǡƒ†•—…Š‡ƒ•—”‡•ƒ›ƒŽ•‘…‘–”‹„—–‡–‘–Š‡†‡…”‡ƒ•‡††‡ƒ†ˆ‘”
Š›†”‘…ƒ”„‘•ǡ‹…”‡ƒ•‡†ƒ”‡–˜‘Žƒ–‹Ž‹–›ƒ†…‘–‹—‡†…Šƒ‰‡•–‘–Š‡ƒ…”‘‡…‘‘‹…‡˜‹”‘‡–ǤŠ‡’”‘Ž‘‰‡†‡ˆˆ‡…–•
‘ˆƒ›†‹•”—’–‹‘ƒ›Šƒ˜‡ƒ†˜‡”•‡‹’ƒ…–•‘–Š‡‘’ƒ›̵•„—•‹‡•••–”ƒ–‡‰‹‡•ƒ†‹‹–‹ƒ–‹˜‡•ǡ”‡•—Ž–‹‰‹‘‰‘‹‰‡ˆˆ‡…–•
–‘‹–•‹ƒ…‹ƒŽ”‡•—Ž–•ǡ‹…Ž—†‹‰–Š‡‹…”‡ƒ•‡‘ˆ…‘—–‡”’ƒ”–›ǡƒ”‡–ƒ†‘’‡”ƒ–‹‘ƒŽ”‹••Ǥ
Š‹Ž‡–Š‡†—”ƒ–‹‘ƒ†ˆ—ŽŽ‹’ƒ…–‘ˆ–Š‡Ǧͳͻ’ƒ†‡‹…‹•‘–›‡–‘™ǡ–Š‡‡ˆˆ‡…–•‘ˆǦͳͻƒ›ƒŽ•‘‹…Ž—†‡
†‹•”—’–‹‘•–‘’”‘†—…–‹‘‘’‡”ƒ–‹‘•ǡƒ……‡••–‘ƒ–‡”‹ƒŽ•ƒ†•‡”˜‹…‡•ǡ‹…”‡ƒ•‡†‡’Ž‘›‡‡ƒ„•‡–‡‡‹•ˆ”‘‹ŽŽ‡••ƒ†
–‡’‘”ƒ”›…Ž‘•—”‡•‘ˆ–Š‡‘’ƒ›̵•ˆƒ…‹Ž‹–‹‡•Ǥ…‡”–ƒ‹–›”‡ƒ‹•ƒ•–‘–Š‡ˆ—ŽŽ‹’ƒ…–•‘ˆ–Š‡Ǧͳͻ’ƒ†‡‹…‘–Š‡
‰Ž‘„ƒŽ ‡…‘‘›ǡ …‘‘†‹–› ƒ† ˆ‹ƒ…‹ƒŽ ƒ”‡–•ǡ …”—†‡ ‘‹Ž ƒ† ƒ–—”ƒŽ ‰ƒ• …ƒ’‹–ƒŽ ‹˜‡•–‡– Ž‡˜‡Ž• ‹ –Š‡ ‡•–‡”
ƒƒ†‹ƒ ‡†‹‡–ƒ”› ƒ•‹ ƒ† –Š‡ ‡‡”‰› „—•‹‡•• ‘”‡ „”‘ƒ†Ž›Ǥ Š‡ —Ž–‹ƒ–‡ ‹’ƒ…–• ™‹ŽŽ †‡’‡† ‘ ˆ—–—”‡
†‡˜‡Ž‘’‡–• –Šƒ– ƒ”‡ Š‹‰ŠŽ› —…‡”–ƒ‹ ƒ† …ƒ‘– „‡ ’”‡†‹…–‡†ǡ ‹…Ž—†‹‰–Š‡•…‘’‡ǡ •‡˜‡”‹–›ǡ †—”ƒ–‹‘ ƒ† ƒ††‹–‹‘ƒŽ
•—„•‡“—‡–™ƒ˜‡•‘ˆ–Š‡Ǧͳͻ’ƒ†‡‹…ǡ‹…Ž—†‹‰–Š‡‹–”‘†—…–‹‘‘ˆ‡™˜ƒ”‹ƒ–•ǡƒ•™‡ŽŽƒ•–Š‡‡ˆˆ‡…–‹˜‡‡••‘ˆ
ƒ…–‹‘•ƒ†‡ƒ•—”‡•–ƒ‡„›–Š‡˜ƒ”‹‘—•Ž‡˜‡Ž•‘ˆ‰‘˜‡”‡–Ǥˆ–Š‡Ǧͳͻ’ƒ†‡‹…‹•ˆ—”–Š‡”’”‘Ž‘‰‡†ǡ‹…Ž—†‹‰
–Š‡’‘••‹„‹Ž‹–›‘ˆƒ††‹–‹‘ƒŽ•—„•‡“—‡–™ƒ˜‡•ǡƒ†‹–”‘†—…–‹‘‘ˆ‡™˜ƒ”‹ƒ–•ǡ‘”ˆ—”–Š‡”†‹•‡ƒ•‡•‡‡”‰‡–Šƒ–‰‹˜‡”‹•‡–‘
•‹‹Žƒ”‡ˆˆ‡…–•ǡ–Š‡ƒ†˜‡”•‡‹’ƒ…–‘–Š‡‡…‘‘›…‘—Ž††‡‡’‡ƒ†”‡•—Ž–‹ˆ—”–Š‡”˜‘Žƒ–‹Ž‹–›ƒ††‡…Ž‹‡•‹…‘‘†‹–›
ƒ†ˆ‹ƒ…‹ƒŽƒ”‡–•Ǥ‘”‡‘˜‡”ǡ‹–”‡ƒ‹•—…‡”–ƒ‹Š‘™–Š‡ƒ…”‘‡…‘‘‹…‡˜‹”‘‡–™‹ŽŽ„‡‹’ƒ…–‡†ˆ‘ŽŽ‘™‹‰–Š‡
Ǧͳͻ’ƒ†‡‹…Ǥ‡š’‡…–‡††‡˜‡Ž‘’‡–•‹…‘‘†‹–›ƒ†ˆ‹ƒ…‹ƒŽƒ”‡–•ǡ”‡‰—Žƒ–‘”›‡˜‹”‘‡–•ǡ‹†—•–”‹ƒŽ
ƒ…–‹˜‹–›‘”…‘•—‡”„‡Šƒ˜‹‘”ƒ†…‘ˆ‹†‡…‡ƒ›ƒŽ•‘Šƒ˜‡ƒ†˜‡”•‡‹’ƒ…–•‘–Š‡‘’ƒ›̵•„—•‹‡••ƒ†ˆ‹ƒ…‹ƒŽ
…‘†‹–‹‘ǡ’‘–‡–‹ƒŽŽ›ˆ‘”ƒ•—„•–ƒ–‹ƒŽ’‡”‹‘†‘ˆ–‹‡Ǥ
PriceCompetitionandCyclicalNatureoftheOilfieldServicesBusiness
Š‡†”‹ŽŽ‹‰”‹‰ƒ†•‡”˜‹…‡”‹‰„—•‹‡••‡•ƒ”‡Š‹‰ŠŽ›…‘’‡–‹–‹˜‡™‹–Š—‡”‘—•‹†—•–”›’ƒ”–‹…‹’ƒ–•Ǥƒƒ‰‡‡–„‡Ž‹‡˜‡•
’”‹…‹‰ƒ†”‹‰ƒ˜ƒ‹Žƒ„‹Ž‹–›ƒ”‡–Š‡’”‹ƒ”›ˆƒ…–‘”•…‘•‹†‡”‡†„›̵•’‘–‡–‹ƒŽ…—•–‘‡”•‹†‡–‡”‹‹‰™Š‹…Š†”‹ŽŽ‹‰
”‹‰‘”•‡”˜‹…‡”‹‰…‘–”ƒ…–‘”–‘•‡Ž‡…–Ǥƒƒ‰‡‡–„‡Ž‹‡˜‡•‘–Š‡”ˆƒ…–‘”•ƒ”‡ƒŽ•‘‹’‘”–ƒ–ǡ‹…Ž—†‹‰ǣ
x
–Š‡…ƒ’ƒ„‹Ž‹–‹‡•ƒ†…‘†‹–‹‘‘ˆ†”‹ŽŽ‹‰”‹‰•‘”•‡”˜‹…‡”‹‰•Ǣ
x
–Š‡“—ƒŽ‹–›ƒ†•ƒˆ‡–›‘ˆ•‡”˜‹…‡ƒ†ƒ˜ƒ‹Žƒ„‹Ž‹–›ƒ†‡š’‡”‹‡…‡‘ˆ…”‡™•Ǣ
x
–Š‡•ƒˆ‡–›”‡…‘”†‘ˆ–Š‡…‘–”ƒ…–‘”ƒ†–Š‡’ƒ”–‹…—Žƒ”†”‹ŽŽ‹‰”‹‰‘”•‡”˜‹…‡”‹‰Ǣ
x
–Š‡‘ˆˆ‡”‹‰‘ˆƒ…‹ŽŽƒ”›•‡”˜‹…‡•Ǣ
x
–Š‡ƒ„‹Ž‹–›–‘’”‘˜‹†‡‡“—‹’‡–ƒ†ƒ’–ƒ„Ž‡–‘ǡƒ†’‡”•‘‡Žˆƒ‹Ž‹ƒ”™‹–Šǡ‡™–‡…Š‘Ž‘‰‹‡•Ǣ
x
–Š‡‘„‹Ž‹–›ƒ†‡ˆˆ‹…‹‡…›‘ˆ–Š‡†”‹ŽŽ‹‰”‹‰•‘”•‡”˜‹…‡”‹‰•Ǣƒ†
x
ƒ”‡–‹‰”‡Žƒ–‹‘•Š‹’•Ǥ

ƒ‰‡ȁʹʹ
Š‡†”‹ŽŽ‹‰”‹‰ƒ†•‡”˜‹…‡”‹‰‹†—•–”›Š‹•–‘”‹…ƒŽŽ›Šƒ•„‡‡…›…Ž‹…ƒŽƒ†Šƒ•‡š’‡”‹‡…‡†’‡”‹‘†•‘ˆŽ‘™†‡ƒ†ǡ‡š…‡••”‹‰
•—’’Ž›ǡƒ†Ž‘™†ƒ‹Ž›‘”Š‘—”Ž›”ƒ–‡•ǡˆ‘ŽŽ‘™‡†„›’‡”‹‘†•‘ˆŠ‹‰Š†‡ƒ†ǡ•Š‘”–”‹‰•—’’Ž›ƒ†‹…”‡ƒ•‹‰†ƒ‹Ž›‘”Š‘—”Ž›
”ƒ–‡•Ǥ‡”‹‘†•‘ˆ‡š…‡••”‹‰•—’’Ž›‹–‡•‹ˆ›–Š‡…‘’‡–‹–‹‘‹–Š‡‹†—•–”›ƒ†”‡•—Ž–‹”‹‰•„‡‹‰‹†Ž‡ǤŠ‡”‡ƒ”‡—‡”‘—•
†”‹ŽŽ‹‰”‹‰ƒ†•‡”˜‹…‡”‹‰•—’’Ž‹‡”•‹‡ƒ…Š‘ˆ–Š‡ƒ”‡–•‹™Š‹…Š‘’‡”ƒ–‡•ǤƒŽŽ‘ˆ–Š‘•‡ƒ”‡–•ǡƒ‘˜‡”•—’’Ž›‘ˆ
‡“—‹’‡–…ƒ…ƒ—•‡‰”‡ƒ–‡”’”‹…‡…‘’‡–‹–‹‘Ǥ‹Žˆ‹‡Ž†•‡”˜‹…‡•…‘’ƒ‹‡•…‘’‡–‡’”‹ƒ”‹Ž›‘ƒ”‡‰‹‘ƒŽ„ƒ•‹•ǡƒ†–Š‡
‹–‡•‹–›‘ˆ…‘’‡–‹–‹‘ƒ›˜ƒ”›•‹‰‹ˆ‹…ƒ–Ž›ˆ”‘”‡‰‹‘–‘”‡‰‹‘ƒ–ƒ›’ƒ”–‹…—Žƒ”–‹‡Ǥ
’”‘˜‹†‡••‡”˜‹…‡•’”‹ƒ”‹Ž›–‘–Š‡ˆ‹‡Ž†‘’‡”ƒ–‹‘Ž‘…ƒ–‹‘•‘ˆ‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•‡š’Ž‘”ƒ–‹‘ƒ†’”‘†—…–‹‘…‘’ƒ‹‡•
Ž‘…ƒ–‡†‹‡•–‡”ƒƒ†ƒƒ†–Š‡‹–‡†–ƒ–‡•ǤŠ‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ••‡”˜‹…‡•„—•‹‡••‹™Š‹…Š‘’‡”ƒ–‡•‹•Š‹‰ŠŽ›
…‘’‡–‹–‹˜‡Ǥ‘„‡•—……‡••ˆ—Žǡ—•–’”‘˜‹†‡“—ƒŽ‹–›•‡”˜‹…‡•‹ƒ•ƒˆ‡ƒ‡”–Šƒ–‡‡–•–Š‡•’‡…‹ˆ‹…‡‡†•‘ˆ‹–•…Ž‹‡–•
ƒ–…‘’‡–‹–‹˜‡’”‹…‡•Ǥ™‹ŽŽ…‘’‡–‡™‹–Š•‡˜‡”ƒŽ”‡‰‹‘ƒŽ…‘’‡–‹–‘”•–Šƒ–ƒ”‡„‘–Š•ƒŽŽ‡”ƒ†Žƒ”‰‡”–Šƒ‹–‹•ǤŠ‡•‡
…‘’‡–‹–‘”•‘ˆˆ‡”•‹‹Žƒ”•‡”˜‹…‡•‹ƒŽŽ‰‡‘‰”ƒ’Š‹…”‡‰‹‘•‹™Š‹…Š‘’‡”ƒ–‡•Ǥ•ƒ”‡•—Ž–‘ˆ…‘’‡–‹–‹‘ǡƒ›„‡
—ƒ„Ž‡–‘…‘–‹—‡–‘’”‘˜‹†‡‹–•’”‡•‡–•‡”˜‹…‡•‘”–‘ƒ…“—‹”‡ƒ††‹–‹‘ƒŽ„—•‹‡••‘’’‘”–—‹–‹‡•ǡ™Š‹…Š…‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽ
ƒ†˜‡”•‡‡ˆˆ‡…–‘̵•„—•‹‡••ǡˆ‹ƒ…‹ƒŽ…‘†‹–‹‘ǡ”‡•—Ž–•‘ˆ‘’‡”ƒ–‹‘•ƒ†…ƒ•ŠˆŽ‘™•Ǥ
OversupplyofOilfieldServicesEquipmentintheDrillingRigandServiceRigIndustry
‡…ƒ—•‡‘ˆ–Š‡Ž‘‰ǦŽ‹ˆ‡ƒ–—”‡‘ˆ†”‹ŽŽ‹‰”‹‰•ƒ†•‡”˜‹…‡”‹‰•ƒ†–Š‡Žƒ‰„‡–™‡‡–Š‡‘‡–ƒ†‡…‹•‹‘–‘„—‹Ž†ƒ”‹‰‹•
ƒ†‡ƒ†–Š‡‘‡––Š‡”‹‰‹•’Žƒ…‡†‹–‘•‡”˜‹…‡ǡ–Š‡—„‡”‘ˆ”‹‰•‹–Š‡‹†—•–”›†‘‡•‘–ƒŽ™ƒ›•…‘””‡Žƒ–‡–‘–Š‡Ž‡˜‡Ž
‘ˆ †‡ƒ† ˆ‘” –Š‘•‡ ”‹‰•Ǥ ‡”‹‘†• ‘ˆ Š‹‰Š †‡ƒ† ‘ˆ–‡ •’—” ‹…”‡ƒ•‡† …ƒ’‹–ƒŽ ‡š’‡†‹–—”‡• ‘ ”‹‰•ǡ ƒ† –Š‘•‡ …ƒ’‹–ƒŽ
‡š’‡†‹–—”‡•ƒ›‡š…‡‡†ƒ…–—ƒŽ†‡ƒ†Ǥ‘˜‡”•—’’Ž›‘ˆ‘‹Žˆ‹‡Ž†•‡”˜‹…‡•‡“—‹’‡–…‘—Ž†…ƒ—•‡̵•…‘’‡–‹–‘”•–‘
Ž‘™‡”–Š‡‹””ƒ–‡•ƒ†…‘—Ž†Ž‡ƒ†–‘ƒ†‡…”‡ƒ•‡‹”ƒ–‡•‹–Š‡‘‹Žˆ‹‡Ž†•‡”˜‹…‡•‹†—•–”›‰‡‡”ƒŽŽ›ǡ™Š‹…Š™‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽ
ƒ†˜‡”•‡‡ˆˆ‡…–‘–Š‡”‡˜‡—‡ǡ…ƒ•ŠˆŽ‘™•ƒ†‡ƒ”‹‰•‘ˆǤ
OperationalRisks
‡ƒ†ƒ†’”‹…‡•ˆ‘”̵•’”‘†—…–•ƒ†•‡”˜‹…‡•†‡’‡†—’‘–Š‡Ž‡˜‡Ž‘ˆƒ…–‹˜‹–›‹–Š‡‘‹Žƒ†‰ƒ•‡š’Ž‘”ƒ–‹‘ƒ†
’”‘†—…–‹‘‹†—•–”›‹ƒƒ†ƒƒ†–Š‡‹–‡†–ƒ–‡•™Š‹…Š‹–—”†‡’‡†•‘–Š‡Ž‡˜‡Ž‘ˆ‘‹Žƒ†‰ƒ•’”‹…‡•ǡ‡š’‡…–ƒ–‹‘•
ƒ„‘—–ˆ—–—”‡‘‹Žƒ†‰ƒ•’”‹…‡•ǡ–Š‡…‘•–‘ˆ‡š’Ž‘”‹‰ˆ‘”ǡ’”‘†—…‹‰ƒ††‡Ž‹˜‡”‹‰‘‹Žƒ†‰ƒ•ǡ–Š‡†‹•…‘˜‡”›”ƒ–‡‘ˆ‡™‘‹Ž
ƒ†‰ƒ•”‡•‡”˜‡•ǡƒ˜ƒ‹Žƒ„Ž‡’‹’‡Ž‹‡ƒ†‘–Š‡”‘‹Žƒ†‰ƒ•–”ƒ•’‘”–ƒ–‹‘…ƒ’ƒ…‹–›ǡ™‘”Ž†™‹†‡™‡ƒ–Š‡”…‘†‹–‹‘•ǡ’‘Ž‹–‹…ƒŽǡ
‹Ž‹–ƒ”›ǡ”‡‰—Žƒ–‘”›ƒ†‡…‘‘‹……‘†‹–‹‘•ƒ†–Š‡ƒ„‹Ž‹–›‘ˆ‘‹Žƒ†‰ƒ•…‘’ƒ‹‡•–‘”ƒ‹•‡…ƒ’‹–ƒŽ‘”…‘–‹—‡–‘—•‡‹–•
…ƒ’‹–ƒŽ–‘ƒ‡…ƒ’‹–ƒŽ‡š’‡†‹–—”‡•ǡƒ•ˆ—”–Š‡”†‹•…—••‡†ƒ„‘˜‡ǤŠ‡Ž‡˜‡Ž‘ˆƒ…–‹˜‹–›‹–Š‡‘‹Žƒ†‰ƒ•‡š’Ž‘”ƒ–‹‘ƒ†
’”‘†—…–‹‘‹†—•–”›‹ƒƒ†ƒƒ†–Š‡‹–‡†–ƒ–‡•‹•˜‘Žƒ–‹Ž‡ǤŠ‡ƒ”‡–ƒ„‹Ž‹–›‘ˆƒ›‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•ƒ…“—‹”‡†‘”
†‹•…‘˜‡”‡†„›̵•…—•–‘‡”•™‹ŽŽ„‡ƒˆˆ‡…–‡†„›—‡”‘—•ˆƒ…–‘”•„‡›‘†–Š‡…‘–”‘Ž‘ˆ•—…Š…—•–‘‡”•ǤŠ‡•‡ˆƒ…–‘”•
‹…Ž—†‡ƒ”‡–ˆŽ—…–—ƒ–‹‘•ǡ–Š‡’”‹…‡‘ˆ…”—†‡‘‹Žǡ–Š‡’”‹…‡‘ˆƒ–—”ƒŽ‰ƒ•ǡ–Š‡•—’’Ž›ƒ††‡ƒ†ˆ‘”‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•ǡ–Š‡
’”‘š‹‹–›ƒ†…ƒ’ƒ…‹–›‘ˆ‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•’‹’‡Ž‹‡•ƒ†’”‘…‡••‹‰‡“—‹’‡–ǡƒ†‰‘˜‡”‡–”‡‰—Žƒ–‹‘•ǡ‹…Ž—†‹‰
”‡‰—Žƒ–‹‘•”‡Žƒ–‹‰–‘’”‹…‡•ǡ–ƒš‡•ǡ”‘›ƒŽ–‹‡•ǡŽƒ†–‡—”‡ǡƒŽŽ‘™ƒ„Ž‡’”‘†—…–‹‘ǡ–Š‡‹’‘”–ƒ†‡š’‘”–‘ˆ‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•ǡ
ƒ†‡˜‹”‘‡–ƒŽ’”‘–‡…–‹‘ǤŠ‡‡ˆˆ‡…–‘ˆ–Š‡•‡ˆƒ…–‘”•…ƒ‘–„‡ƒ……—”ƒ–‡Ž›’”‡†‹…–‡†Ǥ‘ƒ••—”ƒ…‡•…ƒ„‡‰‹˜‡–Šƒ–
…—””‡–Ž‡˜‡Ž•‘ˆ‘‹Žƒ†‰ƒ•‡š’Ž‘”ƒ–‹‘ƒ†’”‘†—…–‹‘ƒ…–‹˜‹–‹‡•™‹ŽŽ‹’”‘˜‡ǡ†‡–‡”‹‘”ƒ–‡ˆ—”–Š‡”ǡ‘”…‘–‹—‡‘”–Šƒ–
†‡ƒ†ˆ‘”–Š‡‘’ƒ›̵••‡”˜‹…‡•™‹ŽŽ…‘–‹—‡–‘”‡ˆŽ‡…––Š‡Ž‡˜‡Ž‘ˆƒ…–‹˜‹–›‹–Š‡‹†—•–”›‰‡‡”ƒŽŽ›Ǥ†—•–”›…‘†‹–‹‘•
™‹ŽŽ…‘–‹—‡–‘„‡‹ˆŽ—‡…‡†„›—‡”‘—•ˆƒ…–‘”•‘˜‡”™Š‹…Š–Š‡‘’ƒ›™‹ŽŽŠƒ˜‡‘…‘–”‘ŽǤ”‹…‡•ˆ‘”‘‹Žƒ†‰ƒ•ƒ”‡
‡š’‡…–‡†–‘…‘–‹—‡–‘„‡˜‘Žƒ–‹Ž‡ƒ†ƒˆˆ‡…––Š‡†‡ƒ†ˆ‘”ƒ†’”‹…‹‰‘ˆ–Š‡‘’ƒ›̵•’”‘†—…–•ƒ†•‡”˜‹…‡•Ǥ
MergerandAcquisitionActivity
‡”‰‡”ƒ†ƒ…“—‹•‹–‹‘ƒ…–‹˜‹–›‹–Š‡‘‹Žƒ†‰ƒ•‡š’Ž‘”ƒ–‹‘ƒ†’”‘†—…–‹‘•‡…–‘”ƒ›‹’ƒ…–†‡ƒ†ˆ‘”̵••‡”˜‹…‡•
ƒ• …—•–‘‡”• ˆ‘…—• ‘ ”‡‘”‰ƒ‹œ‹‰ –Š‡‹” „—•‹‡•• ’”‹‘” –‘ …‘‹––‹‰ ˆ—†• –‘ ‡š’Ž‘”ƒ–‹‘ ƒ† †‡˜‡Ž‘’‡– ’”‘Œ‡…–•Ǥ
	—”–Š‡”ǡ ‹ ƒ› ‡”‰‡” ‘” ƒ…“—‹•‹–‹‘ –”ƒ•ƒ…–‹‘ǡ –Š‡ ”‡•—Ž–‹‰ ‘” ƒ…“—‹”‡† …‘’ƒ› ƒ› Šƒ˜‡ ’”‡ˆ‡””‡† •—’’Ž‹‡”
”‡Žƒ–‹‘•Š‹’•™‹–Š‘‹Žˆ‹‡Ž†•‡”˜‹…‡’”‘˜‹†‡”•‘–Š‡”–ŠƒǤ
OilfieldServicesIndustryRisks
Š‡”‡ƒ”‡ƒ›”‹••‹Š‡”‡–‹–Š‡‘‹Žˆ‹‡Ž†•‡”˜‹…‡•‹†—•–”›ǡ™Š‹…Š‡˜‡ƒ…‘„‹ƒ–‹‘‘ˆ‡š’‡”‹‡…‡ǡ‘™Ž‡†‰‡ƒ†
…ƒ”‡ˆ—Ž‡˜ƒŽ—ƒ–‹‘ƒ›‘–„‡ƒ„Ž‡–‘‘˜‡”…‘‡ǤŠ‡‘’ƒ›̵•‘’‡”ƒ–‹‘•ƒ”‡•—„Œ‡…––‘Šƒœƒ”†•‹Š‡”‡–‹–Š‡‘‹Žˆ‹‡Ž†
•‡”˜‹…‡‹†—•–”›ǡ•—…Šƒ•‡š’Ž‘•‹‘•ǡˆ‹”‡•ƒ†•’‹ŽŽ•–Šƒ–…ƒ…ƒ—•‡’‡”•‘ƒŽ‹Œ—”›‘”Ž‘••‘ˆŽ‹ˆ‡ǡ†ƒƒ‰‡–‘‘”†‡•–”—…–‹‘‘ˆ
’”‘’‡”–›ǡ‡“—‹’‡–ƒ†–Š‡‡˜‹”‘‡–ƒ†•—•’‡•‹‘‘ˆ‘’‡”ƒ–‹‘•Ǥƒ††‹–‹‘ǡ…Žƒ‹•ˆ‘”Ž‘••‘ˆ‘‹Žƒ†‰ƒ•’”‘†—…–‹‘ǡ
†ƒƒ‰‡–‘ˆ‘”ƒ–‹‘•ǡ†ƒƒ‰‡–‘ˆƒ…‹Ž‹–‹‡•ƒ†„—•‹‡••‹–‡””—’–‹‘•…ƒ‘……—”ǤŠ‹Ž‡–Š‡‘’ƒ›ƒ‹–ƒ‹•‹•—”ƒ…‡
…‘˜‡”ƒ‰‡–Šƒ–‹–„‡Ž‹‡˜‡•–‘„‡ƒ†‡“—ƒ–‡ƒ†…—•–‘ƒ”›‹–Š‡‹†—•–”›ǡ–Š‡”‡…ƒ„‡‘ƒ••—”ƒ…‡•–Šƒ–‹•—”ƒ…‡’”‘…‡‡†•
™‹ŽŽ„‡ƒ˜ƒ‹Žƒ„Ž‡‘”•—ˆˆ‹…‹‡–‘”–Šƒ–™‹ŽŽ„‡ƒ„Ž‡–‘ƒ‹–ƒ‹ƒ†‡“—ƒ–‡‹•—”ƒ…‡‹–Š‡ˆ—–—”‡ƒ–”ƒ–‡•…‘•‹†‡”‡†
”‡ƒ•‘ƒ„Ž‡ǤŠ‡•‹‰Ž‡‘……—””‡…‡‘ˆƒ•‹‰‹ˆ‹…ƒ–—‹•—”‡†…Žƒ‹‘”ƒ…Žƒ‹‹‡š…‡••‘ˆ–Š‡‹•—”ƒ…‡…‘˜‡”ƒ‰‡Ž‹‹–•
ƒ‹–ƒ‹‡† „› –Š‡ ‘’ƒ› …‘—Ž† Šƒ˜‡ ƒ ƒ–‡”‹ƒŽ ƒ†˜‡”•‡ ‡ˆˆ‡…– ‘ –Š‡ ‘’ƒ›̵• „—•‹‡••ǡ ”‡•—Ž–• ‘ˆ ‘’‡”ƒ–‹‘ ƒ†
’”‘•’‡…–•Ǥ

ƒ‰‡ȁʹ͵
ƒœƒ”†• •—…Š ƒ• ——•—ƒŽ ‘” —‡š’‡…–‡† ‰‡‘Ž‘‰‹…ƒŽ ˆ‘”ƒ–‹‘•ǡ ’”‡••—”‡•ǡ „Ž‘™‘—–•ǡ ˆ‹”‡• ‘” ‘–Š‡” …‘†‹–‹‘• ƒ› „‡
‡…‘—–‡”‡†‹†”‹ŽŽ‹‰‘”•‡”˜‹…‹‰™‡ŽŽ•Ǥ™‹ŽŽŠƒ˜‡–Š‡„‡‡ˆ‹–‘ˆ‹•—”ƒ…‡ƒ‹–ƒ‹‡†„›‹–ǢŠ‘™‡˜‡”ǡƒ›
„‡…‘‡Ž‹ƒ„Ž‡ˆ‘”†ƒƒ‰‡•ƒ”‹•‹‰ˆ”‘’‘ŽŽ—–‹‘ǡ„Ž‘™‘—–•‘”‘–Š‡”Šƒœƒ”†•ƒ‰ƒ‹•–™Š‹…Š‹–…ƒ‘–‹•—”‡‘”ƒ‰ƒ‹•–™Š‹…Š
‹–ƒ›‡Ž‡…–‘––‘‹•—”‡„‡…ƒ—•‡‘ˆŠ‹‰Š’”‡‹—…‘•–•‘”‘–Š‡””‡ƒ•‘•Ǥ
ReputationalRiskAssociatedwiththeCompany'sOperations
Š‡‘’ƒ›̵•„—•‹‡••ǡ‘’‡”ƒ–‹‘•‘”ˆ‹ƒ…‹ƒŽ…‘†‹–‹‘ƒ›„‡‡‰ƒ–‹˜‡Ž›‹’ƒ…–‡†ƒ•ƒ”‡•—Ž–‘ˆƒ›‡‰ƒ–‹˜‡’—„Ž‹…
‘’‹‹‘–‘™ƒ”†•–Š‡‘’ƒ›‘”ƒ•ƒ”‡•—Ž–‘ˆƒ›‡‰ƒ–‹˜‡•‡–‹‡––‘™ƒ”†ǡ‘”‹”‡•’‡…–‘ˆǡ–Š‡‘’ƒ›̵•”‡’—–ƒ–‹‘
™‹–Š•–ƒ‡Š‘Ž†‡”•ǡ•’‡…‹ƒŽ‹–‡”‡•–‰”‘—’•ǡ’‘Ž‹–‹…ƒŽŽ‡ƒ†‡”•Š‹’ǡ–Š‡‡†‹ƒ‘”‘–Š‡”‡–‹–‹‡•Ǥ—„Ž‹…‘’‹‹‘ƒ›„‡‹ˆŽ—‡…‡†
„›…‡”–ƒ‹‡†‹ƒƒ†•’‡…‹ƒŽ‹–‡”‡•–‰”‘—’•̵‡‰ƒ–‹˜‡’‘”–”ƒ›ƒŽ‘ˆ–Š‡‹†—•–”›‹™Š‹…Š–Š‡‘’ƒ›‘’‡”ƒ–‡•ƒ•™‡ŽŽƒ•
–Š‡‹”‘’’‘•‹–‹‘–‘…‡”–ƒ‹‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•’”‘Œ‡…–•Ǥ‘–‡–‹ƒŽ‹’ƒ…–•‘ˆ‡‰ƒ–‹˜‡’—„Ž‹…‘’‹‹‘‘””‡’—–ƒ–‹‘ƒŽ‹••—‡•
ƒ›‹…Ž—†‡†‡Žƒ›•‘”‹–‡””—’–‹‘•‹‘’‡”ƒ–‹‘•ǡŽ‡‰ƒŽ‘””‡‰—Žƒ–‘”›ƒ…–‹‘•‘”…ŠƒŽŽ‡‰‡•ǡ„Ž‘…ƒ†‡•ǡ‹…”‡ƒ•‡†”‡‰—Žƒ–‘”›
‘˜‡”•‹‰Š–ǡ”‡†—…‡†•—’’‘”–ˆ‘”ǡ†‡Žƒ›•‹ǡ…ŠƒŽŽ‡‰‡•–‘ǡ‘”–Š‡”‡˜‘…ƒ–‹‘‘ˆ”‡‰—Žƒ–‘”›ƒ’’”‘˜ƒŽ•ǡ’‡”‹–•ƒ†Ȁ‘”Ž‹…‡•‡•
ƒ†‹…”‡ƒ•‡†…‘•–•ƒ†Ȁ‘”…‘•–‘˜‡””—•ǤŠ‡‘’ƒ›̵•”‡’—–ƒ–‹‘ƒ†’—„Ž‹…‘’‹‹‘…‘—Ž†ƒŽ•‘„‡‹’ƒ…–‡†„›–Š‡
ƒ…–‹‘•ƒ†ƒ…–‹˜‹–‹‡•‘ˆ‘–Š‡”…‘’ƒ‹‡•‘’‡”ƒ–‹‰‹–Š‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•‹†—•–”›ǡ’ƒ”–‹…—Žƒ”Ž›‘–Š‡”‘‹Žˆ‹‡Ž†•‡”˜‹…‡
’”‘˜‹†‡”•ǡ‘˜‡”™Š‹…Š–Š‡‘’ƒ›Šƒ•‘…‘–”‘ŽǤ‹‹Žƒ”Ž›ǡ–Š‡‘’ƒ›̵•”‡’—–ƒ–‹‘…‘—Ž†„‡‹’ƒ…–‡†„›‡‰ƒ–‹˜‡
’—„Ž‹…‹–›”‡Žƒ–‡†–‘Ž‘••‘ˆŽ‹ˆ‡ǡ‹Œ—”›‘”†ƒƒ‰‡–‘’”‘’‡”–›ƒ†‡˜‹”‘‡–ƒŽ†ƒƒ‰‡…ƒ—•‡†„›–Š‡‘’ƒ›̵•‘’‡”ƒ–‹‘•Ǥ
ƒ††‹–‹‘ǡ‹ˆ–Š‡‘’ƒ›†‡˜‡Ž‘’•ƒ”‡’—–ƒ–‹‘‘ˆŠƒ˜‹‰ƒ—•ƒˆ‡™‘”•‹–‡ǡ‹–ƒ›‹’ƒ…––Š‡ƒ„‹Ž‹–›‘ˆ–Š‡‘’ƒ›–‘
ƒ––”ƒ…–ƒ†”‡–ƒ‹–Š‡‡…‡••ƒ”›•‹ŽŽ‡†‡’Ž‘›‡‡•ƒ†…‘•—Ž–ƒ–•–‘‘’‡”ƒ–‡‹–•„—•‹‡••Ǥ’’‘•‹–‹‘ˆ”‘•’‡…‹ƒŽ‹–‡”‡•–
‰”‘—’•‘’’‘•‡†–‘‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•†‡˜‡Ž‘’‡–ƒ†–Š‡’‘••‹„‹Ž‹–›‘ˆ…Ž‹ƒ–‡”‡Žƒ–‡†Ž‹–‹‰ƒ–‹‘ƒ‰ƒ‹•–‰‘˜‡”‡–•ƒ†
ˆ‘••‹Žˆ—‡Ž…‘’ƒ‹‡•ƒ›‹’ƒ…––Š‡‘’ƒ›̵•”‡’—–ƒ–‹‘Ǥ‡’—–ƒ–‹‘ƒŽ”‹•…ƒ‘–„‡ƒƒ‰‡†‹‹•‘Žƒ–‹‘ˆ”‘‘–Š‡”
ˆ‘”•‘ˆ”‹•Ǥ”‡†‹–ǡƒ”‡–ǡ‘’‡”ƒ–‹‘ƒŽǡ‹•—”ƒ…‡ǡ”‡‰—Žƒ–‘”›ƒ†Ž‡‰ƒŽ”‹••ǡƒ‘‰‘–Š‡”•ǡ—•–ƒŽŽ„‡ƒƒ‰‡†‡ˆˆ‡…–‹˜‡Ž›
–‘•ƒˆ‡‰—ƒ”†–Š‡‘’ƒ›̵•”‡’—–ƒ–‹‘Ǥƒƒ‰‡–‘–Š‡‘’ƒ›̵•”‡’—–ƒ–‹‘…‘—Ž†”‡•—Ž–‹‡‰ƒ–‹˜‡‹˜‡•–‘”•‡–‹‡–
–‘™ƒ”†• –Š‡‘’ƒ›ǡ ™Š‹…Š ƒ› ”‡•—Ž– ‹ Ž‹‹–‹‰ –Š‡ ‘’ƒ›̵• ƒ……‡••–‘…ƒ’‹–ƒŽǡ ‹…”‡ƒ•‹‰ –Š‡…‘•–‘ˆ …ƒ’‹–ƒŽǡƒ†
†‡…”‡ƒ•‹‰–Š‡’”‹…‡ƒ†Ž‹“—‹†‹–›‘ˆ–Š‡‘’ƒ›̵••‡…—”‹–‹‡•Ǥ
ChangingInvestorSentiment
—„‡”‘ˆˆƒ…–‘”•ǡ‹…Ž—†‹‰–Š‡…‘…‡”•‘ˆ–Š‡‡ˆˆ‡…–•‘ˆ–Š‡—•‡‘ˆˆ‘••‹Žˆ—‡Ž•‘…Ž‹ƒ–‡…Šƒ‰‡ǡ–Š‡‹’ƒ…–‘ˆ‘‹Žƒ†
ƒ–—”ƒŽ ‰ƒ• ‘’‡”ƒ–‹‘• ‘ –Š‡ ‡˜‹”‘‡–ǡ ‡˜‹”‘‡–ƒŽ †ƒƒ‰‡ ”‡Žƒ–‹‰ –‘ •’‹ŽŽ• ‘ˆ ’‡–”‘Ž‡— ’”‘†—…–• †—”‹‰
–”ƒ•’‘”–ƒ–‹‘ƒ†‹†‹‰‡‘—•”‹‰Š–•ǡŠƒ˜‡ƒˆˆ‡…–‡†…‡”–ƒ‹‹˜‡•–‘”•̵•‡–‹‡–•–‘™ƒ”†•‹˜‡•–‹‰‹–Š‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•
‹†—•–”›Ǥ•ƒ”‡•—Ž–‘ˆ–Š‡•‡…‘…‡”•ǡ•‘‡‹•–‹–—–‹‘ƒŽǡ”‡–ƒ‹Žƒ†’—„Ž‹…‹˜‡•–‘”•Šƒ˜‡ƒ‘—…‡†–Šƒ––Š‡›‘Ž‘‰‡”ƒ”‡
™‹ŽŽ‹‰–‘ˆ—†‘”‹˜‡•–‹‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•’”‘’‡”–‹‡•‘”…‘’ƒ‹‡•ǡ‘”ƒ”‡”‡†—…‹‰–Š‡ƒ‘—––Š‡”‡‘ˆ‘˜‡”–‹‡Ǥ
ƒ††‹–‹‘ǡ…‡”–ƒ‹‹•–‹–—–‹‘ƒŽ‹˜‡•–‘”•ƒ”‡”‡“—‡•–‹‰–Šƒ–‹••—‡”•†‡˜‡Ž‘’ƒ†‹’Ž‡‡–‘”‡”‘„—•–‡˜‹”‘‡–ƒŽǡ
•‘…‹ƒŽǡ ƒ† ‰‘˜‡”ƒ…‡ ’‘Ž‹…‹‡• ƒ† ’”ƒ…–‹…‡•Ǥ ‡˜‡Ž‘’‹‰ ƒ† ‹’Ž‡‡–‹‰ •—…Š ’‘Ž‹…‹‡• ƒ† ’”ƒ…–‹…‡• …ƒ ‹˜‘Ž˜‡
•‹‰‹ˆ‹…ƒ–…‘•–ƒ†”‡“—‹”‡ƒ•‹‰‹ˆ‹…ƒ––‹‡…‘‹–‡–ˆ”‘–Š‡‘ƒ”†ǡƒƒ‰‡‡–ƒ†‡’Ž‘›‡‡•‘ˆ–Š‡‘’ƒ›Ǥ
	ƒ‹Ž‹‰–‘‹’Ž‡‡––Š‡’‘Ž‹…‹‡•ƒ†’”ƒ…–‹…‡•ǡƒ•”‡“—‡•–‡†„›‹•–‹–—–‹‘ƒŽ‹˜‡•–‘”•ǡƒ›”‡•—Ž–‹•—…Š‹˜‡•–‘”•”‡†—…‹‰
–Š‡‹”‹˜‡•–‡–‹–Š‡‘’ƒ›ǡ‘”‘–‹˜‡•–‹‰‹–Š‡‘’ƒ›ƒ–ƒŽŽǤ›”‡†—…–‹‘‹–Š‡‹˜‡•–‘”„ƒ•‡‹–‡”‡•–‡†‘”
™‹ŽŽ‹‰–‘‹˜‡•–‹–Š‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•‹†—•–”›ƒ†‘”‡•’‡…‹ˆ‹…ƒŽŽ›ǡ–Š‡‘’ƒ›ǡƒ›”‡•—Ž–‹Ž‹‹–‹‰–Š‡‘’ƒ›̵•
ƒ……‡••–‘…ƒ’‹–ƒŽǡ‹…”‡ƒ•‹‰–Š‡…‘•–‘ˆ…ƒ’‹–ƒŽǡƒ††‡…”‡ƒ•‹‰–Š‡’”‹…‡ƒ†Ž‹“—‹†‹–›‘ˆ–Š‡‘’ƒ›̵••‡…—”‹–‹‡•‡˜‡‹ˆ–Š‡
‘’ƒ›̵•‘’‡”ƒ–‹‰”‡•—Ž–•ǡ—†‡”Ž›‹‰ƒ••‡–˜ƒŽ—‡•‘”’”‘•’‡…–•Šƒ˜‡‘–…Šƒ‰‡†Ǥ††‹–‹‘ƒŽŽ›ǡ–Š‡•‡ˆƒ…–‘”•ǡƒ•™‡ŽŽƒ•
‘–Š‡””‡Žƒ–‡†ˆƒ…–‘”•ǡƒ›…ƒ—•‡ƒ†‡…”‡ƒ•‡‹–Š‡˜ƒŽ—‡‘ˆ–Š‡‘’ƒ›̵•ƒ••‡–•™Š‹…Šƒ›”‡•—Ž–‹ƒ‹’ƒ‹”‡–…Šƒ”‰‡Ǥ
LeverageandRestrictiveCovenants
Š‡ƒ„‹Ž‹–›‘ˆ–‘ƒ‡’ƒ›‡–•‘”ƒ†˜ƒ…‡•™‹ŽŽ„‡•—„Œ‡…––‘ƒ’’Ž‹…ƒ„Ž‡Žƒ™•ƒ†…‘–”ƒ…–—ƒŽ”‡•–”‹…–‹‘•‹–Š‡
‹•–”—‡–•‰‘˜‡”‹‰ƒ›‹†‡„–‡†‡••‘ˆ–Š‘•‡‡–‹–‹‡•‹…Ž—†‹‰–Š‡…”‡†‹–ˆƒ…‹Ž‹–‹‡•ǤŠ‡†‡‰”‡‡–‘™Š‹…Š‹•Ž‡˜‡”ƒ‰‡†
…‘—Ž†Šƒ˜‡‹’‘”–ƒ–…‘•‡“—‡…‡•ˆ‘”‹˜‡•–‘”•‹…Ž—†‹‰ǣȋ‹Ȍ̵•ƒ„‹Ž‹–›–‘‘„–ƒ‹ƒ††‹–‹‘ƒŽˆ‹ƒ…‹‰ˆ‘”™‘”‹‰
…ƒ’‹–ƒŽǡ…ƒ’‹–ƒŽ‡š’‡†‹–—”‡•‘”ˆ—–—”‡ƒ…“—‹•‹–‹‘•Ǣȋ‹‹ȌƒŽŽ‘”’ƒ”–‘ˆ̵•…ƒ•ŠˆŽ‘™ˆ”‘‘’‡”ƒ–‹‘•ƒ›„‡†‡†‹…ƒ–‡†–‘
–Š‡’ƒ›‡–‘ˆ–Š‡’”‹…‹’ƒŽ‘ˆƒ†‹–‡”‡•–‘̵•‹†‡„–‡†‡••ǡ–Š‡”‡„›”‡†—…‹‰ˆ—†•ƒ˜ƒ‹Žƒ„Ž‡ˆ‘”ˆ—–—”‡‘’‡”ƒ–‹‘•
ƒ†–‘’ƒ›†‹˜‹†‡†•Ǣȋ‹‹‹Ȍ…‡”–ƒ‹‘ˆ̵•„‘””‘™‹‰•ƒ›„‡ƒ–˜ƒ”‹ƒ„Ž‡”ƒ–‡•‘ˆ‹–‡”‡•–ǡ™Š‹…Š‡š’‘•‡•–‘–Š‡”‹•‘ˆ
‹…”‡ƒ•‡† ‹–‡”‡•– ”ƒ–‡•Ǣ ƒ† ȋ‹˜Ȍ  ƒ› „‡ ‘”‡ ˜—Ž‡”ƒ„Ž‡–‘ ‡…‘‘‹…†‘™–—”•ƒ† „‡ Ž‹‹–‡† ‹ ‹–• ƒ„‹Ž‹–› –‘
™‹–Š•–ƒ†…‘’‡–‹–‘”’”‡••—”‡•ǤŠ‡•‡ˆƒ…–‘”•…‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘̵•„—•‹‡••ǡˆ‹ƒ…‹ƒŽ…‘†‹–‹‘ǡ
”‡•—Ž–•‘ˆ‘’‡”ƒ–‹‘•ƒ†…ƒ•ŠˆŽ‘™•Ǥ
Š‡…”‡†‹–ˆƒ…‹Ž‹–‹‡•…‘–ƒ‹—‡”‘—•…‘˜‡ƒ–•–Šƒ–Ž‹‹––Š‡†‹•…”‡–‹‘‘ˆƒƒ‰‡‡–™‹–Š”‡•’‡…––‘…‡”–ƒ‹„—•‹‡••
ƒ––‡”•Ǥ Š‡•‡ …‘˜‡ƒ–• ™‹ŽŽ ’Žƒ…‡ ”‡•–”‹…–‹‘• ‘ǡ ƒ‘‰ ‘–Š‡” –Š‹‰•ǡ –Š‡ ƒ„‹Ž‹–› ‘ˆ  –‘ …”‡ƒ–‡ Ž‹‡• ‘” ‘–Š‡”
‡…—„”ƒ…‡•Ǣ–‘’ƒ›†‹˜‹†‡†•‘”ƒ‡‘–Š‡”†‹•–”‹„—–‹‘•ǡ‘”ƒ‡…‡”–ƒ‹‘–Š‡”‹˜‡•–‡–•ǡŽ‘ƒ•ƒ†‰—ƒ”ƒ–‡‡•Ǣ–‘
•‡ŽŽ‘”‘–Š‡”™‹•‡†‹•’‘•‡‘ˆƒ••‡–•‘””‡’—”…Šƒ•‡•–‘…ǡ‡”‰‡ǡƒƒŽ‰ƒƒ–‡‘”…‘•‘Ž‹†ƒ–‡™‹–Šƒ‘–Š‡”‡–‹–›Ǥƒ††‹–‹‘ǡ
–Š‡…”‡†‹–ˆƒ…‹Ž‹–‹‡•ǡ…‘–ƒ‹ƒ—„‡”‘ˆˆ‹ƒ…‹ƒŽ…‘˜‡ƒ–•–Šƒ–”‡“—‹”‡–‘‡‡–…‡”–ƒ‹ˆ‹ƒ…‹ƒŽ”ƒ–‹‘•ƒ†ˆ‹ƒ…‹ƒŽ

ƒ‰‡ȁʹͶ
…‘†‹–‹‘–‡•–•Ǥ̵•ƒ„‹Ž‹–›–‘‡‡–•—…Š–‡•–•…‘—Ž†„‡ƒˆˆ‡…–‡†„›‡˜‡–•„‡›‘†‹–•…‘–”‘Žǡƒ†‹–ƒ›‘–„‡ƒ„Ž‡–‘‡‡–
•—…Š–‡•–•Ǥ
ˆƒ‹Ž—”‡–‘…‘’Ž›™‹–Š–Š‡‘„Ž‹‰ƒ–‹‘•‹–Š‡…”‡†‹–ˆƒ…‹Ž‹–‹‡•ǡ‹…Ž—†‹‰ˆ‹ƒ…‹ƒŽ”ƒ–‹‘•ƒ†ˆ‹ƒ…‹ƒŽ…‘†‹–‹‘–‡•–•ǡ…‘—Ž†
”‡•—Ž–‹ƒ†‡ˆƒ—Ž–™Š‹…Šǡ‹ˆ‘–…—”‡†‘”™ƒ‹˜‡†ǡ™‘—Ž†’‡”‹–ƒ……‡Ž‡”ƒ–‹‘‘ˆ–Š‡”‡’ƒ›‡–‘ˆ–Š‡”‡Ž‡˜ƒ–‹†‡„–‡†‡••ƒ•
–Š‡Ž‡†‡”•…‘—Ž†‡Ž‡…––‘†‡…Žƒ”‡ƒŽŽƒ‘—–•‘—–•–ƒ†‹‰—†‡”–Š‡…”‡†‹–ˆƒ…‹Ž‹–‹‡•–‘„‡‹‡†‹ƒ–‡Ž›†—‡ƒ†’ƒ›ƒ„Ž‡ƒ†
–‡”‹ƒ–‡ƒŽŽ…‘‹–‡–•–‘‡š–‡†ˆ—”–Š‡”…”‡†‹–Ǥˆ–Š‡Ž‡†‡”•™‡”‡–‘ƒ……‡Ž‡”ƒ–‡–Š‡”‡’ƒ›‡–‘ˆ„‘””‘™‹‰•ǡƒ›
‘– Šƒ˜‡ •—ˆˆ‹…‹‡– ƒ••‡–• –‘ ”‡’ƒ› „ƒŽƒ…‡• ‘™‹‰ ‘ –Š‡ …”‡†‹– ˆƒ…‹Ž‹–‹‡• ƒ• ™‡ŽŽ ƒ• ‹–• —•‡…—”‡† ‹†‡„–‡†‡•• ƒ• –Š‡
ƒ……‡Ž‡”ƒ–‹‘‘ˆ̵•‹†‡„–‡†‡••—†‡”‘‡ƒ‰”‡‡‡–ƒ›’‡”‹–ƒ……‡Ž‡”ƒ–‹‘‘ˆ‹†‡„–‡†‡••—†‡”‘–Š‡”ƒ‰”‡‡‡–•
–Šƒ–…‘–ƒ‹…”‘••Ǧ†‡ˆƒ—Ž–‘”…”‘••Ǧƒ……‡Ž‡”ƒ–‹‘’”‘˜‹•‹‘•Ǥˆ̵•‹†‡„–‡†‡••‹•ƒ……‡Ž‡”ƒ–‡†ƒ†–Š‡‘’ƒ›™ƒ•‘–
ƒ„Ž‡–‘”‡’ƒ›‹–•‹†‡„–‡†‡••‘”„‘””‘™•—ˆˆ‹…‹‡–ˆ—†•–‘”‡ˆ‹ƒ…‡‹–ǡ–Š‡Ž‡†‡”•—†‡”–Š‡…”‡†‹–ˆƒ…‹Ž‹–‹‡•…‘—Ž†’”‘…‡‡†
–‘”‡ƒŽ‹œ‡—’‘–Š‡…‘ŽŽƒ–‡”ƒŽ‰”ƒ–‡†–‘–Š‡–‘•‡…—”‡–Šƒ–‹†‡„–‡†‡••™Š‹…Š…‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘
ƒ†‹–•…ƒ•ŠˆŽ‘™•Ǥ˜‡‹ˆ‹•ƒ„Ž‡–‘‘„–ƒ‹‡™ˆ‹ƒ…‹‰ǡ‹–ƒ›‘–„‡‘…‘‡”…‹ƒŽŽ›”‡ƒ•‘ƒ„Ž‡–‡”•‘”‘–‡”•
–Šƒ–ƒ”‡ƒ……‡’–ƒ„Ž‡–‘ƒ†ƒ›‹’‘•‡ˆ‹ƒ…‹ƒŽ”‡•–”‹…–‹‘•ƒ†‘–Š‡”…‘˜‡ƒ–•‘‹––Šƒ–ƒ›„‡‘”‡”‡•–”‹…–‹˜‡–Šƒ
–Š‡…”‡†‹–ˆƒ…‹Ž‹–‹‡•Ǥ
‘–™‹–Š•–ƒ†‹‰ƒ‡˜‡–‘ˆ†‡ˆƒ—Ž–ǡ–Š‡”‡‹•ƒŽ•‘‘ƒ••—”ƒ…‡–Šƒ–™‹ŽŽ„‡ƒ„Ž‡–‘”‡ˆ‹ƒ…‡ƒ›‘”ƒŽŽ‘ˆ–Š‡…”‡†‹–
ˆƒ…‹Ž‹–‹‡•ƒ––Š‡‹”ƒ–—”‹–›†ƒ–‡•‘ƒ……‡’–ƒ„Ž‡–‡”•ǡ‘”‘ƒ›„ƒ•‹•Ǥ
LiquidityRisk
‹“—‹†‹–›”‹•‹•–Š‡”‹•–Šƒ––Š‡‘’ƒ›™‹ŽŽ‘–„‡ƒ„Ž‡–‘‡‡–‹–•ˆ‹ƒ…‹ƒŽ‘„Ž‹‰ƒ–‹‘•ƒ•–Š‡›„‡…‘‡†—‡‘”…ƒ†‘•‘
‘Ž›ƒ–‡š…‡••‹˜‡…‘•–ǤŠ‡‘’ƒ›̵•Ž‹“—‹†‹–›…‘—Ž†„‡ƒ†˜‡”•‡Ž›ƒˆˆ‡…–‡†„›ƒƒ–‡”‹ƒŽ‡‰ƒ–‹˜‡…Šƒ‰‡‹–Š‡‘‹Žˆ‹‡Ž†
•‡”˜‹…‡•‹†—•–”›ǡ™Š‹…Š‹–—”…‘—Ž†Ž‡ƒ†–‘…‘˜‡ƒ–„”‡ƒ…Š‡•‘ˆ–Š‡…”‡†‹–ˆƒ…‹Ž‹–‹‡•ǡ™Š‹…Šǡ‹ˆ‘–ƒ‡†‡†‘”™ƒ‹˜‡†ǡ
…‘—Ž†Ž‹‹––Š‡‘’ƒ›̵•ƒ……‡••–‘–Š‡…”‡†‹–ˆƒ…‹Ž‹–‹‡•Ǥˆƒ˜ƒ‹Žƒ„Ž‡Ž‹“—‹†‹–›‹•‘–•—ˆˆ‹…‹‡––‘‡‡–̵•‘’‡”ƒ–‹‰ƒ†
†‡„– ‘„Ž‹‰ƒ–‹‘• ƒ• –Š‡› …‘‡ †—‡ǡ  ™‹ŽŽ ‡‡† –‘ •‹‰‹ˆ‹…ƒ–Ž› ”‡†—…‡ ‡š’‡†‹–—”‡ǡ ’—”•—‡ ƒŽ–‡”ƒ–‹˜‡ ˆ‹ƒ…‹‰
ƒ””ƒ‰‡‡–•ǡ†‹•’‘•‡‘ˆ•‹‰‹ˆ‹…ƒ–ƒ••‡–•ǡ‘”’—”•—‡‘–Š‡”…‘”’‘”ƒ–‡•–”ƒ–‡‰‹…ƒŽ–‡”ƒ–‹˜‡•ǡ–Š‡ƒ„‹Ž‹–›‘ˆ™Š‹…Š–‘†‘•‘‹•
—…‡”–ƒ‹Ǥ
GovernmentRegulation
‘’‡”ƒ–‹‘•ƒ”‡•—„Œ‡…––‘ƒ˜ƒ”‹‡–›‘ˆˆ‡†‡”ƒŽǡ’”‘˜‹…‹ƒŽƒ†Ž‘…ƒŽŽƒ™•ǡ”‡‰—Žƒ–‹‘•ƒ†‰—‹†‡Ž‹‡•ǡ‹…Ž—†‹‰Žƒ™•ƒ†
”‡‰—Žƒ–‹‘• ”‡Žƒ–‡† –‘ Š‡ƒŽ–Š ƒ† •ƒˆ‡–›ǡ –”ƒ•’‘”–ƒ–‹‘ǡ –Š‡ …‘†—…– ‘ˆ ‘’‡”ƒ–‹‘•ǡ –Š‡ ƒ—ˆƒ…–—”‡ǡ ƒƒ‰‡‡–ǡ
–”ƒ•’‘”–ƒ–‹‘ƒ††‹•’‘•ƒŽ‘ˆ…‡”–ƒ‹ƒ–‡”‹ƒŽ•—•‡†‹–Š‡‘’ƒ›̵•‘’‡”ƒ–‹‘•ǤŠƒ‰‡•‹ƒ›•—…ŠŽƒ™•ǡ”‡‰—Žƒ–‹‘•‘”
‰—‹†‡Ž‹‡•…‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘ǯ•‘’‡”ƒ–‹‘•Ǥ
ƒ††‹–‹‘ǡ–Š‡‘‹Žƒ†‰ƒ•‹†—•–”›‹‰‡‡”ƒŽ‹••—„Œ‡…––‘‡š–‡•‹˜‡‰‘˜‡”‡–’‘Ž‹…‹‡•ƒ†”‡‰—Žƒ–‹‘•ǡ™Š‹…Š”‡•—Ž–‹
ƒ††‹–‹‘ƒŽ…‘•–ƒ†”‹•ˆ‘”‹†—•–”›’ƒ”–‹…‹’ƒ–•‘”’ƒ”–‹‡•ǡ•—…Šƒ•ǡ–Šƒ–•‡”˜‹…‡–Š‡‹†—•–”›Ǥ‘›ƒŽ–›”ƒ–‡•ǡ…ƒ”„‘
–ƒš‡•ǡ–”ƒ•’‘”–ƒ–‹‘”‡‰—Žƒ–‹‘•ǡ‘–Š‡”Žƒ™•‘”‰‘˜‡”‡–‹…‡–‹˜‡’”‘‰”ƒ•”‡Žƒ–‹‰–‘–Š‡‘‹Žƒ†‰ƒ•‹†—•–”›‰‡‡”ƒŽŽ›
ƒ›‹–Š‡ˆ—–—”‡„‡…Šƒ‰‡†‘”‹–‡”’”‡–‡†‹ƒƒ‡”–Šƒ–ƒ†˜‡”•‡Ž›ƒˆˆ‡…–•–Š‡‘’ƒ›ƒ†‹–••Šƒ”‡Š‘Ž†‡”•Ǥ
SeasonalNatureofCWC'sBusiness
Š‡‘’ƒ›̵•‘’‡”ƒ–‹‘•ƒ”‡…ƒ””‹‡†‘‰‡‡”ƒŽŽ›‹‡•–‡”ƒƒ†ƒƒ†–Š‡‹–‡†–ƒ–‡•ǤŠ‡ƒ„‹Ž‹–›–‘‘˜‡Š‡ƒ˜›
‡“—‹’‡–‹–Š‡‡•–‡”ƒƒ†‹ƒ‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•ˆ‹‡Ž†•‹•†‡’‡†‡–‘™‡ƒ–Š‡”…‘†‹–‹‘•Ǥ•™ƒ”™‡ƒ–Š‡””‡–—”•
‹–Š‡•’”‹‰ǡ–Š‡™‹–‡”̵•ˆ”‘•–…‘‡•‘—–‘ˆ–Š‡‰”‘—†”‡†‡”‹‰ƒ›•‡…‘†ƒ”›”‘ƒ†•‹…ƒ’ƒ„Ž‡‘ˆ•—’’‘”–‹‰–Š‡™‡‹‰Š–
‘ˆŠ‡ƒ˜›‡“—‹’‡–—–‹Ž–Š‡›Šƒ˜‡–Š‘”‘—‰ŠŽ›†”‹‡†‘—–ǤŠ‡†—”ƒ–‹‘‘ˆ–Š‹•̶•’”‹‰„”‡ƒ—’̶Šƒ•ƒ†‹”‡…–‹’ƒ…–‘–Š‡
‘’ƒ›̵•ƒ…–‹˜‹–›Ž‡˜‡Ž•Ǥƒ††‹–‹‘ǡƒ›‡š’Ž‘”ƒ–‹‘ƒ†’”‘†—…–‹‘ƒ”‡ƒ•‹‘”–Š‡”ƒƒ†ƒƒ”‡ƒ……‡••‹„Ž‡‘Ž›‹
™‹–‡”‘–Š•™Š‡–Š‡‰”‘—†‹•ˆ”‘œ‡‡‘—‰Š–‘•—’’‘”–‡“—‹’‡–ǤŠ‡–‹‹‰‘ˆˆ”‡‡œ‡Ǧ—’ƒ†•’”‹‰„”‡ƒ—’ƒˆˆ‡…–•
–Š‡ƒ„‹Ž‹–›–‘‘˜‡‡“—‹’‡–‹ƒ†‘—–‘ˆ–Š‡•‡ƒ”‡ƒ•Ǥ•ƒ”‡•—Ž–ǡ‹†Ǧƒ”…Š–Š”‘—‰Š
—‡‹•–”ƒ†‹–‹‘ƒŽŽ›–Š‡‘’ƒ›̵•
•Ž‘™‡•––‹‡ǡƒ†ƒ••—…Šǡ–Š‡‘’‡”ƒ–‹‰”‡•—Ž–•‘ˆ–Š‡‘’ƒ›™‹ŽŽ˜ƒ”›‘ƒ“—ƒ”–‡”Ž›„ƒ•‹•Ǥ
DependenceonKeyPersonnel
̵•ˆ—–—”‡’‡”ˆ‘”ƒ…‡ƒ††‡˜‡Ž‘’‡–™‹ŽŽ†‡’‡†ǡ–‘ƒ•‹‰‹ˆ‹…ƒ–‡š–‡–ǡ‘–Š‡‡ˆˆ‘”–•ƒ†ƒ„‹Ž‹–‹‡•‘ˆ‹–•‡š‡…—–‹˜‡
‘ˆˆ‹…‡”•ƒ†‡›ƒƒ‰‡‡–’‡”•‘‡Žǡƒ†‘–Š‡ƒ„‹Ž‹–›–‘ƒ––”ƒ…–ƒ†”‡–ƒ‹“—ƒŽ‹ˆ‹‡†ˆ‹‡Ž†•–ƒˆˆǤŠ‡Ž‘••‘ˆ–Š‡•‡”˜‹…‡•
‘ˆ‘‡‘”‘”‡‘ˆ‹–•ƒƒ‰‡‡––‡ƒ…‘—Ž†Šƒ”–Š‡‘’ƒ›ǤŽ•‘ǡ̵••—……‡••Žƒ”‰‡Ž›†‡’‡†•‘–Š‡‘’ƒ›̵•
…‘–‹—‹‰ƒ„‹Ž‹–›–‘ƒ––”ƒ…–ǡ†‡˜‡Ž‘’ƒ†”‡–ƒ‹•‹ŽŽ‡†‡’Ž‘›‡‡•‹ƒŽŽƒ”‡ƒ•‘ˆ‹–•„—•‹‡••ǤŠ‡ƒ„‹Ž‹–›‘ˆ–Š‡‘’ƒ›–‘
‡š’ƒ†‹–••‡”˜‹…‡•‹•†‡’‡†‡–—’‘‹–•ƒ„‹Ž‹–›–‘ƒ––”ƒ…–ƒ††‹–‹‘ƒŽ“—ƒŽ‹ˆ‹‡†‡’Ž‘›‡‡•ǤŠ‡ƒ„‹Ž‹–›–‘•‡…—”‡–Š‡•‡”˜‹…‡•
‘ˆƒ††‹–‹‘ƒŽ’‡”•‘‡Ž‹•…‘•–”ƒ‹‡†‹–‹‡•‘ˆ•–”‘‰‹†—•–”›ƒ…–‹˜‹–›Ǥ



ƒ‰‡ȁʹͷ
ClimateChange

Ž‘„ƒŽ …Ž‹ƒ–‡ ‹••—‡• …‘–‹—‡ –‘ ƒ––”ƒ…– ’—„Ž‹… ƒ† •…‹‡–‹ˆ‹… ƒ––‡–‹‘Ǥ —‡”‘—• ”‡’‘”–•ǡ ‹…Ž—†‹‰ ”‡’‘”–• ˆ”‘ –Š‡
–‡”‰‘˜‡”‡–ƒŽ ƒ‡Ž ‘ Ž‹ƒ–‡ Šƒ‰‡ǡ Šƒ˜‡ ‡‰‡†‡”‡† …‘…‡” ƒ„‘—– –Š‡ ‹’ƒ…–• ‘ˆ Š—ƒ ƒ…–‹˜‹–›ǡ ‡•’‡…‹ƒŽŽ›
Š›†”‘…ƒ”„‘…‘„—•–‹‘ǡ‘‰Ž‘„ƒŽ…Ž‹ƒ–‡‹••—‡•Ǥ–—”ǡ‹…”‡ƒ•‹‰’—„Ž‹…ǡ‰‘˜‡”‡–ǡƒ†‹˜‡•–‘”ƒ––‡–‹‘‹•„‡‹‰
’ƒ‹†–‘‰Ž‘„ƒŽ…Ž‹ƒ–‡‹••—‡•ƒ†–‘‡‹••‹‘•‘ˆ‰”‡‡Š‘—•‡‰ƒ•ȋ̶GHG̶Ȍǡ‹…Ž—†‹‰‡‹••‹‘•‘ˆ…ƒ”„‘†‹‘š‹†‡ƒ†‡–Šƒ‡
ˆ”‘–Š‡’”‘†—…–‹‘ƒ†—•‡‘ˆ‘‹ŽǡŽ‹“—‹†•ƒ†ƒ–—”ƒŽ‰ƒ•ǤŠ‡ƒŒ‘”‹–›‘ˆ…‘—–”‹‡•ƒ…”‘••–Š‡‰Ž‘„‡ǡ‹…Ž—†‹‰ƒƒ†ƒǡŠƒ˜‡
ƒ‰”‡‡†–‘”‡†—…‡–Š‡‹”…ƒ”„‘‡‹••‹‘•‹ƒ……‘”†ƒ…‡™‹–Š–Š‡ƒ”‹•‰”‡‡‡–Ǥƒ††‹–‹‘ǡ†—”‹‰–Š‡…‘—”•‡‘ˆ–Š‡ʹͲʹͳ
‹–‡† ƒ–‹‘• Ž‹ƒ–‡ Šƒ‰‡ ‘ˆ‡”‡…‡ ‹ 
Žƒ•‰‘™ǡ …‘–Žƒ†ǡƒƒ†ƒ̵• ”‹‡ ‹‹•–‡” 
—•–‹ ”—†‡ƒ— ƒ†‡ •‡˜‡”ƒŽ
’Ž‡†‰‡•ƒ‹‡†ƒ–”‡†—…‹‰ƒƒ†ƒ̵•

‡‹••‹‘•ƒ†‡˜‹”‘‡–ƒŽ‹’ƒ…–Ǥ•†‹•…—••‡†„‡Ž‘™ǡ–Š‡‘’ƒ›ˆƒ…‡•„‘–Š
–”ƒ•‹–‹‘”‹••ƒ†’Š›•‹…ƒŽ”‹••ƒ••‘…‹ƒ–‡†™‹–Š…Ž‹ƒ–‡…Šƒ‰‡ƒ†…Ž‹ƒ–‡…Šƒ‰‡’‘Ž‹…›ƒ†”‡‰—Žƒ–‹‘•Ǥ
Transitionrisks
	‘”‡‹‰ ƒ† †‘‡•–‹… ‰‘˜‡”‡–• …‘–‹—‡ –‘ ‡˜ƒŽ—ƒ–‡ ƒ† ‹’Ž‡‡– ’‘Ž‹…›ǡ Ž‡‰‹•Žƒ–‹‘ǡ ƒ† ”‡‰—Žƒ–‹‘• ˆ‘…—•‡† ‘
”‡•–”‹…–‹‰‡‹••‹‘•…‘‘Ž›”‡ˆ‡””‡†–‘ƒ•

‡‹••‹‘•ƒ†’”‘‘–‹‰ƒ†ƒ’–ƒ–‹‘–‘…Ž‹ƒ–‡…Šƒ‰‡ƒ†–Š‡–”ƒ•‹–‹‘
–‘ƒŽ‘™Ǧ…ƒ”„‘‡…‘‘›Ǥ–‹•‘–’‘••‹„Ž‡–‘’”‡†‹…–™Šƒ–‡ƒ•—”‡•ˆ‘”‡‹‰ƒ††‘‡•–‹…‰‘˜‡”‡–•ƒ›‹’Ž‡‡–‹
–Š‹•”‡‰ƒ”†ǡ‘”‹•‹–’‘••‹„Ž‡–‘’”‡†‹…––Š‡”‡“—‹”‡‡–•–Šƒ–•—…Š‡ƒ•—”‡•ƒ›‹’‘•‡‘”™Š‡•—…Š‡ƒ•—”‡•ƒ›„‡
‹’Ž‡‡–‡†Ǥ ‘™‡˜‡”ǡ ‹–‡”ƒ–‹‘ƒŽ —Ž–‹Žƒ–‡”ƒŽ ƒ‰”‡‡‡–•ǡ –Š‡ ‘„Ž‹‰ƒ–‹‘• ƒ†‘’–‡† –Š‡”‡—†‡” ƒ† Ž‡‰ƒŽ …ŠƒŽŽ‡‰‡•
…‘…‡”‹‰–Š‡ƒ†‡“—ƒ…›‘ˆ…Ž‹ƒ–‡Ǧ”‡Žƒ–‡†’‘Ž‹…›„”‘—‰Š–ƒ‰ƒ‹•–ˆ‘”‡‹‰ƒ††‘‡•–‹…‰‘˜‡”‡–•ƒ›ƒ……‡Ž‡”ƒ–‡–Š‡
‹’Ž‡‡–ƒ–‹‘‘ˆ–Š‡•‡‡ƒ•—”‡•Ǥ
‹˜‡–Š‡‡˜‘Ž˜‹‰ƒ–—”‡‘ˆ…Ž‹ƒ–‡…Šƒ‰‡’‘Ž‹…›ƒ†–Š‡…‘–”‘Ž‘ˆ

‡‹••‹‘•ƒ†
”‡•—Ž–‹‰”‡“—‹”‡‡–•ǡ‹…Ž—†‹‰…ƒ”„‘–ƒš‡•ƒ†…ƒ”„‘’”‹…‹‰•…Š‡‡•‹’Ž‡‡–‡†„›˜ƒ”›‹‰Ž‡˜‡Ž•‘ˆ‰‘˜‡”‡–ǡ‹–
‹•‡š’‡…–‡†–Šƒ–…—””‡–ƒ†ˆ—–—”‡…Ž‹ƒ–‡…Šƒ‰‡”‡‰—Žƒ–‹‘•™‹ŽŽŠƒ˜‡–Š‡‡ˆˆ‡…–‘ˆ‹…”‡ƒ•‹‰–Š‡‘’ƒ›̵•‘’‡”ƒ–‹‰
‡š’‡•‡•ǡƒ†ǡ‹–Š‡Ž‘‰Ǧ–‡”ǡ’‘–‡–‹ƒŽŽ›”‡†—…‹‰–Š‡†‡ƒ†ˆ‘”‘‹ŽǡŽ‹“—‹†•ǡƒ–—”ƒŽ‰ƒ•ƒ†”‡Žƒ–‡†’”‘†—…–•ǡ”‡•—Ž–‹‰
‹ƒ†‡…”‡ƒ•‡‹–Š‡‘’ƒ›̵•’”‘ˆ‹–ƒ„‹Ž‹–›ƒ†ƒ”‡†—…–‹‘‹–Š‡˜ƒŽ—‡‘ˆ‹–•ƒ••‡–•ƒ†•‡”˜‹…‡•Ǥ
Žƒ‹•Šƒ˜‡„‡‡ƒ†‡ƒ‰ƒ‹•–…‡”–ƒ‹‡‡”‰›…‘’ƒ‹‡•ƒŽŽ‡‰‹‰–Šƒ–

‡‹••‹‘•ˆ”‘‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•‘’‡”ƒ–‹‘•
…‘•–‹–—–‡ƒ’—„Ž‹…—‹•ƒ…‡—†‡”…‡”–ƒ‹Žƒ™•‘”–Šƒ–•—…Š‡‡”‰›…‘’ƒ‹‡•’”‘˜‹†‡†‹•Ž‡ƒ†‹‰†‹•…Ž‘•—”‡–‘–Š‡’—„Ž‹…
ƒ†‹˜‡•–‘”•‘ˆ…—””‡–‘”ˆ—–—”‡”‹••ƒ••‘…‹ƒ–‡†™‹–Š…Ž‹ƒ–‡…Šƒ‰‡Ǥ•ƒ”‡•—Ž–ǡ‹†‹˜‹†—ƒŽ•ǡ‰‘˜‡”‡–ƒ—–Š‘”‹–‹‡•ǡ‘”
‘–Š‡”‘”‰ƒ‹œƒ–‹‘•ƒ›ƒ‡…Žƒ‹•ƒ‰ƒ‹•–‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•…‘’ƒ‹‡•ǡ‹…Ž—†‹‰–Š‡‘’ƒ›ǡˆ‘”ƒŽŽ‡‰‡†’‡”•‘ƒŽ
‹Œ—”›ǡ’”‘’‡”–›†ƒƒ‰‡ǡ‘”‘–Š‡”’‘–‡–‹ƒŽŽ‹ƒ„‹Ž‹–‹‡•ǤŠ‹Ž‡–Š‡‘’ƒ›‹•‘–ƒ’ƒ”–›–‘ƒ›•—…ŠŽ‹–‹‰ƒ–‹‘‘”’”‘…‡‡†‹‰•ǡ
‹–…‘—Ž†„‡ƒ‡†‹ƒ…–‹‘•ƒ‹‰•‹‹Žƒ”ƒŽŽ‡‰ƒ–‹‘•Ǥ—ˆƒ˜‘—”ƒ„Ž‡”—Ž‹‰‹ƒ›•—…Š…ƒ•‡…‘—Ž†ƒ†˜‡”•‡Ž›ƒˆˆ‡…––Š‡
†‡ƒ†ˆ‘”ƒ†’”‹…‡‘ˆ•‡…—”‹–‹‡•‹••—‡†„›–Š‡‘’ƒ›ǡ‹’ƒ…–‹–•‘’‡”ƒ–‹‘•ƒ†Šƒ˜‡ƒƒ†˜‡”•‡‹’ƒ…–‘‹–•ˆ‹ƒ…‹ƒŽ
…‘†‹–‹‘Ǥ

‹˜‡–Š‡’‡”…‡‹˜‡†‡Ž‡˜ƒ–‡†Ž‘‰Ǧ–‡””‹••ƒ••‘…‹ƒ–‡†™‹–Š’‘Ž‹…›†‡˜‡Ž‘’‡–ǡ”‡‰—Žƒ–‘”›…Šƒ‰‡•ǡ’—„Ž‹…ƒ†’”‹˜ƒ–‡
Ž‡‰ƒŽ …ŠƒŽŽ‡‰‡•ǡ ‘” ‘–Š‡” ƒ”‡– †‡˜‡Ž‘’‡–• ”‡Žƒ–‡† –‘ …Ž‹ƒ–‡ …Šƒ‰‡ǡ –Š‡”‡ Šƒ˜‡ ƒŽ•‘ „‡‡ ‡ˆˆ‘”–• ‹ ”‡…‡– ›‡ƒ”•
ƒˆˆ‡…–‹‰–Š‡‹˜‡•–‡–…‘—‹–›ǡ‹…Ž—†‹‰‹˜‡•–‡–ƒ†˜‹•‘”•ǡ•‘˜‡”‡‹‰™‡ƒŽ–Šˆ—†•ǡ„ƒ•ǡ’—„Ž‹…’‡•‹‘ˆ—†•ǡ
—‹˜‡”•‹–‹‡•ƒ†‘–Š‡”‹•–‹–—–‹‘ƒŽ‹˜‡•–‘”•ǡ’”‘‘–‹‰†‹”‡…–‡‰ƒ‰‡‡–ƒ††‹ƒŽ‘‰—‡™‹–Š…‘’ƒ‹‡•‹–Š‡‹”’‘”–ˆ‘Ž‹‘•
‘…Ž‹ƒ–‡…Šƒ‰‡ƒ…–‹‘ȋ‹…Ž—†‹‰‡š‡”…‹•‹‰–Š‡‹”˜‘–‹‰”‹‰Š–•‘ƒ––‡”•”‡Žƒ–‹‰–‘…Ž‹ƒ–‡…Šƒ‰‡Ȍƒ†‹…”‡ƒ•‡†…ƒ’‹–ƒŽ
ƒŽŽ‘…ƒ–‹‘ –‘ ‹˜‡•–‡–• ‹ Ž‘™Ǧ…ƒ”„‘ ƒ••‡–• ƒ† „—•‹‡••‡• ™Š‹Ž‡ †‡…”‡ƒ•‹‰ –Š‡ …ƒ”„‘ ‹–‡•‹–› ‘ˆ –Š‡‹” ’‘”–ˆ‘Ž‹‘•
–Š”‘—‰Šǡƒ‘‰‘–Š‡”‡ƒ•—”‡•ǡ†‹˜‡•–‡–•‘ˆ…‘’ƒ‹‡•™‹–ŠŠ‹‰Š‡š’‘•—”‡–‘

Ǧ‹–‡•‹˜‡‘’‡”ƒ–‹‘•ƒ†’”‘†—…–•Ǥ
‡”–ƒ‹•–ƒ‡Š‘Ž†‡”•Šƒ˜‡ƒŽ•‘’”‡••—”‡†‹•—”ƒ…‡’”‘˜‹†‡”•ƒ†…‘‡”…‹ƒŽƒ†‹˜‡•–‡–„ƒ•–‘”‡†—…‡‘”•–‘’
ˆ‹ƒ…‹‰ǡƒ†’”‘˜‹†‹‰‹•—”ƒ…‡…‘˜‡”ƒ‰‡–‘‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•ƒ†”‡Žƒ–‡†‹ˆ”ƒ•–”—…–—”‡„—•‹‡••‡•ƒ†’”‘Œ‡…–•ǤŠ‡
‹’ƒ…–‘ˆ •—…Š ‡ˆˆ‘”–• ”‡“—‹”‡•–Š‡ ‘’ƒ›̵• ƒƒ‰‡‡– –‘†‡†‹…ƒ–‡•‹‰‹ˆ‹…ƒ– –‹‡ ƒ† ”‡•‘—”…‡• –‘–Š‡•‡…Ž‹ƒ–‡
…Šƒ‰‡Ǧ”‡Žƒ–‡†…‘…‡”•ǡ™Š‹…Šƒ›ƒ†˜‡”•‡Ž›ƒˆˆ‡…––Š‡‘’ƒ›̵•‘’‡”ƒ–‹‘•ǡ–Š‡†‡ƒ†ˆ‘”ƒ†’”‹…‡‘ˆ–Š‡‘’ƒ›̵•
•‡…—”‹–‹‡•ƒ†ƒ›‡‰ƒ–‹˜‡Ž›‹’ƒ…––Š‡‘’ƒ›̵•…‘•–‘ˆ…ƒ’‹–ƒŽƒ†ƒ……‡••–‘–Š‡…ƒ’‹–ƒŽƒ”‡–•Ǥ
‹••‹‘•ǡ…ƒ”„‘ƒ†‘–Š‡””‡‰—Žƒ–‹‘•‹’ƒ…–‹‰…Ž‹ƒ–‡ƒ†…Ž‹ƒ–‡Ǧ”‡Žƒ–‡†ƒ––‡”•ƒ”‡…‘•–ƒ–Ž›‡˜‘Ž˜‹‰Ǥ‹–Š”‡•’‡…–
–‘‡˜‹”‘‡–ƒŽǡ•‘…‹ƒŽǡ‰‘˜‡”ƒ…‡ƒ†…Ž‹ƒ–‡”‡’‘”–‹‰ǡ–Š‡–‡”ƒ–‹‘ƒŽ—•–ƒ‹ƒ„‹Ž‹–›–ƒ†ƒ”†•‘ƒ”†Šƒ•‹••—‡†ƒ
	 —•–ƒ‹ƒ„‹Ž‹–› ‹•…Ž‘•—”‡ –ƒ†ƒ”† ™‹–Š –Š‡ ƒ‹ –‘ †‡˜‡Ž‘’ •—•–ƒ‹ƒ„‹Ž‹–› †‹•…Ž‘•—”‡ •–ƒ†ƒ”†• –Šƒ– ƒ”‡ ‰Ž‘„ƒŽŽ›
…‘•‹•–‡–ǡ…‘’ƒ”ƒ„Ž‡ƒ†”‡Ž‹ƒ„Ž‡Ǥƒ††‹–‹‘ǡ–Š‡ƒƒ†‹ƒ‡…—”‹–‹‡•†‹‹•–”ƒ–‘”•’—„Ž‹•Š‡†ˆ‘”…‘‡–”‘’‘•‡†
ƒ–‹‘ƒŽ •–”—‡– ͷͳǦͳͲ͹ Ȃ ‹•…Ž‘•—”‡ ‘ˆ Ž‹ƒ–‡Ǧ‡Žƒ–‡† ƒ––‡”•ǡ ‹–‡†‡† –‘ ‹–”‘†—…‡ …Ž‹ƒ–‡Ǧ”‡Žƒ–‡† †‹•…Ž‘•—”‡
”‡“—‹”‡‡–•ˆ‘””‡’‘”–‹‰‹••—‡”•‹ƒƒ†ƒ™‹–ŠŽ‹‹–‡†‡š…‡’–‹‘•Ǥˆ–Š‡‘’ƒ›‹•‘–ƒ„Ž‡–‘‡‡–ˆ—–—”‡•—•–ƒ‹ƒ„‹Ž‹–›
”‡’‘”–‹‰ ”‡“—‹”‡‡–• ‘ˆ ”‡‰—Žƒ–‘”• ‘” …—””‡– ƒ† ˆ—–—”‡ ‡š’‡…–ƒ–‹‘• ‘ˆ ‹˜‡•–‘”•ǡ ‹•—”ƒ…‡ ’”‘˜‹†‡”•ǡ ‘” ‘–Š‡”
•–ƒ‡Š‘Ž†‡”•ǡ ‹–• „—•‹‡•• ƒ† ƒ„‹Ž‹–› –‘ ƒ––”ƒ…– ƒ† ”‡–ƒ‹ •‹ŽŽ‡† ‡’Ž‘›‡‡•ǡ ‘„–ƒ‹ ”‡‰—Žƒ–‘”› ’‡”‹–•ǡ Ž‹…‡…‡•ǡ
”‡‰‹•–”ƒ–‹‘•ǡ ƒ’’”‘˜ƒŽ•ǡ ƒ† ƒ—–Š‘”‹œƒ–‹‘• ˆ”‘ ˜ƒ”‹‘—• ‰‘˜‡”‡–ƒŽ ƒ—–Š‘”‹–‹‡•ǡ ƒ† ”ƒ‹•‡ …ƒ’‹–ƒŽ ƒ› „‡ ƒ†˜‡”•‡Ž›
ƒˆˆ‡…–‡†Ǥ



ƒ‰‡ȁʹ͸
Physicalrisks
ƒ•‡†‘–Š‡‘’ƒ›̵•…—””‡–—†‡”•–ƒ†‹‰ǡ–Š‡’‘–‡–‹ƒŽ’Š›•‹…ƒŽ”‹••”‡•—Ž–‹‰ˆ”‘…Ž‹ƒ–‡…Šƒ‰‡ƒ”‡Ž‘‰Ǧ–‡”‹
ƒ–—”‡ƒ†ƒ••‘…‹ƒ–‡†™‹–ŠƒŠ‹‰Š†‡‰”‡‡‘ˆ—…‡”–ƒ‹–›”‡‰ƒ”†‹‰–‹‹‰ǡ•…‘’‡ǡƒ†•‡˜‡”‹–›‘ˆ’‘–‡–‹ƒŽ‹’ƒ…–•Ǥƒ›
‡š’‡”–•„‡Ž‹‡˜‡‰Ž‘„ƒŽ…Ž‹ƒ–‡…Šƒ‰‡…‘—Ž†‹…”‡ƒ•‡‡š–”‡‡˜ƒ”‹ƒ„‹Ž‹–›‹™‡ƒ–Š‡”’ƒ––‡”••—…Šƒ•‹…”‡ƒ•‡†ˆ”‡“—‡…›‘ˆ
•‡˜‡”‡™‡ƒ–Š‡”ǡ”‹•‹‰‡ƒ–‡’‡”ƒ–—”‡ƒ†•‡ƒŽ‡˜‡Ž•ǡƒ†Ž‘‰Ǧ–‡”…Šƒ‰‡•‹’”‡…‹’‹–ƒ–‹‘’ƒ––‡”•Ǥš–”‡‡Š‘–ƒ†
…‘Ž†™‡ƒ–Š‡”ǡŠ‡ƒ˜›•‘™ˆƒŽŽǡŠ‡ƒ˜›”ƒ‹ˆƒŽŽǡƒ†™‹Ž†ˆ‹”‡•ƒ›”‡•–”‹…––Š‡‘’ƒ›̵•ƒ„‹Ž‹–›–‘ƒ……‡••’”‘’‡”–‹‡•ƒ†…ƒ—•‡
‘’‡”ƒ–‹‘ƒŽ†‹ˆˆ‹…—Ž–‹‡•ǡ‹…Ž—†‹‰†ƒƒ‰‡–‘‡“—‹’‡–Ǥš–”‡‡™‡ƒ–Š‡”ƒŽ•‘‹…”‡ƒ•‡•–Š‡”‹•‘ˆ’‡”•‘‡Ž‹Œ—”›ƒ•ƒ
”‡•—Ž–‘ˆ†ƒ‰‡”‘—•™‘”‹‰…‘†‹–‹‘•Ǥ
PoliticalUncertainty
–Š‡Žƒ•–•‡˜‡”ƒŽ›‡ƒ”•ǡ–Š‡‹–‡†–ƒ–‡•ƒ†…‡”–ƒ‹—”‘’‡ƒ…‘—–”‹‡•Šƒ˜‡‡š’‡”‹‡…‡†•‹‰‹ˆ‹…ƒ–’‘Ž‹–‹…ƒŽ‡˜‡–•–Šƒ–
Šƒ˜‡…ƒ•–—…‡”–ƒ‹–›‘‰Ž‘„ƒŽˆ‹ƒ…‹ƒŽƒ†‡…‘‘‹…ƒ”‡–•Ǥ‹…‡–Š‡ʹͲͳ͸ǤǤ’”‡•‹†‡–‹ƒŽ‡Ž‡…–‹‘ǡ–Š‡‡”‹…ƒ
ƒ†‹‹•–”ƒ–‹‘Šƒ•™‹–Š†”ƒ™–Š‡‹–‡†–ƒ–‡•ˆ”‘–Š‡”ƒ•Ǧƒ…‹ˆ‹…ƒ”–‡”•Š‹’ȋȌƒ†–Š‡‹–‡†–ƒ–‡•‘‰”‡••
Šƒ•’ƒ••‡†•™‡‡’‹‰–ƒš”‡ˆ‘”ǡ™Š‹…Šǡƒ‘‰‘–Š‡”–Š‹‰•ǡ•‹‰‹ˆ‹…ƒ–Ž›”‡†—…‡•ǤǤ…‘”’‘”ƒ–‡–ƒš”ƒ–‡•ǤŠ‹•Šƒ•ƒˆˆ‡…–‡†
–Š‡…‘’‡–‹–‹˜‡‡••‘ˆ‘–Š‡”Œ—”‹•†‹…–‹‘•ǡ‹…Ž—†‹‰ƒƒ†ƒǤ
Š‡ǤǤŠƒ•‘–‹†‹…ƒ–‡†ƒ›‹–‡–‹‘–‘”‡Œ‘‹–Š‡„—–…‘—Ž†–”›–‘‡‰‘–‹ƒ–‡•–”‘‰‡”Žƒ„‘—”ƒ†‡˜‹”‘‡–ƒŽ
•–ƒ†ƒ”†•Ǥ
ƒ—ƒ”›ʹͲǡʹͲʹͳǡ”Ǥ
‘•‡’Š‹†‡™ƒ••™‘”‹ƒ•–Š‡Ͷ͸–Š”‡•‹†‡–‘ˆ–Š‡‹–‡†–ƒ–‡•ǤŠ‡’‘Ž‹–‹…ƒŽ—”‡•–
ƒ••‘…‹ƒ–‡†™‹–Š–Š‡–”ƒ•‹–‹‘–‘–Š‡‡™‹†‡ƒ†‹‹•–”ƒ–‹‘™ƒ•—’”‡…‡†‡–‡†‹–Š‡‹–‡†–ƒ–‡•ǡƒ†–Š‡•Š‘”–ƒ†
Ž‘‰Ǧ–‡”‹’ƒ…–•‘„—•‹‡••ƒ†…ƒ’‹–ƒŽƒ”‡–•ƒ”‡—‘™Ǥ††‹–‹‘ƒŽŽ›ǡ‘
ƒ—ƒ”›ʹͲǡʹͲʹͳǡ–Š‡‹†‡ƒ†‹‹•–”ƒ–‹‘
ƒ‘—…‡†‹–•†‡…‹•‹‘–‘”‡˜‘‡–Š‡ˆ‡†‡”ƒŽ’‡”‹–‰”ƒ–‡†„›–Š‡ˆ‘”‡”ƒ†‹‹•–”ƒ–‹‘ˆ‘”–Š‡‡›•–‘‡‹’‡Ž‹‡ǡ™Š‹…Š
Šƒ•‘˜‡”–—”‡†ƒ…‘’”‡Š‡•‹˜‡”‡‰—Žƒ–‘”›’”‘…‡••–Šƒ–Žƒ•–‡†‘”‡–Šƒƒ†‡…ƒ†‡Ǥƒ††‹–‹‘ǡ	Šƒ•„‡‡”‡’Žƒ…‡†
™‹–Š–Š‡ǤŠ‹•Šƒ•ƒˆˆ‡…–‡†–Š‡…‘’‡–‹–‹˜‡‡••‘ˆ‘–Š‡”Œ—”‹•†‹…–‹‘•ǡ‹…Ž—†‹‰ƒƒ†ƒǤ
ƒ—ƒ”›ʹͷǡʹͲʹͳǡ–Š‡
‹†‡ƒ†‹‹•–”ƒ–‹‘•‹‰‡†ƒ‡š‡…—–‹˜‡‘”†‡”™‹–Š”‡•’‡…––‘•–”‹‰‡–‡™ƒ†‡ǦǦ‡”‹…ƒ”—Ž‡•ˆ‘”–Š‡ǤǤ‰‘˜‡”‡–
ƒ†Šƒ•‹†‹…ƒ–‡†–Šƒ––Š‡‡š…‡’–‹‘•–‘•—…Š”—Ž‡•™‹ŽŽ„‡˜‡”›Ž‹‹–‡†Ǥ–‹•—…Ž‡ƒ”™Šƒ––Š‡‹’ƒ…–‘ˆ–Š‹•‡š‡…—–‹˜‡‘”†‡”
™‹ŽŽ„‡ƒ†Š‘™‹–ƒ›‹’ƒ…––Š‡ƒ†–Š‡ƒƒ†ƒǦǤǤ•—’’Ž›…Šƒ‹Ǥ	—”–Š‡”ǡ‹–‹•—…Ž‡ƒ”‡šƒ…–Ž›™Šƒ–‘–Š‡”ƒ…–‹‘•
–Š‡ǤǤƒ†‹‹•–”ƒ–‹‘™‹ŽŽ‹’Ž‡‡–ǡƒ†‹ˆ‹’Ž‡‡–‡†ǡŠ‘™–Š‡•‡ƒ…–‹‘•ƒ›‹’ƒ…–ƒƒ†ƒƒ†‹’ƒ”–‹…—Žƒ”–Š‡
’‡–”‘Ž‡—ƒ†ƒ–—”ƒŽ‰ƒ•‹†—•–”›Ǥ
›ƒ…–‹‘•–ƒ‡„›–Š‡…—””‡–‹–‡†–ƒ–‡•ƒ†‹‹•–”ƒ–‹‘ƒ›Šƒ˜‡ƒ‡‰ƒ–‹˜‡‹’ƒ…–‘–Š‡ƒƒ†‹ƒ‡…‘‘›ƒ†‘
–Š‡„—•‹‡••‡•ǡˆ‹ƒ…‹ƒŽ…‘†‹–‹‘ǡ”‡•—Ž–•‘ˆ‘’‡”ƒ–‹‘•ǡ’”‘•’‡…–•ƒ†–Š‡˜ƒŽ—ƒ–‹‘‘ˆƒƒ†‹ƒ…”—†‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•
…‘’ƒ‹‡•ǡ™Š‹…Š…‘—Ž†ƒŽ•‘‡‰ƒ–‹˜‡Ž›‹’ƒ…––Š‡‘’ƒ›ǡ™Š‹…Š‡‰ƒ–‹˜‡‹’ƒ…–…‘—Ž†’”‘˜‡–‘„‡ƒ–‡”‹ƒŽ‘˜‡”–‹‡Ǥ
ƒ††‹–‹‘–‘–Š‡’‘Ž‹–‹…ƒŽ†‹•”—’–‹‘‹–Š‡‹–‡†–ƒ–‡•ǡ–Š‡‹’ƒ…–‘ˆ–Š‡‹–‡†‹‰†‘̵•‡š‹–ˆ”‘–Š‡—”‘’‡ƒ‹‘
”‡ƒ‹•–‘„‡†‡–‡”‹‡†ǡ‡•’‡…‹ƒŽŽ›‹ƒ’‘•–Ǧ’ƒ†‡‹…‡”ƒǤ‘‡—”‘’‡ƒ…‘—–”‹‡•Šƒ˜‡ƒŽ•‘‡š’‡”‹‡…‡†–Š‡”‹•‡‘ˆƒ–‹Ǧ
‡•–ƒ„Ž‹•Š‡–’‘Ž‹–‹…ƒŽ’ƒ”–‹‡•ƒ†’—„Ž‹…’”‘–‡•–•Š‡Ž†ƒ‰ƒ‹•–‘’‡Ǧ†‘‘”‹‹‰”ƒ–‹‘’‘Ž‹…‹‡•ǡ–”ƒ†‡ƒ†‰Ž‘„ƒŽ‹œƒ–‹‘Ǥ
‘ˆŽ‹…–ƒ†’‘Ž‹–‹…ƒŽ—…‡”–ƒ‹–›ƒŽ•‘…‘–‹—‡•–‘’”‘‰”‡••‹–Š‡‹††Ž‡ƒ•–Ǥ‘–Š‡‡š–‡––Šƒ–…‡”–ƒ‹’‘Ž‹–‹…ƒŽƒ…–‹‘•
–ƒ‡‹‘”–Š‡”‹…ƒǡ—”‘’‡ƒ†‡Ž•‡™Š‡”‡‹–Š‡™‘”Ž†”‡•—Ž–‹ƒƒ”‡††‡…”‡ƒ•‡‹ˆ”‡‡–”ƒ†‡ǡƒ……‡••–‘’‡”•‘‡Ž
ƒ†ˆ”‡‡†‘‘ˆ‘˜‡‡–ǡ…‘•–•ˆ‘”‰‘‘†•ƒ†•‡”˜‹…‡•”‡“—‹”‡†ˆ‘”–Š‡‘’ƒ›̵•„—•‹‡••…‘—Ž†‹…”‡ƒ•‡ƒ†ƒ……‡••–‘
•‹ŽŽ‡† Žƒ„‘—” …‘—Ž† †‡…”‡ƒ•‡ǡ ‡‰ƒ–‹˜‡Ž› ‹’ƒ…–‹‰ –Š‡ ‘’ƒ›̵• „—•‹‡••ǡ ˆ‹ƒ…‹ƒŽ …‘†‹–‹‘ǡ ”‡•—Ž–• ‘ˆ ‘’‡”ƒ–‹‘•ǡ
’”‘•’‡…–•ƒ†–Š‡ƒ”‡–˜ƒŽ—‡‘ˆ‹–•‘‘Šƒ”‡•ǡ™Š‹…Š‡‰ƒ–‹˜‡‹’ƒ…–…‘—Ž†’”‘˜‡–‘„‡ƒ–‡”‹ƒŽ‘˜‡”–‹‡Ǥ
‡‰‹‹‰‹‘˜‡„‡”ʹͲʹͳǡ—••‹ƒ„‡‰ƒ–‘ƒƒ••–”‘‘’•ƒŽ‘‰–Š‡”ƒ‹‹ƒ„‘”†‡”ǡŠ‡‹‰Š–‡‹‰‹Ž‹–ƒ”›–‡•‹‘‹
ƒ•–‡” —”‘’‡Ǥ  	‡„”—ƒ”› ʹͲʹʹǡ —••‹ƒ •‡– –”‘‘’• ‹–‘ ’”‘Ǧ—••‹ƒ •‡’ƒ”ƒ–‹•– ”‡‰‹‘• ‹ ”ƒ‹‡Ǥ ‰‘‹‰ ‹Ž‹–ƒ”›
–‡•‹‘•„‡–™‡‡—••‹ƒƒ†”ƒ‹‡Šƒ˜‡–Š‡’‘–‡–‹ƒŽ–‘–Š”‡ƒ–‡•—’’Ž›‘ˆ‘‹Žƒ†‰ƒ•ˆ”‘–Š‡”‡‰‹‘ƒ††‡ƒ†ˆ”‘
‘–Š‡”—”‘’‡ƒ…‘—–”‹‡•ƒ•™‡ŽŽƒ•–Š‡’‘••‹„‹Ž‹–›–Šƒ–‘–Š‡”ƒ–‹‘•™‹ŽŽ‹’‘•‡…‡”–ƒ‹–ƒ”‹ˆˆ•ƒ†”‡•–”‹…–‹‘•‘‘‹Žˆ”‘
—••‹ƒǤŠ‡Ž‘‰Ǧ–‡”‹’ƒ…–•‘ˆ–Š‡™ƒ”„‡–™‡‡—••‹ƒƒ†–Š‡”ƒ‹‡”‡ƒ‹•—…Ž‡ƒ”ǡ‹…Ž—†‹‰–Š‡”‡•’‘•‡•ˆ”‘
‘–Š‡”ƒ–‹‘•‰Ž‘„ƒŽŽ›Ǥ
…Šƒ‰‡‹ˆ‡†‡”ƒŽǡ’”‘˜‹…‹ƒŽ‘”—‹…‹’ƒŽ‰‘˜‡”‡–•‹ƒƒ†ƒƒ›Šƒ˜‡ƒ‹’ƒ…–‘–Š‡†‹”‡…–‹‘•–ƒ‡„›•—…Š
‰‘˜‡”‡–•‘ƒ––‡”•–Šƒ–ƒ›‹’ƒ…––Š‡’‡–”‘Ž‡—ƒ†ƒ–—”ƒŽ‰ƒ•‹†—•–”›‹…Ž—†‹‰–Š‡„ƒŽƒ…‡„‡–™‡‡‡…‘‘‹…
†‡˜‡Ž‘’‡–ƒ†‡˜‹”‘‡–ƒŽ’‘Ž‹…›ǤŽ„‡”–ƒ‡Ž‡…–‡†ƒ‡™‰‘˜‡”‡–‹ʹͲͳͻ–Šƒ–‹••—’’‘”–‹˜‡‘ˆ–Š‡”ƒ•‘—–ƒ‹
‹’‡Ž‹‡‡š’ƒ•‹‘’”‘Œ‡…–Ǥ
ƒ—ƒ”›ʹͲʹͲǡ–Š‡—’”‡‡‘—”–‘ˆƒƒ†ƒ—ƒ‹‘—•Ž›”‡Œ‡…–‡†–Š‡‰‘˜‡”‡–‘ˆ”‹–‹•Š
‘Ž—„‹ƒ̵•’”‘’‘•‡†”‡‰—Žƒ–‹‘‘ˆ–Š‡–”ƒ•’‘”–‘ˆŠ‡ƒ˜›‘‹Ž’”‘†—…–•‹–‘ƒ†–Š”‘—‰Š”‹–‹•Š‘Ž—„‹ƒǡ–‡•‹‘•”‡ƒ‹
„‡–™‡‡’”‘˜‹…‹ƒŽƒ†ˆ‡†‡”ƒŽ‰‘˜‡”‡–•Ǥ‘–‹—‡†—…‡”–ƒ‹–›ƒ††‡Žƒ›•ǡ‹…Ž—†‹‰ƒ–‡’‘”ƒ”›•Š—–†‘™†—‡–‘
ˆŽ‘‘†‹‰‹”‹–‹•Š‘Ž—„‹ƒŠƒ˜‡Ž‡†–‘†‡…”‡ƒ•‡†‹˜‡•–‘”…‘ˆ‹†‡…‡ǡ‹…”‡ƒ•‡†…ƒ’‹–ƒŽ…‘•–•ƒ†‘’‡”ƒ–‹‘ƒŽ†‡Žƒ›•ˆ‘”
’”‘†—…‡”•ƒ†•‡”˜‹…‡’”‘˜‹†‡”•Ǥ


ƒ‰‡ȁʹ͹
	‘ŽŽ‘™‹‰ˆ‘”‡”Ž„‡”–ƒ”‡‹‡”
ƒ•‘‡‡›ǯ•”‡•‹‰ƒ–‹‘‘ƒ›ͳͺǡʹͲʹʹǡƒ‹‡ŽŽ‡‹–Š™ƒ•‡Ž‡…–‡†ƒ•”‡‹‡”‘
…–‘„‡”ͳͳǡʹͲʹʹǤŠ‘”–Ž›ƒˆ–‡”Š‡”ƒ’’‘‹–‡–ǡ”‡‹‡”‹–Š‹–”‘†—…‡†‹ŽŽͳǣTheAlbertaSovereigntyWithinaUnited
Canada Act ȋ–Š‡ Sovereignty ActȌǤ Š‡ ‘˜‡”‡‹‰–› …– ™ƒ• ’ƒ••‡†‘ ‡…‡„‡” ͺǡ ʹͲʹʹ ƒ†”‡…‡‹˜‡† ‘›ƒŽ ••‡–‘
‡…‡„‡”ͳͷǡʹͲʹʹǤŠ‡‘˜‡”‡‹‰–›…–ǡƒ‘‰•–‘–Š‡”–Š‹‰•ǡ‡ƒ„Ž‡•–Š‡Ž„‡”–ƒ
‘˜‡”‡––‘…Š‘‘•‡™Š‹…Šˆ‡†‡”ƒŽ
Ž‡‰‹•Žƒ–‹‘ǡ’‘Ž‹…‹‡•‘”’”‘‰”ƒ•‹–™‹ŽŽ‡ˆ‘”…‡‹Ž„‡”–ƒǡ’”‘˜‹†‹‰ƒ‘˜‡””‹†‹‰”‹‰Š––‘‘–‡ˆ‘”…‡–Š‘•‡™Š‹…Š–Š‡Ž„‡”–ƒ

‘˜‡”‡–†‡‡•–‘„‡̶Šƒ”ˆ—Ž̶–‘Ž„‡”–ƒǯ•‹–‡”‡•–•‘”‹ˆ”‹‰‡‘–Š‡	‡†‡”ƒŽ‘•–‹–—–‹‘ƒ†‹–•†‹˜‹•‹‘‘ˆ’‘™‡”•Ǥ
Š‡‘˜‡”‡‹‰–›…–Šƒ•„‡‡‘’’‘•‡†„›ƒ›ǡ‹…Ž—†‹‰–Š‡‡™‡‘…”ƒ–‹…ƒ”–›ƒ†˜ƒ”‹‘—•†‹‰‡‘—•‰”‘—’•™Š‘
Šƒ˜‡‡š’”‡••‡†…‘…‡”ƒ•–‘Š‘™–Š‡‘˜‡”‡‹‰–›…–™‹ŽŽƒˆˆ‡…–†‹‰‡‘—•”‹‰Š–•ƒ†…‘•—Ž–ƒ–‹‘‘„Ž‹‰ƒ–‹‘•‹Ž„‡”–ƒǤ
–‹•—…Ž‡ƒ”™Šƒ––Š‡‡ˆˆ‡…––Š‡‘˜‡”‡‹‰–›…–™‹ŽŽŠƒ˜‡‘Ž„‡”–ƒǡ‹…Ž—†‹‰–Š‡’‡–”‘Ž‡—ƒ†ƒ–—”ƒŽ‰ƒ•‹†—•–”›ǡ
Ž„‡”–ƒ„—•‹‡••‡•ƒ†‹–•ˆ‡†‡”ƒŽƒ†‹–‡”’”‘˜‹…‹ƒŽ”‡Žƒ–‹‘•Š‹’•ǡ‹…Ž—†‹‰–Š‡ƒ’’Ž‹…ƒ–‹‘‘ˆ…‡”–ƒ‹ˆ‡†‡”ƒŽŽ‡‰‹•Žƒ–‹‘‹
Ž„‡”–ƒǡ•—…Šƒ•–Š‡

ƒ†–Š‡ƒ†–Š‡™ƒ›‹™Š‹…Š–Š‡Ž„‡”–ƒ
‘˜‡”‡–ƒ›ƒ††”‡••ƒ›Ž‡‰‹•Žƒ–‹˜‡ƒ†’‘Ž‹…›
‰ƒ’• …”‡ƒ–‡†Ǥ Ž–Š‘—‰Š –Š‡ ‘˜‡”‡‹‰–› …– Šƒ• ‘– ›‡– „‡‡ …ŠƒŽŽ‡‰‡† ‹ …‘—”–ǡ ‹– ‹• ’‘••‹„Ž‡ –Š‡ ‘˜‡”‡‹‰–› …–ǯ•
…‘•–‹–—–‹‘ƒŽ‹–›™‹ŽŽ„‡…ŠƒŽŽ‡‰‡†Ǥ
Š‡ˆ‡†‡”ƒŽ‰‘˜‡”‡–™ƒ•”‡Ǧ‡Ž‡…–‡†‹ʹͲͳͻǡ„—–‹ƒ‹‘”‹–›’‘•‹–‹‘Ǥ‘–Š‡”ˆ‡†‡”ƒŽ‡Ž‡…–‹‘™ƒ•Š‡Ž†‘‡’–‡„‡”
ʹͲǡ ʹͲʹͳ ƒ† –Š‡ ˆ‡†‡”ƒŽ ‰‘˜‡”‡– ™ƒ• ”‡Ǧ‡Ž‡…–‡† ƒ‰ƒ‹ ‹ ƒ ‹‘”‹–› ’‘•‹–‹‘Ǥ Š‡ ƒ„‹Ž‹–› ‘ˆ –Š‡ ‹‘”‹–› ˆ‡†‡”ƒŽ
‰‘˜‡”‡––‘’ƒ••Ž‡‰‹•Žƒ–‹‘™‹ŽŽ„‡•—„Œ‡…––‘™Š‡–Š‡”‹–‹•ƒ„Ž‡–‘…‘‡–‘ƒ‰”‡‡‡–™‹–Šǡƒ†‰ƒ”‡”–Š‡•—’’‘”–‘ˆǡ–Š‡
‘–Š‡”‡Ž‡…–‡†’ƒ”–‹‡•ǡ‘•–‘ˆ™Š‘ƒ”‡‘’’‘•‡†–‘–Š‡†‡˜‡Ž‘’‡–‘ˆ–Š‡’‡–”‘Ž‡—ƒ†ƒ–—”ƒŽ‰ƒ•‹†—•–”›ǤŠ‡‹‘”‹–›
ˆ‡†‡”ƒŽ‰‘˜‡”‡–™‹ŽŽƒŽ•‘„‡”‡“—‹”‡†–‘”‡Ž›‘–Š‡•—’’‘”–‘ˆ–Š‡‘–Š‡”‡Ž‡…–‡†’ƒ”–‹‡•–‘”‡ƒ‹‹’‘™‡”ǡ™Š‹…Š
’”‘˜‹†‡•Ž‡•••–ƒ„‹Ž‹–›ƒ†ƒ›Ž‡ƒ†–‘ƒ‡ƒ”Ž‹‡”•—„•‡“—‡–ˆ‡†‡”ƒŽ‡Ž‡…–‹‘Ǥƒ…‘ˆ’‘Ž‹–‹…ƒŽ…‘•‡•—•ǡƒ–„‘–Š–Š‡ˆ‡†‡”ƒŽ
ƒ†’”‘˜‹…‹ƒŽ‰‘˜‡”‡–Ž‡˜‡Žǡ…‘–‹—‡•–‘…”‡ƒ–‡”‡‰—Žƒ–‘”›—…‡”–ƒ‹–›ǡ–Š‡‡ˆˆ‡…–•‘ˆ™Š‹…Š„‡…‘‡ƒ’’ƒ”‡–‘ƒ
‘‰‘‹‰„ƒ•‹•ǡ’ƒ”–‹…—Žƒ”Ž›™‹–Š”‡•’‡…––‘…ƒ”„‘’”‹…‹‰”‡‰‹‡•ǡ…—”–ƒ‹Ž‡–‘ˆ…”—†‡‘‹Ž’”‘†—…–‹‘ƒ†–”ƒ•’‘”–ƒ–‹‘
ƒ†‡š’‘”–…ƒ’ƒ…‹–›ǡƒ†ƒ›ƒˆˆ‡…––Š‡„—•‹‡••‘ˆ’ƒ”–‹…‹’ƒ–•‹–Š‡’‡–”‘Ž‡—ƒ†ƒ–—”ƒŽ‰ƒ•‹†—•–”›ǡ™Š‹…Š‡ˆˆ‡…–…‘—Ž†
’”‘˜‡–‘„‡ƒ–‡”‹ƒŽ‘˜‡”–‹‡Ǥ
NonǦGovernmentalOrganizationsandEcoǦTerrorismRisks
Š‡„—•‹‡••ƒ…–‹˜‹–‹‡•…‘†—…–‡†„›–Š‡‘’ƒ›ƒ›ǡƒ––‹‡•ǡ„‡•—„Œ‡…––‘’—„Ž‹…‘’’‘•‹–‹‘Ǥ—…Š’—„Ž‹…‘’’‘•‹–‹‘…‘—Ž†
‡š’‘•‡ –Š‡ ‘’ƒ› –‘ –Š‡ ”‹• ‘ˆ Š‹‰Š‡” …‘•–•ǡ †‡Žƒ›• ‘” ‡˜‡ ’”‘Œ‡…– …ƒ…‡ŽŽƒ–‹‘• †—‡ –‘ ‹…”‡ƒ•‡† ’”‡••—”‡ ‘
‰‘˜‡”‡–•ƒ†”‡‰—Žƒ–‘”•„›•’‡…‹ƒŽ‹–‡”‡•–‰”‘—’•‹…Ž—†‹‰†‹‰‡‘—•‰”‘—’•ǡŽƒ†‘™‡”•ǡ‡˜‹”‘‡–ƒŽ‹–‡”‡•–
‰”‘—’•ȋ‹…Ž—†‹‰–Š‘•‡‘’’‘•‡†–‘‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•’”‘†—…–‹‘‘’‡”ƒ–‹‘•Ȍƒ†‘–Š‡”‘Ǧ‰‘˜‡”‡–ƒŽ‘”‰ƒ‹œƒ–‹‘•ǡ
„Ž‘…ƒ†‡•ǡŽ‡‰ƒŽ‘””‡‰—Žƒ–‘”›ƒ…–‹‘•‘”…ŠƒŽŽ‡‰‡•ǡ‹…”‡ƒ•‡†”‡‰—Žƒ–‘”›‘˜‡”•‹‰Š–ǡ”‡†—…‡†•—’’‘”–‘ˆ–Š‡ˆ‡†‡”ƒŽǡ’”‘˜‹…‹ƒŽ
‘”—‹…‹’ƒŽ‰‘˜‡”‡–•ǡ†‡Žƒ›•‹ǡ…ŠƒŽŽ‡‰‡•–‘ǡ‘”–Š‡”‡˜‘…ƒ–‹‘‘ˆ”‡‰—Žƒ–‘”›ƒ’’”‘˜ƒŽ•ǡ’‡”‹–•ƒ†Ȁ‘”Ž‹…‡•‡•ǡƒ†
†‹”‡…–Ž‡‰ƒŽ…ŠƒŽŽ‡‰‡•ǡ‹…Ž—†‹‰–Š‡’‘••‹„‹Ž‹–›‘ˆ…Ž‹ƒ–‡Ǧ”‡Žƒ–‡†Ž‹–‹‰ƒ–‹‘ǤŠ‡”‡‹•‘‰—ƒ”ƒ–‡‡–Šƒ––Š‡‘’ƒ›™‹ŽŽ„‡
ƒ„Ž‡–‘•ƒ–‹•ˆ›–Š‡…‘…‡”•‘ˆ–Š‡•’‡…‹ƒŽ‹–‡”‡•–‰”‘—’•ƒ†‘Ǧ‰‘˜‡”‡–ƒŽ‘”‰ƒ‹œƒ–‹‘•ƒ†ƒ––‡’–‹‰–‘ƒ††”‡••
•—…Š…‘…‡”•ƒ›”‡“—‹”‡–Š‡‘’ƒ›–‘‹…—”•‹‰‹ˆ‹…ƒ–ƒ†—ƒ–‹…‹’ƒ–‡†…ƒ’‹–ƒŽƒ†‘’‡”ƒ–‹‰‡š’‡†‹–—”‡•Ǥ
ƒ††‹–‹‘ǡ–Š‡‘’ƒ›̵•‘‹Žˆ‹‡Ž†•‡”˜‹…‡•‡“—‹’‡–…‘—Ž†„‡–Š‡•—„Œ‡…–‘ˆƒ–‡””‘”‹•–ƒ––ƒ…Ǥˆƒ›‘ˆ–Š‡‘’ƒ›̵•
‡“—‹’‡–‹•–Š‡•—„Œ‡…–‘ˆƒ–‡””‘”‹•–ƒ––ƒ…‹–ƒ›Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘–Š‡‘’ƒ›̵•„—•‹‡••ǡˆ‹ƒ…‹ƒŽ
…‘†‹–‹‘ǡ”‡•—Ž–•‘ˆ‘’‡”ƒ–‹‘•ƒ†’”‘•’‡…–•ǤŠ‡‘’ƒ›†‘‡•‘–Šƒ˜‡‹•—”ƒ…‡–‘’”‘–‡…–ƒ‰ƒ‹•––Š‡”‹•ˆ”‘ƒ…–•‘ˆ
–‡””‘”‹•‹ƒƒ†ƒǡŠ‘™‡˜‡”ǡ†‘‡•Šƒ˜‡…‘˜‡”ƒ‰‡—†‡”–Š‡‡””‘”‹•‹••—”ƒ…‡…–‹–Š‡‹–‡†–ƒ–‡•Ǥ
EquipmentandTechnologyRisks
‘’Ž‡š†”‹ŽŽ‹‰ ’”‘‰”ƒ• ˆ‘”–Š‡‡š’Ž‘”ƒ–‹‘ ƒ† †‡˜‡Ž‘’‡– ‘ˆ ”‡ƒ‹‹‰ …‘˜‡–‹‘ƒŽ ƒ† —…‘˜‡–‹‘ƒŽ ‘‹Ž ƒ†
ƒ–—”ƒŽ‰ƒ•”‡•‡”˜‡•‹‘”–Š‡”‹…ƒ’Žƒ…‡Š‹‰Š†‡ƒ†•‘†”‹ŽŽ‹‰”‹‰•ǡ•‡”˜‹…‡”‹‰•ǡƒ†”‡Žƒ–‡†‡“—‹’‡–Ǥ̵•ƒ„‹Ž‹–›
–‘†‡Ž‹˜‡”‡“—‹’‡–ƒ†•‡”˜‹…‡•–Šƒ–ƒ”‡‘”‡‡ˆˆ‹…‹‡––Šƒ‡“—‹’‡–ƒ†•‡”˜‹…‡•‘ˆˆ‡”‡†„›‹–•…‘’‡–‹–‘”•‹•…”‹–‹…ƒŽ
–‘…‘–‹—‡†•—……‡••ǤŠ‡”‡‹•‘ƒ••—”ƒ…‡–Šƒ–…‘’‡–‹–‘”•™‹ŽŽ‘–ƒ…Š‹‡˜‡–‡…Š‘Ž‘‰‹…ƒŽ‹’”‘˜‡‡–•–Šƒ–ƒ”‡‘”‡
ƒ†˜ƒ–ƒ‰‡‘—•ǡ–‹‡Ž›‘”…‘•–Ǧ‡ˆˆ‡…–‹˜‡–Šƒ‹’”‘˜‡‡–•†‡˜‡Ž‘’‡†„›Ǥ
Š‡ ƒ„‹Ž‹–› ‘ˆ  –‘ ‡‡– …—•–‘‡” †‡ƒ†• ‹ ”‡•’‡…– ‘ˆ ’‡”ˆ‘”ƒ…‡ ƒ† …‘•– ™‹ŽŽ †‡’‡† —’‘ …‘–‹—‘—•
‹’”‘˜‡‡–•‹‘’‡”ƒ–‹‰‡“—‹’‡–ƒ†–Š‡”‡…ƒ„‡‘ƒ••—”ƒ…‡–Šƒ–™‹ŽŽ„‡•—……‡••ˆ—Ž‹‹–•‡ˆˆ‘”–•‹–Š‹•”‡‰ƒ”†
‘”–Šƒ–‹–™‹ŽŽŠƒ˜‡–Š‡”‡•‘—”…‡•ƒ˜ƒ‹Žƒ„Ž‡–‘‡‡––Š‹•…‘–‹—‹‰†‡ƒ†Ǥ	ƒ‹Ž—”‡„›–‘†‘•‘…‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽ
ƒ†˜‡”•‡‡ˆˆ‡…–‘̵•„—•‹‡••ǡˆ‹ƒ…‹ƒŽ…‘†‹–‹‘ǡ”‡•—Ž–•‘ˆ‘’‡”ƒ–‹‘•ƒ†…ƒ•ŠˆŽ‘™•Ǥ‘ƒ••—”ƒ…‡•…ƒ„‡‰‹˜‡–Šƒ–
…‘’‡–‹–‘”•™‹ŽŽ‘–ƒ…Š‹‡˜‡–‡…Š‘Ž‘‰‹…ƒŽƒ†˜ƒ–ƒ‰‡•‘˜‡”Ǥ
–Š‡ˆ—–—”‡ǡ–Š‡‘’ƒ›ƒ›•‡‡’ƒ–‡–•‘”‘–Š‡”•‹‹Žƒ”’”‘–‡…–‹‘•‹”‡•’‡…–‘ˆ’ƒ”–‹…—Žƒ”–‘‘Ž•ǡ‡“—‹’‡–ƒ†
–‡…Š‘Ž‘‰›Ǣ Š‘™‡˜‡”ǡ –Š‡ ‘’ƒ› ƒ› ‘– „‡ •—……‡••ˆ—Ž ‹ •—…Š ‡ˆˆ‘”–•Ǥ ‘’‡–‹–‘”• ƒ› ƒŽ•‘ †‡˜‡Ž‘’ •‹‹Žƒ” –‘‘Ž•ǡ
‡“—‹’‡–ƒ†–‡…Š‘Ž‘‰›–‘–Š‘•‡‘ˆ–Š‡‘’ƒ›–Š‡”‡„›ƒ†˜‡”•‡Ž›ƒˆˆ‡…–‹‰–Š‡‘’ƒ›̵•…‘’‡–‹–‹˜‡ƒ†˜ƒ–ƒ‰‡‹‘‡
‘”‘”‡‘ˆ‹–•„—•‹‡••‡•Ǥ††‹–‹‘ƒŽŽ›ǡ–Š‡”‡…ƒ„‡‘ƒ••—”ƒ…‡–Šƒ–…‡”–ƒ‹–‘‘Ž•ǡ‡“—‹’‡–‘”–‡…Š‘Ž‘‰›†‡˜‡Ž‘’‡†„›
–Š‡‘’ƒ›ƒ›‘–„‡–Š‡•—„Œ‡…–‘ˆˆ—–—”‡’ƒ–‡–‹ˆ”‹‰‡‡–…Žƒ‹•‘”‘–Š‡”•‹‹Žƒ”ƒ––‡”•™Š‹…Š…‘—Ž†”‡•—Ž–‹

ƒ‰‡ȁʹͺ
Ž‹–‹‰ƒ–‹‘ǡ–Š‡”‡“—‹”‡‡––‘’ƒ›Ž‹…‡•‹‰ˆ‡‡•‘”‘–Š‡””‡•—Ž–•–Šƒ–…‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘–Š‡„—•‹‡••ǡ
”‡•—Ž–•‘ˆ‘’‡”ƒ–‹‘•ƒ†ˆ‹ƒ…‹ƒŽ…‘†‹–‹‘‘ˆ–Š‡‘’ƒ›Ǥ
SignificantShareholder
”‘‘ˆ‹‡Ž†—•‹‡••ƒ”–‡”•ǤǤȋDz”‘‘ˆ‹‡Ž†dzȌǡ–Š”‘—‰Š‹–•‘™‡”•Š‹’‘ˆͷͷǤͺΨ‘ˆ̵•‘—–•–ƒ†‹‰˜‘–‹‰•Šƒ”‡•‹•ƒ
•‹‰‹ˆ‹…ƒ–•Šƒ”‡Š‘Ž†‡”Ǥ••—…Šǡ”‘‘ˆ‹‡Ž†™‹ŽŽŠƒ˜‡ǡ•—„Œ‡…––‘ƒ’’Ž‹…ƒ„Ž‡Žƒ™ǡ–Š‡ƒ„‹Ž‹–›–‘†‡–‡”‹‡–Š‡‘—–…‘‡‘ˆ
…‡”–ƒ‹ ƒ––‡”• •—„‹––‡† –‘ •Šƒ”‡Š‘Ž†‡”• ˆ‘” ƒ’’”‘˜ƒŽ ‹ –Š‡ ˆ—–—”‡ǡ ‹…Ž—†‹‰ –Š‡ ‡Ž‡…–‹‘ ƒ† ”‡‘˜ƒŽ ‘ˆ †‹”‡…–‘”•ǡ
ƒ‡†‡–•–‘̵•…‘”’‘”ƒ–‡‰‘˜‡”ƒ…‡†‘…—‡–•ƒ†…‡”–ƒ‹„—•‹‡••…‘„‹ƒ–‹‘•Ǥ̵•‹–‡”‡•–•ƒ†–Š‘•‡‘ˆ‹–•
…‘–”‘ŽŽ‹‰•Šƒ”‡Š‘Ž†‡”ƒ›ƒ––‹‡•…‘ˆŽ‹…–ǡƒ†–Š‹•…‘ˆŽ‹…–‹‰Š–„‡”‡•‘Ž˜‡†ƒ‰ƒ‹•–̵•‹–‡”‡•–•ǤŠ‡…‘…‡–”ƒ–‹‘
‘ˆ…‘–”‘Ž‹–Š‡Šƒ†•‘ˆƒ•‹‰‹ˆ‹…ƒ–•Šƒ”‡Š‘Ž†‡”ƒ›‹’ƒ…––Š‡’‘–‡–‹ƒŽˆ‘”–Š‡‹‹–‹ƒ–‹‘ǡ‘”–Š‡•—……‡••ǡ‘ˆƒ—•‘Ž‹…‹–‡†
„‹†ˆ‘”̵••‡…—”‹–‹‡•Ǥ
DrillingRigandServiceRigConstructionRisks
Š‡…‘–”ƒ…–•ˆ‘”–Š‡…‘•–”—…–‹‘‘ˆƒ†”‹ŽŽ‹‰”‹‰‘”•‡”˜‹…‡”‹‰ǡ–Š‡…‘•–‘ˆ…‘•–”—…–‹‘‘ˆ–Š‡”‹‰ƒ†–Š‡–‹‡Ž‹‡ˆ‘”
…‘’Ž‡–‹‰–Š‡…‘•–”—…–‹‘ǡƒ”‡‡•–‹ƒ–‡†ƒ––Šƒ––‹‡Ǥ…–—ƒŽ…‘•–•‘ˆ…‘•–”—…–‹‘ƒ›ǡŠ‘™‡˜‡”ǡ˜ƒ”›•‹‰‹ˆ‹…ƒ–Ž›ˆ”‘
–Š‘•‡‡•–‹ƒ–‡†ƒ•ƒ”‡•—Ž–‘ˆ—‡”‘—•ˆƒ…–‘”•ǡ‹…Ž—†‹‰ǡ™‹–Š‘—–Ž‹‹–ƒ–‹‘ǡ…Šƒ‰‡•‹‹’—–…‘•–••—…Šƒ•–Š‡’”‹…‡‘ˆ•–‡‡ŽǢ
˜ƒ”‹ƒ–‹‘•‹Žƒ„‘—””ƒ–‡•Ǣƒ†ǡ–‘–Š‡‡š–‡––Šƒ–…‘’‘‡–’ƒ”–•—•–„‡•‘—”…‡†ˆ”‘‘–Š‡”…‘—–”‹‡•ǡˆŽ—…–—ƒ–‹‘•‹
‡š…Šƒ‰‡”ƒ–‡•Ǥƒ††‹–‹‘ǡ•‡˜‡”ƒŽˆƒ…–‘”•…‘—Ž†…ƒ—•‡†‡Žƒ›•‹–Š‡…‘•–”—…–‹‘‘ˆƒ†”‹ŽŽ‹‰”‹‰‘”•‡”˜‹…‡”‹‰ǡ‹…Ž—†‹‰ǡ
ƒ†™‹–Š‘—–Ž‹‹–ƒ–‹‘ǡ•Š‘”–ƒ‰‡•‹•‹ŽŽ‡†Žƒ„‘—”ƒ††‡Žƒ›•‘”•Š‘”–ƒ‰‡•‹–Š‡•—’’Ž›‘ˆ…‘’‘‡–’ƒ”–•Ǥ‘•–”—…–‹‘
†‡Žƒ›•ƒ›Ž‡ƒ†–‘’‘•–’‘‡‡–•‘ˆ–Š‡ƒ–‹…‹’ƒ–‡††ƒ–‡ˆ‘”†‡’Ž‘›‡–‘ˆ–Š‡‡™Ž›…‘•–”—…–‡†”‹‰‹–‘‘’‡”ƒ–‹‘ƒ†
ƒ›•—…Š’‘•–’‘‡‡–…‘—Ž†Šƒ˜‡ƒ‡‰ƒ–‹˜‡‡ˆˆ‡…–‘…ƒ•ŠˆŽ‘™•‰‡‡”ƒ–‡†ˆ”‘‘’‡”ƒ–‹‘•ǡ‘ˆ™Š‹…Š–Š‡‡ˆˆ‡…–ƒ›„‡
ƒ–‡”‹ƒŽǤ
EquipmentandPartsAvailability
Š‡‘’ƒ›̵•ƒ„‹Ž‹–›–‘‡š’ƒ†‹–•‘’‡”ƒ–‹‘•ƒ†’”‘˜‹†‡”‡Ž‹ƒ„Ž‡•‡”˜‹…‡‹•†‡’‡†‡–—’‘–Š‡–‹‡Ž›†‡Ž‹˜‡”›‘ˆ‡™
‡“—‹’‡–ƒ†”‡’Žƒ…‡‡–’ƒ”–•ˆ”‘ˆƒ„”‹…ƒ–‘”•ƒ†•—’’Ž‹‡”•ǤŽƒ…‘ˆ•‹ŽŽ‡†Žƒ„‘—”–‘„—‹Ž†‡“—‹’‡–…‘„‹‡†™‹–Š
‡™…‘’‡–‹–‘”•‡–‡”‹‰–Š‡‘‹Žˆ‹‡Ž†•‡”˜‹…‡•‡…–‘”Šƒ•”‡•—Ž–‡†‹‹…”‡ƒ•‡†‘”†‡”–‹‡•‘‡™‡“—‹’‡–ƒ†‹…”‡ƒ•‡†
—…‡”–ƒ‹–›•—””‘—†‹‰ˆ‹ƒŽ†‡Ž‹˜‡”›†ƒ–‡•Ǥ‹‰‹ˆ‹…ƒ–†‡Žƒ›•‹–Š‡ƒ””‹˜ƒŽ‘ˆ‡™‡“—‹’‡–ˆ”‘‡š’‡…–‡††ƒ–‡•ƒ›
‹’ƒ…–ˆ—–—”‡‰”‘™–Šƒ†–Š‡ˆ‹ƒ…‹ƒŽ’‡”ˆ‘”ƒ…‡‘ˆ–Š‡‘’ƒ›Ǥƒ––‡’–•–‘‹–‹‰ƒ–‡–Š‹•”‹•„›ƒ‹–ƒ‹‹‰
•–”‘‰”‡Žƒ–‹‘•™‹–Š‡›ˆƒ„”‹…ƒ–‘”•ƒ†•—’’Ž‹‡”•Ǥ
DependenceonSuppliers
Š‡ƒ„‹Ž‹–›‘ˆ–Š‡‘’ƒ›–‘…‘’‡–‡ƒ†‰”‘™™‹ŽŽ„‡†‡’‡†‡–‘–Š‡‘’ƒ›Šƒ˜‹‰ƒ……‡••ǡƒ–ƒ”‡ƒ•‘ƒ„Ž‡…‘•–ƒ†
‹ƒ–‹‡Ž›ƒ‡”ǡ–‘‡“—‹’‡–ǡ’ƒ”–•ǡ…‘’‘‡–•ƒ†…‘•—ƒ„Ž‡•Ǥ	ƒ‹Ž—”‡‘ˆ•—’’Ž‹‡”•–‘†‡Ž‹˜‡”•—…Š‡“—‹’‡–ǡ’ƒ”–•ǡ
…‘’‘‡–•ƒ†…‘•—ƒ„Ž‡•ƒ–ƒ”‡ƒ•‘ƒ„Ž‡…‘•–ƒ†‹ƒ–‹‡Ž›ƒ‡”™‘—Ž†„‡†‡–”‹‡–ƒŽ–‘–Š‡‘’ƒ›̵•ƒ„‹Ž‹–›–‘
ƒ‹–ƒ‹‡š‹•–‹‰…—•–‘‡”•ƒ†‡š’ƒ†‹–•…—•–‘‡”Ž‹•–Ǥ‘ƒ••—”ƒ…‡•…ƒ„‡‰‹˜‡–Šƒ––Š‡‘’ƒ›™‹ŽŽ„‡•—……‡••ˆ—Ž‹
ƒ‹–ƒ‹‹‰‹–•”‡“—‹”‡†•—’’Ž›‘ˆ‡“—‹’‡–ǡ’ƒ”–•ǡ…‘’‘‡–•ƒ†…‘•—ƒ„Ž‡•Ǥ
Š‡‘’ƒ›̵•ƒ„‹Ž‹–›–‘’”‘˜‹†‡•‡”˜‹…‡•–‘‹–•…—•–‘‡”•‹•ƒŽ•‘†‡’‡†‡–—’‘–Š‡ƒ˜ƒ‹Žƒ„‹Ž‹–›ƒ–”‡ƒ•‘ƒ„Ž‡’”‹…‡•‘ˆ”ƒ™
ƒ–‡”‹ƒŽ•™Š‹…Š–Š‡‘’ƒ›’—”…Šƒ•‡•ˆ”‘˜ƒ”‹‘—••—’’Ž‹‡”•ǡ‘•–‘ˆ™Š‘ƒ”‡Ž‘…ƒ–‡†‹ƒƒ†ƒ‘”–Š‡‹–‡†–ƒ–‡•Ǥ
Ž–‡”ƒ–‡•—’’Ž‹‡”•‡š‹•–ˆ‘”ƒŽŽ”ƒ™ƒ–‡”‹ƒŽ•Ǥ’‡”‹‘†•‘ˆŠ‹‰Š‹†—•–”›ƒ…–‹˜‹–›’‡”‹‘†‹…‹†—•–”›•Š‘”–ƒ‰‡•‘ˆ…‡”–ƒ‹
ƒ–‡”‹ƒŽ•Šƒ˜‡„‡‡‡š’‡”‹‡…‡†ƒ†…‘•–•ƒ›„‡ƒˆˆ‡…–‡†Ǥ…‘–”ƒ•–ǡ’‡”‹‘†•‘ˆŽ‘™‹†—•–”›ƒ…–‹˜‹–›Ž‡˜‡Ž•ƒ›…ƒ—•‡
ˆ‹ƒ…‹ƒŽ†‹•–”‡••ˆ‘”ƒ•—’’Ž‹‡”ǡ–Š—•Ž‹‹–‹‰–Š‡‹”ƒ„‹Ž‹–›–‘…‘–‹—‡–‘‘’‡”ƒ–‡ƒ†’”‘˜‹†‡–Š‡‘’ƒ›™‹–Š‡…‡••ƒ”›
•‡”˜‹…‡•ƒ†•—’’Ž‹‡•Ǥ
ƒƒ‰‡‡–ƒ‹–ƒ‹•”‡Žƒ–‹‘•Š‹’•™‹–Šƒ—„‡”‘ˆ•—’’Ž‹‡”•‹ƒƒ––‡’––‘‹–‹‰ƒ–‡–Š‹•”‹•Ǥ‘™‡˜‡”ǡ‹ˆ–Š‡…—””‡–
•—’’Ž‹‡”•ƒ”‡—ƒ„Ž‡–‘’”‘˜‹†‡–Š‡‡…‡••ƒ”›”ƒ™ƒ–‡”‹ƒŽ•ǡ‘”‘–Š‡”™‹•‡ˆƒ‹Ž–‘†‡Ž‹˜‡”’”‘†—…–•‹–Š‡“—ƒ–‹–‹‡•”‡“—‹”‡†ǡ
ƒ›”‡•—Ž–‹‰†‡Žƒ›•‹–Š‡’”‘˜‹•‹‘‘ˆ•‡”˜‹…‡•–‘–Š‡‘’ƒ›̵•…—•–‘‡”•…‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘̵•
„—•‹‡••ǡˆ‹ƒ…‹ƒŽ…‘†‹–‹‘ǡ”‡•—Ž–•‘ˆ‘’‡”ƒ–‹‘•ƒ†…ƒ•ŠˆŽ‘™•Ǥ
RisksofInterruption,CasualtyLossesandInsurance
̵•‘’‡”ƒ–‹‘•ƒ”‡‘”™‹ŽŽ„‡ǡ•—„Œ‡…––‘ƒ›Šƒœƒ”†•‹Š‡”‡–‹–Š‡™‡ŽŽ†”‹ŽŽ‹‰ǡ™‘”‘˜‡”ƒ†…‘’Ž‡–‹‘‹†—•–”›ǡ
‹…Ž—†‹‰„Ž‘™‘—–•ǡ…”ƒ–‡”‹‰ǡ‡š’Ž‘•‹‘•ǡˆ‹”‡•ǡŽ‘••‘ˆ™‡ŽŽ…‘–”‘ŽǡŽ‘••‘ˆŠ‘Ž‡ǡ†ƒƒ‰‡†‘”Ž‘•–†”‹ŽŽ‹‰‡“—‹’‡–ƒ†
†ƒƒ‰‡‘”Ž‘••ˆ”‘‹…Ž‡‡–™‡ƒ–Š‡”‘”ƒ–—”ƒŽ†‹•ƒ•–‡”•ƒ†”‡•‡”˜‘‹”†ƒƒ‰‡Ǥ›‘ˆ–Š‡•‡Šƒœƒ”†•…‘—Ž†”‡•—Ž–‹
’‡”•‘ƒŽ‹Œ—”›‘”†‡ƒ–Šǡ†ƒƒ‰‡–‘‘”†‡•–”—…–‹‘‘ˆ‡“—‹’‡–ƒ†ˆƒ…‹Ž‹–‹‡•ǡ•—•’‡•‹‘‘ˆ‘’‡”ƒ–‹‘•ǡ‡˜‹”‘‡–ƒŽ
†ƒƒ‰‡ǡ†ƒƒ‰‡–‘–Š‡’”‘’‡”–›‘ˆ‘–Š‡”•ƒ††ƒƒ‰‡–‘’”‘†—…‹‰‘”’‘–‡–‹ƒŽŽ›’”‘†—…–‹˜‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•ˆ‘”ƒ–‹‘•Ǥ

‡‡”ƒŽŽ›ǡ†”‹ŽŽ‹‰”‹‰ƒ†•‡”˜‹…‡”‹‰…‘–”ƒ…–•’”‘˜‹†‡ˆ‘”–Š‡†‹˜‹•‹‘‘ˆ”‡•’‘•‹„‹Ž‹–‹‡•„‡–™‡‡ƒ†”‹ŽŽ‹‰”‹‰‘”•‡”˜‹…‡”‹‰
’”‘˜‹†‡”ƒ†‹–•…—•–‘‡”ǡƒ†™‹ŽŽ•‡‡–‘‘„–ƒ‹‹†‡‹ˆ‹…ƒ–‹‘ˆ”‘‹–•…—•–‘‡”•„›…‘–”ƒ…–ˆ‘”…‡”–ƒ‹‘ˆ–Š‡•‡
”‹••Ǥ™‹ŽŽƒŽ•‘•‡‡’”‘–‡…–‹‘–Š”‘—‰Š‹•—”ƒ…‡Ǥ‘™‡˜‡”ǡ…ƒ‘–‡•—”‡–Šƒ–•—…Š‹•—”ƒ…‡‘”‹†‡‹ˆ‹…ƒ–‹‘

ƒ‰‡ȁʹͻ
ƒ‰”‡‡‡–•™‹ŽŽƒ†‡“—ƒ–‡Ž›’”‘–‡…–‹–ƒ‰ƒ‹•–Ž‹ƒ„‹Ž‹–›ˆ”‘ƒŽŽ‘ˆ–Š‡…‘•‡“—‡…‡•‘ˆ–Š‡Šƒœƒ”†•†‡•…”‹„‡†ƒ„‘˜‡ǤŠ‡
‘……—””‡…‡ ‘ˆ ƒ ‡˜‡– ‘– ˆ—ŽŽ› ‹•—”‡† ‘” ‹†‡‹ˆ‹‡† ƒ‰ƒ‹•–ǡ ‘” –Š‡ ˆƒ‹Ž—”‡ ‘ˆ ƒ …—•–‘‡” ‘” ‹•—”‡” –‘ ‡‡– ‹–•
‹†‡‹ˆ‹…ƒ–‹‘‘”‹•—”ƒ…‡‘„Ž‹‰ƒ–‹‘•ǡ…‘—Ž†”‡•—Ž–‹•—„•–ƒ–‹ƒŽŽ‘••‡•Ǥƒ††‹–‹‘ǡ‹•—”ƒ…‡ƒ›‘–„‡ƒ˜ƒ‹Žƒ„Ž‡–‘
…‘˜‡”ƒ›‘”ƒŽŽ‘ˆ–Š‡•‡”‹••ǡ‘”ǡ‡˜‡‹ˆƒ˜ƒ‹Žƒ„Ž‡ǡƒ›‘–„‡ƒ†‡“—ƒ–‡Ǥ•—”ƒ…‡’”‡‹—•‘”‘–Š‡”…‘•–•ƒ›”‹•‡
•‹‰‹ˆ‹…ƒ–Ž›‹–Š‡ˆ—–—”‡ǡ•‘ƒ•–‘ƒ‡•—…Š‹•—”ƒ…‡’”‘Š‹„‹–‹˜‡Ž›‡š’‡•‹˜‡‘”—‡…‘‘‹…Ǥ
Š‡‘’ƒ›̵•‹•—”ƒ…‡’‘Ž‹…‹‡•ƒ”‡‰‡‡”ƒŽŽ›”‡‡™‡†‘ƒƒ—ƒŽ„ƒ•‹•ƒ†ǡ†‡’‡†‹‰‘ˆƒ…–‘”••—…Šƒ•ƒ”‡–
…‘†‹–‹‘•ǡ–Š‡’”‡‹—•ǡ’‘Ž‹…›Ž‹‹–•ƒ†Ȁ‘”†‡†—…–‹„Ž‡•ˆ‘”…‡”–ƒ‹‹•—”ƒ…‡’‘Ž‹…‹‡•…ƒ˜ƒ”›•—„•–ƒ–‹ƒŽŽ›Ǥ•‘‡
‹•–ƒ…‡•ǡ …‡”–ƒ‹ ‹•—”ƒ…‡ ƒ› „‡…‘‡ —ƒ˜ƒ‹Žƒ„Ž‡ ‘” ƒ˜ƒ‹Žƒ„Ž‡ ‘Ž› ˆ‘” ”‡†—…‡† ƒ‘—–• ‘ˆ …‘˜‡”ƒ‰‡Ǥ ‹‰‹ˆ‹…ƒ–Ž›
‹…”‡ƒ•‡† …‘•–• …‘—Ž† Ž‡ƒ† –Š‡ ‘’ƒ› –‘ †‡…‹†‡ –‘ ”‡†—…‡ ‘” ’‘••‹„Ž› ‡Ž‹‹ƒ–‡ …‘˜‡”ƒ‰‡Ǥ  ƒ††‹–‹‘ǡ ‹•—”ƒ…‡ ‹•
’—”…Šƒ•‡†ˆ”‘ƒ—„‡”‘ˆ–Š‹”†Ǧ’ƒ”–›‹•—”‡”•ǡ‘ˆ–‡‹Žƒ›‡”‡†‹•—”ƒ…‡ƒ””ƒ‰‡‡–•ǡ•‘‡‘ˆ™Š‘ƒ›†‹•…‘–‹—‡
’”‘˜‹†‹‰‹•—”ƒ…‡…‘˜‡”ƒ‰‡ˆ‘”–Š‡‹”‘™’‘Ž‹…›‘”•–”ƒ–‡‰‹…”‡ƒ•‘•ǤŠ‘—Ž†ƒ›‘ˆ–Š‡•‡‹•—”‡”•”‡ˆ—•‡–‘…‘–‹—‡–‘
’”‘˜‹†‡‹•—”ƒ…‡…‘˜‡”ƒ‰‡ǡ–Š‡‘’ƒ›̵•‘˜‡”ƒŽŽ”‹•‡š’‘•—”‡…‘—Ž†„‡‹…”‡ƒ•‡†ƒ†–Š‡‘’ƒ›…‘—Ž†‹…—”•‹‰‹ˆ‹…ƒ–
…‘•–•Ǥ
FutureCapitalRequirementsandFutureSalesofCommonSharesbyCWC
ƒ›”‡“—‹”‡ƒ††‹–‹‘ƒŽˆ‹ƒ…‹‰‹–Š‡ˆ—–—”‡–‘‹’Ž‡‡–‹–••–”ƒ–‡‰‹‡•ƒ†„—•‹‡••‘„Œ‡…–‹˜‡•Ǥ–‹•’‘••‹„Ž‡–Šƒ–
•—…Šˆ‹ƒ…‹‰™‹ŽŽ‘–„‡ƒ˜ƒ‹Žƒ„Ž‡ǡ‘”‹ˆƒ˜ƒ‹Žƒ„Ž‡ǡ™‹ŽŽ‘–„‡ƒ˜ƒ‹Žƒ„Ž‡‘ˆƒ˜‘—”ƒ„Ž‡–‡”•Ǥƒ›‹••—‡ƒ††‹–‹‘ƒŽ
…‘‘•Šƒ”‡•‹–Š‡ˆ—–—”‡ǡ™Š‹…Šƒ›†‹Ž—–‡ƒ•Šƒ”‡Š‘Ž†‡”̵•Š‘Ž†‹‰•‹‘”‡‰ƒ–‹˜‡Ž›ƒˆˆ‡…––Š‡ƒ”‡–’”‹…‡‘ˆ
…‘‘•Šƒ”‡•Ǥ̵•ƒ”–‹…Ž‡•’‡”‹––Š‡‹••—ƒ…‡‘ˆƒ—Ž‹‹–‡†—„‡”‘ˆ…‘‘•Šƒ”‡•ǤŠ‡†‹”‡…–‘”•‘ˆŠƒ˜‡
–Š‡†‹•…”‡–‹‘–‘†‡–‡”‹‡–Š‡’”‹…‡ƒ†–Š‡–‡”•‘ˆˆ—”–Š‡”‹••—ƒ…‡•‘ˆ…‘‘•Šƒ”‡•ǡ•—„Œ‡…––‘ƒ’’Ž‹…ƒ„Ž‡Žƒ™ǤŽ•‘ǡ
ƒ††‹–‹‘ƒŽ…‘‘•Šƒ”‡•™‹ŽŽ„‡‹••—‡†„›‘–Š‡‡š‡”…‹•‡‘ˆ•–‘…‘’–‹‘•‰”ƒ–‡†’—”•—ƒ––‘̵••–‘…‘’–‹‘
’Žƒǡ‘”’—”•—ƒ––‘‹–•”‡•–”‹…–‡†•Šƒ”‡—‹–’ŽƒǤ
CapitalandFinancialMarkets
•ˆ—–—”‡…ƒ’‹–ƒŽ‡š’‡†‹–—”‡•ƒ†’‘–‡–‹ƒŽƒ…“—‹•‹–‹‘•™‹ŽŽ‡‡†–‘„‡ˆ‹ƒ…‡†‘—–‘ˆ…ƒ•Š‰‡‡”ƒ–‡†ˆ”‘‘’‡”ƒ–‹‘•ǡ
–Š”‘—‰Š†‡„–‘”ǡ‹ˆƒ˜ƒ‹Žƒ„Ž‡ǡ‡“—‹–›‘ˆˆ‡”‹‰•ǡ–Š‡‘’ƒ›̵•ƒ„‹Ž‹–›–‘ƒ……‡••‡™…ƒ’‹–ƒŽ‹•†‡’‡†‡–‘ǡƒ‘‰‘–Š‡”
ˆƒ…–‘”•ǡ –Š‡ ‘˜‡”ƒŽŽ •–ƒ–‡ ‘ˆ …ƒ’‹–ƒŽ ƒ”‡–• ‰‡‡”ƒŽŽ›ǡ ƒ† –Š‡ ƒ’’‡–‹–‡ ˆ‘” ‹˜‡•–‡–• ‹ –Š‡ ‡‡”‰› ‹†—•–”› ƒ† –Š‡
‘’ƒ›̵••‡…—”‹–‹‡••’‡…‹ˆ‹…ƒŽŽ›ǤŽŽ‘ˆ–Š‡•‡ˆƒ…–‘”•…‘—Ž†Šƒ˜‡ƒ‡‰ƒ–‹˜‡‡ˆˆ‡…–‘̵•ƒ„‹Ž‹–›–‘‘„–ƒ‹‡™…ƒ’‹–ƒŽ‘
ƒ……‡’–ƒ„Ž‡–‡”•ǡ‘”ƒ–ƒŽŽǡƒ†–Š‹•…‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘‘’‡”ƒ–‹‘•ƒ†•Šƒ”‡’”‹…‡Ǥ
EnvironmentalProtection
‹••—„Œ‡…––‘˜ƒ”‹‘—•‡˜‹”‘‡–ƒŽŽƒ™•ƒ†”‡‰—Žƒ–‹‘•‡ƒ…–‡†‹‘•–Œ—”‹•†‹…–‹‘•‹™Š‹…Š–Š‡‘’ƒ›‘’‡”ƒ–‡•ǡ
™Š‹…Š’”‹ƒ”‹Ž›‰‘˜‡”–Š‡ƒ—ˆƒ…–—”‡ǡ’”‘…‡••‹‰ǡ‹’‘”–ƒ–‹‘ǡ–”ƒ•’‘”–ƒ–‹‘ǡŠƒ†Ž‹‰ƒ††‹•’‘•ƒŽ‘ˆ…‡”–ƒ‹ƒ–‡”‹ƒŽ•
—•‡†‹–Š‡‘’ƒ›̵•‘’‡”ƒ–‹‘•Ǥ„‡Ž‹‡˜‡•–Šƒ–ƒŽŽ‘ˆ–Š‡‘’ƒ›ǯ•„—•‹‡••Ž‹‡•ƒ”‡…—””‡–Ž›‹…‘’Ž‹ƒ…‡™‹–Š
•—…ŠŽƒ™•ƒ†”‡‰—Žƒ–‹‘•Ǥ̵•…—•–‘‡”•ƒ”‡•—„Œ‡…––‘•‹‹Žƒ”Žƒ™•ƒ†”‡‰—Žƒ–‹‘•ǡƒ•™‡ŽŽƒ•Ž‹‹–•‘‡‹••‹‘•‹–‘
–Š‡ƒ‹”ƒ††‹•…Šƒ”‰‡•‹–‘•—”ˆƒ…‡ƒ†•—„Ǧ•—”ˆƒ…‡™ƒ–‡”•ǤŠ‹Ž‡”‡‰—Žƒ–‘”›†‡˜‡Ž‘’‡–•–Šƒ–ƒ›ˆ‘ŽŽ‘™‹•—„•‡“—‡–
›‡ƒ”•…‘—Ž†Šƒ˜‡–Š‡‡ˆˆ‡…–‘ˆ”‡†—…‹‰‹†—•–”›ƒ…–‹˜‹–›ǡ…ƒ‘–’”‡†‹…––Š‡ƒ–—”‡‘ˆ–Š‡”‡•–”‹…–‹‘•–Šƒ–ƒ›„‡
‹’‘•‡†Ǥƒ›„‡”‡“—‹”‡†–‘‹…”‡ƒ•‡‘’‡”ƒ–‹‰‡š’‡•‡•‘”…ƒ’‹–ƒŽ‡š’‡†‹–—”‡•‹‘”†‡”–‘…‘’Ž›™‹–Šƒ›‡™
”‡•–”‹…–‹‘•‘””‡‰—Žƒ–‹‘•Ǥ
‹•–‘”‹…ƒŽŽ›ǡ ‡˜‹”‘‡–ƒŽ ’”‘–‡…–‹‘ ”‡“—‹”‡‡–• Šƒ˜‡ ‘– Šƒ† ƒ •‹‰‹ˆ‹…ƒ– ˆ‹ƒ…‹ƒŽ ‘’‡”ƒ–‹‘ƒŽ ‡ˆˆ‡…– ‘ …ƒ’‹–ƒŽ
‡š’‡†‹–—”‡•ǡ ‡ƒ”‹‰• ‘” –Š‡ …‘’‡–‹–‹˜‡ ’‘•‹–‹‘ ‘ˆ –Š‡ ‘’ƒ›Ǥ ˜‹”‘‡–ƒŽ ’”‘–‡…–‹‘ ”‡“—‹”‡‡–• ƒ”‡ ‘–
’”‡•‡–Ž›ƒ–‹…‹’ƒ–‡†–‘Šƒ˜‡ƒ•‹‰‹ˆ‹…ƒ–‡ˆˆ‡…–‘•—…Šƒ––‡”•‹–Š‡ˆ—–—”‡Ǥ
Š‡•‡”˜‹…‡•’”‘˜‹†‡†„›ǡ‹•‘‡…ƒ•‡•ǡ‹˜‘Ž˜‡ˆŽƒƒ„Ž‡’”‘†—…–•„‡‹‰’—’‡†—†‡”Š‹‰Š’”‡••—”‡Ǥ‘ƒ††”‡••
–Š‡•‡”‹••ǡŠƒ•†‡˜‡Ž‘’‡†ƒ†‹’Ž‡‡–‡†•ƒˆ‡–›ƒ†–”ƒ‹‹‰’”‘‰”ƒ•Ǥƒ††‹–‹‘ǡƒ…‘’”‡Š‡•‹˜‡‹•—”ƒ…‡ƒ†
”‹•ƒƒ‰‡‡–’”‘‰”ƒŠƒ•„‡‡‡•–ƒ„Ž‹•Š‡†–‘’”‘–‡…–̵•ƒ••‡–•ƒ†‘’‡”ƒ–‹‘•ǤƒŽ•‘…‘’Ž‹‡•™‹–Š…—””‡–
‡˜‹”‘‡–ƒŽ”‡“—‹”‡‡–•ƒ†ƒ‹–ƒ‹•‘‰‘‹‰’ƒ”–‹…‹’ƒ–‹‘‹˜ƒ”‹‘—•‹†—•–”›Ǧ”‡Žƒ–‡†…‘‹––‡‡•ƒ†’”‘‰”ƒ•Ǥ
Š‡ ‘’ƒ› Šƒ• ‡•–ƒ„Ž‹•Š‡† ’”‘…‡†—”‡• –‘ ƒ††”‡•• …‘’Ž‹ƒ…‡ ™‹–Š …—””‡– ‡˜‹”‘‡–ƒŽ Žƒ™• ƒ† ”‡‰—Žƒ–‹‘• ƒ†
‘‹–‘”•‹–•’”ƒ…–‹…‡•…‘…‡”‹‰–Š‡Šƒ†Ž‹‰‘ˆ‡˜‹”‘‡–ƒŽŽ›Šƒœƒ”†‘—•ƒ–‡”‹ƒŽ•Ǥ‘™‡˜‡”ǡ–Š‡”‡…ƒ„‡‘ƒ••—”ƒ…‡
–Šƒ––Š‡‘’ƒ›̵•’”‘…‡†—”‡•™‹ŽŽ’”‡˜‡–‡˜‹”‘‡–ƒŽ†ƒƒ‰‡ˆ”‘‘……—””‹‰ˆ”‘•’‹ŽŽ•‘ˆƒ–‡”‹ƒŽ•Šƒ†Ž‡†„›–Š‡
‘’ƒ›‘”–Šƒ–•—…Š†ƒƒ‰‡Šƒ•‘–ƒŽ”‡ƒ†›‘……—””‡†Ǥ‘……ƒ•‹‘ǡ•—„•–ƒ–‹ƒŽŽ‹ƒ„‹Ž‹–‹‡•–‘–Š‹”†’ƒ”–‹‡•ƒ›„‡‹…—””‡†Ǥ
Š‡‘’ƒ›ƒ›Šƒ˜‡–Š‡„‡‡ˆ‹–‘ˆ‹•—”ƒ…‡ƒ‹–ƒ‹‡†„›‹–‘”–Š‡‘’‡”ƒ–‘”ǢŠ‘™‡˜‡”ǡ–Š‡‘’ƒ›ƒ›„‡…‘‡Ž‹ƒ„Ž‡
ˆ‘”†ƒƒ‰‡•ƒ‰ƒ‹•–™Š‹…Š‹–…ƒ‘–ƒ†‡“—ƒ–‡Ž›‹•—”‡‘”ƒ‰ƒ‹•–™Š‹…Š‹–ƒ›‡Ž‡…–‘––‘‹•—”‡„‡…ƒ—•‡‘ˆŠ‹‰Š…‘•–•‘”
‘–Š‡””‡ƒ•‘•Ǥ



ƒ‰‡ȁ͵Ͳ
ThirdǦPartyCreditRisk
‹•‡š’‘•‡†–‘–Š‹”†Ǧ’ƒ”–›…”‡†‹–”‹•–Š”‘—‰Š‹–•…‘–”ƒ…–—ƒŽƒ””ƒ‰‡‡–•™‹–Š‘–Š‡”’ƒ”–‹‡•Ǥ–Š‡‡˜‡–•—…Š‡–‹–‹‡•
ˆƒ‹Ž–‘‡‡––Š‡‹”…‘–”ƒ…–—ƒŽ‘„Ž‹‰ƒ–‹‘•–‘–Š‡‘’ƒ›ǡ•—…Šˆƒ‹Ž—”‡•…‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘–Š‡‘’ƒ›Ǥ
FailuretoRealizeAnticipatedBenefitsofAcquisitions
Š‡‘’ƒ›ƒ‡•ƒ…“—‹•‹–‹‘•‘ˆ„—•‹‡••‡•ƒ†ƒ••‡–•‹–Š‡‘”†‹ƒ”›…‘—”•‡‘ˆ„—•‹‡••Ǥ…Š‹‡˜‹‰–Š‡„‡‡ˆ‹–•‘ˆ
ƒ…“—‹•‹–‹‘•†‡’‡†•‹’ƒ”–‘•—……‡••ˆ—ŽŽ›…‘•‘Ž‹†ƒ–‹‰ˆ—…–‹‘•ǡ”‡–ƒ‹‹‰‡›‡’Ž‘›‡‡•ƒ†…—•–‘‡””‡Žƒ–‹‘•Š‹’•
ƒ† ‹–‡‰”ƒ–‹‰ ‘’‡”ƒ–‹‘• ƒ† ’”‘…‡†—”‡• ‹ ƒ –‹‡Ž› ƒ† ‡ˆˆ‹…‹‡– ƒ‡”Ǥ —…Š ‹–‡‰”ƒ–‹‘ ƒ› ”‡“—‹”‡ •—„•–ƒ–‹ƒŽ
ƒƒ‰‡‡–‡ˆˆ‘”–ǡ–‹‡ƒ†”‡•‘—”…‡•ǡƒ›†‹˜‡”–ƒƒ‰‡‡–̵•ˆ‘…—•ˆ”‘‘–Š‡”•–”ƒ–‡‰‹…‘’’‘”–—‹–‹‡•ƒ†‘’‡”ƒ–‹‘ƒŽ
ƒ––‡”•ƒ†—Ž–‹ƒ–‡Ž›–Š‡‘’ƒ›ƒ›ˆƒ‹Ž–‘”‡ƒŽ‹œ‡–Š‡ƒ–‹…‹’ƒ–‡†„‡‡ˆ‹–•‘ˆƒ…“—‹•‹–‹‘•Ǥ
ManagementofGrowth
Š‡‘’ƒ›ƒ›„‡•—„Œ‡…––‘‰”‘™–ŠǦ”‡Žƒ–‡†”‹••‹…Ž—†‹‰…ƒ’ƒ…‹–›…‘•–”ƒ‹–•ƒ†’”‡••—”‡‘‹–•‹–‡”ƒŽ•›•–‡•ƒ†
…‘–”‘Ž•ǤŠ‡ƒ„‹Ž‹–›‘ˆ–Š‡‘’ƒ›–‘ƒƒ‰‡‰”‘™–Š‡ˆˆ‡…–‹˜‡Ž›™‹ŽŽ”‡“—‹”‡‹––‘…‘–‹—‡–‘‹’Ž‡‡–ƒ†‹’”‘˜‡‹–•
‘’‡”ƒ–‹‘ƒŽƒ†ˆ‹ƒ…‹ƒŽ•›•–‡•ƒ†–‘‡š’ƒ†ǡ–”ƒ‹ƒ†ƒƒ‰‡‹–•‡’Ž‘›‡‡„ƒ•‡Ǥˆ–Š‡‘’ƒ›‹•—ƒ„Ž‡–‘†‡ƒŽ™‹–Š
–Š‹•‰”‘™–Šǡ‹–ƒ›Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘–Š‡‘’ƒ›̵•„—•‹‡••ǡˆ‹ƒ…‹ƒŽ…‘†‹–‹‘ǡ”‡•—Ž–•‘ˆ‘’‡”ƒ–‹‘•ƒ†
’”‘•’‡…–•Ǥ
CWCMayMakeDispositionsofBusinessesandAssetsintheOrdinaryCourseofBusiness
ƒƒ‰‡‡–…‘–‹—ƒŽŽ›ƒ••‡••‡•–Š‡˜ƒŽ—‡ƒ†…‘–”‹„—–‹‘‘ˆ•‡”˜‹…‡•’”‘˜‹†‡†ƒ†–Š‡ƒ••‡–•”‡“—‹”‡†–‘’”‘˜‹†‡•—…Š
•‡”˜‹…‡•Ǥ–Š‹•”‡‰ƒ”†ǡ‘Ǧ…‘”‡ƒ••‡–•ƒ”‡’‡”‹‘†‹…ƒŽŽ›†‹•’‘•‡†‘ˆǡ•‘–Šƒ–…ƒˆ‘…—•‹–•‡ˆˆ‘”–•ƒ†”‡•‘—”…‡•‘”‡
‡ˆˆ‹…‹‡–Ž›Ǥ‡’‡†‹‰‘–Š‡•–ƒ–‡‘ˆ–Š‡ƒ”‡–ˆ‘”•—…Š‘Ǧ…‘”‡ƒ••‡–•ǡ…‡”–ƒ‹‘Ǧ…‘”‡ƒ••‡–•‘ˆǡ‹ˆ†‹•’‘•‡†‘ˆǡ…‘—Ž†
„‡‡š’‡…–‡†–‘”‡ƒŽ‹œ‡Ž‡••–Šƒ–Š‡‹”…ƒ””›‹‰˜ƒŽ—‡‘–Š‡ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•‘ˆǤ
TaxMatters
Š‡–ƒšƒ–‹‘‘ˆ…‘’ƒ‹‡•‹•…‘’Ž‡šǤ–Š‡‘”†‹ƒ”›…‘—”•‡‘ˆ„—•‹‡••ǡ‹••—„Œ‡…––‘‘‰‘‹‰ƒ—†‹–•„›–ƒšƒ—–Š‘”‹–‹‡•Ǥ
Š‹Ž‡„‡Ž‹‡˜‡•–Šƒ–‹–•–ƒšˆ‹Ž‹‰’‘•‹–‹‘•ƒ”‡ƒ’’”‘’”‹ƒ–‡ƒ†•—’’‘”–ƒ„Ž‡ǡ‹–‹•’‘••‹„Ž‡–Šƒ––ƒšƒ––‡”•ǡ‹…Ž—†‹‰–Š‡
…ƒŽ…—Žƒ–‹‘ƒ††‡–‡”‹ƒ–‹‘‘ˆ”‡˜‡—‡ǡ‡š’‡†‹–—”‡•ǡ†‡†—…–‹‘•ǡ…”‡†‹–•ƒ†‘–Š‡”–ƒšƒ––”‹„—–‡•ǡ–ƒšƒ„Ž‡‹…‘‡ƒ†
–ƒš‡•’ƒ›ƒ„Ž‡ǡƒ›„‡”‡˜‹‡™‡†ƒ†…ŠƒŽŽ‡‰‡†„›–Š‡–ƒšƒ—–Š‘”‹–‹‡•Ǥƒ††‹–‹‘ǡ–Š‡–ƒšˆ‹Ž‹‰’‘•‹–‹‘•‘ˆ„—•‹‡••‡•
ƒ…“—‹”‡†„›ƒ›„‡”‡˜‹‡™‡†ƒ†…ŠƒŽŽ‡‰‡†„›–Š‡–ƒšƒ—–Š‘”‹–‹‡•Ǥˆ•—…Šƒ…ŠƒŽŽ‡‰‡™‡”‡–‘•—……‡‡†ǡ‹–…‘—Ž†Šƒ˜‡ƒ
ƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘̵•–ƒš’‘•‹–‹‘Ǥ	—”–Š‡”ǡ–Š‡‹–‡”’”‡–ƒ–‹‘‘ˆǡƒ†…Šƒ‰‡•‹ǡ–ƒšŽƒ™•ǡ™Š‡–Š‡”„›Ž‡‰‹•Žƒ–‹˜‡
‘”Œ—†‹…‹ƒŽƒ…–‹‘‘”†‡…‹•‹‘ƒ†–Š‡ƒ†‹‹•–”ƒ–‹˜‡’‘Ž‹…‹‡•ƒ†ƒ••‡••‹‰’”ƒ…–‹…‡•‘ˆ–ƒšƒ–‹‘ƒ—–Š‘”‹–‹‡•ǡ…‘—Ž†ƒ–‡”‹ƒŽŽ›
ƒ†˜‡”•‡Ž›ƒˆˆ‡…–̵•–ƒš’‘•‹–‹‘Ǥ•ƒ…‘•‡“—‡…‡ǡ‹•—ƒ„Ž‡–‘’”‡†‹…–™‹–Š…‡”–ƒ‹–›–Š‡‡ˆˆ‡…–‘ˆ–Š‡ˆ‘”‡‰‘‹‰‘
̵•‡ˆˆ‡…–‹˜‡–ƒš”ƒ–‡ƒ†‡ƒ”‹‰•Ǥ
”‡‰—Žƒ”Ž›”‡˜‹‡™•–Š‡ƒ†‡“—ƒ…›‘ˆ‹–•–ƒš’”‘˜‹•‹‘•ƒ†„‡Ž‹‡˜‡•–Šƒ–‹–Šƒ•ƒ†‡“—ƒ–‡Ž›’”‘˜‹†‡†ˆ‘”–Š‘•‡ƒ––‡”•Ǥ
Š‘—Ž†–Š‡—Ž–‹ƒ–‡‘—–…‘‡•ƒ–‡”‹ƒŽŽ›†‹ˆˆ‡”ˆ”‘–Š‡’”‘˜‹•‹‘•ǡ̵•‡ˆˆ‡…–‹˜‡–ƒš”ƒ–‡ƒ†‡ƒ”‹‰•ƒ›„‡ƒˆˆ‡…–‡†
’‘•‹–‹˜‡Ž›‘”‡‰ƒ–‹˜‡Ž›‹–Š‡’‡”‹‘†‹™Š‹…Š–Š‡ƒ––‡”•ƒ”‡”‡•‘Ž˜‡†Ǥ‹–‡†•–‘‹–‹‰ƒ–‡–Š‹•”‹•„›‡•—”‹‰•–ƒˆˆ‹•
™‡ŽŽ–”ƒ‹‡†ƒ†•—’‡”˜‹•‡†ƒ†–Šƒ––ƒšˆ‹Ž‹‰’‘•‹–‹‘•ƒ”‡…ƒ”‡ˆ—ŽŽ›•…”—–‹‹œ‡†„›ƒƒ‰‡‡–ƒ†‡š–‡”ƒŽ…‘•—Ž–ƒ–•ǡ
ƒ•ƒ’’”‘’”‹ƒ–‡Ǥ
Š‡”‡…ƒ„‡‘ƒ••—”ƒ…‡–Šƒ–‹…‘‡–ƒšŽƒ™•‘”–Š‡‹–‡”’”‡–ƒ–‹‘–Š‡”‡‘ˆ‹ƒ›‘ˆ–Š‡Œ—”‹•†‹…–‹‘•‹™Š‹…Š‘’‡”ƒ–‡•
™‹ŽŽ‘–„‡…Šƒ‰‡†‘”‹–‡”’”‡–‡†‘”ƒ†‹‹•–‡”‡†‹ƒƒ‡”™Š‹…Šƒ†˜‡”•‡Ž›ƒˆˆ‡…–•ƒ†‹–••Šƒ”‡Š‘Ž†‡”•Ǥƒ††‹–‹‘ǡ
–Š‡”‡‹•‘ƒ••—”ƒ…‡–Šƒ––Š‡ƒƒ†ƒ‡˜‡—‡‰‡…›‘”ƒ’”‘˜‹…‹ƒŽ‘”ˆ‘”‡‹‰–ƒšƒ‰‡…›ȋ…‘ŽŽ‡…–‹˜‡Ž›–Š‡̶TaxAgencies̶Ȍ
™‹ŽŽƒ‰”‡‡™‹–Š–Š‡ƒ‡”‹™Š‹…Š‘”‹–••—„•‹†‹ƒ”‹‡•…ƒŽ…—Žƒ–‡–Š‡‹”‹…‘‡‘”–ƒšƒ„Ž‡‹…‘‡ˆ‘”–ƒš’—”’‘•‡•‘”–Šƒ–
ƒ›‘ˆ–Š‡ƒš‰‡…‹‡•™‹ŽŽ‘–…Šƒ‰‡–Š‡‹”ƒ†‹‹•–”ƒ–‹˜‡’”ƒ…–‹…‡•–‘–Š‡†‡–”‹‡–‘ˆ‘”‹–••Šƒ”‡Š‘Ž†‡”•ȋ‘”„‘–ŠȌǤ
VulnerabilitytoMarketChanges
	‹š‡† …‘•–•ǡ ‹…Ž—†‹‰ …‘•–•ƒ••‘…‹ƒ–‡†™‹–Š Ž‡ƒ•‡•ǡ Žƒ„‘—” ƒ† †‡’”‡…‹ƒ–‹‘ ™‹ŽŽ ƒ……‘—– ˆ‘”ƒ•‹‰‹ˆ‹…ƒ–’‘”–‹‘‘ˆ–Š‡
‘’ƒ›̵•…‘•–•ƒ†‡š’‡•‡•Ǥ•ƒ”‡•—Ž–ǡ”‡†—…‡†—–‹Ž‹œƒ–‹‘‘ˆ‡“—‹’‡–ƒ†‘–Š‡”ˆ‹š‡†ƒ••‡–•”‡•—Ž–‹‰ˆ”‘”‡†—…‡†
†‡ƒ†ǡ‡“—‹’‡–ˆƒ‹Ž—”‡ǡ™‡ƒ–Š‡”‘”‘–Š‡”ˆƒ…–‘”•…‘—Ž†•‹‰‹ˆ‹…ƒ–Ž›ƒˆˆ‡…–ˆ‹ƒ…‹ƒŽ”‡•—Ž–•Ǥ
AlternativestoandChangingDemandforPetroleumProducts
‡‰—Žƒ–‹‘ǡˆ—‡Ž…‘•‡”˜ƒ–‹‘‡ƒ•—”‡•ǡƒŽ–‡”ƒ–‹˜‡ˆ—‡Ž”‡“—‹”‡‡–•ǡ‹…”‡ƒ•‹‰…‘•—‡”†‡ƒ†ˆ‘”ƒŽ–‡”ƒ–‹˜‡•–‘‘‹Ž
ƒ†ƒ–—”ƒŽ‰ƒ•ǡƒ†–‡…Š‘Ž‘‰‹…ƒŽƒ†˜ƒ…‡•‹ˆ—‡Ž‡…‘‘›ƒ†‡‡”‰›‰‡‡”ƒ–‹‘†‡˜‹…‡•…‘—Ž†”‡†—…‡–Š‡†‡ƒ†ˆ‘”
…”—†‡‘‹Žƒ†‘–Š‡”Ž‹“—‹†Š›†”‘…ƒ”„‘•ǤŠ‡‘’ƒ›…ƒ‘–’”‡†‹…––Š‡‹’ƒ…–‘ˆ…Šƒ‰‹‰†‡ƒ†ˆ‘”‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•
’”‘†—…–•ǡƒ†ƒ›ƒŒ‘”…Šƒ‰‡•ƒ›Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘–Š‡‘’ƒ›̵•„—•‹‡••ǡˆ‹ƒ…‹ƒŽ…‘†‹–‹‘ǡ”‡•—Ž–•
‘ˆ‘’‡”ƒ–‹‘•ƒ†…ƒ•ŠˆŽ‘™•Ǥ

ƒ‰‡ȁ͵ͳ
InterestRateRisk
Š‡‘’ƒ›‹•‡š’‘•‡†–‘‹–‡”‡•–”ƒ–‡’”‹…‡”‹•ƒ•‹–•„ƒŽ‘ƒŠƒ•ˆŽ‘ƒ–‹‰‹–‡”‡•–”ƒ–‡–‡”•Ǥ‘™‡˜‡”ǡ–Š‡ˆŽ‘ƒ–‹‰
‹–‡”‡•–”ƒ–‡–‡”•†‘‰‹˜‡”‹•‡–‘‹–‡”‡•–”ƒ–‡…ƒ•ŠˆŽ‘™”‹•ƒ•‹–‡”‡•–’ƒ›‡–•ƒ”‡”‡…ƒŽ…—Žƒ–‡†ƒ•–Š‡ƒ”‡–”ƒ–‡•…Šƒ‰‡Ǥ
ƒƒ‰‡‡–†‘‡•ƒ–‹…‹’ƒ–‡–Šƒ–‹–‡”‡•–”ƒ–‡•ƒ”‡Ž‹‡Ž›–‘…‘–‹—‡–‘‹…”‡ƒ•‡‹ʹͲʹ͵–‘…‘„ƒ–‹ˆŽƒ–‹‘ǡ„—–†‘‘–
‡š’‡…–”ƒ–‡•–‘‹…”‡ƒ•‡–‘ƒŽ‡˜‡Ž–Šƒ–™‹ŽŽŠƒ˜‡ƒŽƒ”‰‡‹’ƒ…–‘ˆ—–—”‡…ƒ•ŠˆŽ‘™•Ǥ
ConflictsofInterest
‡”–ƒ‹‘ˆ–Š‡†‹”‡…–‘”•ƒ†‘ˆˆ‹…‡”•‘ˆ–Š‡‘’ƒ›ƒ”‡ƒŽ•‘†‹”‡…–‘”•ƒ†‘ˆˆ‹…‡”•‘ˆ‘–Š‡”‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•‡š’Ž‘”ƒ–‹‘
ƒ†Ȁ‘”’”‘†—…–‹‘‡–‹–‹‡•ƒ†‘‹Žƒ†ƒ–—”ƒŽ‰ƒ••‡”˜‹…‡•…‘’ƒ‹‡•ǡƒ†…‘ˆŽ‹…–•‘ˆ‹–‡”‡•–ƒ›ƒ”‹•‡„‡–™‡‡–Š‡‹”
†—–‹‡•ƒ•‘ˆˆ‹…‡”•ƒ††‹”‡…–‘”•‘ˆ–Š‡‘’ƒ›ƒ†ƒ•‘ˆˆ‹…‡”•ƒ††‹”‡…–‘”•‘ˆ•—…Š‘–Š‡”…‘’ƒ‹‡•Ǥ—…Š…‘ˆŽ‹…–•—•–„‡
†‹•…Ž‘•‡†‹ƒ……‘”†ƒ…‡™‹–Šǡƒ†ƒ”‡•—„Œ‡…––‘•—…Š‘–Š‡”’”‘…‡†—”‡•ƒ†”‡‡†‹‡•ƒ•ƒ’’Ž›ǡ—†‡”–Š‡Ž„‡”–ƒ—•‹‡••
‘”’‘”ƒ–‹‘•…–Ǥ
LegalandRegulatoryProceedings
Š‡‘’ƒ›‹•‹˜‘Ž˜‡†‹Ž‡‰ƒŽƒ†”‡‰—Žƒ–‘”›’”‘…‡‡†‹‰•ˆ”‘–‹‡–‘–‹‡‹–Š‡‘”†‹ƒ”›…‘—”•‡‘ˆ„—•‹‡••Ǥ‘
ƒ••—”ƒ…‡…ƒ„‡‰‹˜‡ƒ•–‘–Š‡ˆ‹ƒŽ‘—–…‘‡‘ˆƒ›Ž‡‰ƒŽ‘””‡‰—Žƒ–‘”›’”‘…‡‡†‹‰•‘”–Šƒ––Š‡—Ž–‹ƒ–‡”‡•‘Ž—–‹‘‘ˆƒ›
Ž‡‰ƒŽ’”‘…‡‡†‹‰•™‹ŽŽ‘–Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘–Š‡‘’ƒ›Ǥ
IndigenousLandandRightsClaims
’’‘•‹–‹‘„›†‹‰‡‘—•‰”‘—’•–‘–Š‡…‘†—…–‘ˆ–Š‡‘’ƒ›ǯ•‘’‡”ƒ–‹‘•‹ƒ›‘ˆ–Š‡Œ—”‹•†‹…–‹‘•‹™Š‹…Š–Š‡‘’ƒ›
…‘†—…–•„—•‹‡••ƒ›‡‰ƒ–‹˜‡Ž›‹’ƒ…–‹–‹–‡”•‘ˆ’—„Ž‹…’‡”…‡’–‹‘ǡ†‹˜‡”•‹‘‘ˆƒƒ‰‡‡–ǯ•–‹‡ƒ†”‡•‘—”…‡•ǡ
Ž‡‰ƒŽƒ†‘–Š‡”ƒ†˜‹•‘”›‡š’‡•‡•ǡƒ†…‘—Ž†ƒ†˜‡”•‡Ž›‹’ƒ…––Š‡‘’ƒ›̵•’”‘‰”‡••Ǥ
‘‡†‹‰‡‘—•‰”‘—’•Šƒ˜‡‡•–ƒ„Ž‹•Š‡†‘”ƒ••‡”–‡††‹‰‡‘—•–”‡ƒ–›ǡ–‹–Ž‡ƒ†”‹‰Š–•–‘’‘”–‹‘•‘ˆƒƒ†ƒǤ‘…‡”–ƒ‹–›
‡š‹•–•–Šƒ–ƒ›Žƒ†•…—””‡–Ž›—ƒˆˆ‡…–‡†„›…Žƒ‹•„”‘—‰Š–„›†‹‰‡‘—•‰”‘—’•™‹ŽŽ”‡ƒ‹—ƒˆˆ‡…–‡†„›ˆ—–—”‡…Žƒ‹•Ǥ
—…Š…Žƒ‹•ǡ‹ˆ•—……‡••ˆ—Žǡ…‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‹’ƒ…–‘‹–•‘’‡”ƒ–‹‘•‘”’ƒ…‡‘ˆ‰”‘™–ŠǤ
Š‡ƒƒ†‹ƒˆ‡†‡”ƒŽƒ†’”‘˜‹…‹ƒŽ‰‘˜‡”‡–•Šƒ˜‡ƒ†—–›–‘…‘•—Ž–™‹–Š†‹‰‡‘—•’‡‘’Ž‡™Š‡…‘–‡’Žƒ–‹‰ƒ…–‹‘•
–Šƒ–ƒ›ƒ†˜‡”•‡Ž›ƒˆˆ‡…––Š‡ƒ••‡”–‡†‘”’”‘˜‡†‹‰‡‘—•‘”–”‡ƒ–›”‹‰Š–•ƒ†ǡ‹…‡”–ƒ‹…‹”…—•–ƒ…‡•ǡƒ……‘‘†ƒ–‡
–Š‡‹”…‘…‡”•ǤŠ‡•…‘’‡‘ˆ–Š‡†—–›–‘…‘•—Ž–„›ˆ‡†‡”ƒŽƒ†’”‘˜‹…‹ƒŽ‰‘˜‡”‡–•˜ƒ”‹‡•™‹–Š–Š‡…‹”…—•–ƒ…‡•ƒ†‹•
‘ˆ–‡ –Š‡ •—„Œ‡…– ‘ˆ ‘‰‘‹‰ Ž‹–‹‰ƒ–‹‘Ǥ Š‡ ˆ—Žˆ‹ŽŽ‡– ‘ˆ –Š‡ †—–› –‘ …‘•—Ž– †‹‰‡‘—• ’‡‘’Ž‡ ƒ† ƒ› ƒ••‘…‹ƒ–‡†
ƒ……‘‘†ƒ–‹‘•ƒ›ƒ†˜‡”•‡Ž›ƒˆˆ‡…––Š‡‘’ƒ›̵•ƒ„‹Ž‹–›–‘ǡ‘”‹…”‡ƒ•‡–Š‡–‹‡Ž‹‡–‘ǡ‘„–ƒ‹‘””‡‡™ǡ’‡”‹–•ǡŽ‡ƒ•‡•ǡ
Ž‹…‡•‡•ƒ†‘–Š‡”ƒ’’”‘˜ƒŽ•ǡ‘”–‘‡‡––Š‡–‡”•ƒ†…‘†‹–‹‘•‘ˆ–Š‘•‡ƒ’’”‘˜ƒŽ•Ǥ	‘”‡šƒ’Ž‡ǡƒ”‡…‡–”‹–‹•Š‘Ž—„‹ƒ
—’”‡‡‘—”–†‡…‹•‹‘†‡–‡”‹‡†–Šƒ––Š‡…——Žƒ–‹˜‡‹’ƒ…–•‘ˆ‰‘˜‡”‡–•ƒ…–‹‘‡†‹†—•–”‹ƒŽ†‡˜‡Ž‘’‡–‘–Š‡
–”ƒ†‹–‹‘ƒŽ –‡””‹–‘”‹‡• ‘ˆ ƒ 	‹”•– ƒ–‹‘• ‰”‘—’ ‹ ‘”–Š‡ƒ•– ”‹–‹•Š ‘Ž—„‹ƒ „”‡ƒ…Š‡† –Šƒ– ‰”‘—’̵• –”‡ƒ–› ”‹‰Š–•Ǥ 
‘‹‰
ˆ‘”™ƒ”†ǡ–Š‹•†‡…‹•‹‘ƒ›Šƒ˜‡•‹‰‹ˆ‹…ƒ–‹’ƒ…–•‘–Š‡”‡‰—Žƒ–‹‘‘ˆ‹†—•–”‹ƒŽƒ…–‹˜‹–‹‡•‹‘”–Š‡ƒ•–”‹–‹•Š‘Ž—„‹ƒǤ
	—”–Š‡”ǡ‹–ƒ›Ž‡ƒ†–‘•‹‹Žƒ”…Žƒ‹•‘ˆ…——Žƒ–‹˜‡‡ˆˆ‡…–•ƒ…”‘••ƒƒ†ƒ‹‘–Š‡”ƒ”‡ƒ•…‘˜‡”‡†„›—„‡”‡†–”‡ƒ–‹‡•ǤŠ‡
Ž‘‰Ǧ–‡”‹’ƒ…–•‘ˆƒ†ƒ••‘…‹ƒ–‡†”‹••‘ˆ–Š‡†‡…‹•‹‘‘–Š‡ƒƒ†‹ƒ‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•‹†—•–”›ƒ†–Š‡‘’ƒ›
”‡ƒ‹—…‡”–ƒ‹Ǥ
 ƒ††‹–‹‘ǡ –Š‡ ˆ‡†‡”ƒŽ ‰‘˜‡”‡– Šƒ• ‹–”‘†—…‡† Ž‡‰‹•Žƒ–‹‘–‘ ‹’Ž‡‡– –Š‡ Ǥ –Š‡” ƒƒ†‹ƒ Œ—”‹•†‹…–‹‘•ǡ
‹…Ž—†‹‰ ”‹–‹•Š ‘Ž—„‹ƒǡ Šƒ˜‡ ƒŽ•‘ ‹–”‘†—…‡† ‘” ’ƒ••‡† •‹‹Žƒ” Ž‡‰‹•Žƒ–‹‘ǡ ‘” „‡‰— …‘•‹†‡”‹‰ –Š‡ ’”‹…‹’Ž‡• ƒ†
‘„Œ‡…–‹˜‡•‘ˆǡ‘”ƒ›†‘•‘‹–Š‡ˆ—–—”‡ǤŠ‡‡ƒ•ƒ†–‹‡Ž‹‡•ƒ••‘…‹ƒ–‡†™‹–Šǯ•‹’Ž‡‡–ƒ–‹‘„›
‰‘˜‡”‡–‹•—…‡”–ƒ‹Ǣƒ††‹–‹‘ƒŽ’”‘…‡••‡•ƒ›„‡…”‡ƒ–‡†‘”Ž‡‰‹•Žƒ–‹‘ƒ‡†‡†‘”‹–”‘†—…‡†ƒ••‘…‹ƒ–‡†™‹–Š’”‘Œ‡…–
†‡˜‡Ž‘’‡– ƒ† ‘’‡”ƒ–‹‘•ǡ ˆ—”–Š‡” ‹…”‡ƒ•‹‰ —…‡”–ƒ‹–› ™‹–Š ”‡•’‡…– –‘ ’”‘Œ‡…– ”‡‰—Žƒ–‘”› ƒ’’”‘˜ƒŽ –‹‡Ž‹‡• ƒ†
”‡“—‹”‡‡–•Ǥ
IntellectualPropertyLitigation
—‡–‘–Š‡”ƒ’‹††‡˜‡Ž‘’‡–‘ˆ‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•–‡…Š‘Ž‘‰›ǡ‹–Š‡‘”ƒŽ…‘—”•‡‘ˆ–Š‡‘’ƒ›̵•‘’‡”ƒ–‹‘•ǡ–Š‡
‘’ƒ›ƒ›„‡…‘‡‹˜‘Ž˜‡†‹ǡƒ‡†ƒ•ƒ’ƒ”–›–‘ǡ‘”„‡–Š‡•—„Œ‡…–‘ˆǡ˜ƒ”‹‘—•Ž‡‰ƒŽ’”‘…‡‡†‹‰•‹™Š‹…Š‹–‹•ƒŽŽ‡‰‡†
–Šƒ––Š‡‘’ƒ›Šƒ•‹ˆ”‹‰‡†–Š‡‹–‡ŽŽ‡…–—ƒŽ’”‘’‡”–›”‹‰Š–•‘ˆ‘–Š‡”•‘”™Š‹…Š–Š‡‘’ƒ›‹‹–‹ƒ–‡•ƒ‰ƒ‹•–‘–Š‡”•‹–
„‡Ž‹‡˜‡•ƒ”‡‹ˆ”‹‰‹‰—’‘‹–•‹–‡ŽŽ‡…–—ƒŽ’”‘’‡”–›”‹‰Š–•ǤŠ‡‘’ƒ›̵•‹˜‘Ž˜‡‡–‹‹–‡ŽŽ‡…–—ƒŽ’”‘’‡”–›Ž‹–‹‰ƒ–‹‘
…‘—Ž†”‡•—Ž–‹•‹‰‹ˆ‹…ƒ–‡š’‡•‡ǡƒ†˜‡”•‡Ž›ƒˆˆ‡…–‹‰–Š‡†‡˜‡Ž‘’‡–‘ˆ‹–•ƒ••‡–•‘”‹–‡ŽŽ‡…–—ƒŽ’”‘’‡”–›‘”†‹˜‡”–‹‰–Š‡
‡ˆˆ‘”–•‘ˆ‹–•–‡…Š‹…ƒŽƒ†ƒƒ‰‡‡–’‡”•‘‡Žǡ™Š‡–Š‡”‘”‘–•—…ŠŽ‹–‹‰ƒ–‹‘‹•”‡•‘Ž˜‡†‹–Š‡‘’ƒ›̵•ˆƒ˜‘—”Ǥ–Š‡
‡˜‡–‘ˆƒƒ†˜‡”•‡‘—–…‘‡ƒ•ƒ†‡ˆ‡†ƒ–‹ƒ›•—…ŠŽ‹–‹‰ƒ–‹‘ǡ–Š‡‘’ƒ›ƒ›ǡƒ‘‰‘–Š‡”–Š‹‰•ǡ„‡”‡“—‹”‡†–‘ǣȋƒȌ
’ƒ› •—„•–ƒ–‹ƒŽ †ƒƒ‰‡• ƒ†Ȁ‘” …‡ƒ•‡ –Š‡ †‡˜‡Ž‘’‡–ǡ —•‡ǡ •ƒŽ‡ ‘” ‹’‘”–ƒ–‹‘ ‘ˆ ’”‘…‡••‡• –Šƒ– ‹ˆ”‹‰‡ —’‘ ‘–Š‡”
’ƒ–‡–‡†‹–‡ŽŽ‡…–—ƒŽ’”‘’‡”–›Ǣȋ„Ȍ‡š’‡†•‹‰‹ˆ‹…ƒ–”‡•‘—”…‡•–‘†‡˜‡Ž‘’‘”ƒ…“—‹”‡‘Ǧ‹ˆ”‹‰‹‰‹–‡ŽŽ‡…–—ƒŽ’”‘’‡”–›Ǣ
ȋ…Ȍ†‹•…‘–‹—‡’”‘…‡••‡•‹…‘”’‘”ƒ–‹‰‹ˆ”‹‰‹‰–‡…Š‘Ž‘‰›Ǣ‘”ȋ†Ȍ‘„–ƒ‹Ž‹…‡…‡•–‘–Š‡‹ˆ”‹‰‹‰‹–‡ŽŽ‡…–—ƒŽ’”‘’‡”–›Ǥ
‘™‡˜‡”ǡ–Š‡‘’ƒ›ƒ›‘–„‡•—……‡••ˆ—Ž‹•—…Š†‡˜‡Ž‘’‡–‘”ƒ…“—‹•‹–‹‘ǡ‘”•—…ŠŽ‹…‡…‡•ƒ›‘–„‡ƒ˜ƒ‹Žƒ„Ž‡‘

ƒ‰‡ȁ͵ʹ
”‡ƒ•‘ƒ„Ž‡–‡”•Ǥ›•—…Š†‡˜‡Ž‘’‡–ǡƒ…“—‹•‹–‹‘‘”Ž‹…‡…‡…‘—Ž†”‡“—‹”‡–Š‡‡š’‡†‹–—”‡‘ˆ•—„•–ƒ–‹ƒŽ–‹‡ƒ†‘–Š‡”
”‡•‘—”…‡•ƒ†…‘—Ž†Šƒ˜‡ƒƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘–Š‡‘’ƒ›̵•„—•‹‡••ƒ†ˆ‹ƒ…‹ƒŽ”‡•—Ž–•Ǥ
BreachofConfidentiality
Š‹Ž‡ †‹•…—••‹‰ ’‘–‡–‹ƒŽ „—•‹‡•• ”‡Žƒ–‹‘•Š‹’• ‘” ‘–Š‡” –”ƒ•ƒ…–‹‘• ™‹–Š –Š‹”† ’ƒ”–‹‡•ǡ –Š‡ ‘’ƒ› ƒ› †‹•…Ž‘•‡
…‘ˆ‹†‡–‹ƒŽ‹ˆ‘”ƒ–‹‘”‡Žƒ–‹‰–‘‹–•„—•‹‡••ǡ‘’‡”ƒ–‹‘•‘”ƒˆˆƒ‹”•ǤŽ–Š‘—‰Š…‘ˆ‹†‡–‹ƒŽ‹–›ƒ‰”‡‡‡–•ƒ”‡‰‡‡”ƒŽŽ›
•‹‰‡†„›–Š‹”†’ƒ”–‹‡•’”‹‘”–‘–Š‡†‹•…Ž‘•—”‡‘ˆƒ›…‘ˆ‹†‡–‹ƒŽ‹ˆ‘”ƒ–‹‘ǡƒ„”‡ƒ…Š…‘—Ž†’—––Š‡‘’ƒ›ƒ–…‘’‡–‹–‹˜‡
”‹•ƒ†ƒ›…ƒ—•‡•‹‰‹ˆ‹…ƒ–†ƒƒ‰‡–‘‹–•„—•‹‡••ǤŠ‡Šƒ”–‘–Š‡‘’ƒ›̵•„—•‹‡••ˆ”‘ƒ„”‡ƒ…Š‘ˆ…‘ˆ‹†‡–‹ƒŽ‹–›
…ƒ‘–’”‡•‡–Ž›„‡“—ƒ–‹ˆ‹‡†ǡ„—–ƒ›„‡ƒ–‡”‹ƒŽƒ†ƒ›‘–„‡…‘’‡•ƒ„Ž‡‹†ƒƒ‰‡•ǤŠ‡”‡‹•‘ƒ••—”ƒ…‡–Šƒ–ǡ‹
–Š‡‡˜‡–‘ˆƒ„”‡ƒ…Š‘ˆ…‘ˆ‹†‡–‹ƒŽ‹–›ǡ–Š‡‘’ƒ›™‹ŽŽ„‡ƒ„Ž‡–‘‘„–ƒ‹‡“—‹–ƒ„Ž‡”‡‡†‹‡•ǡ•—…Šƒ•‹Œ—…–‹˜‡”‡Ž‹‡ˆǡˆ”‘
ƒ…‘—”–‘ˆ…‘’‡–‡–Œ—”‹•†‹…–‹‘‹ƒ–‹‡Ž›ƒ‡”ǡ‹ˆƒ–ƒŽŽǡ‹‘”†‡”–‘’”‡˜‡–‘”‹–‹‰ƒ–‡ƒ›†ƒƒ‰‡–‘‹–•„—•‹‡••–Šƒ–
•—…Šƒ„”‡ƒ…Š‘ˆ…‘ˆ‹†‡–‹ƒŽ‹–›ƒ›…ƒ—•‡Ǥ
CyberǦSecurityThreatsandRelianceonInformationTechnology
̵• ‘’‡”ƒ–‹‘• ƒ”‡ †‡’‡†‡– ‘ –Š‡ ˆ—…–‹‘‹‰ ‘ˆ •‡˜‡”ƒŽ ‹ˆ‘”ƒ–‹‘ –‡…Š‘Ž‘‰› •›•–‡•Ǥ š’‘•—”‡ ‘ˆ ̵•
‹ˆ‘”ƒ–‹‘–‡…Š‘Ž‘‰›•›•–‡•–‘‡š–‡”ƒŽ–Š”‡ƒ–•’‘•‡•ƒ”‹•–‘–Š‡•‡…—”‹–›‘ˆ–Š‡•‡•›•–‡•Ǥ—…Š…›„‡”Ǧ•‡…—”‹–›–Š”‡ƒ–•
‹…Ž—†‡—ƒ—–Š‘”‹œ‡†ƒ……‡••–‘‹ˆ‘”ƒ–‹‘–‡…Š‘Ž‘‰›•›•–‡•†—‡–‘Šƒ…‹‰ǡ˜‹”—•‡•ƒ†‘–Š‡”…ƒ—•‡•–Šƒ–…ƒ”‡•—Ž–‹
•‡”˜‹…‡ †‹•”—’–‹‘•ǡ •›•–‡ ˆƒ‹Ž—”‡• ƒ† –Š‡ †‹•…Ž‘•—”‡ǡ †‡Ž‹„‡”ƒ–‡ ‘” ‹ƒ†˜‡”–‡–ǡ ‘ˆ …‘ˆ‹†‡–‹ƒŽ „—•‹‡•• ‹ˆ‘”ƒ–‹‘Ǥ
‹‰‹ˆ‹…ƒ–‹–‡””—’–‹‘‘”ˆƒ‹Ž—”‡‘ˆƒ›‘”ƒŽŽ‘ˆ–Š‡•‡•›•–‡•…‘—Ž†”‡•—Ž–‹‘’‡”ƒ–‹‘ƒŽ‘—–ƒ‰‡•ǡ†‡Žƒ›•ǡŽ‘•–’”‘ˆ‹–•ǡŽ‘•–
†ƒ–ƒǡ‹…”‡ƒ•‡†…‘•–•ǡƒ†‘–Š‡”ƒ†˜‡”•‡‘—–…‘‡•ǤŠ‡•‡ˆƒ…–‘”•…‘—Ž†‹…Ž—†‡ƒŽ‘••‘ˆ…‘—‹…ƒ–‹‘Ž‹•‘””‡Ž‹ƒ„Ž‡
‹ˆ‘”ƒ–‹‘ǡ •‡…—”‹–› „”‡ƒ…Š‡• „› …‘’—–‡” Šƒ…‡”• ƒ† …›„‡” –‡””‘”‹•–•ǡ ƒ† –Š‡ ‹ƒ„‹Ž‹–› –‘ ƒ—–‘ƒ–‹…ƒŽŽ› ’”‘…‡••
…‘‡”…‹ƒŽ–”ƒ•ƒ…–‹‘•‘”‡‰ƒ‰‡‹•‹‹Žƒ”ƒ—–‘ƒ–‡†‘”…‘’—–‡”‹œ‡†„—•‹‡••ƒ…–‹˜‹–‹‡•Ǥ
…”‡ƒ•‹‰Ž›ǡ•‘…‹ƒŽ‡†‹ƒ‹•—•‡†ƒ•ƒ˜‡Š‹…Ž‡–‘…ƒ””›‘—–…›„‡”’Š‹•Š‹‰ƒ––ƒ…•Ǥˆ‘”ƒ–‹‘’‘•–‡†‘•‘…‹ƒŽ‡†‹ƒ•‹–‡•ǡ
ˆ‘”„—•‹‡••‘”’‡”•‘ƒŽ’—”’‘•‡•ǡƒ›„‡—•‡†„›ƒ––ƒ…‡”•–‘‰ƒ‹‡–”›‹–‘–Š‡‘’ƒ›̵••›•–‡•ƒ†‘„–ƒ‹…‘ˆ‹†‡–‹ƒŽ
‹ˆ‘”ƒ–‹‘ǤŠ‡‘’ƒ›”‡•–”‹…–•–Š‡•‘…‹ƒŽ‡†‹ƒƒ……‡••‘ˆ‹–•‡’Ž‘›‡‡•ƒ†’‡”‹‘†‹…ƒŽŽ›”‡˜‹‡™•ǡ•—’‡”˜‹•‡•ǡ”‡–ƒ‹•
ƒ†ƒ‹–ƒ‹•–Š‡ƒ„‹Ž‹–›–‘”‡–”‹‡˜‡•‘…‹ƒŽ‡†‹ƒ…‘–‡–Ǥ‡•’‹–‡–Š‡•‡‡ˆˆ‘”–•ǡƒ••‘…‹ƒŽ‡†‹ƒ…‘–‹—‡•–‘‰”‘™‹‹ˆŽ—‡…‡
ƒ†ƒ……‡••–‘•‘…‹ƒŽ‡†‹ƒ’Žƒ–ˆ‘”•„‡…‘‡•‹…”‡ƒ•‹‰Ž›’”‡˜ƒŽ‡–ǡ–Š‡”‡ƒ”‡•‹‰‹ˆ‹…ƒ–”‹••–Šƒ––Š‡‘’ƒ›ƒ›‘–
„‡ƒ„Ž‡–‘’”‘’‡”Ž›”‡‰—Žƒ–‡•‘…‹ƒŽ‡†‹ƒ—•‡ƒ†’”‡•‡”˜‡ƒ†‡“—ƒ–‡”‡…‘”†•‘ˆ„—•‹‡••ƒ…–‹˜‹–‹‡•ƒ†…Ž‹‡–…‘—‹…ƒ–‹‘•
…‘†—…–‡†–Š”‘—‰Š–Š‡—•‡‘ˆ•‘…‹ƒŽ‡†‹ƒ’Žƒ–ˆ‘”•Ǥ††‹–‹‘ƒŽŽ›ǡ‹•‡•‹–‹˜‡‡••ƒ‰‡•ǡ‡‰ƒ–‹˜‡”‡˜‹‡™•ǡ‘”‹ƒ’’”‘’”‹ƒ–‡
‘Ž‹‡„‡Šƒ˜‹‘—”‘ˆ‡’Ž‘›‡‡•‘•‘…‹ƒŽ‡†‹ƒ’”‡•‡–•”‡’—–ƒ–‹‘ƒŽ”‹••–‘–Š‡‘’ƒ›Ǥ
	—”–Š‡”ǡ–Š‡‘’ƒ›‹••—„Œ‡…––‘ƒ˜ƒ”‹‡–›‘ˆ‹ˆ‘”ƒ–‹‘–‡…Š‘Ž‘‰›ƒ†•›•–‡”‹••ƒ•ƒ’ƒ”–‘ˆ‹–•‘”ƒŽ…‘—”•‡
‘’‡”ƒ–‹‘•ǡ‹…Ž—†‹‰’‘–‡–‹ƒŽ„”‡ƒ†‘™ǡ‹˜ƒ•‹‘ǡ˜‹”—•ǡ…›„‡”Ǧƒ––ƒ…ǡ…›„‡”Ǧˆ”ƒ—†ǡ•‡…—”‹–›„”‡ƒ…Šǡƒ††‡•–”—…–‹‘‘”
‹–‡””—’–‹‘‘ˆ–Š‡‘’ƒ›̵•‹ˆ‘”ƒ–‹‘–‡…Š‘Ž‘‰›•›•–‡•„›–Š‹”†’ƒ”–‹‡•‘”‹•‹†‡”•Ǥƒ—–Š‘”‹œ‡†ƒ……‡••–‘–Š‡•‡
•›•–‡• „› ‡’Ž‘›‡‡• ‘” –Š‹”† ’ƒ”–‹‡• …‘—Ž† Ž‡ƒ† –‘ …‘””—’–‹‘ ‘” ‡š’‘•—”‡ ‘ˆ …‘ˆ‹†‡–‹ƒŽǡ ˆ‹†—…‹ƒ”› ‘” ’”‘’”‹‡–ƒ”›
‹ˆ‘”ƒ–‹‘ǡ ‹–‡””—’–‹‘ –‘ …‘—‹…ƒ–‹‘• ‘” ‘’‡”ƒ–‹‘• ‘” †‹•”—’–‹‘ –‘ ‘—” „—•‹‡•• ƒ…–‹˜‹–‹‡• ‘” ‘—” …‘’‡–‹–‹˜‡
’‘•‹–‹‘Ǥƒ††‹–‹‘ǡ…›„‡”’Š‹•Š‹‰ƒ––‡’–•ǡ‹™Š‹…ŠƒƒŽ‹…‹‘—•’ƒ”–›ƒ––‡’–•–‘‘„–ƒ‹•‡•‹–‹˜‡‹ˆ‘”ƒ–‹‘•—…Šƒ•
—•‡”ƒ‡•ǡ ’ƒ••™‘”†•ǡ ƒ† …”‡†‹– …ƒ”† †‡–ƒ‹Ž• ȋƒ† ‘‡›Ȍ „› †‹•‰—‹•‹‰ ‹–•‡Žˆ ƒ• ƒ –”—•–™‘”–Š› ‡–‹–› ‹ ‡Ž‡…–”‘‹…
…‘—‹…ƒ–‹‘ǡŠƒ˜‡„‡…‘‡‘”‡™‹†‡•’”‡ƒ†ƒ†•‘’Š‹•–‹…ƒ–‡†‹”‡…‡–›‡ƒ”•Ǥˆ–Š‡‘’ƒ›„‡…‘‡•ƒ˜‹…–‹‘ˆƒ…›„‡”
’Š‹•Š‹‰ƒ––ƒ…‹–…‘—Ž†”‡•—Ž–‹ƒŽ‘••‘”–Š‡ˆ–‘ˆ–Š‡‘’ƒ›̵•ˆ‹ƒ…‹ƒŽ”‡•‘—”…‡•‘”…”‹–‹…ƒŽ†ƒ–ƒƒ†‹ˆ‘”ƒ–‹‘‘”…‘—Ž†
”‡•—Ž–‹ƒŽ‘••‘ˆ…‘–”‘Ž‘ˆ–Š‡‘’ƒ›̵•–‡…Š‘Ž‘‰‹…ƒŽ‹ˆ”ƒ•–”—…–—”‡‘”ˆ‹ƒ…‹ƒŽ”‡•‘—”…‡•ǤŠ‡‘’ƒ›ƒ’’Ž‹‡•–‡…Š‹…ƒŽ
ƒ†’”‘…‡••…‘–”‘Ž•‹Ž‹‡™‹–Š‹†—•–”›Ǧƒ……‡’–‡†•–ƒ†ƒ”†•–‘’”‘–‡…–‘—”‹ˆ‘”ƒ–‹‘ƒ••‡–•ƒ†•›•–‡•ǢŠ‘™‡˜‡”ǡ–Š‡•‡
…‘–”‘Ž• ƒ›‘–ƒ†‡“—ƒ–‡Ž› ’”‡˜‡– …›„‡”Ǧ•‡…—”‹–› „”‡ƒ…Š‡•Ǥ‹•”—’–‹‘‘ˆ …”‹–‹…ƒŽ ‹ˆ‘”ƒ–‹‘ –‡…Š‘Ž‘‰›•‡”˜‹…‡•ǡ ‘”
„”‡ƒ…Š‡•‘ˆ‹ˆ‘”ƒ–‹‘•‡…—”‹–›ǡ…‘—Ž†Šƒ˜‡ƒ‡‰ƒ–‹˜‡‡ˆˆ‡…–‘‘—”’‡”ˆ‘”ƒ…‡ƒ†‡ƒ”‹‰•ǡƒ•™‡ŽŽƒ•‘‘—””‡’—–ƒ–‹‘Ǥ
Š‡•‹‰‹ˆ‹…ƒ…‡‘ˆƒ›•—…Š‡˜‡–‹•†‹ˆˆ‹…—Ž––‘“—ƒ–‹ˆ›ǡ„—–ƒ›‹…‡”–ƒ‹…‹”…—•–ƒ…‡•„‡ƒ–‡”‹ƒŽƒ†…‘—Ž†Šƒ˜‡ƒ
ƒ–‡”‹ƒŽƒ†˜‡”•‡‡ˆˆ‡…–‘–Š‡‘’ƒ›̵•„—•‹‡••ǡˆ‹ƒ…‹ƒŽ…‘†‹–‹‘ƒ†”‡•—Ž–•‘ˆ‘’‡”ƒ–‹‘•Ǥ
ForwardǦLookingInformationmayProveInaccurate
Šƒ”‡Š‘Ž†‡”• ƒ† ’”‘•’‡…–‹˜‡ ‹˜‡•–‘”• ƒ”‡ …ƒ—–‹‘‡† ‘– –‘ ’Žƒ…‡ —†—‡ ”‡Ž‹ƒ…‡ ‘ –Š‡ …‘’ƒ›ǯ• ˆ‘”™ƒ”†ǦŽ‘‘‹‰
‹ˆ‘”ƒ–‹‘Ǥ›‹–•ƒ–—”‡ǡˆ‘”™ƒ”†ǦŽ‘‘‹‰‹ˆ‘”ƒ–‹‘‹˜‘Ž˜‡•—‡”‘—•ƒ••—’–‹‘•ǡ‘™ƒ†—‘™”‹••ƒ†
—…‡”–ƒ‹–‹‡•ǡ‘ˆ„‘–Šƒ‰‡‡”ƒŽƒ†•’‡…‹ˆ‹…ƒ–—”‡ǡ–Šƒ–…‘—Ž†…ƒ—•‡ƒ…–—ƒŽ”‡•—Ž–•–‘†‹ˆˆ‡”ƒ–‡”‹ƒŽŽ›ˆ”‘–Š‘•‡•—‰‰‡•–‡†
„›–Š‡ˆ‘”™ƒ”†ǦŽ‘‘‹‰‹ˆ‘”ƒ–‹‘‘”…‘–”‹„—–‡–‘–Š‡’‘••‹„‹Ž‹–›–Šƒ–’”‡†‹…–‹‘•ǡˆ‘”‡…ƒ•–•‘”’”‘Œ‡…–‹‘•™‹ŽŽ’”‘˜‡–‘„‡
ƒ–‡”‹ƒŽŽ›‹ƒ……—”ƒ–‡Ǥ



ƒ‰‡ȁ͵͵
ForwardǦLookingInformation
ThisMD&AcontainscertainforwardǦlookinginformationandstatements(collectively,"forwardǦlookingstatements")within
themeaningofapplicableCanadiansecuritieslegislation.CertainstatementscontainedinthisMD&A,includingthosecontained
inthesectiontitled“Outlook”andincludingstatementswhichmaycontainsuchwordsas“anticipate”,“could”,“continue”,
“should”,“seek”,“may”,“intend”,“likely”,“plan”,“estimate”,“believe”,“expect”,“will”,“objective”,“ongoing”,“project”andsimilar
expressionsareintendedtoidentifyforwardǦlookingstatements.Inparticular,thisMD&AcontainsforwardǦlookingstatements
includingmanagement’sassessmentoffutureplansandoperations,plannedlevelsofcapitalexpenditures,expectationsasto
industry andCompany activity levels invarious areas, expectationson the sustainabilityof future cashflowand earnings,
expectationswithrespecttocrudeoilandnaturalgasprices,expectationsregardingthelevelandtypeofdrillingandproduction
andrelateddrillingandwellservicesactivityintheWCSBandU.S.basins,expectationsregardingenteringintolongtermdrilling
contractsandexpandingourcustomerbase,andexpectationsregardingthebusiness,operations,revenueanddebtlevelsofthe
Companyinadditiontogeneraleconomicconditionsincludingindustrylabourshortages,inflationarypressuresandarising
interest rate environment and the impact of those conditions on the Company. Although the Company believes that the
expectationsandassumptionsonwhichsuchforwardǦlookingstatementsarebasedarereasonable,unduerelianceshouldnot
beplacedontheforwardǦlookingstatementsbecausetheCompanycangivenoassurancesthattheywillprovetobecorrect.
SinceforwardǦlookingstatementsaddressfutureeventsandconditions,bytheirverynaturetheyinvolveinherentrisksand
uncertainties.FactorsthatcouldcauseactualresultstovaryfromforwardǦlookingstatementsormayaffecttheoperations,
performance,developmentandresultsofCWC'sbusinessesinclude,amongotherthings:risksandassumptionsassociatedwith
operations,suchasCWC'sabilitytosuccessfullyimplementitsstrategicinitiativesandachieveexpectedbenefitstherefrom;
assumptions concerning operational reliability; the ability to access sufficient capital from internal and external sources
includingdebtandequitycapital;risksinherentinCWC'sCanadianandU.S.operations;CWC'sabilitytogeneratesufficientcash
flowfromoperationstomeetitscurrentandfutureobligations;risksassociatedwiththefailuretofinalizeformalagreements
withcounterpartiesincertaincircumstances;CWC'sabilitytomakecapitalinvestmentsandtheamountsofcapitalinvestments;
increasesinmaintenance,operatingorfinancingcosts;therealizationoftheanticipatedbenefitsoftransactions;thepossibility
that CWC is unable to identify or consummate any acceptable strategic alternatives; the availability and price of labour,
equipmentandconstructionmaterials;thestatus,creditriskandcontinuedexistenceofcustomershavingcontractswithCWC
anditsaffiliates;availabilityofenergycommodities;volatilityofandassumptionsregardingpricesofenergycommodities;
competitivefactors,includingcompetitionfromthirdpartiesintheareasinwhichCWCoperatesorintendstooperate,pricing
pressuresandsupplyanddemandinthedrillingandservicerigbusiness;fluctuationsincurrencyandinterestrates;inflation;
risks of war (including the war in Ukraine), hostilities, civil insurrection, pandemics (including COVIDǦ19), instability and
politicalandeconomicconditionsinoraffectingjurisdictionsinwhichCWCanditsaffiliatesoperate;severeweatherconditions
and risks related to climate change; terrorist threats; risks associated with technology; changes in laws and regulations,
includingenvironmental,regulatoryandtaxationlaws,andtheinterpretationofsuchchangestoCWC'sbusiness;therisks
associatedwithexistingandpotentialorthreatenedfuturelawsuits,legalproceedingsandregulatoryactionsagainstCWCand
itsaffiliates;availabilityofadequatelevelsofinsurance;difficultyinobtainingnecessaryregulatoryapprovalsorlandaccess
rightsandmaintenanceofsupportofsuchapprovalsandrights;theeffectsandimpactsoftheCOVIDǦ19pandemiconCWC's
businessandgeneraleconomicandbusinessconditionsandmarkets;andsuchotherrisksanduncertaintiesdescribedinthe
AnnualMD&Aunderthesectionentitled"RiskFactors"andfromtimetotimeinCWC'sreportsandfilingswiththeCanadian
securitiesauthorities.Theimpactofanyoneassumption,risk,uncertaintyorotherfactoronaforwardǦlookingstatementcannot
be determined with certainty, as these are interdependent and CWC’s future course of action depends on management’s
assessmentofallinformationavailableattherelevanttime.Youcanfindadiscussionofthoserisksanduncertaintiesinthe
AnnualMD&Aunderthesectionentitled"RiskFactors"andinCWC’sothersecuritiesfilingsatwww.sedar.com.
Readersarecautionedthattheforegoinglistofassumptions,risks,uncertaintiesandfactorsisnotexhaustive.Seealsothesection
entitled"RisksandUncertainties"forfurtherriskfactors.TheforwardǦlookingstatementscontainedinthisMD&Aaremadeas
ofthedateofthisMD&Aand,excepttotheextentexpresslyrequiredbyapplicablesecuritieslawsandregulations,CWCassumes
noobligationtoupdateorreviseforwardǦlookingstatementsmadehereinorotherwise,whetherasaresultofnewinformation,
future events, or otherwise. The forwardǦlooking statements contained in this MD&A and all subsequent forwardǦlooking
statements,whetherwrittenororal,attributabletoCWCorpersonsactingonCWC’sbehalfareexpresslyqualifiedintheir
entiretybythesecautionarystatements.AnyforwardǦlookingstatementsmadepreviouslymaybeinaccuratenow.



ƒ‰‡ȁ͵Ͷ
NonǦGAAPandOtherFinancialMeasures




ȋͳȌ†Œ—•–‡†ȋ‡ƒ”‹‰•„‡ˆ‘”‡‹–‡”‡•–ƒ†ˆ‹ƒ…‡…‘•–•ǡ‹…‘‡–ƒš‡š’‡•‡ǡ†‡’”‡…‹ƒ–‹‘ǡ‰ƒ‹‘”Ž‘••‘†‹•’‘•ƒŽ‘ˆƒ••‡–ǡ‹’ƒ‹”‡–‘ˆƒ••‡–•ǡ
‰‘‘†™‹ŽŽ‹’ƒ‹”‡–ǡ–”ƒ•ƒ…–‹‘…‘•–•ǡ•–‘…„ƒ•‡†…‘’‡•ƒ–‹‘ƒ†‘–Š‡”‘‡Ǧ–‹‡‘Ǧ…ƒ•Š‰ƒ‹•ƒ†Ž‘••‡•Ȍ‹•‘–ƒ”‡…‘‰‹œ‡†‡ƒ•—”‡—†‡”	Ǥ
ƒƒ‰‡‡–„‡Ž‹‡˜‡•–Šƒ–‹ƒ††‹–‹‘–‘‡–‹…‘‡ǡ†Œ—•–‡†‹•ƒ—•‡ˆ—Ž•—’’Ž‡‡–ƒŽ‡ƒ•—”‡ƒ•‹–’”‘˜‹†‡•ƒ‹†‹…ƒ–‹‘‘ˆ–Š‡‘’ƒ›ǯ•
ƒ„‹Ž‹–›–‘‰‡‡”ƒ–‡…ƒ•ŠˆŽ‘™‹‘”†‡”–‘ˆ—†™‘”‹‰…ƒ’‹–ƒŽǡ•‡”˜‹…‡†‡„–ǡ’ƒ›…—””‡–‹…‘‡–ƒš‡•ǡ”‡’—”…Šƒ•‡…‘‘•Šƒ”‡•—†‡”–Š‡‘”ƒŽ‘—”•‡
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…ƒŽ…—Žƒ–‡†ƒ•†Œ—•–‡††‹˜‹†‡†„›”‡˜‡—‡ƒ†’”‘˜‹†‡•ƒ‡ƒ•—”‡‘ˆ–Š‡’‡”…‡–ƒ‰‡‘ˆ†Œ—•–‡†’‡”†‘ŽŽƒ”‘ˆ”‡˜‡—‡Ǥ†Œ—•–‡†
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•‹‹Žƒ”‡ƒ•—”‡•’”‘˜‹†‡†„›‘–Š‡”…‘’ƒ‹‡•Ǥ
2022
2021
2022
2021
2020
NONǦGAAPMEASURES
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AdjustedEBITDAȋͳȌ
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AdjustedEBITDApershare–basicanddilutedȋͳȌ
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ʹ͵Ψ
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”‘••ƒ”‰‹ǣ
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GrossmarginȋʹȌ
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ͳͳǡͷʹͷ
͸ͺǡ͵ͺͷ
͵Ͳǡ͵Ͷ͹
ͳͺǡ͹ͶͶ
GrossmarginpercentageȋʹȌ
͵ͶΨ
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͵͵Ψ
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$thousands,exceptshares,pershareamountsand
margins
Threemonthsended
December31,
Twelvemonthsended
December31,
$thousands
December31,2022
December31,2021
December31,2020
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ȋͳͶǡͺͶͺȌ
ȋͻǡ͹ͲͻȌ
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Workingcapital(excludingdebt)ȋ͵Ȍ
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Netdebt(4)
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ͳͺǡͳ͸ʹ

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ȋͶȌ‡–†‡„–‹•…ƒŽ…—Žƒ–‡†„ƒ•‡†‘Ž‘‰Ǧ–‡”†‡„–Ž‡••…—””‡–ƒ••‡–•’Ž—•…—””‡–Ž‹ƒ„‹Ž‹–‹‡•Ǥ‡–†‡„–‹•‘–ƒ”‡…‘‰‹œ‡†‡ƒ•—”‡—†‡”	ƒ††‘‡•‘–
Šƒ˜‡ƒ›•–ƒ†ƒ”†‹œ‡†‡ƒ‹‰’”‡•…”‹„‡†„›	ƒ†ƒ›‘–„‡…‘’ƒ”ƒ„Ž‡–‘•‹‹Žƒ”‡ƒ•—”‡•’”‘˜‹†‡†„›‘–Š‡”…‘’ƒ‹‡•Ǥƒƒ‰‡‡–„‡Ž‹‡˜‡•
‡–†‡„–‹•ƒ—•‡ˆ—Ž‹†‹…ƒ–‘”‘ˆƒ…‘’ƒ›ǯ•†‡„–’‘•‹–‹‘Ǥ


                       

















CWCENERGYSERVICESCORP.
‘•‘Ž‹†ƒ–‡†	‹ƒ…‹ƒŽ–ƒ–‡‡–•
	‘”–Š‡›‡ƒ”•‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹƒ†ʹͲʹͳ


ƒ‰‡ȁ͵͸ 



Ernst & Young LLP 
Calgary City Centre 
2200 215 2nd Street SW 
Calgary AB  T2P 1M4 
 Tel: +1 403 290 4100 
Fax: +1 403 290 4165 
ey.com 
 
INDEPENDENT AUDITOR’S REPORT 
 
To the shareholders of CWC Energy Services Corp. 
 
Opinion 
We have audited the consolidated financial statements of CWC Energy Services Corp. (the “Company”) 
which comprise the consolidated statements of financial position as at December 31, 2022 and 2021, and 
the consolidated statements of comprehensive income, consolidated statements of changes in equity and 
consolidated statements of cash flows for the years then ended, and notes to the consolidated financial 
statements, including a summary of significant accounting policies. 
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, 
the consolidated financial position of the Company as at December 31, 2022 and 2021, and its 
consolidated financial performance and its consolidated cash flows for the years then ended in 
accordance with International Financial Reporting Standards (“IFRS”). 
Basis for opinion 
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our 
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of 
the consolidated financial statements section of our report. We are independent of the Company in 
accordance with the ethical requirements that are relevant to our audit of the consolidated financial 
statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these 
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to 
provide a basis for our opinion. 
Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in the 
audit of the consolidated financial statements of the current period. These matters were addressed in the 
context of the audit of the consolidated financial statements as a whole, and in forming the auditor’s 
opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our 
description of how our audit addressed the matter is provided in that context. 
 
 
ƒ‰‡ȁ͵͹ 



Page 2 
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the 
consolidated financial statements section of our report, including in relation to these matters.  Accordingly, 
our audit included the performance of procedures designed to respond to our assessment of the risks of 
material misstatement of the consolidated financial statements. The results of our audit procedures, 
including the procedures performed to address the matters below, provide the basis for our audit opinion 
on the accompanying consolidated financial statements. 
Key audit matter 
How our audit addressed the key audit matter 
Impairment reversal recorded pertaining to 
Contract Drilling cash generating unit. 
As of December 31, 2022, management assessed 
that indicators of impairment reversal existed with 
respect to the Company’s Contract Drilling cash 
generating unit (“CGU”). Refer to Note 3 
Significant Accounting Policies of the consolidated 
financial statements for a description of the 
Company's accounting policy with respect to 
impairment of non-financial assets.  
The Company’s balance sheet includes $237.6 
million in property, plant and equipment. 
Management recorded an impairment reversal on 
the Contract Drilling CGU of $22.9 million as of 
and for the year ended December 31, 2022, 
based on the recoverable amount of the CGU 
exceeding it carrying amount. 
The recoverable amount of a CGU is the greater 
of its value-in-use and its fair value less costs of 
disposal. The Company discloses significant 
judgments, estimates and assumptions and the 
result of their analysis in respect of impairment in 
Notes 2 and 5 to the consolidated financial 
statements. 
Auditing the Company’s estimated recoverable 
amount was complex due to the subjective nature 
of the various management inputs and 
assumptions and the significant effect changes in 
these would have on the recoverable amount. 
Additionally, the evaluation of this estimate 
required specialized skills and knowledge. The 
primary inputs noted in value in use were the 
discount rate and estimated cash flows arising 
from the Company’s future drilling activities. 
To test the estimated recoverable amount of the 
Contract Drilling CGU, we performed the following 
procedures, among others: 
x 
With the assistance of our valuation 
specialists, we evaluated the Company's 
model, valuation methodology, and discount 
rate. We assessed the selection and 
application of the discount rate by evaluating 
the inputs and mathematical accuracy of the 
calculation. 
x 
We assessed the accuracy of management's 
forecasting by comparing management's past 
projections to actual performance. 
x 
We assessed the cash flow projections 
through comparison to historical results, 
assessed reasonability of the cashflows 
(Revenue, EBITDA, corporate expenses, 
capital expenditure, working capital), 
comparing to third-party sources. 
x 
We performed sensitivity analysis on EBITDA 
to evaluate any resulting changes to the 
recoverable amount. 
x 
We assessed the adequacy of the Company’s 
disclosure around impairment and impairment 
reversal as included in Note 5 to the 
consolidated financial statements. 
 
 
 
ƒ‰‡ȁ͵ͺ 



Page 3 
Other information  
Management is responsible for the other information. The other information comprises: 
 
x 
Management’s Discussion and Analysis 
x 
The information, other than the consolidated financial statements and our auditor’s report thereon, in 
the Annual Report  
 
Our opinion on the consolidated financial statements does not cover the other information and we do not 
express any form of assurance conclusion thereon. 
In connection with our audit of the consolidated financial statements, our responsibility is to read the other 
information, and in doing so, consider whether the other information is materially inconsistent with the 
consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be 
materially misstated. 
We obtained Management’s Discussion & Analysis prior to the date of this auditor’s report. If, based on 
the work we have performed, we conclude that there is a material misstatement of this other information, 
we are required to report that fact in this auditor’s report. We have nothing to report in this regard.  
 
The Annual Report is expected to be made available to us after the date of the auditor’s report. If based 
on the work we will perform on this other information, we conclude there is a material misstatement of 
other information, we are required to report that fact to those charged with governance. 
 
Responsibilities of management and those charged with governance for the consolidated 
financial statements 
Management is responsible for the preparation and fair presentation of the consolidated financial 
statements in accordance with IFRS, and for such internal control as management determines is 
necessary to enable the preparation of consolidated financial statements that are free from material 
misstatement, whether due to fraud or error. 
In preparing the consolidated financial statements, management is responsible for assessing the 
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going 
concern and using the going concern basis of accounting unless management either intends to liquidate 
the Company or to cease operations, or has no realistic alternative but to do so. 
Those charged with governance are responsible for overseeing the Company’s financial reporting 
process. 
Auditor’s responsibilities for the audit of the consolidated financial statements 
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements 
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 
guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards 
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and 
are considered material if, individually or in the aggregate, they could reasonably be expected to influence 
the economic decisions of users taken on the basis of these consolidated financial statements. 
 
 
ƒ‰‡ȁ͵ͻ 



Page 4 
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise 
professional judgment and maintain professional skepticism throughout the audit. We also: 
x 
Identify and assess the risks of material misstatement of the consolidated financial statements, 
whether due to fraud or error, design and perform audit procedures responsive to those risks, and 
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of 
not detecting a material misstatement resulting from fraud is higher than for one resulting from error, 
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of 
internal control. 
x 
Obtain an understanding of internal control relevant to the audit in order to design audit procedures 
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the 
effectiveness of the Company’s internal control. 
x 
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by management. 
x 
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, 
based on the audit evidence obtained, whether a material uncertainty exists related to events or 
conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If 
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s 
report to the related disclosures in the consolidated financial statements or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to 
the date of our auditor’s report. However, future events or conditions may cause the Company to 
cease to continue as a going concern. 
x 
Evaluate the overall presentation, structure and content of the consolidated financial statements, 
including the disclosures, and whether the consolidated financial statements represent the underlying 
transactions and events in a manner that achieves fair presentation. 
We communicate with those charged with governance regarding, among other matters, the planned 
scope and timing of the audit and significant audit findings, including any significant deficiencies in 
internal control that we identify during our audit. 
We also provide those charged with governance with a statement that we have complied with relevant 
ethical requirements regarding independence, and to communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, related 
safeguards. 
From the matters communicated with those charged with governance, we determine those matters that 
were of most significance in the audit of the consolidated financial statements of the current period and 
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or 
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we 
determine that a matter should not be communicated in our report because the adverse consequences of 
doing so would reasonably be expected to outweigh the public interest benefits of such communication. 
The engagement partner on the audit resulting in this independent auditor’s report is Robert Troy 
Jubenvill. 
 
 
 
 
Calgary, Canada 
March 1, 2023 
Page | 40  

ƒ‰‡ȁͶͳ 



CWCENERGYSERVICESCORP.
CONSOLIDATEDSTATEMENTSOFFINANCIALPOSITION
•ƒ–‡…‡„‡”͵ͳǡʹͲʹʹƒ†‡…‡„‡”͵ͳǡʹͲʹͳ


Commitmentsandcontingencies(note13)
Seeaccompanyingnotestotheconsolidatedfinancialstatements

’’”‘˜‡†‘„‡ŠƒŽˆ‘ˆ–Š‡„‘ƒ”†ǣ


(signed)“GaryBentham” 

(signed)“JimReid”

ƒ”›‡–Šƒǡ‹”‡…–‘” 


‹‡‹†ǡ‹”‡…–‘” 


StatedinthousandsofCanadiandollars
‘–‡
ASSETS
—””‡–
ƒ•Š
$
104 $
ͻͲ
……‘—–•”‡…‡‹˜ƒ„Ž‡
͸ǡͳͷ
45,946
ʹ͸ǡʹʹ͹
”‡’ƒ‹†‡š’‡•‡•ƒ††‡’‘•‹–•
3,875
ͳǡͷͻͶ
49,925
ʹ͹ǡͻͳͳ
”‘’‡”–›ƒ†‡“—‹’‡–
ͷǡ͸
237,627
ͳͻͺǡ͹͵Ͷ
$
287,552 $
ʹʹ͸ǡ͸Ͷͷ
LIABILITIES
—””‡–
……‘—–•’ƒ›ƒ„Ž‡ƒ†ƒ……”—‡†Ž‹ƒ„‹Ž‹–‹‡•
13,983
ͺǡͻͶͷ
—””‡–’‘”–‹‘‘ˆŽ‘‰Ǧ–‡”†‡„–
͸
865
͹͸Ͷ
14,848
ͻǡ͹Ͳͻ
‘‰–‡”
‡ˆ‡””‡†–ƒšŽ‹ƒ„‹Ž‹–›
͹
20,184
ͺǡͷͺͶ
‘‰Ǧ–‡”†‡„–
͸
42,139
ͶͷǡͲͺ͵
77,171
͸͵ǡ͵͹͸
SHAREHOLDERS'EQUITY
Šƒ”‡…ƒ’‹–ƒŽ
ͺ
256,950
ʹͷͷǡͲ͸͸
‘–”‹„—–‡†•—”’Ž—•
20,286
ʹͲǡʹ͸ʹ
……——Žƒ–‡†‘–Š‡”…‘’”‡Š‡•‹˜‡‹…‘‡
3,614
͹Ͳ
‡ˆ‹…‹–
(70,469)
ȋͳͳʹǡͳʹͻȌ
210,381
ͳ͸͵ǡʹ͸ͻ
$
287,552 $
ʹʹ͸ǡ͸Ͷͷ
December31,
‡…‡„‡”͵ͳǡ
2022
ʹͲʹͳ

ƒ‰‡ȁͶʹ 



CWCENERGYSERVICESCORP.
CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOME
	‘”–Š‡›‡ƒ”•‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹƒ†ʹͲʹͳ


Seeaccompanyingnotestotheconsolidatedfinancialstatements.


‘–‡
Revenueandotherincome
‡˜‡—‡
ͳͲ
$
205,332 $
ͳͲʹǡ͸͵ͷ
–Š‡”‹…‘‡
ͳͲ
Ǧ
͵ǡͺ͵ͷ
205,332
ͳͲ͸ǡͶ͹Ͳ
Expenses
ͳͲ
‹”‡…–‘’‡”ƒ–‹‰‡š’‡•‡•
ͳͳ
136,947
͹ʹǡʹͺͺ
‡ŽŽ‹‰ƒ†ƒ†‹‹•–”ƒ–‹˜‡‡š’‡•‡•
ͳͳ
22,454
ͳͷǡ͵ͳͲ
–‘…„ƒ•‡†…‘’‡•ƒ–‹‘
ͺȋ…Ȍȋ†Ȍ
1,049
͹ͺʹ
	‹ƒ…‡…‘•–•
͸ǡͳʹ
2,558
ͳǡͲͺ͸
‡’”‡…‹ƒ–‹‘
ͷ
12,162
ͳͲǡͷ͸͵
‘••ȋ‰ƒ‹Ȍ‘†‹•’‘•ƒŽ‘ˆ‡“—‹’‡–
50
ȋʹͷͳȌ
’ƒ‹”‡–ȋ”‡˜‡”•ƒŽȌ‘ˆƒ••‡–•
ͷ
(23,261)
ͳǡʹͻ͸
151,959
ͳͲͳǡͲ͹Ͷ
Incomebeforeincometaxes
53,373
ͷǡ͵ͻ͸
Incometaxes
͹
—””‡––ƒš‡š’‡•‡
114
Ǧ
‡ˆ‡””‡†–ƒš‡š’‡•‡
11,599
ͺʹ͵
Incometaxexpense
11,713
ͺʹ͵
Netincome
$
41,660 $
Ͷǡͷ͹͵
Othercomprehensiveincome
3,544
ʹ͸Ͷ
Comprehensiveincome
$
45,204 $
Ͷǡͺ͵͹
Netincomepershare
ƒ•‹…ƒ††‹Ž—–‡†
ͺ
$
0.08 $
ͲǤͲͳ
”‡ƒŽ‹œ‡†‰ƒ‹‘–”ƒ•Žƒ–‹‘‘ˆˆ‘”‡‹‰‘’‡”ƒ–‹‘•
–‡–Šƒ–ƒ›„‡”‡…Žƒ••‹ˆ‹‡†–‘’”‘ˆ‹–‘”Ž‘••‹•—„•‡“—‡–’‡”‹‘†•ǣ
StatedinthousandsofCanadiandollarsexceptpershare
2022
2021

ƒ‰‡ȁͶ͵ 



CWCENERGYSERVICESCORP.
CONSOLIDATEDSTATEMENTSOFCHANGESINEQUITY
	‘”–Š‡›‡ƒ”•‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹƒ†ʹͲʹͳ



Seeaccompanyingnotestotheconsolidatedfinancialstatements. 


StatedinthousandsofCanadiandollars
exceptshareamounts
‘–‡
Numberof
Shares
Balance–January1,2021
ͷͲͷǡ͸ʹͲǡͻͳ͸ ̈́
ʹͷͷǡͶ͹ͺ ̈́
ͳͻǡ͵ͻͷ ̈́
ȋͳͻͶȌ ̈́
ȋͳͳ͸ǡ͹ͲʹȌ ̈́
ͳͷ͹ǡͻ͹͹
‡–‹…‘‡
Ǧ
Ǧ
Ǧ
Ǧ
Ͷǡͷ͹͵
Ͷǡͷ͹͵
–‘…„ƒ•‡†…‘’‡•ƒ–‹‘‡š’‡•‡
ͺȋ…Ȍȋ†Ȍ
Ǧ
Ǧ
͹ͺʹ
Ǧ
Ǧ
͹ͺʹ
‡––Ž‡‡–‘ˆ”‡•–”‹…–‡†•Šƒ”‡—‹–•
ͺȋ†Ȍ
ͷǡ͹ͲͲǡ͸͹ͷ
͹ʹͷ
ȋ͹ʹͷȌ
Ǧ
Ǧ
Ǧ
ƒ…‡ŽŽƒ–‹‘‘ˆ…‘‘•Šƒ”‡•
’—”…Šƒ•‡†—†‡”‘”ƒŽ…‘—”•‡
‹••—‡”„‹†
ȋʹǡʹͶͻǡͷͲͲȌ
ȋͳǡͳ͵͹Ȍ
ͺͳͲ
Ǧ
Ǧ
ȋ͵ʹ͹Ȍ
–Š‡”…‘’”‡Š‡•‹˜‡‹…‘‡
Ǧ
Ǧ
Ǧ
ʹ͸Ͷ
Ǧ
ʹ͸Ͷ
Balance–December31,2021
ͷͲͻǡͲ͹ʹǡͲͻͳ ̈́
ʹͷͷǡͲ͸͸ ̈́
ʹͲǡʹ͸ʹ ̈́
͹Ͳ ̈́
ȋͳͳʹǡͳʹͻȌ ̈́
ͳ͸͵ǡʹ͸ͻ
Balance–January1,2022
509,072,091 $
255,066 $
20,262 $
70 $
(112,129) $
163,269
‡–‹…‘‡
Ǧ
Ǧ
Ǧ
Ǧ
41,660
41,660
–‘…„ƒ•‡†…‘’‡•ƒ–‹‘‡š’‡•‡
ͺȋ…Ȍȋ†Ȍ
Ǧ
Ǧ
1,049
Ǧ
Ǧ
1,049
‡––Ž‡‡–‘ˆ•–‘…‘’–‹‘•
ͺȋ…Ȍ
4,615,000
1,424
(519)
Ǧ
Ǧ
905
‡––Ž‡‡–‘ˆ”‡•–”‹…–‡†•Šƒ”‡—‹–•
ͺȋ†Ȍ
4,607,636
565
(565)
Ǧ
Ǧ
Ǧ
ƒ…‡ŽŽƒ–‹‘‘ˆ…‘‘•Šƒ”‡•
’—”…Šƒ•‡†—†‡”‘”ƒŽ…‘—”•‡
‹••—‡”„‹†
ͺȋ„Ȍ
(210,000)
(105)
59
Ǧ
Ǧ
(46)
–Š‡”…‘’”‡Š‡•‹˜‡‹…‘‡
Ǧ
Ǧ
Ǧ
3,544
Ǧ
3,544
Balance–December31,2022
518,084,727 $
256,950 $
20,286 $
3,614 $
(70,469) $
210,381
Share
Capital
Contributed
Surplus
Accumulated
Other
Comprehensive
Income(Loss)
Deficit
TotalEquity

ƒ‰‡ȁͶͶ 




CWCENERGYSERVICESCORP.
CONSOLIDATEDSTATEMENTSOFCASHFLOWS
	‘”–Š‡›‡ƒ”•‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹƒ†ʹͲʹͳ

Seeaccompanyingnotestotheconsolidatedfinancialstatements.
‘–‡
Operatingactivities:
‡–‹…‘‡
$
41,660 $
Ͷǡͷ͹͵
†Œ—•–‡–•ˆ‘”ǣ
–‘…„ƒ•‡†…‘’‡•ƒ–‹‘
ͺ
1,049
͹ͺʹ
	‹ƒ…‡…‘•–•
ͳʹ
2,558
ͳǡͲͺ͸
”‡ƒŽ‹œ‡†‰ƒ‹‘‹–‡”‡•–”ƒ–‡•™ƒ’ƒ‰”‡‡‡–
͸
362
͵͸ʹ
‡’”‡…‹ƒ–‹‘
ͷ
12,162
ͳͲǡͷ͸͵
’ƒ‹”‡–ȋ”‡˜‡”•ƒŽȌ‘ˆƒ••‡–•
ͷ
(23,261)
ͳǡʹͻ͸
‘••ȋ‰ƒ‹Ȍ‘†‹•’‘•ƒŽ‘ˆ‡“—‹’‡–
ͷ
50
ȋʹͷͳȌ
	‘”‡‹‰‡š…Šƒ‰‡
585
ͷͳͷ
‡ˆ‡””‡†‹…‘‡–ƒš‡š’‡•‡
11,599
ͺʹ͵
	—†•ˆ”‘‘’‡”ƒ–‹‘•
46,764
ͳͻǡ͹Ͷͻ
Šƒ‰‡•‹‘Ǧ…ƒ•Š™‘”‹‰…ƒ’‹–ƒŽ„ƒŽƒ…‡•
ͻ
(16,962)
ȋ͸ǡͻ͹͵Ȍ
’‡”ƒ–‹‰…ƒ•ŠˆŽ‘™
29,802
ͳʹǡ͹͹͸
Investingactivities:
—”…Šƒ•‡‘ˆ‡“—‹’‡–
ͷ
(25,358)
ȋʹͺǡͺ͵͸Ȍ
”‘…‡‡†•‘†‹•’‘•ƒŽ‘ˆ‡“—‹’‡–
1,154
ʹǡͷ͹ͳ
˜‡•–‹‰…ƒ•ŠˆŽ‘™
(24,204)
ȋʹ͸ǡʹ͸ͷȌ
Financingactivities:
ȋ‡’ƒ›‡–Ȍ‹…”‡ƒ•‡‘ˆŽ‘‰Ǧ–‡”†‡„–
(3,314)
ͳͷǡͷʹ͵
–‡”‡•–’ƒ‹†
ͳʹ
(2,663)
ȋͳǡʹͳʹȌ
	‹ƒ…‡…‘•–•’ƒ‹†
(260)
ȋ͵͵ͶȌ
‡ƒ•‡’ƒ›‡–•
(206)
ȋʹ͵͹Ȍ
ƒ•Š•‡––Ž‡‡–‘‡š‡”…‹•‡‘ˆ‘’–‹‘•
ͺȋ…Ȍ
905
Ǧ
‘‘•Šƒ”‡•’—”…Šƒ•‡†—†‡”
ͺȋ„Ȍ
(46)
ȋ͵ʹ͹Ȍ
	‹ƒ…‹‰…ƒ•ŠˆŽ‘™
(5,584)
ͳ͵ǡͶͳ͵
‡…”‡ƒ•‡‹…ƒ•Š†—”‹‰–Š‡’‡”‹‘†
14
ȋ͹͸Ȍ
ƒ•Šǡ„‡‰‹‹‰‘ˆ’‡”‹‘†
90
ͳ͸͸
ƒ•Šǡ‡†‘ˆ’‡”‹‘†
$
104 $
ͻͲ
StatedinthousandsofCanadiandollarsexceptpershareamounts
2022
2021

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͶͷ 



1.
Reportingentity
‡”‰›‡”˜‹…‡•‘”’ǤȋDzdz‘”–Š‡Dz‘’ƒ›dzȌ‹•‹…‘”’‘”ƒ–‡†—†‡”–Š‡—•‹‡••‘”’‘”ƒ–‹‘•…–
ȋŽ„‡”–ƒȌǤŠ‡ƒ††”‡••‘ˆ–Š‡‘’ƒ›ǯ•Š‡ƒ†‘ˆˆ‹…‡‹•—‹–‡ʹͻͳͲǡ͸ͲͷȂͷ–Š˜‡—‡ǡƒŽ‰ƒ”›ǡŽ„‡”–ƒǡ
ƒƒ†ƒǤ Š‡ ‘’ƒ› ‹• ƒ ‘‹Žˆ‹‡Ž† •‡”˜‹…‡• …‘’ƒ› ’”‘˜‹†‹‰ †”‹ŽŽ‹‰ ƒ† ™‡ŽŽ •‡”˜‹…‹‰ –‘ ‘‹Ž ƒ† ‰ƒ•
‡š’Ž‘”ƒ–‹‘ƒ††‡˜‡Ž‘’‡–…‘’ƒ‹‡•–Š”‘—‰Š‘—––Š‡‡•–‡”ƒƒ†‹ƒ‡†‹‡–ƒ”›ƒ•‹ȋDzdzȌƒ†
•‡Ž‡…–‹–‡†–ƒ–‡•„ƒ•‹•‹…Ž—†‹‰–Š‡‡”‹ƒǡƒ‰Ž‡	‘”†ǡ‹‘„”ƒ”ƒǡ‡˜‡”Ǧ
—Ž‡•„—”‰ȋDz
dzȌǡ‘™†‡”‹˜‡”
ƒ†ƒ‡ǤŠ‡•‡…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•”‡ˆŽ‡…–‘Ž›–Š‡‘’ƒ›ǯ•’”‘’‘”–‹‘ƒ–‡‹–‡”‡•–•‹
•—…Šƒ…–‹˜‹–‹‡•ƒ†ƒ”‡…‘’”‹•‡†‘ˆ–Š‡‘’ƒ›ƒ†‹–••—„•‹†‹ƒ”‹‡•ǤŠ‡‘’ƒ›̵•…‘‘•–‘…‹•Ž‹•–‡†
ƒ†–”ƒ†‡†‘–Š‡‡–—”‡š…Šƒ‰‡—†‡”–Š‡•›„‘ŽǤ††‹–‹‘ƒŽ‹ˆ‘”ƒ–‹‘”‡‰ƒ”†‹‰ǯ•
„—•‹‡••‹•ƒ˜ƒ‹Žƒ„Ž‡‹ǯ•‘•–”‡…‡–—ƒŽˆ‘”ƒ–‹‘	‘”ƒ˜ƒ‹Žƒ„Ž‡‘ƒ–™™™Ǥ•‡†ƒ”Ǥ…‘ǡ
‘–Š‡‘’ƒ›ǯ•™‡„•‹–‡ƒ–™™™Ǥ…™…‡‡”‰›•‡”˜‹…‡•Ǥ…‘ǡ‘”„›…‘–ƒ…–‹‰–Š‡‘’ƒ›ƒ––Š‡ƒ††”‡••‘–‡†
ƒ„‘˜‡Ǥ
2.
Basisofpresentation
ȋƒȌ –ƒ–‡‡–‘ˆ…‘’Ž‹ƒ…‡
Š‡•‡ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• Šƒ˜‡ „‡‡ ’”‡’ƒ”‡† ‹ ƒ……‘”†ƒ…‡ ™‹–Š –‡”ƒ–‹‘ƒŽ 	‹ƒ…‹ƒŽ
‡’‘”–‹‰–ƒ†ƒ”†•ȋDz	dzȌǤŠ‡ƒ……‘—–‹‰’‘Ž‹…‹‡•–Šƒ–ˆ‘ŽŽ‘™Šƒ˜‡„‡‡…‘•‹•–‡–Ž›ƒ’’Ž‹‡†–‘ƒŽŽ›‡ƒ”•
’”‡•‡–‡†Ǥ 
Š‡•‡…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•™‡”‡ƒ’’”‘˜‡†„›–Š‡‘ƒ”†‘ˆ‹”‡…–‘”•‘ƒ”…ŠͳǡʹͲʹ͵Ǥ
ȋ„Ȍ ƒ•‹•‘ˆ‡ƒ•—”‡‡–
Š‡…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•Šƒ˜‡„‡‡’”‡’ƒ”‡†‘–Š‡Š‹•–‘”‹…ƒŽ…‘•–„ƒ•‹•Ǥ
ȋ…Ȍ 	—…–‹‘ƒŽƒ†’”‡•‡–ƒ–‹‘…—””‡…› 
Š‡•‡ƒ—ƒŽ…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•ƒ”‡’”‡•‡–‡†‹ƒƒ†‹ƒ†‘ŽŽƒ”•ǡ™Š‹…Š‹•–Š‡‘’ƒ›ǯ•
ˆ—…–‹‘ƒŽ…—””‡…›ǤŽŽˆ‹ƒ…‹ƒŽ‹ˆ‘”ƒ–‹‘’”‡•‡–‡†‹ƒƒ†‹ƒ†‘ŽŽƒ”•Šƒ•„‡‡”‘—†‡†–‘–Š‡‡ƒ”‡•–
–Š‘—•ƒ†‡š…‡’–™Š‡”‡‘–Š‡”™‹•‡‘–‡†Ǥ
ȋ†Ȍ •‡‘ˆ‡•–‹ƒ–‡•ƒ†Œ—†‰‡–•
Š‡ ’”‡’ƒ”ƒ–‹‘ ‘ˆ –Š‡ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ‹ …‘ˆ‘”‹–› ™‹–Š 	 ”‡“—‹”‡• –Šƒ– …‡”–ƒ‹
‡•–‹ƒ–‡•ƒ†Œ—†‰‡–•„‡ƒ†‡™‹–Š”‡•’‡…––‘–Š‡”‡’‘”–‡†ƒ‘—–•‘ˆ”‡˜‡—‡ƒ†‡š’‡•‡•ƒ†–Š‡
…ƒ””›‹‰ ƒ‘—–• ‘ˆ ƒ••‡–• ƒ† Ž‹ƒ„‹Ž‹–‹‡•Ǥ Š‡•‡ ‡•–‹ƒ–‡• ƒ”‡ „ƒ•‡† ‘ Š‹•–‘”‹…ƒŽ ‡š’‡”‹‡…‡ ƒ†
ƒƒ‰‡‡–ǯ•Œ—†‰‡–Ǥ–‹…‹’ƒ–‹‰ˆ—–—”‡‡˜‡–•‹˜‘Ž˜‡•—…‡”–ƒ‹–›ƒ†…‘•‡“—‡–Ž›–Š‡‡•–‹ƒ–‡•—•‡†
„›ƒƒ‰‡‡–‹–Š‡’”‡’ƒ”ƒ–‹‘‘ˆ–Š‡…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•ƒ›…Šƒ‰‡ƒ•ˆ—–—”‡‡˜‡–•—ˆ‘Ž†ǡ
ƒ††‹–‹‘ƒŽ‡š’‡”‹‡…‡‹•ƒ…“—‹”‡†‘”–Š‡‘’ƒ›ǯ•‘’‡”ƒ–‹‰‡˜‹”‘‡–…Šƒ‰‡•Ǥƒ›…ƒ•‡•–Š‡—•‡‘ˆ
Œ—†‰‡–‹•”‡“—‹”‡†–‘ƒ‡‡•–‹ƒ–‡•Ǥ 
•–‹ƒ–‡•ƒ†—†‡”Ž›‹‰ƒ••—’–‹‘•ƒ”‡”‡˜‹‡™‡†‘ƒ‘‰‘‹‰„ƒ•‹•Ǥ‡˜‹•‹‘•–‘ƒ……‘—–‹‰‡•–‹ƒ–‡•
ƒ”‡”‡…‘‰‹œ‡†‹–Š‡’‡”‹‘†‹™Š‹…Š–Š‡‡•–‹ƒ–‡•ƒ”‡”‡˜‹•‡†ƒ†‹ƒ›ˆ—–—”‡’‡”‹‘†•ƒˆˆ‡…–‡†Ǥ	—”–Š‡”
†‡–ƒ‹Ž•‘ˆ–Š‡ƒ–—”‡‘ˆ–Š‡•‡‡•–‹ƒ–‡•ƒ†ƒ••—’–‹‘•ƒ›„‡ˆ‘—†‹–Š‡”‡Ž‡˜ƒ–‘–‡•–‘–Š‡…‘•‘Ž‹†ƒ–‡†
ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•Ǥ
ƒƒ‰‡‡–…‘•‹†‡”•–Š‡ˆ‘ŽŽ‘™‹‰–‘„‡–Š‡‘•–•‹‰‹ˆ‹…ƒ–‘ˆ–Š‡Œ—†‰‡–•ǡƒ’ƒ”–ˆ”‘–Š‘•‡‹˜‘Ž˜‡†‹
ƒ‹‰‡•–‹ƒ–‡•ǡƒ†‡‹’”‡’ƒ”ƒ–‹‘‘ˆ–Š‡…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•ǣ
‡–‡”‹ƒ–‹‘‘ˆ…ƒ•ŠǦ‰‡‡”ƒ–‹‰—‹–•
	‘”–Š‡’—”’‘•‡‘ˆƒ••‡••‹‰–Š‡‹’ƒ‹”‡–‘ˆ–ƒ‰‹„Ž‡ƒ†‹–ƒ‰‹„Ž‡ƒ••‡–•ǡƒ••‡–•ƒ”‡‰”‘—’‡†ƒ––Š‡Ž‘™‡•–
Ž‡˜‡Žˆ‘”™Š‹…Š–Š‡”‡ƒ”‡•‡’ƒ”ƒ–‡Ž›‹†‡–‹ˆ‹ƒ„Ž‡…ƒ•ŠˆŽ‘™•ȋ…ƒ•ŠǦ‰‡‡”ƒ–‹‰—‹–•‘”Dz
•dzȌǤŠ‡‰”‘—’‹‰‘ˆ
ƒ••‡–•‹–‘
•”‡“—‹”‡•ƒƒ‰‡‡––‘‡š‡”…‹•‡•‹‰‹ˆ‹…ƒ–Œ—†‰‡–Ǥ
’ƒ‹”‡–‘ˆ–ƒ‰‹„Ž‡ƒ••‡–•
”‘’‡”–›ǡ’Žƒ–ƒ†‡“—‹’‡–ƒ”‡”‡˜‹‡™‡†ƒ—ƒŽŽ›™‹–Š”‡•’‡…––‘–Š‡‹”—•‡ˆ—ŽŽ‹˜‡•ǡ‘”‘”‡ˆ”‡“—‡–Ž›‹ˆ
‡˜‡–•‘”…Šƒ‰‡•‹…‹”…—•–ƒ…‡•‹†‹…ƒ–‡–Šƒ––Š‡ƒ••‡–•‹‰Š–„‡‹’ƒ‹”‡†Ǥˆƒ›•—…Š‹†‹…ƒ–‹‘‡š‹•–•ǡ–Š‡

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͶ͸ 



”‡…‘˜‡”ƒ„Ž‡ƒ‘—–‘ˆ–Š‡ƒ••‡–‹•‡•–‹ƒ–‡†‹‘”†‡”–‘†‡–‡”‹‡–Š‡‡š–‡–‘ˆ–Š‡‹’ƒ‹”‡–Ž‘••ǡ‹ˆƒ›Ǥ
Š‡”‡…‘˜‡”ƒ„Ž‡ƒ‘—–‹•–Š‡Š‹‰Š‡”‘ˆˆƒ‹”˜ƒŽ—‡Ž‡••…‘•–•–‘†‹•’‘•‡ȋDz	dzȌƒ†˜ƒŽ—‡‹—•‡ȋDzdzȌǤ
ƒ••‡••‹‰˜ƒŽ—‡‹—•‡ǡ–Š‡‡•–‹ƒ–‡†ˆ—–—”‡…ƒ•ŠˆŽ‘™•ƒ”‡†‹•…‘—–‡†–‘–Š‡‹”’”‡•‡–˜ƒŽ—‡—•‹‰ƒ†‹•…‘—–
”ƒ–‡–Šƒ–”‡ˆŽ‡…–•…—””‡–ƒ”‡–ƒ••‡••‡–•‘ˆ–Š‡–‹‡˜ƒŽ—‡‘ˆ‘‡›ƒ†–Š‡”‹•••’‡…‹ˆ‹…–‘–Š‡ƒ••‡–ˆ‘”
™Š‹…Š–Š‡‡•–‹ƒ–‡•‘ˆˆ—–—”‡…ƒ•ŠˆŽ‘™•Šƒ˜‡‘–„‡‡ƒ†Œ—•–‡†Ǥ•ƒ”‡•—Ž–ǡƒ›‹’ƒ‹”‡–Ž‘••‡•ƒ”‡ƒ”‡•—Ž–
‘ˆƒƒ‰‡‡–ǯ•„‡•–‡•–‹ƒ–‡•‘ˆ‡š’‡…–‡†”‡˜‡—‡ǡ‡š’‡•‡•ƒ†…ƒ•ŠˆŽ‘™•ƒ–ƒ•’‡…‹ˆ‹…’‘‹–‹–‹‡ǤŠ‡•‡
‡•–‹ƒ–‡•ƒ”‡•—„Œ‡…––‘‡ƒ•—”‡‡–—…‡”–ƒ‹–›ƒ•–Š‡›ƒ”‡†‡’‡†‡–‘ˆƒ…–‘”•‘—–•‹†‡‘ˆƒƒ‰‡‡–ǯ•
…‘–”‘ŽǤƒ††‹–‹‘ǡ„›–Š‡‹”ƒ–—”‡‹’ƒ‹”‡––‡•–•‹˜‘Ž˜‡ƒ•‹‰‹ˆ‹…ƒ–†‡‰”‡‡‘ˆŒ—†‰‡–ƒ•‡š’‡…–ƒ–‹‘•
…‘…‡”‹‰ˆ—–—”‡…ƒ•ŠˆŽ‘™•ƒ†–Š‡•‡Ž‡…–‹‘‘ˆƒ’’”‘’”‹ƒ–‡ƒ”‡–‹’—–•ƒ”‡•—„Œ‡…––‘…‘•‹†‡”ƒ„Ž‡”‹••
ƒ†—…‡”–ƒ‹–‹‡•Ǥ
‡’”‡…‹ƒ–‹‘
‡’”‡…‹ƒ–‹‘‘ˆ’”‘’‡”–›ƒ†‡“—‹’‡–‹•…ƒ””‹‡†‘—–‘–Š‡„ƒ•‹•‘ˆ–Š‡‡•–‹ƒ–‡†—•‡ˆ—ŽŽ‹˜‡•‘ˆ–Š‡”‡Žƒ–‡†
ƒ••‡–•Ǥ••‡••‹‰–Š‡”‡ƒ•‘ƒ„Ž‡‡••‘ˆ–Š‡‡•–‹ƒ–‡†—•‡ˆ—ŽŽ‹˜‡•‘ˆ’”‘’‡”–›ǡ’Žƒ–ƒ†‡“—‹’‡–”‡“—‹”‡•
Œ—†‰‡–ƒ†‹•„ƒ•‡†‘…—””‡–Ž›ƒ˜ƒ‹Žƒ„Ž‡‹ˆ‘”ƒ–‹‘ǡ‹…Ž—†‹‰Š‹•–‘”‹…ƒŽ‡š’‡”‹‡…‡„›–Š‡‘’ƒ›Ǥ
††‹–‹‘ƒŽŽ›ǡ–Š‡‘’ƒ›ƒ›…‘•—Ž–™‹–Š‡š–‡”ƒŽ‡“—‹’‡–„—‹Ž†‡”•‘”ƒ—ˆƒ…–—”‡”•–‘ƒ••‡••™Š‡–Š‡”
–Š‡‡–Š‘†‘Ž‘‰‹‡•ƒ†”ƒ–‡•—–‹Ž‹œ‡†ƒ”‡…‘•‹•–‡–™‹–Š–Š‡‹”‡š’‡…–ƒ–‹‘•ǤŠƒ‰‡•‹…‹”…—•–ƒ…‡•ǡ•—…Šƒ•
–‡…Š‘Ž‘‰‹…ƒŽƒ†˜ƒ…‡•ǡ…Šƒ‰‡•–‘–Š‡‘’ƒ›ǯ•„—•‹‡•••–”ƒ–‡‰›ǡ…Šƒ‰‡•‹–Š‡‘’ƒ›ǯ•…ƒ’‹–ƒŽ•–”ƒ–‡‰›
‘”…Šƒ‰‡•‹”‡‰—Žƒ–‹‘•ƒ›”‡•—Ž–‹–Š‡ƒ…–—ƒŽ—•‡ˆ—ŽŽ‹˜‡•†‹ˆˆ‡”‹‰ˆ”‘–Š‡‘’ƒ›ǯ•‡•–‹ƒ–‡•Ǥ…Šƒ‰‡
‹–Š‡”‡ƒ‹‹‰—•‡ˆ—ŽŽ‹ˆ‡‘ˆƒ‰”‘—’‘ˆƒ••‡–•ǡ‘”–Š‡‹”‡š’‡…–‡†”‡•‹†—ƒŽ˜ƒŽ—‡ǡ™‹ŽŽƒˆˆ‡…––Š‡†‡’”‡…‹ƒ–‹‘
”ƒ–‡—•‡†–‘ƒ‘”–‹œ‡–Š‡‰”‘—’‘ˆƒ••‡–•ƒ†–Š—•ƒˆˆ‡…–†‡’”‡…‹ƒ–‹‘‡š’‡•‡ƒ•”‡’‘”–‡†‹–Š‡‘’ƒ›ǯ•
”‡•—Ž–•‘ˆ‘’‡”ƒ–‹‘•ǤŠ‡•‡…Šƒ‰‡•ƒ”‡”‡’‘”–‡†’”‘•’‡…–‹˜‡Ž›™Š‡–Š‡›‘……—”Ǥ
…‘‡–ƒš‡•
Š‡‘’ƒ›—•‡•–Š‡Ž‹ƒ„‹Ž‹–›‡–Š‘†‘ˆƒ……‘—–‹‰ˆ‘”‹…‘‡–ƒš‡•Ǥ†‡”–Š‹•‡–Š‘†ǡ†‡ˆ‡””‡†‹…‘‡–ƒš
ƒ••‡–•ƒ†Ž‹ƒ„‹Ž‹–‹‡•ƒ”‡”‡…‘”†‡†„ƒ•‡†‘–‡’‘”ƒ”›†‹ˆˆ‡”‡…‡•„‡–™‡‡–Š‡…ƒ””›‹‰ƒ‘—–‘ˆƒƒ••‡–‘”
Ž‹ƒ„‹Ž‹–›ƒ†‹–•–ƒš„ƒ•‡Ǥ‡ˆ‡””‡†–ƒšŽ‹ƒ„‹Ž‹–‹‡•ƒ”‡‰‡‡”ƒŽŽ›”‡…‘‰‹œ‡†ˆ‘”ƒŽŽ–ƒšƒ„Ž‡–‡’‘”ƒ”›†‹ˆˆ‡”‡…‡•Ǥ
‡ˆ‡””‡†–ƒšƒ••‡–•ƒ”‡‰‡‡”ƒŽŽ›”‡…‘‰‹œ‡†ˆ‘”ƒŽŽ†‡†—…–‹„Ž‡–‡’‘”ƒ”›†‹ˆˆ‡”‡…‡•–‘–Š‡‡š–‡––Šƒ–‹–‹•
’”‘„ƒ„Ž‡–Šƒ––ƒšƒ„Ž‡’”‘ˆ‹–•™‹ŽŽ„‡ƒ˜ƒ‹Žƒ„Ž‡ƒ‰ƒ‹•–™Š‹…Š–Š‘•‡†‡†—…–‹„Ž‡–‡’‘”ƒ”›†‹ˆˆ‡”‡…‡•…ƒ„‡
—–‹Ž‹œ‡†ǤŠ‡…ƒ””›‹‰ƒ‘—–‘ˆ†‡ˆ‡””‡†–ƒšƒ••‡–•‹•”‡˜‹‡™‡†ƒ––Š‡‡†‘ˆ‡ƒ…Š”‡’‘”–‹‰’‡”‹‘†ƒ†”‡†—…‡†
–‘–Š‡‡š–‡––Šƒ–‹–‹•‘Ž‘‰‡”’”‘„ƒ„Ž‡–Šƒ–•—ˆˆ‹…‹‡––ƒšƒ„Ž‡’”‘ˆ‹–•™‹ŽŽ„‡ƒ˜ƒ‹Žƒ„Ž‡–‘ƒŽŽ‘™ƒŽŽ‘”’ƒ”–‘ˆ
–Š‡ƒ••‡––‘„‡”‡…‘˜‡”‡†ǤŠ‡‘’ƒ›ǯ•‘’‡”ƒ–‹‘•ƒ”‡…‘’Ž‡šƒ†…‘’—–ƒ–‹‘‘ˆ–Š‡’”‘˜‹•‹‘ˆ‘”‹…‘‡
–ƒš‡•‹˜‘Ž˜‡•–ƒš‹–‡”’”‡–ƒ–‹‘•ǡ”‡‰—Žƒ–‹‘•ƒ†Ž‡‰‹•Žƒ–‹‘–Šƒ–ƒ”‡…‘–‹—ƒŽŽ›…Šƒ‰‹‰Ǥ›…Šƒ‰‡•‹–Š‡
‡•–‹ƒ–‡†ƒ‘—–•ƒ”‡”‡…‘‰‹œ‡†’”‘•’‡…–‹˜‡Ž›‹–Š‡…‘•‘Ž‹†ƒ–‡†•–ƒ–‡‡–•‘ˆ…‘’”‡Š‡•‹˜‡‹…‘‡
ȋŽ‘••ȌǤ
3.
Significantaccountingpolicies
Š‡ ƒ……‘—–‹‰ ’‘Ž‹…‹‡• •‡– ‘—– „‡Ž‘™ Šƒ˜‡ „‡‡ ƒ’’Ž‹‡† …‘•‹•–‡–Ž› –‘ ƒŽŽ ’‡”‹‘†• ’”‡•‡–‡† ‹ –Š‡•‡
…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•Ǥ 
ȋƒȌ”‘’‡”–›ƒ†‡“—‹’‡–ƒ††‡’”‡…‹ƒ–‹‘
”‘’‡”–›ƒ†‡“—‹’‡–ƒ”‡”‡…‘”†‡†ƒ–…‘•–Ž‡••ƒ……——Žƒ–‡††‡’”‡…‹ƒ–‹‘ƒ†ƒ……——Žƒ–‡†‹’ƒ‹”‡–Ǥ‘•–
‹…Ž—†‡•‡š’‡†‹–—”‡•–Šƒ–ƒ”‡†‹”‡…–Ž›ƒ––”‹„—–ƒ„Ž‡–‘–Š‡ƒ…“—‹•‹–‹‘‘ˆ–Š‡ƒ••‡–ǤŠ‡…‘•–‘ˆ•‡ŽˆǦ…‘•–”—…–‡†
ƒ••‡–•‹…Ž—†‡•–Š‡ˆ‘ŽŽ‘™‹‰ǣ 
x
–Š‡…‘•–‘ˆƒ–‡”‹ƒŽ•ƒ††‹”‡…–Žƒ„‘—”Ǣƒ† 
x
ƒ›‘–Š‡”…‘•–•†‹”‡…–Ž›ƒ––”‹„—–ƒ„Ž‡–‘„”‹‰‹‰–Š‡ƒ••‡–•–‘ƒ™‘”‹‰…‘†‹–‹‘ˆ‘”–Š‡‹”‹–‡†‡†
—•‡Ǥ 
Š‡…‘•–•‘ˆ”‡’Žƒ…‹‰ƒ…‘’‘‡–‘ˆ’”‘’‡”–›ƒ†‡“—‹’‡–ƒ”‡…ƒ’‹–ƒŽ‹œ‡†‘Ž›™Š‡‹–‹•’”‘„ƒ„Ž‡–Šƒ––Š‡
ˆ—–—”‡‡…‘‘‹…„‡‡ˆ‹–•ƒ••‘…‹ƒ–‡†™‹–Š–Š‡…‘’‘‡–™‹ŽŽˆŽ‘™–‘–Š‡‘’ƒ›ǤŠ‡…ƒ””›‹‰ƒ‘—–‘ˆ–Š‡
”‡’Žƒ…‡†…‘’‘‡–‹•†‡”‡…‘‰‹œ‡†ǤŠ‡…‘•–‘ˆ”‘—–‹‡”‡’ƒ‹”•ƒ†ƒ‹–‡ƒ…‡‹•‡š’‡•‡†ƒ•‹…—””‡†Ǥ 
Š‡’ƒ”–•‘ˆƒ‹–‡‘ˆ’”‘’‡”–›ƒ†‡“—‹’‡–Šƒ˜‡†‹ˆˆ‡”‡–—•‡ˆ—ŽŽ‹˜‡•ǡ–Š‡›ƒ”‡ƒ……‘—–‡†ˆ‘”ƒ••‡’ƒ”ƒ–‡
‹–‡•ȋƒŒ‘”…‘’‘‡–•Ȍ‘ˆ’”‘’‡”–›ƒ†‡“—‹’‡–Ǥ 

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͶ͹ 



›‰ƒ‹‘”Ž‘••‘†‹•’‘•ƒŽ‘ˆƒ‹–‡‘ˆ’”‘’‡”–›ƒ†‡“—‹’‡–ȋ…ƒŽ…—Žƒ–‡†ƒ•–Š‡†‹ˆˆ‡”‡…‡„‡–™‡‡–Š‡
‡–’”‘…‡‡†•ˆ”‘†‹•’‘•ƒŽƒ†–Š‡…ƒ””›‹‰ƒ‘—–‘ˆ–Š‡‹–‡Ȍ‹•”‡…‘‰‹œ‡†‹’”‘ˆ‹–‘”Ž‘••Ǥ 
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”‡ƒ†›ˆ‘”ˆ‹‡Ž†—•‡ǡ‘”‹”‡•’‡…–‘ˆ‹–‡”ƒŽŽ›…‘•–”—…–‡†ƒ••‡–•ǡˆ”‘–Š‡†ƒ–‡–Šƒ––Š‡ƒ••‡–‹•…‘’Ž‡–‡†‘”
”‡ƒ†›ˆ‘”—•‡Ǥ 
Š‡ˆ‘ŽŽ‘™‹‰‹•ƒ•—ƒ”›‘ˆ†‡’”‡…‹ƒ–‹‘‡•–‹ƒ–‡•ˆ‘”–Š‡‘’ƒ›ǯ•’”‘’‡”–›ƒ†‡“—‹’‡–ǣ 
••‡–•
‡–Š‘†
ƒ–‡
”‹ŽŽ‹‰”‹‰•ƒ†”‡Žƒ–‡†‡“—‹’‡–
–”ƒ‹‰Š–ǦŽ‹‡™‹–Š”‡•‹†—ƒŽ˜ƒŽ—‡•‘ˆ—’–‘ͳͲΨ
ʹͷ›‡ƒ”•
—‹Ž†‹‰•
–”ƒ‹‰Š–ǦŽ‹‡™‹–Š”‡•‹†—ƒŽ˜ƒŽ—‡•‘ˆ—’–‘ʹͲΨ
ʹͷ›‡ƒ”•
”‘†—…–‹‘‡“—‹’‡–Ȃ•‡”˜‹…‡”‹‰•
–”ƒ‹‰Š–ǦŽ‹‡™‹–Š”‡•‹†—ƒŽ˜ƒŽ—‡•‘ˆ—’–‘ͳͲΨ
ʹͷ›‡ƒ”•
”‘†—…–‹‘‡“—‹’‡–Ǧ‡˜‡Ž
”‡…‡”–‹ˆ‹…ƒ–‹‘•
‹–•‘ˆ’”‘†—…–‹‘ 
ʹͶǡͲͲͲ
‘’‡”ƒ–‹‰Š‘—”•
—’’‘”–‡“—‹’‡–
–”ƒ‹‰Š–ǦŽ‹‡™‹–Š”‡•‹†—ƒŽ˜ƒŽ—‡•‘ˆ—’–‘ͳͷΨ
ʹ–‘ͳͲ›‡ƒ”•
‹•…‡ŽŽƒ‡‘—•‡“—‹’‡–
–”ƒ‹‰Š–ǦŽ‹‡™‹–Š‘”‡•‹†—ƒŽ˜ƒŽ—‡
͵–‘ͷ›‡ƒ”•
••‡–•—†‡”…‘•–”—…–‹‘ƒ”‡‘–†‡’”‡…‹ƒ–‡†—–‹Ž–Š‡›ƒ”‡ƒ˜ƒ‹Žƒ„Ž‡ˆ‘”—•‡Ǥ‡ƒ•‡†ƒ••‡–•ƒ”‡†‡’”‡…‹ƒ–‡†
‘˜‡”–Š‡•Š‘”–‡”‘ˆ–Š‡Ž‡ƒ•‡–‡”ƒ†–Š‡‹”—•‡ˆ—ŽŽ‹˜‡•—Ž‡••‹–‹•”‡ƒ•‘ƒ„Ž›…‡”–ƒ‹–Šƒ––Š‡‘’ƒ›™‹ŽŽ
‘„–ƒ‹‘™‡”•Š‹’„›–Š‡‡†‘ˆ–Š‡Ž‡ƒ•‡–‡”Ǥƒ†‹•‘–†‡’”‡…‹ƒ–‡†Ǥ
‡’”‡…‹ƒ–‹‘‡–Š‘†ǡ—•‡ˆ—ŽŽ‹˜‡•ƒ†”‡•‹†—ƒŽ˜ƒŽ—‡•ƒ”‡”‡˜‹‡™‡†ƒ–‡ƒ…Š”‡’‘”–‹‰†ƒ–‡ƒ†ƒ†Œ—•–‡†‹ˆ
ƒ’’”‘’”‹ƒ–‡Ǥ
ȋ„Ȍ’ƒ‹”‡–‘ˆ‘Ǧˆ‹ƒ…‹ƒŽƒ••‡–• 
‘Ǧˆ‹ƒ…‹ƒŽ ƒ••‡–• ƒ”‡ ƒ••‡••‡† ƒ– –Š‡ ‡† ‘ˆ ‡ƒ…Š ”‡’‘”–‹‰ ’‡”‹‘† –‘ †‡–‡”‹‡ ‹ˆ ƒ› ‹†‹…ƒ–‹‘ ‘ˆ
‹’ƒ‹”‡–‡š‹•–•Ǥˆƒ›•—…Š‹†‹…ƒ–‹‘‡š‹•–•ǡ–Š‡‘’ƒ›‡•–‹ƒ–‡•–Š‡”‡…‘˜‡”ƒ„Ž‡ƒ‘—–‘ˆ–Š‡ƒ••‡–Ǥ
‹’ƒ‹”‡–Ž‘••‹•”‡…‘‰‹œ‡†‹ˆ–Š‡…ƒ””›‹‰ƒ‘—–‘ˆƒƒ••‡–‘”
‡š…‡‡†•‹–•”‡…‘˜‡”ƒ„Ž‡ƒ‘—–Ǥ 
ˆƒ‹’ƒ‹”‡–Ž‘••Šƒ•„‡‡”‡…‘‰‹œ‡†‹ƒ’”‹‘”’‡”‹‘†ǡƒƒ••‡••‡–‹•’‡”ˆ‘”‡†ƒ–‡ƒ…Š”‡’‘”–‹‰†ƒ–‡
–‘†‡–‡”‹‡‹ˆ–Š‡”‡ƒ”‡‹†‹…ƒ–‘”•–Šƒ––Š‡…‹”…—•–ƒ…‡•™Š‹…ŠŽ‡†–‘–Š‡‹’ƒ‹”‡–Ž‘••Šƒ˜‡”‡˜‡”•‡†Ǥˆ
–Š‡…Šƒ‰‡‹…‹”…—•–ƒ…‡•”‡•—Ž–•‹–Š‡”‡…‘˜‡”ƒ„Ž‡ƒ‘—–„‡‹‰Š‹‰Š‡”–Šƒ–Š‡…ƒ””›‹‰˜ƒŽ—‡ƒˆ–‡”–Š‡
‹’ƒ‹”‡–Ž‘••ǡ–Š‡–Š‡‹’ƒ‹”‡–Ž‘••ȋ‡–‘ˆ†‡’”‡…‹ƒ–‹‘–Šƒ–™‘—Ž†‘–Š‡”™‹•‡Šƒ˜‡„‡‡”‡…‘”†‡†Ȍ‹•
”‡˜‡”•‡†Ǥ
Š‡ ”‡…‘˜‡”ƒ„Ž‡ ƒ‘—– ‘ˆ ƒ ƒ••‡– ‘” 
 ‹• –Š‡ ‰”‡ƒ–‡” ‘ˆ ‹–•  ƒ† ‹–• 	Ǥ  ƒ••‡••‹‰ ǡ –Š‡
‡•–‹ƒ–‡†ˆ—–—”‡…ƒ•ŠˆŽ‘™•ƒ”‡†‹•…‘—–‡†–‘–Š‡‹”’”‡•‡–˜ƒŽ—‡—•‹‰ƒ’”‡Ǧ–ƒš†‹•…‘—–”ƒ–‡–Šƒ–”‡ˆŽ‡…–•
…—””‡–ƒ”‡–ƒ••‡••‡–•‘ˆ–Š‡–‹‡˜ƒŽ—‡‘ˆ‘‡›ƒ†–Š‡”‹•••’‡…‹ˆ‹…–‘–Š‡ƒ••‡–‘”
Ǥ	‘”–Š‡
’—”’‘•‡‘ˆ‹’ƒ‹”‡––‡•–‹‰ǡƒ••‡–•ƒ”‡‰”‘—’‡†–‘‰‡–Š‡”‹–‘–Š‡•ƒŽŽ‡•–‰”‘—’‘ˆƒ••‡–•–Šƒ–‰‡‡”ƒ–‡•
…ƒ•Š‹ˆŽ‘™•ˆ”‘…‘–‹—‹‰—•‡–Šƒ–ƒ”‡Žƒ”‰‡Ž›‹†‡’‡†‡–‘ˆ–Š‡…ƒ•Š‹ˆŽ‘™•‘ˆ‘–Š‡”ƒ••‡–•‘”
•Ǥ 
’ƒ‹”‡–Ž‘••‡•‘””‡˜‡”•ƒŽ•ƒ”‡”‡…‘‰‹œ‡†‹’”‘ˆ‹–‘”Ž‘••Ǥ’ƒ‹”‡–Ž‘••‡•”‡…‘‰‹œ‡†‹”‡•’‡…–‘ˆ

•ƒ”‡ƒŽŽ‘…ƒ–‡†ˆ‹”•––‘”‡†—…‡–Š‡…ƒ””›‹‰ƒ‘—–‘ˆ‰‘‘†™‹ŽŽǡ‹ˆƒ›ǡƒŽŽ‘…ƒ–‡†–‘–Š‡
ȋ‰”‘—’‘ˆ
•Ȍǡ
ƒ†–Š‡–‘”‡†—…‡–Š‡…ƒ””›‹‰ƒ‘—–•‘ˆ–Š‡‘–Š‡”ƒ••‡–•‹–Š‡
ȋ‰”‘—’‘ˆ
•Ȍ‘ƒ’”‘Ǧ”ƒ–ƒ„ƒ•‹•Ǥ 
ǯ•…‘”’‘”ƒ–‡ƒ••‡–•ǡ™Š‹…Š†‘‘–‰‡‡”ƒ–‡•‡’ƒ”ƒ–‡…ƒ•Š‹ˆŽ‘™•ǡƒ”‡ƒŽŽ‘…ƒ–‡†–‘–Š‡
•‘ƒ”‡ƒ•‘ƒ„Ž‡
„ƒ•‹•ˆ‘”‹’ƒ‹”‡––‡•–‹‰’—”’‘•‡•Ǥ
ȋ…Ȍ	‹ƒ…‹ƒŽ‹•–”—‡–• 
	‹ƒ…‹ƒŽ ƒ••‡–• ‹…Ž—†‡ …ƒ•Š ƒ† ƒ……‘—–• ”‡…‡‹˜ƒ„Ž‡Ǥ Š‡ ‘’ƒ› †‡–‡”‹‡• –Š‡ …Žƒ••‹ˆ‹…ƒ–‹‘ ‘ˆ ‹–•
ˆ‹ƒ…‹ƒŽƒ••‡–•ƒ–‹‹–‹ƒŽ”‡…‘‰‹–‹‘ƒ†”‡…‘”†•–Š‡ƒ••‡–•ƒ––Š‡‹”ˆƒ‹”˜ƒŽ—‡Ǥƒ•Šƒ†ƒ……‘—–•”‡…‡‹˜ƒ„Ž‡ƒ”‡
…ƒ””‹‡†ƒ–ƒ‘”–‹œ‡†…‘•–Ǥ 
ŽŽˆ‹ƒ…‹ƒŽŽ‹ƒ„‹Ž‹–‹‡•ƒ”‡‹‹–‹ƒŽŽ›”‡…‘‰‹œ‡†ƒ–ˆƒ‹”˜ƒŽ—‡‡–‘ˆ–”ƒ•ƒ…–‹‘…‘•–•ƒ†•—„•‡“—‡–Ž›…ƒ””‹‡†ƒ–
ƒ‘”–‹œ‡†…‘•–Ǥ 

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͶͺ 



‡”‹˜ƒ–‹˜‡ˆ‹ƒ…‹ƒŽ‹•–”—‡–•ƒ”‡…Žƒ••‹ˆ‹‡†ƒ–ˆƒ‹”˜ƒŽ—‡–Š”‘—‰Š’”‘ˆ‹–‘”Ž‘••ǤŠ‡‘’ƒ›ǯ•†‡”‹˜ƒ–‹˜‡•
ƒ”‡‹–‡”‡•–”ƒ–‡•™ƒ’•™‹–Š…Šƒ‰‡•‹ˆƒ‹”˜ƒŽ—‡”‡…‘”†‡†‹–Š‡…‘•‘Ž‹†ƒ–‡†•–ƒ–‡‡–•‘ˆ…‘’”‡Š‡•‹˜‡
‹…‘‡Ǥ
Š‡‘’ƒ›†‡”‡…‘‰‹œ‡•ƒˆ‹ƒ…‹ƒŽƒ••‡–™Š‡–Š‡…‘–”ƒ…–—ƒŽ”‹‰Š–•–‘–Š‡…ƒ•ŠˆŽ‘™•ˆ”‘–Š‡ƒ••‡–‡š’‹”‡ǡ
‘”‹––”ƒ•ˆ‡”•–Š‡”‹‰Š–•–‘”‡…‡‹˜‡–Š‡…‘–”ƒ…–—ƒŽ…ƒ•ŠˆŽ‘™•‘–Š‡ˆ‹ƒ…‹ƒŽƒ••‡–‹ƒ–”ƒ•ƒ…–‹‘‹™Š‹…Š
•—„•–ƒ–‹ƒŽŽ›ƒŽŽ–Š‡”‹••ƒ†”‡™ƒ”†•‘ˆ‘™‡”•Š‹’‘ˆ–Š‡ˆ‹ƒ…‹ƒŽƒ••‡–ƒ”‡–”ƒ•ˆ‡””‡†Ǥ›‹–‡”‡•–‹
–”ƒ•ˆ‡””‡†ˆ‹ƒ…‹ƒŽƒ••‡–•–Šƒ–‹•…”‡ƒ–‡†‘””‡–ƒ‹‡†‹•”‡…‘‰‹œ‡†ƒ•ƒ•‡’ƒ”ƒ–‡ƒ••‡–‘”Ž‹ƒ„‹Ž‹–›Ǥ 
Š‡‘’ƒ›†‡”‡…‘‰‹œ‡•ƒˆ‹ƒ…‹ƒŽŽ‹ƒ„‹Ž‹–›™Š‡‹–•…‘–”ƒ…–—ƒŽ‘„Ž‹‰ƒ–‹‘•ƒ”‡†‹•…Šƒ”‰‡†‘”…ƒ…‡ŽŽ‡†‘”
‡š’‹”‡Ǥ 
	‹ƒ…‹ƒŽƒ••‡–•ƒ†Ž‹ƒ„‹Ž‹–‹‡•ƒ”‡‘ˆˆ•‡–ǡƒ†–Š‡‡–ƒ‘—–‹•’”‡•‡–‡†‹–Š‡…‘•‘Ž‹†ƒ–‡†•–ƒ–‡‡–‘ˆ
ˆ‹ƒ…‹ƒŽ’‘•‹–‹‘™Š‡ǡƒ†‘Ž›™Š‡ǡ–Š‡”‡‹•ƒŽ‡‰ƒŽ”‹‰Š––‘‘ˆˆ•‡––Š‡ƒ‘—–•ƒ†–Š‡‘’ƒ›‹–‡†•
‡‹–Š‡”–‘•‡––Ž‡‘ƒ‡–„ƒ•‹•‘”–‘”‡ƒŽ‹œ‡–Š‡ƒ••‡–ƒ†•‡––Ž‡–Š‡Ž‹ƒ„‹Ž‹–›•‹—Ž–ƒ‡‘—•Ž›Ǥ 
ȋ†Ȍƒ•Š
ƒ•Š…‘’”‹•‡•…ƒ•Š„ƒŽƒ…‡•–Šƒ–ƒ”‡•—„Œ‡…––‘ƒ‹•‹‰‹ˆ‹…ƒ–”‹•‘ˆ…Šƒ‰‡•‹–Š‡‹”ˆƒ‹”˜ƒŽ—‡ƒ†ƒ”‡—•‡†
„›–Š‡‘’ƒ›‹–Š‡ƒƒ‰‡‡–‘ˆ‹–••Š‘”–Ǧ–‡”…‘‹–‡–•Ǥ 
ȋ‡Ȍ‘‘•Šƒ”‡•
‘‘•Šƒ”‡•ƒ”‡…Žƒ••‹ˆ‹‡†ƒ•‡“—‹–›Ǥ…”‡‡–ƒŽ…‘•–•†‹”‡…–Ž›ƒ––”‹„—–ƒ„Ž‡–‘–Š‡‹••—‡‘ˆ…‘‘•Šƒ”‡•
ƒ”‡”‡…‘‰‹œ‡†ƒ•ƒ†‡†—…–‹‘ˆ”‘‡“—‹–›ǡ‡–‘ˆƒ›–ƒš‡ˆˆ‡…–•Ǥ 
Š‡•Šƒ”‡…ƒ’‹–ƒŽ”‡…‘‰‹œ‡†ƒ•‡“—‹–›‹•”‡’—”…Šƒ•‡†ǡ–Š‡ƒ‘—–‘ˆ–Š‡…‘•‹†‡”ƒ–‹‘’ƒ‹†ǡ™Š‹…Š‹…Ž—†‡•
†‹”‡…–Ž›ƒ––”‹„—–ƒ„Ž‡…‘•–•ǡ‡–‘ˆƒ›–ƒš‡ˆˆ‡…–•ǡ‹•”‡…‘‰‹œ‡†ƒ•ƒ†‡†—…–‹‘ˆ”‘‡“—‹–›Ǥ‡’—”…Šƒ•‡†•Šƒ”‡•
ƒ”‡”‡–—”‡†–‘–”‡ƒ•—”›ƒ†…ƒ…‡ŽŽ‡†‘‘”‡–Šƒ•‹š‘–Š•ˆ”‘”‡’—”…Šƒ•‡Ǥ 
ȋˆȌ”‘˜‹•‹‘• 
 ’”‘˜‹•‹‘ ‹• ”‡…‘‰‹œ‡† ‹ –Š‡ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ™Š‡ –Š‡ ‘’ƒ› Šƒ• ƒ ‘„Ž‹‰ƒ–‹‘ǡ
™Š‡–Š‡”‡š‹•–‹‰‘”’‘–‡–‹ƒŽƒ•ƒ”‡•—Ž–‘ˆƒ’ƒ•–‡˜‡–ƒ†‹–‹•’”‘„ƒ„Ž‡–Šƒ–ƒ‘—–ˆŽ‘™‘ˆ‡…‘‘‹…„‡‡ˆ‹–•
™‹ŽŽ„‡”‡“—‹”‡†–‘•‡––Ž‡–Š‡‘„Ž‹‰ƒ–‹‘Ǥˆ–Š‡‘„Ž‹‰ƒ–‹‘‹•†‡–‡”‹‡†–‘„‡ƒ–‡”‹ƒŽǡ–Š‡–Š‡‡•–‹ƒ–‡†
ƒ‘—–‘ˆ–Š‡’”‘˜‹•‹‘‹•†‡–‡”‹‡†„›†‹•…‘—–‹‰–Š‡‡š’‡…–‡†ˆ—–—”‡…ƒ•Š‘—–ˆŽ‘™•Ǥ•ƒ–‡…‡„‡”͵ͳǡ
ʹͲʹʹƒ†ʹͲʹͳǡ–Š‡”‡™‡”‡‘’”‘˜‹•‹‘•”‡…‘‰‹œ‡†‹–Š‡…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•Ǥ 
ȋ‰Ȍ‡ƒ•‡•
…‘–”ƒ…–‹•ǡ‘”…‘–ƒ‹•ǡƒŽ‡ƒ•‡‹ˆ–Š‡…‘–”ƒ…–…‘˜‡›•–Š‡”‹‰Š–‘ˆ…‘–”‘Ž‘ˆ–Š‡—•‡‘ˆƒ‹†‡–‹ˆ‹‡†ƒ••‡–ˆ‘”
ƒ’‡”‹‘†‘ˆ–‹‡‹‡š…Šƒ‰‡ˆ‘”…‘•‹†‡”ƒ–‹‘•ǤŽ‡ƒ•‡‘„Ž‹‰ƒ–‹‘‹•”‡…‘‰‹œ‡†ƒ––Š‡…‘‡…‡‡–‘ˆ–Š‡
Ž‡ƒ•‡ –‡” ƒ– –Š‡ ’”‡•‡– ˜ƒŽ—‡ ‘ˆ –Š‡ Ž‡ƒ•‡ ’ƒ›‡–• –Šƒ– ƒ”‡ ‘– ’ƒ‹† ƒ– –Šƒ– †ƒ–‡Ǥ –‡”‡•– ‡š’‡•‡ ‹•
”‡…‘‰‹œ‡†‘–Š‡Ž‡ƒ•‡‘„Ž‹‰ƒ–‹‘•—•‹‰–Š‡‡ˆˆ‡…–‹˜‡‹–‡”‡•–”ƒ–‡‡–Š‘†ƒ†’ƒ›‡–•ƒ”‡ƒ’’Ž‹‡†ƒ‰ƒ‹•–
–Š‡Ž‡ƒ•‡‘„Ž‹‰ƒ–‹‘Ǥ––Š‡…‘‡…‡‡–†ƒ–‡ǡƒ…‘””‡•’‘†‹‰”‹‰Š–‘ˆ—•‡ȋDzdzȌƒ••‡–‹•”‡…‘‰‹œ‡†ƒ–
–Š‡ƒ‘—–‘ˆ–Š‡Ž‡ƒ•‡‘„Ž‹‰ƒ–‹‘ǡƒ†Œ—•–‡†ˆ‘”Ž‡ƒ•‡‹…‡–‹˜‡•”‡…‡‹˜‡†ƒ†‹‹–‹ƒŽ†‹”‡…–…‘•–•Ǥ‡’”‡…‹ƒ–‹‘
‹•”‡…‘‰‹œ‡†‘–Š‡ƒ••‡–‘˜‡”–Š‡Ž‡ƒ•‡–‡”Ǥ 
ȋŠȌ‡˜‡—‡”‡…‘‰‹–‹‘ 
‘–”ƒ…– ”‹ŽŽ‹‰ ’”‘˜‹†‡• †”‹ŽŽ‹‰ ”‹‰• ƒ† ”‡Žƒ–‡† ƒ…‹ŽŽƒ”› ‡“—‹’‡– –‘ ‘‹Ž ƒ† ‰ƒ• ‡š’Ž‘”ƒ–‹‘ ƒ†
’”‘†—…–‹‘…‘’ƒ‹‡•Ǥ—•–‘‡”…‘–”ƒ…–•ƒ›„‡ˆ‘”ƒ•‹‰Ž‡™‡ŽŽǡ—Ž–‹’Ž‡™‡ŽŽ•‘”ƒˆ‹š‡†–‡”ƒ†ƒ”‡„ƒ•‡†
—’‘†ƒ‹Ž›ǡŠ‘—”Ž›‘”…‘–”ƒ…–‡†”ƒ–‡•ǤŠ‡‘’ƒ›”‡…‘‰‹œ‡•”‡˜‡—‡™Š‡‹–Šƒ•ƒ”‹‰Š––‘‹˜‘‹…‡ˆ‘”ƒŽŽ
…‘–”ƒ…–•‹™Š‹…Š–Š‡˜ƒŽ—‡‘ˆ–Š‡’‡”ˆ‘”ƒ…‡…‘’Ž‡–‡†–‘†ƒ–‡†‹”‡…–Ž›…‘””‡•’‘†•™‹–Š–Š‡”‹‰Š––‘
…‘•‹†‡”ƒ–‹‘Ǥ’‡”ƒ–‹‰–‹‡‹•‡ƒ•—”‡†–Š”‘—‰Š‹†—•–”›•–ƒ†ƒ”†–‘—”•Š‡‡–•–Šƒ–†‘…—‡––Š‡†ƒ‹Ž›
ƒ…–‹˜‹–›‘ˆ–Š‡”‹‰Ǥ
”‘†—…–‹‘‡”˜‹…‡•’”‘˜‹†‡•™‡ŽŽ•‡”˜‹…‹‰–‘‘‹Žƒ†‰ƒ•‡š’Ž‘”ƒ–‹‘ƒ†’”‘†—…–‹‘…‘’ƒ‹‡•–Š”‘—‰Š–Š‡
—•‡‘ˆ•‡”˜‹…‡”‹‰•Ǥ‰‡‡”ƒŽǡ”‘†—…–‹‘‡”˜‹…‡•ƒ”‡‘–’‡”ˆ‘”‡†—†‡”Ž‘‰Ǧ–‡”…‘–”ƒ…–•ƒ††‘‘–
‹…Ž—†‡’‡ƒŽ–‹‡•ˆ‘”–‡”‹ƒ–‹‘Ǥ‘–”ƒ…–•ƒ”‡„ƒ•‡†—’‘†ƒ‹Ž›ǡŠ‘—”Ž›‘”…‘–”ƒ…–‡†”ƒ–‡•ƒ†–Š‡‘’ƒ›
”‡…‘‰‹œ‡• ”‡˜‡—‡ ™Š‡ ‹– Šƒ•ƒ ”‹‰Š––‘ ‹˜‘‹…‡ ˆ‘” ƒŽŽ …‘–”ƒ…–•‹ ™Š‹…Š –Š‡˜ƒŽ—‡‘ˆ –Š‡’‡”ˆ‘”ƒ…‡

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͶͻ 



…‘’Ž‡–‡†–‘†ƒ–‡†‹”‡…–Ž›…‘””‡•’‘†•™‹–Š–Š‡”‹‰Š––‘…‘•‹†‡”ƒ–‹‘Ǥ’‡”ƒ–‹‰–‹‡‹•‡ƒ•—”‡†–Š”‘—‰Š
†ƒ‹Ž›–‘—”•Š‡‡–•ƒ†ˆ‹‡Ž†–‹…‡–•Ǥ 
Š‡‘’ƒ›Šƒ•„‘–Š•Š‘”–Ǧ–‡”…‘–”ƒ…–•™‹–Šƒ–‡”Ž‡••–Šƒ‘‡›‡ƒ”ƒ†Ž‘‰Ǧ–‡”…‘–”ƒ…–•™‹–Šƒ–‡”
‰”‡ƒ–‡”–Šƒ‘‡›‡ƒ”ǤŠ‡‘’ƒ›•ƒ–‹•ˆ‹‡•‹–•’‡”ˆ‘”ƒ…‡‘„Ž‹‰ƒ–‹‘•”‡Žƒ–‡†–‘„‘–Š•Š‘”–ƒ†Ž‘‰Ǧ–‡”
…‘–”ƒ…–•‘ƒ’‡”†ƒ›‘”Š‘—”Ž›„ƒ•‹•Ǥ	‘”„‘–Š‹–•‘–”ƒ…–”‹ŽŽ‹‰ƒ†”‘†—…–‹‘‡”˜‹…‡•ǡ–Š‡‘’ƒ›
†‘‡•‘–‡š’‡…––‘Šƒ˜‡ƒ›”‡˜‡—‡…‘–”ƒ…–•™Š‡”‡–Š‡’‡”‹‘†„‡–™‡‡–Š‡–”ƒ•ˆ‡”‘ˆ–Š‡’”‘‹•‡†‰‘‘†•
‘”•‡”˜‹…‡•–‘–Š‡…—•–‘‡”ƒ†’ƒ›‡–•„›–Š‡…—•–‘‡”‡š…‡‡†•‘‡›‡ƒ”Ǥ•ƒ…‘•‡“—‡…‡ǡ–Š‡‘’ƒ›
†‘‡•‘–ƒ†Œ—•–ƒ›‘ˆ–Š‡–”ƒ•ƒ…–‹‘’”‹…‡•ˆ‘”–Š‡–‹‡˜ƒŽ—‡‘ˆ‘‡›ǤŠ‡‘’ƒ›†‘‡•‘–‹…—”ƒ–‡”‹ƒŽ
…‘•–• –‘ ‘„–ƒ‹ …‘–”ƒ…–• ™‹–Š …—•–‘‡”• ƒ† …‘•‡“—‡–Ž›ǡ †‘‡• ‘– ”‡…‘‰‹œ‡ ƒ› …‘–”ƒ…– ƒ••‡–•Ǥ Š‡
‘’ƒ›†‘‡•‘–Šƒ˜‡ƒ›…‘–”ƒ…–Ž‹ƒ„‹Ž‹–‹‡•ƒ••‘…‹ƒ–‡†™‹–Š‹–•‘–”ƒ…–”‹ŽŽ‹‰‘””‘†—…–‹‘‡”˜‹…‡•
…—•–‘‡” …‘–”ƒ…–•Ǥ • ”‡˜‡—‡ ˆ”‘ ‘–”ƒ…– ”‹ŽŽ‹‰ ƒ† ”‘†—…–‹‘ ‡”˜‹…‡• …‘–”ƒ…–• ‹• ”‡…‘‰‹œ‡† ƒ•
‹˜‘‹…‡†ǡ–Š‡–”ƒ•ƒ…–‹‘’”‹…‡ƒŽŽ‘…ƒ–‡†–‘”‡ƒ‹‹‰’‡”ˆ‘”ƒ…‡‘„Ž‹‰ƒ–‹‘•ƒ†ƒ‡š’Žƒƒ–‹‘‘ˆ™Š‡–Š‡
‘’ƒ›‡š’‡…–•–‘”‡…‘‰‹œ‡•—…Šƒ‘—–•ƒ•”‡˜‡—‡‹•‘–†‹•…Ž‘•‡†Ǥ
ȋ‹Ȍ	‹ƒ…‡…‘•–• 
	‹ƒ…‡…‘•–•‡…‘’ƒ••‹–‡”‡•–‡š’‡•‡‘ˆ‹ƒ…‹ƒŽŽ‹ƒ„‹Ž‹–‹‡•ƒ†ƒ……”‡–‹‘‡š’‡•‡‘†‡„–‹••—ƒ…‡…‘•–•
ƒ†ƒ”‡”‡…‘‰‹œ‡†‹’”‘ˆ‹–‘”Ž‘••‹–Š‡’‡”‹‘†‹™Š‹…Š–Š‡›ƒ”‡‹…—””‡†—•‹‰–Š‡‡ˆˆ‡…–‹˜‡‹–‡”‡•–‡–Š‘†Ǥ 
ȋŒȌ	‘”‡‹‰…—””‡…›–”ƒ•Žƒ–‹‘ 
	—…–‹‘ƒŽ …—””‡…› ‹• –Š‡ …—””‡…› ‘ˆ –Š‡ ’”‹ƒ”› ‡…‘‘‹… ‡˜‹”‘‡– ‹ ™Š‹…Š –Š‡ ‘’ƒ› ƒ† ‹–•
•—„•‹†‹ƒ”‹‡•‘’‡”ƒ–‡ƒ†‹•‘”ƒŽŽ›–Š‡…—””‡…›‹™Š‹…Š–Š‡‡–‹–›’”‹ƒ”‹Ž›‰‡‡”ƒ–‡•ƒ†‡š’‡†•…ƒ•ŠǤ
Š‡ ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ‘ˆ –Š‡ ‘’ƒ›ǯ• •—„•‹†‹ƒ”‹‡• ƒ”‡ –”ƒ•Žƒ–‡† ‹–‘ ƒƒ†‹ƒ †‘ŽŽƒ”•ǡ ™Š‹…Š ‹• –Š‡
’”‡•‡–ƒ–‹‘…—””‡…›‘ˆ–Š‡‘’ƒ›ǤŠ‡ƒ••‡–•ƒ†Ž‹ƒ„‹Ž‹–‹‡•‘ˆ•—„•‹†‹ƒ”‹‡•™Š‘•‡ˆ—…–‹‘ƒŽ…—””‡…‹‡•
ƒ”‡‘–Š‡”–Šƒƒƒ†‹ƒ†‘ŽŽƒ”•ƒ”‡–”ƒ•Žƒ–‡†‹–‘ƒƒ†‹ƒ†‘ŽŽƒ”•ƒ––Š‡ˆ‘”‡‹‰‡š…Šƒ‰‡”ƒ–‡ƒ––Š‡„ƒŽƒ…‡
•Š‡‡–†ƒ–‡ǡ™Š‹Ž‡”‡˜‡—‡•ƒ†‡š’‡•‡•‘ˆ•—…Š•—„•‹†‹ƒ”‹‡•ƒ”‡–”ƒ•Žƒ–‡†—•‹‰ƒ˜‡”ƒ‰‡‘–ŠŽ›ˆ‘”‡‹‰
‡š…Šƒ‰‡ ”ƒ–‡•ǡ ™Š‹…Š ƒ’’”‘š‹ƒ–‡ –Š‡ ˆ‘”‡‹‰ ‡š…Šƒ‰‡ ”ƒ–‡• ‘ –Š‡ †ƒ–‡• ‘ˆ –Š‡ –”ƒ•ƒ…–‹‘•Ǥ 	‘”‡‹‰
‡š…Šƒ‰‡†‹ˆˆ‡”‡…‡•ƒ”‹•‹‰‘–”ƒ•Žƒ–‹‘ƒ”‡‹…Ž—†‡†‹‘–Š‡”…‘’”‡Š‡•‹˜‡‹…‘‡Ǥ 
Š‡‘’ƒ›ǯ•–”ƒ•ƒ…–‹‘•‹ˆ‘”‡‹‰…—””‡…‹‡•ƒ”‡–”ƒ•Žƒ–‡†–‘–Š‡ƒ’’”‘’”‹ƒ–‡ˆ—…–‹‘ƒŽ…—””‡…›ƒ––Š‡
ˆ‘”‡‹‰‡š…Šƒ‰‡”ƒ–‡‘–Š‡†ƒ–‡•‘ˆ–Š‡–”ƒ•ƒ…–‹‘•Ǥ‘‡–ƒ”›ƒ••‡–•ƒ†Ž‹ƒ„‹Ž‹–‹‡•†‡‘‹ƒ–‡†‹ˆ‘”‡‹‰
…—””‡…‹‡•ƒ”‡–”ƒ•Žƒ–‡†–‘–Š‡ˆ—…–‹‘ƒŽ…—””‡…›ƒ––Š‡ˆ‘”‡‹‰‡š…Šƒ‰‡”ƒ–‡ƒ––Š‡„ƒŽƒ…‡•Š‡‡–†ƒ–‡ƒ†
†‹ˆˆ‡”‡…‡•ƒ”‹•‹‰‘–”ƒ•Žƒ–‹‘ƒ”‡”‡…‘‰‹œ‡†‹‡–‹…‘‡Ǥ‘Ǧ‘‡–ƒ”›ƒ••‡–•–Šƒ–ƒ”‡‡ƒ•—”‡†‹
–‡”• ‘ˆ Š‹•–‘”‹…ƒŽ …‘•– ‹ ˆ‘”‡‹‰ …—””‡…› ƒ”‡ –”ƒ•Žƒ–‡† —•‹‰ –Š‡ ‡š…Šƒ‰‡ ”ƒ–‡ ƒ– –Š‡ †ƒ–‡• ‘ˆ –Š‡
–”ƒ•ƒ…–‹‘•Ǥ 
ȋȌ…‘‡ƒš 
ƒš ‹• ”‡…‘‰‹œ‡† ‹ ’”‘ˆ‹–‘” Ž‘••ǡ‡š…‡’––‘ –Š‡‡š–‡––Šƒ–‹– ”‡Žƒ–‡• –‘ƒ „—•‹‡•• …‘„‹ƒ–‹‘‘” ‹–‡•
”‡…‘‰‹œ‡†‹‘–Š‡”…‘’”‡Š‡•‹˜‡‹…‘‡‘”†‹”‡…–Ž›‹‡“—‹–›Ǥ 
—””‡––ƒš‹•–Š‡‡š’‡…–‡†–ƒš‘–ƒšƒ„Ž‡‹…‘‡Ž‡••ƒ†Œ—•–‡–•–‘’”‹‘”’‡”‹‘†•—•‹‰–ƒš”ƒ–‡•‡ƒ…–‡†ǡ‘”
•—„•–ƒ–‹˜‡Ž›‡ƒ…–‡†ƒ•ƒ––Š‡”‡’‘”–‹‰†ƒ–‡‹Œ—”‹•†‹…–‹‘•™Š‡”‡–Š‡‘’ƒ›‘’‡”ƒ–‡•Ǥ 
‡ˆ‡””‡†‹…‘‡–ƒš‡•ƒ”‡”‡…‘‰‹œ‡†„ƒ•‡†‘–‡’‘”ƒ”›†‹ˆˆ‡”‡…‡•ƒ”‹•‹‰„‡–™‡‡–Š‡–ƒš˜ƒŽ—‡‘ˆƒ••‡–•
ƒ†Ž‹ƒ„‹Ž‹–‹‡•ƒ†–Š‡‹”…ƒ””›‹‰ƒ‘—–•‹–Š‡…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•Ǥ‡ˆ‡””‡†–ƒšŽ‹ƒ„‹Ž‹–‹‡•ƒ”‡
‘–”‡…‘‰‹œ‡†‹ˆ–Š‡›ƒ”‹•‡ˆ”‘–Š‡‹‹–‹ƒŽ”‡…‘‰‹–‹‘‘ˆ‰‘‘†™‹ŽŽƒ†ƒ”‡‘–ƒ……‘—–‡†ˆ‘”‹ˆ–Š‡›ƒ”‹•‡ˆ”‘
–Š‡‹‹–‹ƒŽ”‡…‘‰‹–‹‘‘ˆƒƒ••‡–‘”Ž‹ƒ„‹Ž‹–›‹ƒ–”ƒ•ƒ…–‹‘‘–Š‡”–Šƒƒ„—•‹‡••…‘„‹ƒ–‹‘–Šƒ–ƒ––Š‡–‹‡
‘ˆ–Š‡–”ƒ•ƒ…–‹‘ƒˆˆ‡…–•‡‹–Š‡”ƒ……‘—–‹‰‘”–ƒšƒ„Ž‡‹…‘‡Ǥ‡ˆ‡””‡†‹…‘‡–ƒš‡•ƒ”‡…ƒŽ…—Žƒ–‡†‘–Š‡
„ƒ•‹•‘ˆ–Š‡–ƒšŽƒ™•‡ƒ…–‡†‘”•—„•–ƒ–‹˜‡Ž›‡ƒ…–‡†ƒ•ƒ––Š‡”‡’‘”–‹‰†ƒ–‡ƒ†ƒ’’Ž›–‘™Š‡–Š‡”‡Žƒ–‡†
†‡ˆ‡””‡†‹…‘‡–ƒšƒ••‡–‹•”‡ƒŽ‹œ‡†ǡ‘”–Š‡†‡ˆ‡””‡†‹…‘‡–ƒšŽ‹ƒ„‹Ž‹–›‹••‡––Ž‡†Ǥ 
—””‡–ƒ††‡ˆ‡””‡†‹…‘‡–ƒšƒ••‡–•ƒ†Ž‹ƒ„‹Ž‹–‹‡•ƒ”‡‘ˆˆ•‡–™Š‡–Š‡”‡‹•ƒŽ‡‰ƒŽŽ›‡ˆ‘”…‡ƒ„Ž‡”‹‰Š––‘
•‡––Ž‡‘ƒ‡–„ƒ•‹•ƒ†™Š‡•—…Šƒ••‡–•ƒ†Ž‹ƒ„‹Ž‹–‹‡•”‡Žƒ–‡–‘‹…‘‡–ƒš‡•‹’‘•‡†„›–Š‡•ƒ‡–ƒšƒ–‹‘
ƒ—–Š‘”‹–›Ǥ 

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͷͲ 



†‡ˆ‡””‡†–ƒšƒ••‡–‹•”‡…‘‰‹œ‡†ˆ‘”——•‡†–ƒšŽ‘••‡•ǡ–ƒš…”‡†‹–•ƒ††‡†—…–‹„Ž‡–‡’‘”ƒ”›†‹ˆˆ‡”‡…‡•–‘
–Š‡‡š–‡––Šƒ–‹–‹•’”‘„ƒ„Ž‡–Šƒ–ˆ—–—”‡–ƒšƒ„Ž‡’”‘ˆ‹–•™‹ŽŽ„‡ƒ˜ƒ‹Žƒ„Ž‡ƒ‰ƒ‹•–™Š‹…Š–Š‡›…ƒ„‡—–‹Ž‹œ‡†Ǥ
‡ˆ‡””‡†–ƒšƒ••‡–•ƒ”‡”‡˜‹‡™‡†ƒ–‡ƒ…Š”‡’‘”–‹‰†ƒ–‡ƒ†ƒ”‡”‡†—…‡†–‘–Š‡‡š–‡––Šƒ–‹–‹•‘Ž‘‰‡”
’”‘„ƒ„Ž‡–Šƒ––Š‡”‡Žƒ–‡†–ƒš„‡‡ˆ‹–™‹ŽŽ„‡”‡ƒŽ‹œ‡†Ǥ 
ȋŽȌ’Ž‘›‡‡…‘•–•
Š‘”–Ǧ–‡”‡’Ž‘›‡‡„‡‡ˆ‹–‘„Ž‹‰ƒ–‹‘•ƒ”‡‡ƒ•—”‡†‘ƒ—†‹•…‘—–‡†„ƒ•‹•ƒ†ƒ”‡‡š’‡•‡†ƒ•–Š‡
”‡Žƒ–‡†•‡”˜‹…‡‹•’”‘˜‹†‡†ǤŽ‹ƒ„‹Ž‹–›‹•”‡…‘‰‹œ‡†ˆ‘”–Š‡ƒ‘—–‡š’‡…–‡†–‘„‡’ƒ‹†—†‡”–Š‡„‘—•’Žƒ
™Š‡ƒ’”‡•‡–Ž‡‰ƒŽ‘”…‘•–”—…–‹˜‡‘„Ž‹‰ƒ–‹‘–‘’ƒ›–Š‹•ƒ‘—–ƒ•ƒ”‡•—Ž–‘ˆ’ƒ•–•‡”˜‹…‡’”‘˜‹†‡†„›–Š‡
‡’Ž‘›‡‡ƒ†–Š‡‘„Ž‹‰ƒ–‹‘…ƒ”‡ƒ•‘ƒ„Ž›„‡‡•–‹ƒ–‡†Ǥ 
‡”‹ƒ–‹‘„‡‡ˆ‹–•ƒ”‡”‡…‘‰‹œ‡†ƒ•ƒ‡š’‡•‡™Š‡–Š‡‘’ƒ›‹•†‡‘•–”ƒ„Ž›…‘‹––‡†ǡ™‹–Š‘—–
”‡ƒŽ‹•–‹…’‘••‹„‹Ž‹–›‘ˆ™‹–Š†”ƒ™ƒŽ–‘ƒˆ‘”ƒŽ†‡–ƒ‹Ž‡†’Žƒ–‘‡‹–Š‡”–‡”‹ƒ–‡‡’Ž‘›‡–„‡ˆ‘”‡–Š‡‘”ƒŽ
”‡–‹”‡‡– †ƒ–‡ ‘” –‘ ’”‘˜‹†‡ –‡”‹ƒ–‹‘ „‡‡ˆ‹–• ƒ• ƒ ”‡•—Ž– ‘ˆ ƒ ‘ˆˆ‡” ƒ†‡ –‘ ‡…‘—”ƒ‰‡ ˜‘Ž—–ƒ”›
”‡†—†ƒ…›Ǥ‡”‹ƒ–‹‘„‡‡ˆ‹–•ˆ‘”˜‘Ž—–ƒ”›”‡†—†ƒ…‹‡•ƒ”‡”‡…‘‰‹œ‡†ƒ•ƒ‡š’‡•‡‹ˆ–Š‡‘’ƒ›
Šƒ•ƒ†‡ƒ‘ˆˆ‡”‘ˆ˜‘Ž—–ƒ”›”‡†—†ƒ…›ǡ‹–‹•’”‘„ƒ„Ž‡–Šƒ––Š‡‘ˆˆ‡”™‹ŽŽ„‡ƒ……‡’–‡†ǡƒ†–Š‡—„‡”‘ˆ
ƒ……‡’–ƒ…‡•…ƒ„‡‡ƒ•—”‡†”‡Ž‹ƒ„Ž›Ǥˆ„‡‡ˆ‹–•ƒ”‡’ƒ›ƒ„Ž‡‘”‡–Šƒ–™‡Ž˜‡‘–Š•ƒˆ–‡”–Š‡”‡’‘”–‹‰†ƒ–‡ǡ
–Š‡–Š‡›ƒ”‡†‹•…‘—–‡†–‘–Š‡‹”’”‡•‡–˜ƒŽ—‡Ǥ 
†‡”–Š‡‘’ƒ›ǯ••–‘…‘’–‹‘’Žƒ†‡•…”‹„‡†‹‘–‡ͺȋ…Ȍǡ‘’–‹‘•–‘’—”…Šƒ•‡…‘‘•Šƒ”‡•ƒ”‡‰”ƒ–‡†
–‘†‹”‡…–‘”•ǡ‘ˆˆ‹…‡”•ƒ†‡’Ž‘›‡‡•ǤŠ‡ˆƒ‹”˜ƒŽ—‡‘ˆ…‘‘•Šƒ”‡’—”…Šƒ•‡‘’–‹‘•‹•…ƒŽ…—Žƒ–‡†ƒ––Š‡†ƒ–‡
‘ˆ‰”ƒ–—•‹‰–Š‡Žƒ…Ǧ…Š‘Ž‡•‘’–‹‘’”‹…‹‰‘†‡Žƒ†–Šƒ–˜ƒŽ—‡‹•”‡…‘”†‡†ƒ•…‘’‡•ƒ–‹‘‡š’‡•‡‘˜‡”
–Š‡˜‡•–‹‰’‡”‹‘†‘ˆ–Š‡‘’–‹‘™‹–Šƒ‘ˆˆ•‡––‹‰…”‡†‹––‘…‘–”‹„—–‡†•—”’Ž—•Ǥ’‘‡š‡”…‹•‡‘ˆ–Š‡•Šƒ”‡
’—”…Šƒ•‡‘’–‹‘•ǣ‹Ȍ‹ˆ•Šƒ”‡•ƒ”‡‹••—‡†ˆ”‘–”‡ƒ•—”›ǡ…‘•‹†‡”ƒ–‹‘’ƒ‹†–‘‰‡–Š‡”™‹–Š–Š‡ƒ‘—–’”‡˜‹‘—•Ž›
”‡…‘‰‹œ‡†‹…‘–”‹„—–‡†•—”’Ž—•‹•”‡…‘”†‡†ƒ•ƒ‹…”‡ƒ•‡‹…‘‘•Šƒ”‡…ƒ’‹–ƒŽǡ‘”‹‹Ȍ‹ˆƒ…ƒ•Š’ƒ›‡–
‹• ƒ†‡ –‘ –Š‡ ’ƒ”–‹…‹’ƒ–ǡ …‘–”‹„—–‡† •—”’Ž—• ‹• ”‡†—…‡† „› –Š‡ ƒ‘—– ‘ˆ –Š‡ …ƒ•Š ’ƒ›‡–Ǥ – ‹• –Š‡
‘’ƒ›ǯ•‹–‡––‘•‡––Ž‡ˆ—–—”‡…‘‘•Šƒ”‡’—”…Šƒ•‡‘’–‹‘•„›‡ƒ•‘ˆ–Š‡‹••—ƒ…‡‘ˆ•Šƒ”‡•ˆ”‘
–”‡ƒ•—”›Ǥ 
†‡”–Š‡‘’ƒ›ǯ•”‡•–”‹…–‡†•Šƒ”‡—‹–’Žƒ†‡•…”‹„‡†‹‘–‡ͺȋ†Ȍǡ•ƒ”‡‰”ƒ–‡†–‘†‹”‡…–‘”•ǡ‘ˆˆ‹…‡”•
ƒ†‡’Ž‘›‡‡•ǤŠ‡ˆƒ‹”˜ƒŽ—‡‘ˆ•‹•…ƒŽ…—Žƒ–‡†ƒ––Š‡†ƒ–‡‘ˆ‰”ƒ–—•‹‰–Š‡ƒ”‡–’”‹…‡‘ˆ–Š‡…‘‘
•Šƒ”‡•ƒ†–Šƒ–˜ƒŽ—‡‹•”‡…‘”†‡†ƒ•…‘’‡•ƒ–‹‘‡š’‡•‡‘˜‡”–Š‡˜‡•–‹‰’‡”‹‘†‘ˆ–Š‡™‹–Šƒ‘ˆˆ•‡––‹‰
…”‡†‹––‘…‘–”‹„—–‡†•—”’Ž—•Ǥ’‘•‡––Ž‡‡–‘ˆ–Š‡•ǣ‹Ȍ‹ˆ•Šƒ”‡•ƒ”‡‹••—‡†ˆ”‘–”‡ƒ•—”›ǡ•Šƒ”‡…ƒ’‹–ƒŽ
‹• ‹…”‡ƒ•‡† ƒ† …‘–”‹„—–‡† •—”’Ž—• ‹• †‡…”‡ƒ•‡† „› –Š‡ ƒ‘—– ’”‡˜‹‘—•Ž› ‡š’‡•‡† ˆ‘” •–‘… „ƒ•‡†
…‘’‡•ƒ–‹‘ˆ‘”–Š‡•ǡ‘”‹‹Ȍ‹ˆ…‘‘•Šƒ”‡•ƒ”‡’—”…Šƒ•‡†‹‘’‡ƒ”‡–’—”…Šƒ•‡•‘”’—”…Šƒ•‡•
’—”•—ƒ– –‘ ’”‹˜ƒ–‡ –”ƒ•ƒ…–‹‘• ™‹–Š –Š‹”† ’ƒ”–‹‡•ǡ –Š‡ ƒ‘—– ’ƒ‹† ˆ‘” •—…Š ’—”…Šƒ•‡• ‹• ”‡…‘”†‡† ƒ• ƒ
”‡†—…–‹‘‹…‘–”‹„—–‡†•—”’Ž—•ǡ‘”‹‹‹Ȍ‹ˆƒ…ƒ•Š’ƒ›‡–‹•ƒ†‡–‘–Š‡’ƒ”–‹…‹’ƒ–ǡ…‘–”‹„—–‡†•—”’Ž—•‹•
”‡†—…‡†„›–Š‡ƒ‘—–‘ˆ–Š‡…ƒ•Š’ƒ›‡–Ǥ–‹•–Š‡‘’ƒ›ǯ•‹–‡––‘•‡––Ž‡ˆ—–—”‡•„›‡ƒ•‘ˆ–Š‡
‹••—ƒ…‡‘ˆ•Šƒ”‡•ˆ”‘–”‡ƒ•—”›Ǥ 
Š‡‘’ƒ›‡•–‹ƒ–‡•ˆ—–—”‡ˆ‘”ˆ‡‹–—”‡•ˆ‘”„‘–Š•–‘…‘’–‹‘•ƒ†•ƒ†‡š’‡•‡••–‘…‘’–‹‘•ƒ†
•„ƒ•‡†‘–Š‡‘’ƒ›ǯ•‡•–‹ƒ–‡‘ˆ•–‘…‘’–‹‘•ƒ†•‡š’‡…–‡†–‘”‡ƒ…Š˜‡•–‹‰Ǥ›†‹ˆˆ‡”‡…‡
„‡–™‡‡–Š‡—„‡”‘ˆ•–‘…‘’–‹‘•ƒ†•‡š’‡…–‡†–‘˜‡•–ƒ†–Š‡—„‡”‘ˆ•–‘…‘’–‹‘•ƒ†•
™Š‹…Šƒ…–—ƒŽŽ›˜‡•–‹•ƒ……‘—–‡†ˆ‘”ƒ•ƒ…Šƒ‰‡‹‡•–‹ƒ–‡™Š‡–Š‘•‡•–‘…‘’–‹‘•‘”•„‡…‘‡˜‡•–‡†
‘”ƒ”‡ˆ‘”ˆ‡‹–‡†„‡ˆ‘”‡˜‡•–‹‰Ǥ 
ȋȌ‡”•Šƒ”‡ƒ‘—–• 
ƒ•‹…’‡”•Šƒ”‡ƒ‘—–•ƒ”‡…ƒŽ…—Žƒ–‡†—•‹‰–Š‡™‡‹‰Š–‡†ƒ˜‡”ƒ‰‡—„‡”‘ˆ…‘‘•Šƒ”‡•‘—–•–ƒ†‹‰
†—”‹‰–Š‡’‡”‹‘†Ǥ‹Ž—–‡†’‡”•Šƒ”‡ƒ‘—–•ƒ”‡…ƒŽ…—Žƒ–‡†…‘•‹†‡”‹‰–Š‡‡ˆˆ‡…–•‘ˆƒŽŽ†‹Ž—–‹˜‡’‘–‡–‹ƒŽ
…‘‘•Šƒ”‡•ǤŠ‡‘’ƒ›ǯ•†‹Ž—–‹˜‡’‘–‡–‹ƒŽ…‘‘•Šƒ”‡•ƒ••—‡•–Šƒ–ƒŽŽ†‹Ž—–‹˜‡•–‘…‘’–‹‘•ƒ†
”‡•–”‹…–‡†•Šƒ”‡—‹–•ƒ”‡‡š‡”…‹•‡†ǡƒ†–Š‡’”‘…‡‡†•‘„–ƒ‹‡†‘–Š‡‡š‡”…‹•‡‘ˆ†‹Ž—–‹˜‡•–‘…‘’–‹‘•™‘—Ž†
„‡—•‡†–‘’—”…Šƒ•‡…‘‘•Šƒ”‡•ƒ––Š‡ƒ˜‡”ƒ‰‡ƒ”‡–’”‹…‡†—”‹‰–Š‡’‡”‹‘†ǤŠ‡™‡‹‰Š–‡†ƒ˜‡”ƒ‰‡
—„‡”‘ˆ…‘‘•Šƒ”‡•‘—–•–ƒ†‹‰‹•–Š‡ƒ†Œ—•–‡†ƒ……‘”†‹‰Ž›Ǥ



CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͷͳ 



ȋȌ‡‰‡–‡†‹ˆ‘”ƒ–‹‘ 
Š‡‘’‡”ƒ–‹‰†‹˜‹•‹‘•ƒ”‡‰”‘—’‡†‹–‘–™‘†‹•–‹…–”‡’‘”–‹‰•‡‰‡–•ǣ‘–”ƒ…–”‹ŽŽ‹‰ƒ†”‘†—…–‹‘
‡”˜‹…‡• ƒ† ƒ”‡ •—’’‘”–‡† „› –Š‡ ‘”’‘”ƒ–‡ •‡‰‡–Ǥ Š‡ ”‡’‘”–‹‰ •‡‰‡–• •Šƒ”‡ …‘‘ ‡…‘‘‹…
…Šƒ”ƒ…–‡”‹•–‹…• ƒ† ƒ”‡ †‹ˆˆ‡”‡–‹ƒ–‡† „› –Š‡ –›’‡ ‘ˆ •‡”˜‹…‡ ’”‘˜‹†‡† ƒ† …—•–‘‡” ‡‡†•Ǥ Š‡ ”‡’‘”–‹‰
•‡‰‡–•ǯˆ‹ƒ…‹ƒŽ”‡•—Ž–•ƒ”‡”‡˜‹‡™‡†”‡‰—Žƒ”Ž›„›–Š‡‘’ƒ›ǯ••‡‹‘”ƒƒ‰‡‡–Ǥ‡‹‘”ƒƒ‰‡‡–
ƒ‡•†‡…‹•‹‘•ƒ„‘—–”‡•‘—”…‡ƒŽŽ‘…ƒ–‹‘ƒ†ƒ••‡••‡••‡‰‡–’‡”ˆ‘”ƒ…‡„ƒ•‡†‘–Š‡‹–‡”ƒŽŽ›’”‡’ƒ”‡†
•‡‰‡–‹ˆ‘”ƒ–‹‘Ǥ 
ȋ‘Ȍ
‘˜‡”‡–‰”ƒ–• 
‰‘˜‡”‡–‰”ƒ–‹•”‡…‘‰‹œ‡†™Š‡”‡–Š‡”‡‹•”‡ƒ•‘ƒ„Ž‡ƒ••—”ƒ…‡–Šƒ––Š‡‰”ƒ–™‹ŽŽ„‡”‡…‡‹˜‡†ƒ†–Šƒ–
–Š‡‘’ƒ›™‹ŽŽ…‘’Ž›™‹–Šƒ›…‘†‹–‹‘•ƒ––ƒ…Š‡†–‘–Š‡‰”ƒ–ǤŠ‡–Š‡‰”ƒ–”‡Žƒ–‡•–‘ƒ‡š’‡•‡‹–‡ǡ
‹–‹•”‡…‘‰‹œ‡†ƒ•‘–Š‡”‹…‘‡‘˜‡”–Š‡’‡”‹‘†‡…‡••ƒ”›–‘ƒ–…Š–Š‡‰”ƒ–‘ƒ•›•–‡ƒ–‹…„ƒ•‹•–‘–Š‡…‘•–•
–Šƒ–‹–‹•‹–‡†‡†–‘…‘’‡•ƒ–‡ǤŠ‡”‡–Š‡‰”ƒ–”‡Žƒ–‡•–‘ƒƒ••‡–ǡ‹–”‡†—…‡•–Š‡…ƒ””›‹‰ƒ‘—–‘ˆ–Š‡
ƒ••‡–ƒ†‹•”‡…‘‰‹œ‡†ƒ•‹…‘‡‘˜‡”–Š‡—•‡ˆ—ŽŽ‹ˆ‡‘ˆƒ†‡’”‡…‹ƒ„Ž‡ƒ••‡–„›™ƒ›‘ˆƒ”‡†—…‡††‡’”‡…‹ƒ–‹‘
…Šƒ”‰‡Ǥ
ȋ’Ȍͳ͸Ǧ”‘’‡”–›ǡŽƒ–ƒ†“—‹’‡–
ƒ›ͳͶǡʹͲʹͲǡ–Š‡‹••—‡†ƒƒ‡†‡––‘ͳ͸”‘’‡”–›ǡŽƒ–ƒ†“—‹’‡––‘’”‘Š‹„‹–†‡†—…–‹‰
ˆ”‘–Š‡…‘•–‘ˆƒ‹–‡‘ˆ’”‘’‡”–›ǡ’Žƒ–ƒ†‡“—‹’‡–ǡƒ›’”‘…‡‡†•ˆ”‘•‡ŽŽ‹‰‹–‡•’”‘†—…‡†™Š‹Ž‡
„”‹‰‹‰–Š‡ƒ••‡––‘–Š‡Ž‘…ƒ–‹‘ƒ†…‘†‹–‹‘‡…‡••ƒ”›ˆ‘”‹––‘„‡…ƒ’ƒ„Ž‡‘ˆ‘’‡”ƒ–‹‰‹–Š‡ƒ‡”
‹–‡†‡†„›ƒƒ‰‡‡–ǤŠ‡’”‘…‡‡†•ˆ”‘•‡ŽŽ‹‰•—…Š‹–‡•ǡƒ†–Š‡…‘•–‘ˆ’”‘†—…‹‰–Š‘•‡‹–‡•ƒ”‡–‘
„‡”‡…‘‰‹œ‡†‹’”‘ˆ‹–ƒ†Ž‘••ǤŠ‡ƒ‡†‡–•ƒ”‡‡ˆˆ‡…–‹˜‡ˆ‘”ƒ—ƒŽ’‡”‹‘†•„‡‰‹‹‰‘‘”ƒˆ–‡”
ƒ—ƒ”›
ͳǡ ʹͲʹʹ ™‹–Š ‡ƒ”Ž› ƒ†‘’–‹‘ ’‡”‹––‡†Ǥ Š‡ ƒ‡†‡– ‹• –‘ „‡ ƒ’’Ž‹‡† ”‡–”‘•’‡…–‹˜‡Ž› ‘Ž› –‘ ‹–‡• ‘ˆ
’”‘’‡”–›ǡ’Žƒ–ƒ†‡“—‹’‡––Šƒ–ƒ”‡„”‘—‰Š––‘–Š‡Ž‘…ƒ–‹‘ƒ†…‘†‹–‹‘‡…‡••ƒ”›ˆ‘”–Š‡–‘„‡…ƒ’ƒ„Ž‡
‘ˆ‘’‡”ƒ–‹‰‹–Š‡ƒ‡”‹–‡†‡†„›ƒƒ‰‡‡–‘‘”ƒˆ–‡”–Š‡‡ƒ”Ž‹‡•–’‡”‹‘†’”‡•‡–‡†‹–Š‡ˆ‹ƒ…‹ƒŽ
•–ƒ–‡‡–•‹–Š‡›‡ƒ”‹™Š‹…Š–Š‡ƒ‡†‡–•ƒ”‡ˆ‹”•–ƒ’’Ž‹‡†Ǥ
ƒƒ‰‡‡–Šƒ•ƒ†‘’–‡†–Š‡ƒ‡†‡––‘ͳ͸‹–Š‡•‡…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•ƒ†‹–†‹†‘–
Šƒ˜‡ƒƒ–‡”‹ƒŽ‹’ƒ…–‘–Š‡‘’ƒ›Ǥ
ȋ“Ȍ͵͹Ǧ”‘˜‹•‹‘•ǡ‘–‹‰‡–‹ƒ„‹Ž‹–‹‡•ƒ†‘–‹‰‡–••‡–•
ƒ›ͳͶǡʹͲʹͲǡ–Š‡‹••—‡†ƒƒ‡†‡––‘͵͹”‘˜‹•‹‘•ǡ‘–‹‰‡–‹ƒ„‹Ž‹–‹‡•ƒ†‘–‹‰‡–
••‡–•–‘•’‡…‹ˆ›™Š‹…Š…‘•–•ƒ‡–‹–›‹…Ž—†‡•‹†‡–‡”‹‹‰–Š‡…‘•–‘ˆˆ—Žˆ‹ŽŽ‹‰ƒ…‘–”ƒ…–ˆ‘”–Š‡’—”’‘•‡
‘ˆƒ••‡••‹‰™Š‡–Š‡”–Š‡…‘–”ƒ…–‹•‘‡”‘—•ǤŠ‡ƒ‡†‡–•’‡…‹ˆ‹‡•–Šƒ––Š‡…‘•–‘ˆˆ—Žˆ‹ŽŽ‹‰ƒ…‘–”ƒ…–
…‘’”‹•‡•–Š‡…‘•–•–Šƒ–”‡Žƒ–‡†‹”‡…–Ž›–‘–Š‡…‘–”ƒ…–Ǥ‘•–•–Šƒ–”‡Žƒ–‡†‹”‡…–Ž›–‘–Š‡…‘–”ƒ…–…ƒ‡‹–Š‡”„‡
‹…”‡‡–ƒŽ …‘•–• ‘ˆ ˆ—Žˆ‹ŽŽ‹‰ –Š‡ …‘–”ƒ…– ‘” ƒ ƒŽŽ‘…ƒ–‹‘ ‘ˆ ‘–Š‡” …‘•–• –Šƒ– ”‡Žƒ–‡ †‹”‡…–Ž› –‘ ˆ—Žˆ‹ŽŽ‹‰
…‘–”ƒ…–•Ǥ Š‡ ƒ‡†‡–• ƒ”‡ ‡ˆˆ‡…–‹˜‡ ˆ‘” …‘–”ƒ…–• ˆ‘” ™Š‹…Š –Š‡ ‘’ƒ› Šƒ• ‘– ›‡– ˆ—Žˆ‹ŽŽ‡† ƒŽŽ ‹–•
‘„Ž‹‰ƒ–‹‘•‘‘”ƒˆ–‡”
ƒ—ƒ”›ͳǡʹͲʹʹ™‹–Š‡ƒ”Ž›ƒ†‘’–‹‘’‡”‹––‡†Ǥ
ƒƒ‰‡‡–Šƒ•ƒ†‘’–‡†–Š‡ƒ‡†‡––‘͵͹‹–Š‡•‡…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•ƒ†‹–†‹†‘–
Šƒ˜‡ƒƒ–‡”‹ƒŽ‹’ƒ…–‘–Š‡‘’ƒ›Ǥ
ȋ”Ȍ	ͻǦ	‹ƒ…‹ƒŽ•–”—‡–• 
ƒ›ͳͶǡʹͲʹͲǡ–Š‡‹••—‡†ƒƒ‡†‡––‘	ͻ	‹ƒ…‹ƒŽ•–”—‡–•…Žƒ”‹ˆ›‹‰™Š‹…Šˆ‡‡•–‘
‹…Ž—†‡‹–Š‡–‡•–‹ƒ••‡••‹‰™Š‡–Š‡”–‘†‡”‡…‘‰‹œ‡ƒˆ‹ƒ…‹ƒŽŽ‹ƒ„‹Ž‹–›ǤŽ›–Š‘•‡ˆ‡‡•’ƒ‹†‘””‡…‡‹˜‡†
„‡–™‡‡–Š‡„‘””‘™‡”ƒ†–Š‡Ž‡†‡”ǡ‹…Ž—†‹‰ˆ‡‡•’ƒ‹†‘””‡…‡‹˜‡†„›‡‹–Š‡”–Š‡‡–‹–›‘”–Š‡Ž‡†‡”‘–Š‡
‘–Š‡”ǯ•„‡ŠƒŽˆƒ”‡‹…Ž—†‡†ǤŠ‡ƒ‡†‡–‹•‡ˆˆ‡…–‹˜‡ˆ‘”ƒ—ƒŽ’‡”‹‘†•„‡‰‹‹‰‘‘”ƒˆ–‡”
ƒ—ƒ”›ͳǡ
ʹͲʹʹ™‹–Š‡ƒ”Ž›ƒ†‘’–‹‘’‡”‹––‡†Ǥ 
ƒƒ‰‡‡–Šƒ•ƒ†‘’–‡†–Š‡ƒ‡†‡––‘	ͻ‹–Š‡•‡…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•ƒ†‹–†‹†‘–
Šƒ˜‡ƒƒ–‡”‹ƒŽ‹’ƒ…–‘–Š‡‘’ƒ›Ǥ



CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͷʹ 



ȋ•Ȍ	—–—”‡•–ƒ†ƒ”†ƒ‡†‡–•
Š‡ˆ‘ŽŽ‘™‹‰ƒ‡†‡–•–‘ƒ……‘—–‹‰•–ƒ†ƒ”†•ǡƒ•‹••—‡†„›–Š‡ǡƒ”‡‡ˆˆ‡…–‹˜‡ˆ‘”ƒ—ƒŽ’‡”‹‘†•
„‡‰‹‹‰‘‘”ƒˆ–‡”
ƒ—ƒ”›ͳǡʹͲʹ͵Ǥ
Š‡’”‘‘—…‡‡–•™‹ŽŽ„‡ƒ†‘’–‡†‘–Š‡‹””‡•’‡…–‹˜‡‡ˆˆ‡…–‹˜‡†ƒ–‡•ǢŠ‘™‡˜‡”ǡ‡ƒ…Š‹•‘–‡š’‡…–‡†–‘Šƒ˜‡
ƒƒ–‡”‹ƒŽ‹’ƒ…–‘–Š‡…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•Ǥ 
ͳǦ”‡•‡–ƒ–‹‘‘ˆ	‹ƒ…‹ƒŽ–ƒ–‡‡–•
 	‡„”—ƒ”› ʹͲʹͳǡ –Š‡  ‹••—‡† ƒ ƒ‡†‡– –‘  ͺ ……‘—–‹‰ ‘Ž‹…‹‡•ǡ Šƒ‰‡• ‹ ……‘—–‹‰
•–‹ƒ–‡•ƒ†””‘”•‹™Š‹…Š‹–’”‘˜‹†‡•…Žƒ”‹–›ƒ•–‘–Š‡†‡ˆ‹‹–‹‘‘ˆƒ……‘—–‹‰‡•–‹ƒ–‡•ǡ’ƒ”–‹…—Žƒ”Ž›‹
–‡”•‘ˆ–Š‡†‹ˆˆ‡”‡…‡„‡–™‡‡ƒ……‘—–‹‰‡•–‹ƒ–‡•ƒ†ƒ……‘—–‹‰’‘Ž‹…‹‡•Ǥƒ–‡”‹ƒŽŽ›–Š‡ƒ‡†‡–™‹ŽŽ
Šƒ˜‡Ž‹––Ž‡‹’ƒ…––‘ƒ‡–‹–›ǯ•ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•Š‘™‡˜‡”™‹ŽŽ’”‘˜‹†‡‰—‹†ƒ…‡‹†‡–‡”‹‹‰™Š‡–Š‡”
…Šƒ‰‡•ƒ”‡–‘„‡–”‡ƒ–‡†ƒ•…Šƒ‰‡•‹‡•–‹ƒ–‡•ǡ…Šƒ‰‡•‹’‘Ž‹…‹‡•ǡ‘”‡””‘”•Ǥ 
Š‡ƒ‡†‡–‹•‡ˆˆ‡…–‹˜‡ˆ‘”ƒ—ƒŽ’‡”‹‘†•„‡‰‹‹‰‘‘”ƒˆ–‡”
ƒ—ƒ”›ͳǡʹͲʹ͵ǡ™‹–Š‡ƒ”Ž›ƒ†‘’–‹‘
’‡”‹––‡†ǤŠ‡‘’ƒ›‹•ƒ••‡••‹‰–Š‡‹’ƒ…–‘ˆ–Š‡ƒ‡†‡–‘‹–•…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•Ǥ

ƒ—ƒ”›ʹͲʹͲƒ†…–‘„‡”ʹͲʹʹǡ–Š‡‹••—‡†ƒ‡†‡–•–‘ͳ”‡•‡–ƒ–‹‘‘ˆ	‹ƒ…‹ƒŽ–ƒ–‡‡–•
’”‘˜‹†‹‰ ƒ ‘”‡ ‰‡‡”ƒŽ ƒ’’”‘ƒ…Š –‘ –Š‡ …Žƒ••‹ˆ‹…ƒ–‹‘ ‘ˆ Ž‹ƒ„‹Ž‹–‹‡•Ǥ Š‡ ƒ‡†‡– …Žƒ”‹ˆ‹‡• –Šƒ– –Š‡
…Žƒ••‹ˆ‹…ƒ–‹‘‘ˆŽ‹ƒ„‹Ž‹–‹‡•ƒ•…—””‡–‘”‘Ǧ…—””‡–†‡’‡†•‘–Š‡”‹‰Š–•‡š‹•–‹‰ƒ––Š‡‡†‘ˆ–Š‡”‡’‘”–‹‰
’‡”‹‘†ƒ•‘’’‘•‡†–‘–Š‡‡š’‡…–ƒ–‹‘•‘ˆ‡š‡”…‹•‹‰–Š‡”‹‰Š–ˆ‘”•‡––Ž‡‡–‘ˆ–Š‡Ž‹ƒ„‹Ž‹–›ǤŠ‡ƒ‡†‡–•
ˆ—”–Š‡”…Žƒ”‹ˆ›–Šƒ–•‡––Ž‡‡–”‡ˆ‡”•–‘–Š‡–”ƒ•ˆ‡”‘ˆ…ƒ•Šǡ‡“—‹–›‹•–”—‡–•ǡ‘–Š‡”ƒ••‡–•ǡ‘”•‡”˜‹…‡•–‘–Š‡
…‘—–‡”’ƒ”–›Ǥ 
Š‡ƒ‡†‡–•ƒ”‡‡ˆˆ‡…–‹˜‡ˆ‘”ƒ—ƒŽ’‡”‹‘†•„‡‰‹‹‰‘‘”ƒˆ–‡”
ƒ—ƒ”›ͳǡʹͲʹͶƒ†ƒ”‡–‘„‡ƒ’’Ž‹‡†
”‡–”‘•’‡…–‹˜‡Ž›ǡ ™‹–Š ‡ƒ”Ž› ƒ†‘’–‹‘ ’‡”‹––‡†Ǥ Š‡ ‘’ƒ› ‹• ƒ••‡••‹‰ –Š‡ ˆ‹ƒ…‹ƒŽ ‹’ƒ…– ‘ˆ –Š‡
ƒ‡†‡–‘‹–•…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•Ǥ 
ͺǦ……‘—–‹‰‘Ž‹…‹‡•ǡŠƒ‰‡•‹……‘—–‹‰•–‹ƒ–‡•ƒ†””‘”•
	‡„”—ƒ”›ʹͲʹͳǡ–Š‡‹••—‡†ƒƒ‡†‡––‘ͳ”‡•‡–ƒ–‹‘‘ˆ	‹ƒ…‹ƒŽ–ƒ–‡‡–•‹™Š‹…Š‹–
’”‘˜‹†‡• ‰—‹†ƒ…‡ –‘ Š‡Ž’ ‡–‹–‹‡• ƒ’’Ž› ƒ–‡”‹ƒŽ‹–› Œ—†‰‡‡–• –‘ ƒ……‘—–‹‰ ’‘Ž‹…› †‹•…Ž‘•—”‡•Ǥ Š‡
ƒ••‡••‹‰ ƒ–‡”‹ƒŽ‹–›ǡ ‡–‹–‹‡• ‡‡† –‘ …‘•‹†‡” –Š‡ •‹œ‡ ‘ˆ –Š‡ –”ƒ•ƒ…–‹‘• ƒŽ‘‰ ™‹–Š ‘–Š‡” ‡˜‡–• ‘”
…‘†‹–‹‘•ƒ†–Š‡ƒ–—”‡‘ˆ–Š‡Ǥ–ƒ†ƒ”†‹œ‡†ƒ……‘—–‹‰’‘Ž‹…›‹ˆ‘”ƒ–‹‘•Š‘—Ž†ƒŽ•‘„‡‹…Ž—†‡†‹
…‹”…—•–ƒ…‡•™Š‡”‡—•‡”•ƒ›‡‡†‹––‘—†‡”•–ƒ†ƒ–‡”‹ƒŽ‹ˆ‘”ƒ–‹‘‹–Š‡ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•Ǥ 
Š‡ƒ‡†‡–‹•‡ˆˆ‡…–‹˜‡ˆ‘”ƒ—ƒŽ’‡”‹‘†•„‡‰‹‹‰‘‘”ƒˆ–‡”
ƒ—ƒ”›ͳǡʹͲʹ͵ǡ™‹–Š‡ƒ”Ž›ƒ†‘’–‹‘
’‡”‹––‡†ǤŠ‡‘’ƒ›‹•ƒ••‡••‹‰–Š‡‹’ƒ…–‘ˆ–Š‡ƒ‡†‡–‘‹–•…‘•‘Ž‹†ƒ–‡†ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•Ǥ
ͳʹǦ…‘‡ƒš‡•
ƒ›͹ǡʹͲʹͳǡ–Š‡‹••—‡†ƒƒ‡†‡––‘ͳʹ…‘‡–ƒš‡•–‘…Žƒ”‹ˆ›–Š‡ƒ……‘—–‹‰ˆ‘”†‡ˆ‡””‡†
–ƒš‘–”ƒ•ƒ…–‹‘••—…Šƒ•Ž‡ƒ•‡•ƒ††‡…‘‹••‹‘‹‰‘„Ž‹‰ƒ–‹‘•ǤŠ‡•…‘’‡‘ˆ–Š‡”‡…‘‰‹–‹‘‡š‡’–‹‘‹
ͳʹ‘Ž‘‰‡”ƒ’’Ž‹‡•–‘–”ƒ•ƒ…–‹‘•–Šƒ–ǡ‘‹‹–‹ƒŽ”‡…‘‰‹–‹‘ǡ‰‹˜‡”‹•‡–‘‡“—ƒŽ–ƒšƒ„Ž‡ƒ††‡†—…–‹„Ž‡
–‡’‘”ƒ”›†‹ˆˆ‡”‡…‡•Ǥ 
Š‡ƒ‡†‡–•ƒ”‡‡ˆˆ‡…–‹˜‡ˆ‘”ƒ—ƒŽ’‡”‹‘†•„‡‰‹‹‰‘‘”ƒˆ–‡”
ƒ—ƒ”›ͳǡʹͲʹ͵ǡ™‹–Š‡ƒ”Ž›ƒ†‘’–‹‘
’‡”‹––‡†Ǥ Š‡ ‘’ƒ› ‹• ƒ••‡••‹‰ –Š‡ ˆ‹ƒ…‹ƒŽ ‹’ƒ…– ‘ˆ –Š‡ ƒ‡†‡– ‘ ‹–• …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ
•–ƒ–‡‡–•Ǥ 
4. 
Determinationoffairvalues 
—„‡”‘ˆ–Š‡‘’ƒ›ǯ•ƒ……‘—–‹‰’‘Ž‹…‹‡•ƒ††‹•…Ž‘•—”‡•”‡“—‹”‡–Š‡†‡–‡”‹ƒ–‹‘‘ˆˆƒ‹”˜ƒŽ—‡ǡˆ‘”„‘–Š
ˆ‹ƒ…‹ƒŽƒ†‘Ǧˆ‹ƒ…‹ƒŽƒ••‡–•ƒ†Ž‹ƒ„‹Ž‹–‹‡•Ǥ 
Š‡ˆƒ‹”˜ƒŽ—‡‘ˆŽ‘‰Ǧ–‡”†‡„–ƒ’’”‘š‹ƒ–‡•‹–•…ƒ””›‹‰˜ƒŽ—‡ƒ•–Š‡†‡„–„‡ƒ”•‹–‡”‡•–ƒ–ˆŽ‘ƒ–‹‰”ƒ–‡•ƒ†
–Š‡…”‡†‹–•’”‡ƒ†•ƒ’’”‘š‹ƒ–‡…—””‡–ƒ”‡–”ƒ–‡•Ǥ 



CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͷ͵ 



	ƒ‹”˜ƒŽ—‡Š‹‡”ƒ”…Š›ˆ‹ƒ…‹ƒŽ‹•–”—‡–•–Šƒ–ƒ”‡‡ƒ•—”‡†•—„•‡“—‡––‘‹‹–‹ƒŽ”‡…‘‰‹–‹‘ƒ–ˆƒ‹”˜ƒŽ—‡ƒ”‡
‰”‘—’‡†‹‡˜‡Ž•ͳ–‘͵„ƒ•‡†‘–Š‡†‡‰”‡‡–‘™Š‹…Š–Š‡ˆƒ‹”˜ƒŽ—‡‹•‘„•‡”˜ƒ„Ž‡ǣ
‡˜‡ŽͳȂƒ†Œ—•–‡†“—‘–‡†’”‹…‡•‹ƒ…–‹˜‡ƒ”‡–•ˆ‘”‹†‡–‹…ƒŽƒ••‡–•‘”Ž‹ƒ„‹Ž‹–‹‡•Ǣ
‡˜‡Ž ʹ Ȃ ’—–• ‘–Š‡” –Šƒ “—‘–‡† ’”‹…‡• –Šƒ– ƒ”‡ ‘„•‡”˜ƒ„Ž‡ ˆ‘” –Š‡ ƒ••‡– ‘” Ž‹ƒ„‹Ž‹–› ‡‹–Š‡” †‹”‡…–Ž› ‘”
‹†‹”‡…–Ž›Ǣƒ† 
‡˜‡Ž͵Ȃ’—–•–Šƒ–ƒ”‡‘–„ƒ•‡†‘‘„•‡”˜ƒ„Ž‡ƒ”‡–†ƒ–ƒǤ 
5.
Propertyandequipment


Costs
ƒŽƒ…‡ǡ
ƒ—ƒ”›ͳǡʹͲʹʹ
$
148,692 $
243,251 $
827 $
2,113 $
394,883
††‹–‹‘•
21,493
3,737
683
128
26,041
‹•’‘•ƒŽ•
(1,750)
(2,991)
(126)
(109)
(4,976)
ˆˆ‡…–‘ˆˆ‘”‡‹‰…—””‡…›
‡š…Šƒ‰‡†‹ˆˆ‡”‡…‡•
3,554
Ǧ
(3)
Ǧ
3,551
ƒŽƒ…‡ǡ‡…‡„‡”͵ͳǡʹͲʹʹ
171,989
243,997
1,381
2,132
419,499
Accumulateddepreciationand
impairmentlosses
ƒŽƒ…‡ǡ
ƒ—ƒ”›ͳǡʹͲʹʹ
60,845
132,833
457
2,014
196,149
‡’”‡…‹ƒ–‹‘
5,613
6,208
245
96
12,162
‹•’‘•ƒŽ•
(1,269)
(2,287)
(126)
(90)
(3,772)
’ƒ‹”‡–”‡˜‡”•ƒŽ•
(22,952)
(309)
Ǧ
Ǧ
(23,261)
ˆˆ‡…–‘ˆˆ‘”‡‹‰…—””‡…›
‡š…Šƒ‰‡†‹ˆˆ‡”‡…‡•
594
Ǧ
Ǧ
Ǧ
594
ƒŽƒ…‡ǡ‡…‡„‡”͵ͳǡʹͲʹʹ
42,831
136,445
576
2,020
181,872
Netbookvalue
ƒŽƒ…‡ǡ‡…‡„‡”͵ͳǡʹͲʹʹ
$
129,158 $
107,552 $
805 $
112 $
237,627
Contract
Drilling
equipment
Production
Services
propertyand
equipment
RightǦofǦuse
assets
Other
equipment
Total

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͷͶ 




Š‡”‡‘˜ƒŽ‘ˆ‡…‘‘‹…”‡•–”‹…–‹‘•†—‡–‘–Š‡ǦͳͻŠ‡ƒŽ–Š’ƒ†‡‹……”‡ƒ–‡†ƒ‹…”‡ƒ•‡††‡ƒ†ˆ‘”
…”—†‡‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•™‹–Š‘—–ƒ•—ˆˆ‹…‹‡–…‘””‡•’‘†‹‰‹…”‡ƒ•‡‹‰Ž‘„ƒŽ•—’’Ž›ǤŠ‹•’‘•‹–‹˜‡Ž›ƒˆˆ‡…–‡†
…—””‡–ƒ†ˆ‘”‡…ƒ•–‡††”‹ŽŽ‹‰ƒ†’”‘†—…–‹‘Ž‡˜‡Ž•‹ƒƒ†ƒƒ†–Š‡‹–‡†–ƒ–‡•”‡•—Ž–‹‰‹‹…”‡ƒ•‡†
†‡ƒ†ˆ‘”–Š‡‘’ƒ›ǯ••‡”˜‹…‡•Ǥ••—…Šǡ–Š‡‘’ƒ›…‘…Ž—†‡†–Šƒ––Š‡”‡™‡”‡‹†‹…ƒ–‘”•‘ˆ‹’ƒ‹”‡–
”‡˜‡”•ƒŽƒ†’‡”ˆ‘”‡†ƒ‹’ƒ‹”‡––‡•–ˆ‘”–Š‡‘’ƒ›ǯ•…ƒ•Š‰‡‡”ƒ–‹‰—‹–•ȋDz
•dzȌƒ–‡…‡„‡”͵ͳǡ
ʹͲʹʹǤ
Š‡”‡…‘˜‡”ƒ„Ž‡ƒ‘—–‘ˆ–Š‡
™ƒ•„ƒ•‡†‘–Š‡˜ƒŽ—‡‹—•‡‡–Š‘†ǡ‡•–‹ƒ–‡†—•‹‰†‹•…‘—–‡†…ƒ•Š
ˆŽ‘™•‹…‘”’‘”ƒ–‹‰–Š‡‘’ƒ›̵•‘•–”‡…‡–ʹͲʹ͵‹–‡”ƒŽͷǦ›‡ƒ”ˆ‘”‡…ƒ•–•ƒ–‡…‡„‡”͵ͳǡʹͲʹʹǤŠ‡
…ƒŽ…—Žƒ–‹‘‘ˆ‡•–‹ƒ–‡†ˆ—–—”‡…ƒ•ŠˆŽ‘™•™‡”‡†‹•…‘—–‡†–‘–Š‡‹”’”‡•‡–˜ƒŽ—‡—•‹‰ƒƒˆ–‡”Ǧ–ƒš†‹•…‘—–
”ƒ–‡‘ˆʹͲΨ™Š‹…Š”‡ˆŽ‡…–•…—””‡–ƒ”‡–ƒ••‡••‡–•‘ˆ–Š‡–‹‡˜ƒŽ—‡‘ˆ‘‡›ƒ†–Š‡”‹•••’‡…‹ˆ‹…–‘–Š‡
ƒ••‡–•ǤŠ‡ˆƒ‹”˜ƒŽ—‡‘ˆ‡ƒ•—”‡‡–™ƒ•…ƒ–‡‰‘”‹œ‡†ƒ•‡˜‡Ž͵ˆƒ‹”˜ƒŽ—‡„ƒ•‡†‘–Š‡‹’—–•‹–Š‡˜ƒŽ—ƒ–‹‘
–‡…Š‹“—‡—•‡†Ǥ
Š‡‹’ƒ‹”‡–”‡˜‡”•ƒŽ–‡•–…‘…Ž—†‡†–Šƒ––Š‡”‡…‘˜‡”ƒ„Ž‡ƒ‘—–•‘ˆ–Š‡‘’ƒ›ǯ•
•‡š…‡‡†‡†–Š‡‹”
…ƒ””›‹‰ƒ‘—–•Ǥ–‡…‡„‡”͵ͳǡʹͲʹʹǡ–Š‡‘’ƒ›”‡…‘”†‡†ƒ”‡˜‡”•ƒŽ‘ˆŠ‹•–‘”‹…ƒŽ‹’ƒ‹”‡–…Šƒ”‰‡•
‘ˆ ̈́ʹʹǡͻͷʹ ”‡Žƒ–‡† –‘ –Š‡ ‘–”ƒ…– ”‹ŽŽ‹‰ 
 ƒ† ̈́͵Ͳͻ ”‡Žƒ–‡† –‘ –Š‡ ”‘†—…–‹‘ ‡”˜‹…‡• 
 ‹ –Š‡
…‘•‘Ž‹†ƒ–‡† •–ƒ–‡‡–• ‘ˆ …‘’”‡Š‡•‹˜‡ ‹…‘‡Ǥ ‘ Š‹•–‘”‹…ƒŽ ‹’ƒ‹”‡–• ”‡ƒ‹ ˆ‘” ‡‹–Š‡” ‘ˆ –Š‡
‘’ƒ›ǯ•
•Ǥ


Costs
ƒŽƒ…‡ǡ
ƒ—ƒ”›ͳǡʹͲʹͳ
$
121,530 $
256,123 $
946 $
2,098 $
380,697
††‹–‹‘•
27,793
1,028
442
15
29,278
‹•’‘•ƒŽ•
(362)
(13,900)
(561)
Ǧ
(14,823)
‡…Žƒ••‡†–‘Š‡Ž†ˆ‘”•ƒŽ‡ȋ‘–‡ͷȌ
Ǧ
Ǧ
Ǧ
Ǧ
Ǧ
ˆˆ‡…–‘ˆˆ‘”‡‹‰…—””‡…›
‡š…Šƒ‰‡†‹ˆˆ‡”‡…‡•
(269)
Ǧ
Ǧ
Ǧ
(269)
ƒŽƒ…‡ǡ‡…‡„‡”͵ͳǡʹͲʹͳ
148,692
243,251
827
2,113
394,883
Accumulateddepreciationand
impairmentlosses
ƒŽƒ…‡ǡ
ƒ—ƒ”›ͳǡʹͲʹͳ
57,357
136,726
753
1,961
196,797
‡’”‡…‹ƒ–‹‘
3,560
6,703
247
53
10,563
‹•’‘•ƒŽ•
(54)
(11,892)
(543)
Ǧ
(12,489)
’ƒ‹”‡–•
Ǧ
1,296
Ǧ
Ǧ
1,296
‡…Žƒ••‡†–‘Š‡Ž†ˆ‘”•ƒŽ‡ȋ‘–‡ͷȌ
Ǧ
Ǧ
Ǧ
Ǧ
Ǧ
ˆˆ‡…–‘ˆˆ‘”‡‹‰…—””‡…›
‡š…Šƒ‰‡†‹ˆˆ‡”‡…‡•
(18)
Ǧ
Ǧ
Ǧ
(18)
ƒŽƒ…‡ǡ‡…‡„‡”͵ͳǡʹͲʹͳ
60,845
132,833
457
2,014
196,149
Netbookvalue
ƒŽƒ…‡ǡ‡…‡„‡”͵ͳǡʹͲʹͳ
$
87,847 $
110,418 $
370 $
99 $
198,734
Contract
Drilling
equipment
Production
Services
propertyand
equipment
RightǦofǦuse
assets
Other
equipment
Total

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͷͷ 



6.
Loansandborrowings
Š‡ˆ‘ŽŽ‘™‹‰–ƒ„Ž‡’”‘˜‹†‡•‹ˆ‘”ƒ–‹‘™‹–Š”‡•’‡…––‘ƒ‘—–•‹…Ž—†‡†‹–Š‡…‘•‘Ž‹†ƒ–‡†•–ƒ–‡‡–‘ˆ
ˆ‹ƒ…‹ƒŽ’‘•‹–‹‘”‡Žƒ–‡†–‘Ž‘ƒ•ƒ†„‘””‘™‹‰•ǣ

Š‡‘’ƒ›Šƒ•…”‡†‹–ˆƒ…‹Ž‹–‹‡•™‹–Šƒ•›†‹…ƒ–‡‘ˆˆ‘—”ƒƒ†‹ƒˆ‹ƒ…‹ƒŽ‹•–‹–—–‹‘•ȋ–Š‡Dz”‡†‹–	ƒ…‹Ž‹–›dzȌǤ

—Ž›ʹͻǡʹͲʹʹǡ–Š‡‘’ƒ›‡š‡”…‹•‡†–Š‡ƒ……‘”†‹‘ˆ‡ƒ–—”‡–‘‡š’ƒ†–Š‡”‡†‹–	ƒ…‹Ž‹–›…‘’”‹•‡†‘ˆƒ
̈́ͷͲǡ͹ͳͲƒƒ†‹ƒ•›†‹…ƒ–‡†ˆƒ…‹Ž‹–›ǡƒ̈́ͳʹǡͲͲͲǤǤ•›†‹…ƒ–‡†ˆƒ…‹Ž‹–›ǡƒ̈́͹ǡͷͲͲƒƒ†‹ƒ‘’‡”ƒ–‹‰ˆƒ…‹Ž‹–›
ƒ†ƒ̈́ͷǡͲͲͲǤǤ‘’‡”ƒ–‹‰ˆƒ…‹Ž‹–›ǤŠ‡‘’ƒ›ˆ—”–Š‡”ƒ‡†‡†–Š‡”‡†‹–	ƒ…‹Ž‹–›–‘‡š–‡†–Š‡ƒ–—”‹–›
–‘ 
—Ž›͵ͳǡʹͲʹͷ ȋDzƒ–—”‹–› ƒ–‡dzȌǤ ‘’”‹…‹’ƒŽ’ƒ›‡–•ƒ”‡”‡“—‹”‡† —†‡” –Š‡”‡†‹–	ƒ…‹Ž‹–› —–‹Ž –Š‡
ƒ–—”‹–›ƒ–‡ǡƒ–™Š‹…Š–‹‡ƒ›ƒ‘—–•‘—–•–ƒ†‹‰ƒ”‡†—‡ƒ†’ƒ›ƒ„Ž‡ǤŠ‡‘’ƒ›ƒ›ǡ‘ƒƒ—ƒŽ
„ƒ•‹•ǡ”‡“—‡•––Š‡ƒ–—”‹–›ƒ–‡„‡‡š–‡†‡†ˆ‘”ƒ’‡”‹‘†‘––‘‡š…‡‡†–Š”‡‡›‡ƒ”•ˆ”‘–Š‡†ƒ–‡‘ˆ–Š‡”‡“—‡•–Ǥ
ˆ ƒ ”‡“—‡•– ˆ‘” ƒ ‡š–‡•‹‘ ‹• ‘– ƒ’’”‘˜‡† „› –Š‡ „ƒ‹‰ •›†‹…ƒ–‡ǡ –Š‡ ƒ–—”‹–› ƒ–‡ ™‹ŽŽ ”‡ƒ‹
—…Šƒ‰‡†Ǥ
Š‡ ”‡†‹– 	ƒ…‹Ž‹–› „‡ƒ”• ‹–‡”‡•– „ƒ•‡† ‘ ƒ •Ž‹†‹‰ •…ƒŽ‡ ’”‹…‹‰ ‰”‹† –‹‡† –‘ –Š‡ ‘’ƒ›ǯ• –”ƒ‹Ž‹‰
‘•‘Ž‹†ƒ–‡†‡„–ȋʹȌ–‘‘•‘Ž‹†ƒ–‡†ȋͳȌ”ƒ–‹‘ˆ”‘ƒ‹‹—‘ˆ–Š‡„ƒǯ•’”‹‡”ƒ–‡’Ž—•ͳǤʹͷΨ–‘ƒ
ƒš‹—‘ˆ–Š‡„ƒǯ•’”‹‡”ƒ–‡’Ž—•ͶǤʹͷΨ‘”ˆ”‘ƒ‹‹—‘ˆ–Š‡„ƒ‡”•ǯƒ……‡’–ƒ…‡•”ƒ–‡’Ž—•ƒ
•–ƒ’‹‰ˆ‡‡‘ˆʹǤʹͷΨ–‘ƒƒš‹—‘ˆ–Š‡„ƒ‡”•ǯƒ……‡’–ƒ…‡•”ƒ–‡’Ž—•ƒ•–ƒ’‹‰ˆ‡‡‘ˆͷǤʹͷΨǤ–ƒ†„›
ˆ‡‡•—†‡”–Š‡”‡†‹–	ƒ…‹Ž‹–›”ƒ‰‡„‡–™‡‡ͲǤͷ͸Ψƒ†ͳǤ͵ͳΨǤ–‡”‡•–ƒ†ˆ‡‡•—†‡”–Š‡”‡†‹–	ƒ…‹Ž‹–›ƒ”‡
’ƒ›ƒ„Ž‡‘–ŠŽ›ǤŠ‡‘’ƒ›Šƒ•–Š‡‘’–‹‘–‘„‘””‘™ˆ—†•†‡‘‹ƒ–‡†‹‡‹–Š‡”ƒƒ†‹ƒ‘”‹–‡†
–ƒ–‡•†‘ŽŽƒ”•—†‡”–Š‡”‡†‹–	ƒ…‹Ž‹–›Ǥ‘””‘™‹‰•—†‡”–Š‡”‡†‹–	ƒ…‹Ž‹–›ƒ”‡Ž‹‹–‡†–‘ƒƒ‰‰”‡‰ƒ–‡‘ˆ͹ͷΨ
‘ˆƒ……‘—–•”‡…‡‹˜ƒ„Ž‡‘—–•–ƒ†‹‰Ž‡••–ŠƒͻͲ†ƒ›•’Ž—•͸ͲΨ‘ˆ–Š‡‡–„‘‘˜ƒŽ—‡‘ˆ’”‘’‡”–›ƒ†‡“—‹’‡–
Ž‡••…‡”–ƒ‹’”‹‘”‹–›’ƒ›ƒ„Ž‡•ǤŠ‡–”ƒ•Žƒ–‡†ƒ–‡…‡„‡”͵ͳǡʹͲʹʹǡ–Š‡–‘–ƒŽ”‡†‹–	ƒ…‹Ž‹–›™ƒ•̈́ͺͳǡʹ͵ͷǡ‘ˆ
™Š‹…Š̈́Ͷͺǡͺ͹ͻ™ƒ•ƒ˜ƒ‹Žƒ„Ž‡ˆ‘”‹‡†‹ƒ–‡„‘””‘™‹‰ƒ†̈́͵ʹǡ͵ͷ͸™ƒ•‘—–•–ƒ†‹‰ȋ‡…‡„‡”͵ͳǡʹͲʹͳǣ
̈́͵ͷǡͲͺͺȌǤŠ‡”‡†‹–	ƒ…‹Ž‹–›Šƒ•ƒƒ……‘”†‹‘ˆ‡ƒ–—”‡™Š‹…Š’”‘˜‹†‡•–Š‡‘’ƒ›™‹–Š–Š‡ƒ„‹Ž‹–›–‘‹…”‡ƒ•‡
–Š‡ƒš‹—„‘””‘™‹‰•—’–‘̈́ͳʹͷǡͲͲͲǡ•—„Œ‡…––‘–Š‡ƒ’’”‘˜ƒŽ‘ˆ–Š‡Ž‡†‡”•ǤŠ‡”‡†‹–	ƒ…‹Ž‹–›‹••‡…—”‡†
„›ƒ•‡…—”‹–›ƒ‰”‡‡‡–…‘˜‡”‹‰ƒŽŽ–Š‡ƒ••‡–•‘ˆ–Š‡‘’ƒ›ƒ†ƒˆ‹”•–…Šƒ”‰‡•‡…—”‹–›‹–‡”‡•–…‘˜‡”‹‰ƒŽŽ
ƒ••‡–•‘ˆ–Š‡‘’ƒ›ȋ‘–Š‡”–Šƒ”‡ƒŽ‡•–ƒ–‡ƒ••‡–•”‡Žƒ–‡†–‘–Š‡‘”–‰ƒ‰‡‘ƒȌǤˆˆ‡…–‹˜‡‡…‡„‡”͵ͳǡ
ʹͲʹʹǡ–Š‡ƒ’’Ž‹…ƒ„Ž‡”ƒ–‡•—†‡”–Š‡”‡†‹–	ƒ…‹Ž‹–›ƒ”‡„ƒ’”‹‡”ƒ–‡’Ž—•ͳǤʹͷΨǡ„ƒ‡”•ǯƒ……‡’–ƒ…‡•”ƒ–‡
’Ž—•ƒ•–ƒ’‹‰ˆ‡‡‘ˆʹǤʹͷΨǡƒ†•–ƒ†„›ˆ‡‡”ƒ–‡‘ˆͲǤͷ͸ΨǤ
†‡” –Š‡ –‡”• ‘ˆ –Š‡ ”‡†‹– 	ƒ…‹Ž‹–›ǡ –Š‡ ‘’ƒ› ‹• ”‡“—‹”‡† –‘ …‘’Ž› ™‹–Š –Š‡ ˆ‘ŽŽ‘™‹‰ ˆ‹ƒ…‹ƒŽ
…‘˜‡ƒ–•ǣ

‘˜‡ƒ–Ž‹‹–•
December31,2022
‘•‘Ž‹†ƒ–‡†‡„–ȋʹȌ–‘‘•‘Ž‹†ƒ–‡†ȋͳȌ
͵ǤͷͲǣͳǤͲͲ‘”Ž‡••
0.74:1.00
‘•‘Ž‹†ƒ–‡†‡„–ȋʹȌ–‘ƒ’‹–ƒŽ‹œƒ–‹‘ȋ͵Ȍ
ͲǤͷͲǣͳǤͲͲ‘”Ž‡••
0.14:1.00
‘•‘Ž‹†ƒ–‡††Œ—•–‡†ƒ•Š	Ž‘™ȋͶȌ–‘‘•‘Ž‹†ƒ–‡††Œ—•–‡†
	‹ƒ…‡„Ž‹‰ƒ–‹‘•ȋͷȌ
ͳǤͳͷǣͳǤͲͲ‘”‘”‡
16.38:1.00
Currentliabilities
—””‡–’‘”–‹‘‘ˆŽ‡ƒ•‡Ž‹ƒ„‹Ž‹–‹‡•
$
283 ̈́
ͳͺʹ
—””‡–’‘”–‹‘‘ˆ‘”–‰ƒ‰‡‘ƒ
582
ͷͺʹ
$
865 ̈́
͹͸Ͷ
NonǦcurrentliabilities
”‡†‹–	ƒ…‹Ž‹–›
$
32,356 ̈́
͵ͷǡͲͺͺ
‘”–‰ƒ‰‡‘ƒ
9,600
ͳͲǡͳͺʹ
‡ƒ•‡Ž‹ƒ„‹Ž‹–‹‡•
589
ʹͳͷ
	‹ƒ…‹‰ˆ‡‡•
(406)
ȋͶͲʹȌ
$
42,139
ͶͷǡͲͺ͵
Totalloansandborrowings
$
43,004 ̈́
ͶͷǡͺͶ͹
December31,
2022
‡…‡„‡”͵ͳǡ
ʹͲʹͳ

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͷ͸ 




 ȋͳȌ‘•‘Ž‹†ƒ–‡†‹•…ƒŽ…—Žƒ–‡†ƒ•‡–‹…‘‡’Ž—•ˆ‹ƒ…‡…‘•–•ǡ’Ž—•…—””‡–ƒ††‡ˆ‡””‡†‹…‘‡–ƒš‡•ǡ’Ž—•†‡’”‡…‹ƒ–‹‘ǡ’Ž—•
•–‘…Ǧ„ƒ•‡†…‘’‡•ƒ–‹‘ǡ’Ž—•ƒ›‘Ǧ”‡…—””‹‰Ž‘••‡•‘”‹’ƒ‹”‡–Ž‘••‡•ǡ‘”’‡”‹––‡†•‡˜‡”ƒ…‡…‘•–•ǡ‹—•ƒ›‘Ǧ”‡…—””‹‰
‰ƒ‹ǡ’Ž—•ƒ›‡š’‡•‡•”‡Žƒ–‡†–‘…‘”’‘”ƒ–‡‘”„—•‹‡••ƒ…“—‹•‹–‹‘•™‹–ŠƒŽŽƒ‘—–•„‡‹‰ˆ‘”–Š‡–™‡Ž˜‡Ǧ‘–Š’‡”‹‘†‡†‡†–Š‡
…ƒŽ…—Žƒ–‹‘†ƒ–‡ǡ‹—•ƒŽŽ’”‹…‹’ƒŽ’ƒ‹†‘”’ƒ›ƒ„Ž‡‹…‘‡…–‹‘™‹–Š–Š‡‘”–‰ƒ‰‡‘ƒǤ‘•‘Ž‹†ƒ–‡†‹•ƒ†Œ—•–‡†–‘”‡ˆŽ‡…–
–Š‡‹…Ž—•‹‘‘ˆƒ–‡”‹ƒŽƒ…“—‹•‹–‹‘•‘”ƒ–‡”‹ƒŽ†‹•’‘•‹–‹‘•‘ƒ’”‘ˆ‘”ƒ„ƒ•‹•ˆ‘”–Š‡–™‡Ž˜‡Ǧ‘–Š’‡”‹‘†‡†‡†–Š‡…ƒŽ…—Žƒ–‹‘
†ƒ–‡Ǥ‘•‘Ž‹†ƒ–‡†‹•‹…”‡ƒ•‡†‹ˆ†‡„–”‡’ƒ›‡–•ˆ”‘–Š‡’”‘…‡‡†•‘ˆ‡“—‹–›‹••—ƒ…‡ƒ”‡—•‡†–‘”‡’ƒ›–Š‡•›†‹…ƒ–‡†ˆƒ…‹Ž‹–›
ƒ††‡•‹‰ƒ–‡†„›–Š‡‘’ƒ›ƒ•ƒ“—‹–›—”‡ƒ‘—–Ǥ 
ȋʹȌ‘•‘Ž‹†ƒ–‡†‡„–‹•…ƒŽ…—Žƒ–‡†ƒ•–‘–ƒŽŽ‘ƒ•ƒ†„‘””‘™‹‰•ƒ••Š‘™‹–Š‡•…Š‡†—Ž‡ƒ„‘˜‡ƒ†Œ—•–‡†–‘‡š…Ž—†‡ǣ–Š‡‘”–‰ƒ‰‡‘ƒǡ
–Š‡ˆ—†•Š‡Ž†‹ƒ›•‡‰”‡‰ƒ–‡†ƒ……‘—–•ƒ†–‘”‡‘˜‡ƒ›ˆ‹ƒ…‹‰ˆ‡‡•‹…Ž—†‡†Ǥ 
ȋ͵Ȍƒ’‹–ƒŽ‹œƒ–‹‘‹•…ƒŽ…—Žƒ–‡†ƒ•‘•‘Ž‹†ƒ–‡†‡„–’Ž—•Šƒ”‡Š‘Ž†‡”•ǯ“—‹–›ƒ•ƒ––Š‡…ƒŽ…—Žƒ–‹‘†ƒ–‡Ǥ 
ȋͶȌ‘•‘Ž‹†ƒ–‡††Œ—•–‡†ƒ•Š	Ž‘™‹•…ƒŽ…—Žƒ–‡†ƒ•‘•‘Ž‹†ƒ–‡†‹—•ƒ‘—–•’ƒ‹†ˆ‘”–”ƒ•ƒ…–‹‘…‘•–•ǡ†‹˜‹†‡†•‘”•Šƒ”‡
”‡’—”…Šƒ•‡•‹–Š‡–™‡Ž˜‡Ǧ‘–Š’‡”‹‘†‡†‡†–Š‡…ƒŽ…—Žƒ–‹‘†ƒ–‡ǤŠ‡ƒŽ…—Žƒ–‹‘‘ˆ†Œ—•–‡†ƒ•Š	Ž‘™‡š…Ž—†‡•‘•‘Ž‹†ƒ–‡†
”‡•—Ž–‹‰ˆ”‘ƒ“—‹–›—”‡Ǥ 
ȋͷȌ‘•‘Ž‹†ƒ–‡††Œ—•–‡†	‹ƒ…‡„Ž‹‰ƒ–‹‘•‹•…ƒŽ…—Žƒ–‡†ƒ•ˆ‹ƒ…‡…‘•–•’Ž—••…Š‡†—Ž‡†’”‹…‹’ƒŽ’ƒ›‡–•‘†‡„–‹…Ž—†‹‰•…Š‡†—Ž‡†
’”‹…‹’ƒŽ’ƒ›‡–•—†‡”ˆ‹ƒ…‡Ž‡ƒ•‡•‹—•ƒ……”‡–‹‘‘ˆˆ‹ƒ…‡ˆ‡‡•‹…Ž—†‡†‹ˆ‹ƒ…‡…‘•–•ˆ‘”–Š‡–™‡Ž˜‡Ǧ‘–Š’‡”‹‘†‡†‡†
–Š‡…ƒŽ…—Žƒ–‹‘†ƒ–‡ȋ‡š…Ž—†‹‰•…Š‡†—Ž‡†’”‹…‹’ƒŽ’ƒ›‡–•ƒ––”‹„—–‡†–‘–Š‡‘”–‰ƒ‰‡‘ƒȌǤ
‘”–‰ƒ‰‡‘ƒ‹•ƒŽ‘ƒƒ–—”‹‰‘
—‡͵ͲǡʹͲʹͺ–Šƒ–‹•ƒ‘”–‹œ‡†‘˜‡”ʹʹ›‡ƒ”•™‹–Š„Ž‡†‡†‘–ŠŽ›
’”‹…‹’ƒŽƒ†‹–‡”‡•–’ƒ›‡–•‘ˆ̈́ͺ͸Ǥ–ƒ–—”‹–›ǡƒ’’”‘š‹ƒ–‡Ž›̈́͹ǡͲ͵Ͳ‘ˆ’”‹…‹’ƒŽ™‹ŽŽ„‡…‘‡’ƒ›ƒ„Ž‡
ƒ••—‹‰‘Ž›”‡‰—Žƒ”‘–ŠŽ›’ƒ›‡–•ƒ”‡ƒ†‡Ǥƒ›ʹǡʹͲʹʹǡ–Š‡‘’ƒ›‡–‡”‡†‹–‘ƒ‹–‡”‡•–”ƒ–‡
•™ƒ’–‘‡š…Šƒ‰‡–Š‡ˆŽ‘ƒ–‹‰”ƒ–‡‹–‡”‡•–’ƒ›‡–•ˆ‘”ˆ‹š‡†”ƒ–‡‹–‡”‡•–’ƒ›‡–•ǡ™Š‹…Šˆ‹š–Š‡ƒ‡”•ǯ
……‡’–ƒ…‡Ǧƒƒ†‹ƒ‘ŽŽƒ”ˆˆ‡”‡†ƒ–‡…‘’‘‡–•‘ˆ‹–•‹–‡”‡•–’ƒ›‡–‘–Š‡‘—–•–ƒ†‹‰‘”–‰ƒ‰‡
‘ƒǤ
†‡”–Š‡‹–‡”‡•–”ƒ–‡•™ƒ’ƒ‰”‡‡‡–ǡ–Š‡‘’ƒ›’ƒ›•ƒˆ‹š‡†”ƒ–‡‘ˆ͵Ǥ͵ͺΨ’‡”ƒ—’Ž—•–Š‡ƒ’’Ž‹…ƒ„Ž‡
…”‡†‹–•’”‡ƒ†‘ˆͳǤ͵ͷΨǡˆ‘”ƒ‡ˆˆ‡…–‹˜‡ˆ‹š‡†”ƒ–‡‘ˆͶǤ͹͵ΨǤŠ‡ˆƒ‹”˜ƒŽ—‡‘ˆ–Š‡‹–‡”‡•–”ƒ–‡•™ƒ’ƒ””ƒ‰‡‡–
‹•–Š‡†‹ˆˆ‡”‡…‡„‡–™‡‡–Š‡ˆ‘”™ƒ”†‹–‡”‡•–”ƒ–‡•ƒ†–Š‡†‹•…‘—–‡†…‘–”ƒ…–”ƒ–‡ƒ†ƒ”‡…Žƒ••‹ˆ‹‡†ƒ•‡˜‡Ž
ʹ‘–Š‡ˆƒ‹”˜ƒŽ—‡Š‹‡”ƒ”…Š›Ǥ•ƒ–‡…‡„‡”͵ͳǡʹͲʹʹǡ–Š‡ƒ”Ǧ–‘Ǧƒ”‡–˜ƒŽ—‡‘ˆ–Š‡‹–‡”‡•–”ƒ–‡•™ƒ’‘ˆ
̈́ͳͷʹ‹•‹…Ž—†‡†™‹–Š‹ƒ……‘—–•”‡…‡‹˜ƒ„Ž‡‘–Š‡…‘•‘Ž‹†ƒ–‡†•–ƒ–‡‡–•‘ˆˆ‹ƒ…‹ƒŽ’‘•‹–‹‘ȋ‡…‡„‡”͵ͳǡ
ʹͲʹͳǣ̈́ʹͳͲ‹…Ž—†‡†™‹–Š‹ƒ……‘—–•’ƒ›ƒ„Ž‡ƒ†ƒ……”—‡†Ž‹ƒ„‹Ž‹–‹‡•ȌǤ
‡ƒ•‡ Ž‹ƒ„‹Ž‹–‹‡•…‘•‹•– ‘ˆ‘ˆˆ‹…‡ •’ƒ…‡ƒ† ‘–‘” ˜‡Š‹…Ž‡• ™Š‹…Š ƒ–—”‡ ‹ͳ–‘͸ ›‡ƒ”•Ǥ Š‡ ‹…”‡‡–ƒŽ
„‘””‘™‹‰”ƒ–‡•ƒ’’Ž‹‡†–‘–Š‡‹†‹˜‹†—ƒŽŽ‡ƒ•‡Ž‹ƒ„‹Ž‹–‹‡•˜ƒ”›ˆ”‘ͷǤͲΨ–‘ͺǤͷΨ’‡”ƒ—Ǥ
Š‡ˆ‘ŽŽ‘™‹‰–ƒ„Ž‡•—ƒ”‹œ‡•…Šƒ‰‡•‹–Š‡…ƒ””›‹‰ƒ‘—–•‘ˆ”‹‰Š–Ǧ‘ˆǦ—•‡ƒ••‡–•”‡…‘‰‹œ‡†ƒ†–Š‡
‘˜‡‡–•†—”‹‰–Š‡’‡”‹‘†ǣ



Office
space
Motor
vehicles
Total
ƒŽƒ…‡ƒ–
ƒ—ƒ”›ͳǡʹͲʹͳ
̈́
͸͹

̈́
ͳʹ͸

̈́
ͳͻ͵

††‹–‹‘•
Ǧ

ͶͶʹ

ͶͶʹ

‹•’‘•ƒŽ•
Ǧ

ȋͳͺȌ

ȋͳͺȌ

‡’”‡…‹ƒ–‹‘‡š’‡•‡
ȋͷͲȌ

ȋͳͻ͹Ȍ

ȋʹͶ͹Ȍ

BalanceatDecember31,2021
$
17

$
353

$
370

Additions
262

421

683

Depreciationexpense
(46)

(199)

(245)

Effectofforeigncurrencyexchangedifferences
Ǧ

(3)

(3)

BalanceatDecember31,2022
$
233

$
572

$
805


CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͷ͹ 



Š‡ˆ‘ŽŽ‘™‹‰–ƒ„Ž‡•—ƒ”‹œ‡•–Š‡…ƒ””›‹‰ƒ‘—–•‘ˆŽ‡ƒ•‡Ž‹ƒ„‹Ž‹–‹‡•ƒ†–Š‡‘˜‡‡–•†—”‹‰–Š‡’‡”‹‘†ǣ

	‹ƒ…‹‰ˆ‡‡•…‘•‹•–‘ˆ…‘‹–‡–ˆ‡‡•ƒ†Ž‡‰ƒŽ‡š’‡•‡•”‡Žƒ–‹‰–‘–Š‡”‡†‹–	ƒ…‹Ž‹–›ƒ†ƒ”‡„‡‹‰
ƒ‘”–‹œ‡†—•‹‰–Š‡‡ˆˆ‡…–‹˜‡‹–‡”‡•–”ƒ–‡‡–Š‘†‘˜‡”–Š‡–‡”‘ˆ–Š‡”‡†‹–	ƒ…‹Ž‹–›Ǥ	‹ƒ…‹‰ˆ‡‡•‘ˆ̈́ʹͷ͹
ˆ‘”–Š‡›‡ƒ”‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹ™‡”‡ƒ‘”–‹œ‡†ƒ†‹…Ž—†‡†‹ˆ‹ƒ…‡…‘•–•ȋ›‡ƒ”‡†‡†‡…‡„‡”
͵ͳǡʹͲʹͳǣ̈́ʹ͵ͷȌǤ
7.
IncomeTaxes
Š‡ ’”‘˜‹•‹‘ ˆ‘” ‹…‘‡ –ƒš‡• †‹ˆˆ‡”• ˆ”‘ –Šƒ– ™Š‹…Š ™‘—Ž† „‡ ‡š’‡…–‡† „› ƒ’’Ž›‹‰ •–ƒ–—–‘”› ”ƒ–‡•Ǥ 
”‡…‘…‹Ž‹ƒ–‹‘‘ˆ–Š‡†‹ˆˆ‡”‡…‡‹•ƒ•ˆ‘ŽŽ‘™•ǣ

Š‡†‡ˆ‡””‡†‹…‘‡–ƒšŽ‹ƒ„‹Ž‹–›‹•…‘’”‹•‡†‘ˆǣ
 
ȋͳȌŠ‡‘’ƒ›Šƒ•̈́͵Ͳǡ͸ʹʹȋʹͲʹͳǣ̈́Ͷ͹ǡͻͲ͸Ȍ‘ˆ‘Ǧ…ƒ’‹–ƒŽŽ‘••…ƒ””›ˆ‘”™ƒ”†•‹ƒƒ†ƒƒ†̈́ͳ͵ǡ͵ͲͷȋʹͲʹͳǣ̈́ͺǡͶʹͶȌ‘ˆ‡–‘’‡”ƒ–‹‰
Ž‘••‡•‹–Š‡‹–‡†–ƒ–‡•ˆ‘”‹…‘‡–ƒš’—”’‘•‡•™Š‹…Šƒ”‡ƒ˜ƒ‹Žƒ„Ž‡ˆ‘”ƒ’’Ž‹…ƒ–‹‘ƒ‰ƒ‹•–ˆ—–—”‡–ƒšƒ„Ž‡‹…‘‡ǤŠ‡•‡Ž‘••…ƒ””›
ˆ‘”™ƒ”†•‡š’‹”‡„‡–™‡‡ʹͲʹͻƒ†ʹͲͶ͵Ǥ
ŽŽ …Šƒ‰‡• ‹ †‡ˆ‡””‡† ‹…‘‡ –ƒš –‡’‘”ƒ”› †‹ˆˆ‡”‡…‡• ™‡”‡ ”‡…‘‰‹œ‡† ‹ ‹…‘‡ ‹ –Š‡ ›‡ƒ”• ‡†‡†
‡…‡„‡”͵ͳǡʹͲʹʹƒ†ʹͲʹͳǤ
ƒŽƒ…‡ƒ•ƒ–
ƒ—ƒ”›ͳ
$
397 ̈́
ʹͲ͸
††‹–‹‘•
683
ͶͶʹ
……”‡–‹‘‘ˆ‹–‡”‡•–
34
ͳͻ
ƒ›‡–•
(239)
ȋʹͷ͸Ȍ
‹•’‘•ƒŽ•
Ǧ
ȋͳͶȌ
ˆˆ‡…–‘ˆˆ‘”‡‹‰…—””‡…›‡š…Šƒ‰‡†‹ˆˆ‡”‡…‡•
(3)
Ǧ
BalanceasatDecember31
$
872 ̈́
͵ͻ͹
2022
ʹͲʹͳ
‡ƒ”•‡†‡†‡…‡„‡”͵ͳǡ
…‘‡„‡ˆ‘”‡‹…‘‡–ƒš‡•
$
53,373
̈́
ͷǡ͵ͻ͸
‘„‹‡†ˆ‡†‡”ƒŽƒ†’”‘˜‹…‹ƒŽ‹…‘‡–ƒš”ƒ–‡
23.1%
ʹ͵ǤͲΨ
š’‡…–‡†‹…‘‡–ƒš‡•
12,329
ͳǡʹͶͳ
…”‡ƒ•‡ȋ†‡…”‡ƒ•‡Ȍ”‡•—Ž–‹‰ˆ”‘ǣ
‘Ǧ†‡†—…–‹„Ž‡‹–‡•
44
ͳͻ
ƒš”ƒ–‡…Šƒ‰‡•
145
ȋͶʹȌ
–‘…„ƒ•‡†…‘’‡•ƒ–‹‘
244
ͳͺʹ
‡…‘‰‹–‹‘‘ˆ†‡ˆ‡””‡†–ƒšƒ••‡–
(1,750)
ȋͺͻȌ
†Œ—•–‡–•”‡Žƒ–‡†–‘’”‹‘”›‡ƒ”
74
ȋͶͷͻȌ
–Š‡”
513
ȋʹͻȌ
$
11,599
̈́
ͺʹ͵
2022
ʹͲʹͳ
‡ˆ‡””‡†–ƒšƒ••‡–•
‘…ƒ’‹–ƒŽŽ‘••‡•ȋͳȌ
̈́
ͳ͵ǡ͸͸͸
̈́
ȋʹǡͶͺͺȌ
̈́
11,178
	‹ƒ…‡Ž‡ƒ•‡Ž‹ƒ„‹Ž‹–‹‡•
ͻʹ
͸͸
158
”‡…‘‰‹œ‡††‡ˆ‡””‡†–ƒšƒ••‡–
ȋͳǡͷ͵ͺȌ
ͳǡͷ͵ͺ
Ǧ
–Š‡”
ʹͷͺ
ȋͻ͵Ȍ
165
ͳʹǡͶ͹ͺ
ȋͻ͹͹Ȍ
11,501
‡ˆ‡””‡†–ƒšŽ‹ƒ„‹Ž‹–‹‡•ǣ
”‘’‡”–›ƒ†‡“—‹’‡–
ȋʹͳǡͲ͸ʹȌ
ȋͳͲǡ͸ʹ͵Ȍ
(31,685)
‡–†‡ˆ‡””‡†‹…‘‡–ƒšŽ‹ƒ„‹Ž‹–›
̈́
ȋͺǡͷͺͶȌ
̈́
ȋͳͳǡ͸ͲͲȌ
̈́
(20,184)
‡…‡„‡”͵ͳǡ
ʹͲʹͳ
‡…‘‰‹œ‡†‹
ƒ”‹‰•
December31,
2022

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͷͺ 



8.
Sharecapital
ƒǤ
—–Š‘”‹œ‡†
Ž‹‹–‡†—„‡”‘ˆ‘‘˜‘–‹‰•Šƒ”‡•™‹–Š‘—–’ƒ”˜ƒŽ—‡Ǥ
Ž‹‹–‡†—„‡”‘ˆ”‡ˆ‡””‡†•Šƒ”‡•™‹–Š‘—–’ƒ”˜ƒŽ—‡Ǥ
„Ǥ
‘”ƒŽ…‘—”•‡‹••—‡”„‹†
‘˜‡„‡”ͳ͸ǡʹͲʹʹǡ–Š‡‘’ƒ›…‘‡…‡†ƒ‘”ƒŽ…‘—”•‡‹••—‡”„‹†ȋDzdzȌ™Š‹…Š™‹ŽŽ‡š’‹”‡‘
‘˜‡„‡”ͳͷǡʹͲʹ͵‘”•—…Š‡ƒ”Ž‹‡”†ƒ–‡ƒ•–Š‡‹•…‘’Ž‡–‡†Ǥ†‡”–Š‹•–Š‡‘’ƒ›‹•‡–‹–Ž‡†–‘
’—”…Šƒ•‡ǡˆ”‘–‹‡–‘–‹‡ƒ•‹–…‘•‹†‡”•ƒ†˜‹•ƒ„Ž‡ǡ—’–‘ʹͷǡ͸ʹͲǡ͸͹ͳ‹••—‡†ƒ†‘—–•–ƒ†‹‰…‘‘•Šƒ”‡•
–Š”‘—‰Š–Š‡ˆƒ…‹Ž‹–‹‡•‘ˆ–Š‡‘”‘–Š‡””‡…‘‰‹œ‡†ƒ”‡–’Žƒ…‡•Ǥ
ƒ‡•‹–•’—”…Šƒ•‡•–Š”‘—‰Šƒƒ—–‘ƒ–‹…•‡…—”‹–‹‡•’—”…Šƒ•‡’Žƒȋ–Š‡DzdzȌȋƒ•†‡ˆ‹‡†—†‡”
ƒ’’Ž‹…ƒ„Ž‡•‡…—”‹–‹‡•Žƒ™•Ȍ™‹–Šƒ›‘†
ƒ‡•–†Ǥȋ̶ƒ›‘†
ƒ‡•̶ȌǤ—…Š’—”…Šƒ•‡•ƒ”‡†‡–‡”‹‡†„›
ƒ›‘†
ƒ‡•‹‹–••‘Ž‡†‹•…”‡–‹‘ǡ™‹–Š‘—–…‘•—Ž–ƒ–‹‘™‹–ŠŠƒ˜‹‰”‡‰ƒ”†–‘–Š‡’”‹…‡Ž‹‹–ƒ–‹‘ƒ†
ƒ‰‰”‡‰ƒ–‡’—”…Šƒ•‡Ž‹‹–ƒ–‹‘ƒ†‘–Š‡”–‡”•‘ˆ–Š‡ƒ†–Š‡”—Ž‡•‘ˆ–Š‡Ǥ‘†—…–‹‰–Š‡ƒ•
ƒƒŽŽ‘™•…‘‘•Šƒ”‡•–‘„‡’—”…Šƒ•‡†ƒ––‹‡•™Š‡™‘—Ž†‘–Š‡”™‹•‡„‡’”‘Š‹„‹–‡†ˆ”‘†‘‹‰
•‘’—”•—ƒ––‘•‡…—”‹–‹‡•Žƒ™•ƒ†‹–•‹–‡”ƒŽ–”ƒ†‹‰’‘Ž‹…‹‡•Ǥ
	‘” –Š‡ ›‡ƒ” ‡†‡† ‡…‡„‡” ͵ͳǡ ʹͲʹʹǡ ʹͳͲǡͲͲͲ …‘‘ •Šƒ”‡• ˆ‘” …‘•‹†‡”ƒ–‹‘ ‘ˆ ̈́Ͷ͸ǡ ‹…Ž—†‹‰
…‘‹••‹‘•ǡ™‡”‡’—”…Šƒ•‡†ǡ…ƒ…‡ŽŽ‡†ǡƒ†”‡–—”‡†–‘–”‡ƒ•—”›—†‡”–Š‡ȋ›‡ƒ”‡†‡†‡…‡„‡”͵ͳǡ
ʹͲʹͳǣ ʹǡʹͶͻǡͷͲͲ …‘‘ •Šƒ”‡• ˆ‘” …‘•‹†‡”ƒ–‹‘ ‘ˆ ̈́͵ʹ͹ ™‡”‡ ’—”…Šƒ•‡†ǡ …ƒ…‡ŽŽ‡†ǡ ƒ† ”‡–—”‡† –‘
–”‡ƒ•—”›ȌǤ
…Ǥ
–‘…‘’–‹‘•
Š‡‘’ƒ›Šƒ•ƒ•–‘…‘’–‹‘’Žƒ™Š‹…ŠƒŽŽ‘™•–Š‡‘’ƒ›–‘‹••—‡‘’–‹‘•–‘’—”…Šƒ•‡…‘‘•Šƒ”‡•
ƒ–’”‡˜ƒ‹Ž‹‰ƒ”‡–’”‹…‡•‘–Š‡†ƒ–‡‘ˆ–Š‡‘’–‹‘‰”ƒ–ǤŠ‡ƒ‰‰”‡‰ƒ–‡—„‡”‘ˆ•–‘…‘’–‹‘•ƒ†•
‘—–•–ƒ†‹‰‹•Ž‹‹–‡†–‘ƒƒš‹—‘ˆ–‡’‡”…‡–‘ˆ–Š‡‘—–•–ƒ†‹‰…‘‘•Šƒ”‡•ǤŠ‡‘’ƒ›Šƒ•
‰”ƒ–‡†•–‘…‘’–‹‘•–‘†‹”‡…–‘”•ǡ‘ˆˆ‹…‡”•ƒ†‡›‡’Ž‘›‡‡•Ǥ–‘…‘’–‹‘•˜‡•–ƒ—ƒŽŽ›‘˜‡”–Š”‡‡›‡ƒ”•
ˆ”‘ –Š‡ †ƒ–‡ ‘ˆ ‰”ƒ– ƒ• ‡’Ž‘›‡‡• ‘” †‹”‡…–‘”• ”‡†‡” …‘–‹—‘—• •‡”˜‹…‡ –‘ –Š‡ ‘’ƒ› ƒ† Šƒ˜‡ ƒ
ƒš‹—–‡”‘ˆˆ‹˜‡›‡ƒ”•ǤŠ‡‘’ƒ›ƒ›…Š‘‘•‡–‘•‡––Ž‡•–‘…‘’–‹‘•ˆ‘”–Š‡‹–”‹•‹…˜ƒŽ—‡‘ˆ–Š‡•–‘…
‘’–‹‘‘–Š‡‡š‡”…‹•‡†ƒ–‡Ǥ
Š‡ˆ‘ŽŽ‘™‹‰–ƒ„Ž‡•—ƒ”‹œ‡•…Šƒ‰‡•‹–Š‡—„‡”‘ˆ•–‘…‘’–‹‘•‘—–•–ƒ†‹‰ǣ

Š‡ˆ‘ŽŽ‘™‹‰–ƒ„Ž‡•—ƒ”‹œ‡•‹ˆ‘”ƒ–‹‘ƒ„‘—–•–‘…‘’–‹‘•‘—–•–ƒ†‹‰ƒ•ƒ–‡…‡„‡”͵ͳǡʹͲʹʹǣ
Exerciseprice
Numberofoptions
outstanding
Weightedaverage
remaininglife(years)
contractual
Weighted
averageexercise
price
Numberof
options
exercisable
$      0.10
89,000
1.93
$      0.10
89,000
	‘”–Š‡›‡ƒ”‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹǡ•–‘…Ǧ„ƒ•‡†…‘’‡•ƒ–‹‘‡š’‡•‡”‡Žƒ–‹‰–‘•–‘…‘’–‹‘•–‘–ƒŽ‡†̈́Ͷ
ȋ›‡ƒ”‡†‡†‡…‡„‡”͵ͳǡʹͲʹͳǣ̈́ͷȌǤ


Numberof
options
Weightedaverage
exerciseprice
ƒŽƒ…‡ƒ–
ƒ—ƒ”›ͳǡʹͲʹͳ
ͳ͸ǡͲ͵ͺǡͲͲͲ
ͲǤͳͻ
š’‹”‡†
ȋͺǡͶʹͲǡͲͲͲȌ
ͲǤͳͺ
	‘”ˆ‡‹–‡†
ȋʹͻͷǡͲͲͲȌ
ͲǤͳͻ
BalanceatDecember31,2021
7,323,000
0.20
Exercised
(4,615,000)
0.20
Expired
(2,619,000)
0.20
BalanceatDecember31,2022
89,000
0.10

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁͷͻ 



†Ǥ
‡•–”‹…–‡†•Šƒ”‡—‹–ȋDzdzȌ’Žƒ
Š‡‘’ƒ›Šƒ•ƒ”‡•–”‹…–‡†•Šƒ”‡—‹–’Žƒ™Š‹…ŠƒŽŽ‘™•–‘‹••—‡•™Š‹…Šƒ”‡”‡†‡‡ƒ„Ž‡ˆ‘”
…‘‘•Šƒ”‡•ƒ–ˆ—–—”‡˜‡•–‹‰†ƒ–‡•ǤŠ‡ƒ‰‰”‡‰ƒ–‡—„‡”‘ˆ•ƒ†•–‘…‘’–‹‘•‘—–•–ƒ†‹‰‹•Ž‹‹–‡†
–‘ƒƒš‹—‘ˆ–‡’‡”…‡–‘ˆ–Š‡‘—–•–ƒ†‹‰…‘‘•Šƒ”‡•ǤŠ‡‘’ƒ›Šƒ•‰”ƒ–‡†•–‘†‹”‡…–‘”•ǡ
‘ˆˆ‹…‡”•ǡ ƒ† ‡› ‡’Ž‘›‡‡•Ǥ • ˜‡•– ƒ—ƒŽŽ› ‘˜‡” –Š”‡‡ ›‡ƒ”• ˆ”‘ –Š‡ †ƒ–‡ ‘ˆ ‰”ƒ– ƒ• ‡’Ž‘›‡‡• ‘”
†‹”‡…–‘”•”‡†‡”…‘–‹—‘—••‡”˜‹…‡–‘–Š‡‘’ƒ›ƒ†Šƒ˜‡ƒƒš‹—–‡”‘ˆ–Š‡‡†‘ˆ–Š‡–Š‹”†›‡ƒ”
ˆ‘ŽŽ‘™‹‰–Š‡‹”‰”ƒ–†ƒ–‡ǤŠ‡‘’ƒ›ƒ›…Š‘‘•‡–‘•‡––Ž‡•ˆ‘”–Š‡‹–”‹•‹…˜ƒŽ—‡‘ˆ–Š‡•‘–Š‡
•‡––Ž‡‡–†ƒ–‡ǡ„—––Š‡‘’ƒ›Šƒ•‘…—””‡–‹–‡–‹‘‘”‘„Ž‹‰ƒ–‹‘–‘†‘•‘Ǥ 
Š‡ˆ‘ŽŽ‘™‹‰–ƒ„Ž‡•—ƒ”‹œ‡•…Šƒ‰‡•‹–Š‡—„‡”‘ˆ‡•–”‹…–‡†Šƒ”‡‹–•ȋDz•dzȌ‘—–•–ƒ†‹‰ǣ

Š‡ˆ‘ŽŽ‘™‹‰–ƒ„Ž‡•—ƒ”‹œ‡•‹ˆ‘”ƒ–‹‘ƒ„‘—–•‘—–•–ƒ†‹‰ƒ•ƒ–‡…‡„‡”͵ͳǡʹͲʹʹǣ
Issuedatefair
value
NumberofRSUs
outstanding
Weightedaverage
remaininglife(years)
contractual
Weighted
averageexercise
price($)
NumberofRSUs
exercisable
$0.14Ǧ$0.25
17,448,911
2.01
n/a
3,905,913
	‘”–Š‡›‡ƒ”‡†‡…‡„‡”͵ͳǡʹͲʹʹǡ•–‘…Ǧ„ƒ•‡†…‘’‡•ƒ–‹‘‡š’‡•‡”‡Žƒ–‹‰–‘•–‘–ƒŽ‡†̈́ͳǡͲͶͷȋ	‘”
–Š‡›‡ƒ”‡†‡…‡„‡”͵ͳǡʹͲʹͳǣ̈́͹͹͹ȌǤ 
‡Ǥ
‡‹‰Š–‡†ƒ˜‡”ƒ‰‡…‘‘•Šƒ”‡•‘—–•–ƒ†‹‰
Š‡ˆ‘ŽŽ‘™‹‰–ƒ„Ž‡”‡…‘…‹Ž‡•–Š‡…‘‘•Šƒ”‡•—•‡†‹…‘’—–‹‰’‡”•Šƒ”‡ƒ‘—–•ˆ‘”–Š‡’‡”‹‘†•‘–‡†ǣ

ˆǤ  ‘–”‹„—–‡†•—”’Ž—• 
‘–”‹„—–‡†•—”’Ž—•…‘’”‹•‡•ƒ‘—–•’ƒ‹†‹„›‡“—‹–›Š‘Ž†‡”•Ǥ‘–”‹„—–‡†•—”’Ž—•‹–Š‡ˆ‘”‘ˆ•—”’Ž—•
’ƒ‹†‹„›‡“—‹–›Š‘Ž†‡”•‹…Ž—†‡•’”‡‹—•‘•Šƒ”‡•‹••—‡†ǡƒ›’‘”–‹‘‘ˆ–Š‡’”‘…‡‡†•‘ˆ‹••—‡‘ˆ•Šƒ”‡•
™‹–Š‘—–’ƒ”˜ƒŽ—‡‘–ƒŽŽ‘…ƒ–‡†–‘•Šƒ”‡…ƒ’‹–ƒŽǡ‰ƒ‹‘ˆ‘”ˆ‡‹–‡†•Šƒ”‡•ǡ’”‘…‡‡†•ƒ”‹•‹‰ˆ”‘•Šƒ”‡•†‘ƒ–‡†
„›‡“—‹–›Š‘Ž†‡”•ǡ…”‡†‹–•”‡•—Ž–‹‰ˆ”‘”‡†‡’–‹‘‘”…‘˜‡”•‹‘‘ˆ•Šƒ”‡•ƒ–Ž‡••–Šƒ–Š‡ƒ‘—–•‡–—’ƒ•
•Šƒ”‡…ƒ’‹–ƒŽǡƒ†ƒ›‘–Š‡”…‘–”‹„—–‹‘„›‡“—‹–›Š‘Ž†‡”•‹‡š…‡••‘ˆƒ‘—–•ƒŽŽ‘…ƒ–‡†–‘•Šƒ”‡…ƒ’‹–ƒŽǤ
‘–”‹„—–‡†•—”’Ž—•ƒŽ•‘‹…Ž—†‡•‹…”‡ƒ•‡•ƒ††‡…”‡ƒ•‡•‹‡“—‹–›ƒ•ƒ”‡•—Ž–‘ˆ•Šƒ”‡Ǧ„ƒ•‡†’ƒ›‡–•—†‡”
–Š‡‘’ƒ›ǯ••–‘…‘’–‹‘ƒ†’Žƒ•Ǥ
NumberofRSUs
Weightedaveragefair
valueatissuedate
ƒŽƒ…‡ƒ–
ƒ—ƒ”›ͳǡʹͲʹͳ
ͳͶǡͻͷͶǡͷ͸ʹ
ͲǤͳ͵

”ƒ–‡†
͹ǡʹͳͺǡͲͲͲ
ͲǤͳ͸
‡†‡‡‡†ˆ‘”…‘‘•Šƒ”‡•
ȋͷǡ͹ͲͲǡ͸͹ͷȌ
ͲǤͳ͵
	‘”ˆ‡‹–‡†Ǧ—˜‡•–‡†
ȋ͵ͺ͸ǡͲͲͲȌ
ͲǤͳ͵
BalanceatDecember31,2021
16,085,887
0.14
Granted
6,024,000
0.25
Redeemedforcommonshares
(4,607,636)
0.12
ExpiredǦvested
(53,340)
0.09
BalanceatDecember31,2022
17,448,911
0.18
2022
2021
‡‹‰Š–‡†ƒ˜‡”ƒ‰‡…‘‘•Šƒ”‡•‘—–•–ƒ†‹‰Ȃ„ƒ•‹…
511,284,083
ͷͲͷǡ͵͵͹ǡͻ͹ͺ
ˆˆ‡…–‘ˆ†‹Ž—–‹˜‡•Šƒ”‡Ǧ„ƒ•‡†…‘’‡•ƒ–‹‘’Žƒ•
17,537,911
͹ǡͺ͸ͷǡͺͲͻ
‡‹‰Š–‡†ƒ˜‡”ƒ‰‡…‘‘•Šƒ”‡•‘—–•–ƒ†‹‰Ȃ†‹Ž—–‡†
528,821,994
ͷͳ͵ǡʹͲ͵ǡ͹ͺ͹
Fortheyearended
December31,

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁ͸Ͳ 



9.
Supplementalcashflowinformation

10.
Segmentedinformation
Š‡‘’ƒ›‘’‡”ƒ–‡•‹–•‘–”ƒ…–”‹ŽŽ‹‰•‡‰‡–‹„‘–Šƒƒ†ƒƒ†–Š‡‹–‡†–ƒ–‡•™Š‹Ž‡‹–•”‘†—…–‹‘
‡”˜‹…‡••‡‰‡–‘’‡”ƒ–‡•‹ƒƒ†ƒǤŠ‡‘–”ƒ…–”‹ŽŽ‹‰•‡‰‡–’”‘˜‹†‡•†”‹ŽŽ‹‰”‹‰•ƒ†”‡Žƒ–‡†ƒ…‹ŽŽƒ”›
‡“—‹’‡––‘‘‹Žƒ†‰ƒ•‡š’Ž‘”ƒ–‹‘ƒ†’”‘†—…–‹‘…‘’ƒ‹‡•ǤŠ‡”‘†—…–‹‘‡”˜‹…‡••‡‰‡–’”‘˜‹†‡•
™‡ŽŽ•‡”˜‹…‡•–‘‘‹Žƒ†‰ƒ•‡š’Ž‘”ƒ–‹‘ƒ†’”‘†—…–‹‘…‘’ƒ‹‡•–Š”‘—‰Š–Š‡—•‡‘ˆ•‡”˜‹…‡”‹‰•Ǥ
ƒƒ‰‡‡–—•‡•‡–‹…‘‡„‡ˆ‘”‡†‡’”‡…‹ƒ–‹‘ƒ†‹…‘‡–ƒš‡•ȋDz•‡‰‡–‹…‘‡ȋŽ‘••ȌdzȌ‹ƒƒ‰‡‡–
”‡’‘”–• ”‡˜‹‡™‡† „› ‡›ƒƒ‰‡‡– ’‡”•‘‡Ž ƒ† –Š‡ „‘ƒ”†‘ˆ †‹”‡…–‘”• –‘ ‡ƒ•—”‡ ’‡”ˆ‘”ƒ…‡ƒ– ƒ
•‡‰‡–„ƒ•‹•Ǥ‡‰‡–‹…‘‡ȋŽ‘••Ȍ‹•—•‡†–‘‡ƒ•—”‡’‡”ˆ‘”ƒ…‡ǡƒ•ƒƒ‰‡‡–„‡Ž‹‡˜‡•–Š‹•‹•–Š‡‘•–
”‡Ž‡˜ƒ–‡ƒ•—”‡‹‡˜ƒŽ—ƒ–‹‰–Š‡”‡•—Ž–•‘ˆ‘—”•‡‰‡–•”‡Žƒ–‹˜‡–‘‡ƒ…Š‘–Š‡”ƒ†–‘‘–Š‡”‡–‹–‹‡•–Šƒ–
‘’‡”ƒ–‡™‹–Š‹–Š‡”‡•’‡…–‹˜‡‹†—•–”‹‡•Ǥ
Š‡‘”’‘”ƒ–‡•‡‰‡–…ƒ’–—”‡•‰‡‡”ƒŽƒ†ƒ†‹‹•–”ƒ–‹˜‡‡š’‡•‡•ƒ••‘…‹ƒ–‡†™‹–Š•—’’‘”–‹‰‡ƒ…Š‘ˆ–Š‡
”‡’‘”–‹‰ •‡‰‡–•ǯ ‘’‡”ƒ–‹‘•ǡ ’Ž—• …‘•–• ƒ••‘…‹ƒ–‡† ™‹–Š „‡‹‰ ƒ ’—„Ž‹… …‘’ƒ›Ǥ Ž•‘ ‹…Ž—†‡† ‹ –Š‡
‘”’‘”ƒ–‡•‡‰‡–‹•‹–‡”‡•–‡š’‡•‡ˆ‘”†‡„–•‡”˜‹…‹‰ǡ‹…‘‡–ƒš‡š’‡•‡ƒ†‘–Š‡”ƒ‘—–•‘–†‹”‡…–Ž›
”‡Žƒ–‡†–‘–Š‡–™‘’”‹ƒ”›•‡‰‡–•Ǥ


‘—”…‡ȋ—•‡Ȍ‘ˆ…ƒ•Š”‡Žƒ–‡†–‘™‘”‹‰…ƒ’‹–ƒŽ‹–‡•ǣ
……‘—–•”‡…‡‹˜ƒ„Ž‡
$
(19,719) $
ȋͻǡͻͻͷȌ
”‡’ƒ‹†‡š’‡•‡•ƒ††‡’‘•‹–•
(2,281)
͵͵ͳ
……‘—–•’ƒ›ƒ„Ž‡ƒ†ƒ……”—‡†Ž‹ƒ„‹Ž‹–‹‡•
5,038
ʹǡ͸ͻͳ
$
(16,962) $
ȋ͸ǡͻ͹͵Ȍ
2022
2021

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁ͸ͳ 



Š‡ƒ‘—–•”‡Žƒ–‡†–‘‡ƒ…Š‹†—•–”›•‡‰‡–ƒ”‡ƒ•ˆ‘ŽŽ‘™•ǣ

…Ž—†‡†‹ƒ……‘—–•”‡…‡‹˜ƒ„Ž‡ƒ–‡…‡„‡”͵ͳǡʹͲʹʹ™ƒ•̈́ͷǡͺͳͻȋ‡…‡„‡”͵ͳǡʹͲʹͳǣ̈́͵ǡ͸ͳͻȌ‘ˆƒ……”—‡†
”‡˜‡—‡ˆ‘”•‡”˜‹…‡•’”‘˜‹†‡†‹–Š‡‘–Š–Š‡‡†‡†ǤŠ‡”‡Šƒ˜‡„‡‡‘•‹‰‹ˆ‹…ƒ–ƒ†Œ—•–‡–•ˆ‘”’”‹‘”
’‡”‹‘†ƒ……”—‡†”‡˜‡—‡‹–Š‡…—””‡–’‡”‹‘†Ǥ
FortheyearendedDecember31,2022
Contract
Drilling
Production
Services
Corporate
Total
‡˜‡—‡
ƒƒ†ƒ
$
47,279 $
94,758 $
Ǧ $
142,037
‹–‡†–ƒ–‡•
63,295
Ǧ
Ǧ
63,295
‘–ƒŽ”‡˜‡—‡
110,574
94,758
Ǧ
205,332
‹”‡…–‘’‡”ƒ–‹‰‡š’‡•‡•
ƒƒ†ƒ
$
32,445 $
59,900 $
Ǧ $
92,345
‹–‡†–ƒ–‡•
44,602
Ǧ
Ǧ
44,602
‘–ƒŽ†‹”‡…–‘’‡”ƒ–‹‰‡š’‡•‡•
77,047
59,900
Ǧ
136,947
‡ŽŽ‹‰ƒ†ƒ†‹‹•–”ƒ–‹˜‡‡š’‡•‡•
6,113
9,243
7,098
22,454
–‘…„ƒ•‡†…‘’‡•ƒ–‹‘
Ǧ
Ǧ
1,049
1,049
	‹ƒ…‡…‘•–•
Ǧ
Ǧ
2,558
2,558
‡’”‡…‹ƒ–‹‘
5,664
6,405
93
12,162
‘••ȋ‰ƒ‹Ȍ‘†‹•’‘•ƒŽ‘ˆ‡“—‹’‡–
476
(426)
Ǧ
50
’ƒ‹”‡–”‡˜‡”•ƒŽ
(22,952)
(309)
Ǧ
(23,261)
…‘‡ȋŽ‘••Ȍ„‡ˆ‘”‡–ƒš
44,226
19,945
(10,798)
53,373
—””‡–‹…‘‡–ƒš‡š’‡•‡
Ǧ
Ǧ
114
114
‡ˆ‡””‡†‹…‘‡–ƒš‡š’‡•‡
Ǧ
Ǧ
11,599
11,599
‡–‹…‘‡ȋŽ‘••Ȍ
$
44,226 $
19,945 $
(22,511) $
41,660
ƒ’‹–ƒŽ‡š’‡†‹–—”‡•
$
21,493 $
4,420 $
128 $
26,041
AsatDecember31,2022
”‘’‡”–›ƒ†‡“—‹’‡–
ƒƒ†ƒ
$
72,240 $
107,552 $
112 $
179,904
‹–‡†–ƒ–‡•
56,918
Ǧ
Ǧ
56,918
129,158
107,552
112
236,822
‹‰Š–Ǧ‘ˆǦ—•‡ƒ••‡–•
331
241
233
805
‘–ƒŽ’”‘’‡”–›ƒ†‡“—‹’‡–
$
129,489 $
107,793 $
345 $
237,627

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁ͸ʹ 




–Š‡” ‹…‘‡ ”‡…‘”†‡† ‹ ʹͲʹͳ …‘•‹•–‡† ‘ˆ 
‘˜‡”‡– ‘ˆ ƒƒ†ƒ ‰”ƒ–• ”‡…‡‹˜‡† —†‡” –Š‡ ƒƒ†ƒ
‡”‰‡…›ƒ‰‡—„•‹†›ȋDzdzȌƒ†ƒƒ†ƒ‡”‰‡…›‡–—„•‹†›ȋDzdzȌ’”‘‰”ƒ•Ǥ™ƒ•ƒ
’”‘‰”ƒ –‘ ƒ••‹•– ‡’Ž‘›‡”• ˆƒ…‹‰ ˆ‹ƒ…‹ƒŽ Šƒ”†•Š‹’ǡ ƒ• ‡ƒ•—”‡† „› …‡”–ƒ‹ ‘–ŠŽ› ”‡˜‡—‡ †‡…Ž‹‡•
…‘’ƒ”‡† –‘ –Š‡ ’”‹‘” ›‡ƒ” ƒ• ƒ ”‡•—Ž– ‘ˆ –Š‡ Ǧͳͻ Š‡ƒŽ–Š ’ƒ†‡‹…Ǥ  ™ƒ• ƒ ’”‘‰”ƒ –‘ ƒ••‹•–
„—•‹‡••‡• ™Š‘ Šƒ† •‡‡ ƒ †”‘’ ‹ ”‡˜‡—‡ †—‡ –‘ –Š‡ Ǧͳͻ Š‡ƒŽ–Š ’ƒ†‡‹… –‘ …‘˜‡” ’ƒ”– ‘ˆ –Š‡‹”
…‘‡”…‹ƒŽ”‡–ƒ†‘”–‰ƒ‰‡ƒ†’”‘’‡”–›‡š’‡•‡•Ǥ


FortheyearendedDecember31,2021
Contract
Drilling
Production
Services
Corporate
Total
‡˜‡—‡
ƒƒ†ƒ
̈́
ʹͶǡ͹ͳͲ ̈́
͹Ͳǡͻʹ͵ ̈́
Ǧ ̈́
ͻͷǡ͸͵͵
‹–‡†–ƒ–‡•
͹ǡͲͲʹ
Ǧ
Ǧ
͹ǡͲͲʹ
‘–ƒŽ”‡˜‡—‡
͵ͳǡ͹ͳʹ
͹Ͳǡͻʹ͵
Ǧ
ͳͲʹǡ͸͵ͷ
–Š‡”‹…‘‡
Ͷ͹ͷ
ͶǡͲ͹Ͷ
ȋ͹ͳͶȌ
͵ǡͺ͵ͷ
‹”‡…–‘’‡”ƒ–‹‰‡š’‡•‡•
ƒƒ†ƒ
ͳͺǡͺ͵͵
Ͷͺǡͳ͸ͳ
Ǧ
͸͸ǡͻͻͶ
‹–‡†–ƒ–‡•
ͷǡʹͻͶ
Ǧ
Ǧ
ͷǡʹͻͶ
‘–ƒŽ†‹”‡…–‘’‡”ƒ–‹‰‡š’‡•‡•
ʹͶǡͳʹ͹
Ͷͺǡͳ͸ͳ
Ǧ
͹ʹǡʹͺͺ
‡ŽŽ‹‰ƒ†ƒ†‹‹•–”ƒ–‹˜‡‡š’‡•‡•
ͳǡ͹Ͷ͹
ͺǡͳͶ͹
ͷǡͶͳ͸
ͳͷǡ͵ͳͲ
–‘…„ƒ•‡†…‘’‡•ƒ–‹‘
Ǧ
Ǧ
͹ͺʹ
͹ͺʹ
	‹ƒ…‡…‘•–•
Ǧ
Ǧ
ͳǡͲͺ͸
ͳǡͲͺ͸
‡’”‡…‹ƒ–‹‘
͵ǡ͸ͳʹ
͸ǡͶͶ͹
ͷͲͶ
ͳͲǡͷ͸͵

ƒ‹‘†‹•’‘•ƒŽ‘ˆ‡“—‹’‡–
ȋʹͶͳȌ
ȋͳͲȌ
Ǧ
ȋʹͷͳȌ
’ƒ‹”‡–‘ˆƒ••‡–•
Ǧ
ͳǡʹͻ͸
Ǧ
ͳǡʹͻ͸
Income(loss)beforetax
ʹǡͻͶʹ
ͳͲǡͻͷ͸
ȋͺǡͷͲʹȌ
ͷǡ͵ͻ͸
‡ˆ‡””‡†‹…‘‡–ƒš‡š’‡•‡
Ǧ
Ǧ
ͺʹ͵
ͺʹ͵
Netincome(loss)
̈́
ʹǡͻͶʹ ̈́
ͳͲǡͻͷ͸ ̈́
ȋͻǡ͵ʹͷȌ ̈́
Ͷǡͷ͹͵
ƒ’‹–ƒŽ‡š’‡†‹–—”‡•
̈́
ʹ͹ǡ͹ͻ͵ ̈́
ͳǡͶ͹Ͳ ̈́
ͳͷ ̈́
ʹͻǡʹ͹ͺ
AsatDecember31,2021
”‘’‡”–›ƒ†‡“—‹’‡–
ƒƒ†ƒ
̈́
ͷͳǡʹͳ͸ ̈́
ͳͳͲǡͶͳͺ ̈́
ͻͻ ̈́
ͳ͸ͳǡ͹͵͵
‹–‡†–ƒ–‡•
͵͸ǡ͸͵ͳ
Ǧ
Ǧ
͵͸ǡ͸͵ͳ
ͺ͹ǡͺͶ͹
ͳͳͲǡͶͳͺ
ͻͻ
ͳͻͺǡ͵͸Ͷ
‹‰Š–Ǧ‘ˆǦ—•‡ƒ••‡–•
Ǧ
͵ͷ͵
ͳ͹
͵͹Ͳ
‘–ƒŽ’”‘’‡”–›ƒ†‡“—‹’‡–
̈́
ͺ͹ǡͺͶ͹ ̈́
ͳͳͲǡ͹͹ͳ ̈́
ͳͳ͸ ̈́
ͳͻͺǡ͹͵Ͷ

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁ͸͵ 



11.
Expensesbynature
Š‡ˆ‘ŽŽ‘™‹‰–ƒ„Ž‡••—ƒ”‹œ‡–Š‡†‹•ƒ‰‰”‡‰ƒ–‹‘‘ˆ†‹”‡…–‘’‡”ƒ–‹‰ƒ†•‡ŽŽ‹‰ƒ†ƒ†‹‹•–”ƒ–‹˜‡‡š’‡•‡•
„›ƒ–—”‡ǣ



12.
Financecosts

13.
Commitmentsandcontingencies 
Š‡‘’ƒ›‹•ƒ’ƒ”–›–‘Ž‡‰ƒŽ’”‘…‡‡†‹‰•ƒ†…Žƒ‹•–Šƒ–ƒ”‹•‡†—”‹‰–Š‡‘”†‹ƒ”›…‘—”•‡‘ˆ„—•‹‡••Ǥ–‹•
–Š‡‘’‹‹‘‘ˆ–Š‡‘’ƒ›–Šƒ––Š‡—Ž–‹ƒ–‡‘—–…‘‡‘ˆ–Š‡•‡ƒ––‡”•™‹ŽŽ‘–Šƒ˜‡ƒƒ–‡”‹ƒŽ‡ˆˆ‡…–—’‘–Š‡
‘’ƒ›ǯ•ˆ‹ƒ…‹ƒŽ’‘•‹–‹‘ǡ”‡•—Ž–•‘ˆ‘’‡”ƒ–‹‘•‘”…ƒ•ŠˆŽ‘™•Ǥ


FortheyearendedDecember31,2022
‡”•‘‡Ž‡š’‡•‡•
$
92,522 $
13,263 $
105,785
Š‹”†’ƒ”–›…Šƒ”‰‡•
5,936
Ǧ
5,936
‡’ƒ‹”•ƒ†ƒ‹–‡ƒ…‡
38,489
Ǧ
38,489
–Š‡”•‡ŽŽ‹‰ƒ†ƒ†‹‹•–”ƒ–‹˜‡‡š’‡•‡•
Ǧ
7,369
7,369
ƒ††‡„–‡š’‡•‡
Ǧ
54
54
	ƒ…‹Ž‹–›‡š’‡•‡•
Ǧ
1,768
1,768
Total
$
136,947 $
22,454 $
159,401
Total
Direct
operating
expenses
Sellingand
administrative
expenses
FortheyearendedDecember31,2021
‡”•‘‡Ž‡š’‡•‡•
̈́
ͶͻǡͳͶͻ ̈́
ͻǡͳ͹ʹ ̈́
ͷͺǡ͵ʹͳ
Š‹”†’ƒ”–›…Šƒ”‰‡•
ͳͲǡ͵ͷ͸
Ǧ
ͳͲǡ͵ͷ͸
‡’ƒ‹”•ƒ†ƒ‹–‡ƒ…‡
ͳʹǡ͹ͺ͵
Ǧ
ͳʹǡ͹ͺ͵
–Š‡”•‡ŽŽ‹‰ƒ†ƒ†‹‹•–”ƒ–‹˜‡‡š’‡•‡•
Ǧ
Ͷǡ͸Ͳͳ
Ͷǡ͸Ͳͳ
ƒ††‡„–‡š’‡•‡
Ǧ
ʹͺ
ʹͺ
	ƒ…‹Ž‹–›‡š’‡•‡•
Ǧ
ͳǡͷͲͻ
ͳǡͷͲͻ
Total
$
72,288 $
15,310 $
87,598
Direct
operating
expenses
Total
Sellingand
administrative
expenses
–‡”‡•–‘”‡†‹–	ƒ…‹Ž‹–›
$
2,128 ̈́
͹Ͷͻ
–‡”‡•–‘Ž‡ƒ•‡Ž‹ƒ„‹Ž‹–‹‡•
34
ʹͲ
–‡”‡•–‘‘”–‰ƒ‰‡‘ƒ
475
ͶͶͶ
–‡”‡•–ƒ†’‡ƒŽ–‹‡•
26
Ǧ
Totalinterestexpense
$
2,663 ̈́
ͳǡʹͳ͵
‘”–‹œƒ–‹‘‘ˆˆ‹ƒ…‡ˆ‡‡•
257
ʹ͵ͷ
ƒ”Ǧ–‘Ǧƒ”‡–‰ƒ‹‘‹–‡”‡•–”ƒ–‡•™ƒ’
(362)
ȋ͵͸ʹȌ
Totalfinancecosts
$
2,558 ̈́
ͳǡͲͺ͸
December31,
‡…‡„‡”͵ͳǡ
2022
ʹͲʹͳ

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁ͸Ͷ 



14.
Relatedparties
ˆ–Š‡–‘–ƒŽ‘—–•–ƒ†‹‰•Šƒ”‡•‘ˆ–Š‡‘’ƒ›ǡͷͷǤͺΨƒ”‡†‹”‡…–Ž›‘”‹†‹”‡…–Ž›‘™‡†„›”‘‘ˆ‹‡Ž†—•‹‡••
ƒ”–‡”•ǤǤȋDz”‘‘ˆ‹‡Ž†dzȌǤŠ‡‘’ƒ›‹•”‡Žƒ–‡†–‘”‘‘ˆ‹‡Ž†„›˜‹”–—‡‘ˆ…‘–”‘Žƒ†‹•–Š‡”‡ˆ‘”‡ƒŽ•‘
”‡Žƒ–‡†–‘”‘‘ˆ‹‡Ž†ǯ•ƒˆˆ‹Ž‹ƒ–‡•Ǥ 
—”‹‰ʹͲʹʹǡ–Š‡‘’ƒ›Šƒ†”‡˜‡—‡–‘–ƒŽ‹‰̈́ͻ͹͵ȋʹͲʹͳǣ̈́ͳǡʹͲͺȌƒ†̈́‹Ž‹ƒ……‘—–•”‡…‡‹˜ƒ„Ž‡ƒ•ƒ–
‡…‡„‡” ͵ͳǡ ʹͲʹʹ ȋ‡…‡„‡” ͵ͳǡ ʹͲʹͳǣ ̈́ʹʹͷȌ ‹ –Š‡ ‘”ƒŽ …‘—”•‡ ‘ˆ „—•‹‡•• ™‹–Š …‘’ƒ‹‡• —†‡”
…‘‘…‘–”‘ŽǤŠ‡–‡”•ƒ†…‘†‹–‹‘•‘ˆ–Š‡•‡–”ƒ•ƒ…–‹‘•™‡”‡‘‘”‡ˆƒ˜‘—”ƒ„Ž‡–Šƒ–Š‘•‡ƒ˜ƒ‹Žƒ„Ž‡ǡ
‘”™Š‹…Š‹‰Š–”‡ƒ•‘ƒ„Ž›„‡‡š’‡…–‡†–‘„‡ƒ˜ƒ‹Žƒ„Ž‡ǡ‹•‹‹Žƒ”–”ƒ•ƒ…–‹‘•™‹–Š‘Ǧ”‡Žƒ–‡†…‘’ƒ‹‡•‘
ƒƒ”̵•Ž‡‰–Š„ƒ•‹•Ǥ 
‡›ƒƒ‰‡‡–’‡”•‘‡Ž‹…Ž—†‡–Š‡‘’ƒ›ǯ•†‹”‡…–‘”•ƒ†‘ˆˆ‹…‡”•ǤŠ‡ˆ‘ŽŽ‘™‹‰–ƒ„Ž‡•—ƒ”‹œ‡•
…‘’‡•ƒ–‹‘’”‘˜‹†‡†–‘‡›ƒƒ‰‡‡–’‡”•‘‡Žˆ‘”–Š‡›‡ƒ”•‡†‡†ǣ
FortheyearsendedDecember31, 
2022
2021
Š‘”–Ǧ–‡”‡’Ž‘›‡‡„‡‡ˆ‹–•ȋ‹…Ž—†‹‰†‹”‡…–‘”•̵ˆ‡‡•Ȍ
̈́
2,798
̈́
ͳǡ͸Ͷͺ
Šƒ”‡Ǧ„ƒ•‡†’ƒ›‡–•ȋ•–‘…‘’–‹‘•ƒ†•Ȍ
807

͸ͷ͵
‘–ƒŽ…‘’‡•ƒ–‹‘–‘‡›ƒƒ‰‡‡–‹…Ž—†‹‰†‹”‡…–‘”•ƒ†‘ˆˆ‹…‡”•
̈́
3,605
̈́
ʹǡ͵Ͳͳ
‡”–ƒ‹ ‡š‡…—–‹˜‡ ‘ˆˆ‹…‡”• ƒ”‡ •—„Œ‡…– –‘ ƒ —–—ƒŽ –‡” ‘ˆ ‘–‹…‡ ‘ˆ –Š”‡‡ ‘–Š•Ǥ  ”‡•‹‰ƒ–‹‘ ƒ– –Š‡
‘’ƒ›ǯ• ”‡“—‡•–ǡ –Š‡› ƒ”‡ ‡–‹–Ž‡† –‘ –‡”‹ƒ–‹‘ „‡‡ˆ‹–• ‘ˆ ͳͺ –‘ ʹͶ ‘–Š• ‰”‘•• •ƒŽƒ”›ǡ „‘—• ƒ†
„‡‡ˆ‹–•Ǥ
Š‡‘ƒ”†‘ˆ‹”‡…–‘”•‘ˆ–Š‡‘’ƒ›Šƒ•ƒ‘’‡•ƒ–‹‘ƒ†‘”’‘”ƒ–‡
‘˜‡”ƒ…‡‘‹––‡‡™Š‹…Š
”‡…‘‡†•…‘’‡•ƒ–‹‘ˆ‘”†‹”‡…–‘”•ƒ†‡›‡š‡…—–‹˜‡•‘ˆ–Š‡‘’ƒ›ˆ‘””‡˜‹‡™ƒ†ƒ’’”‘˜ƒŽ„›–Š‡
‘ƒ”†‘ˆ‹”‡…–‘”•Ǥ
15.
Financialriskmanagement
Š‡‘ƒ”†‘ˆ‹”‡…–‘”•Šƒ•‘˜‡”ƒŽŽ”‡•’‘•‹„‹Ž‹–›ˆ‘”–Š‡‡•–ƒ„Ž‹•Š‡–ƒ†‘˜‡”•‹‰Š–‘ˆ–Š‡‘’ƒ›ǯ•”‹•
ƒƒ‰‡‡–ˆ”ƒ‡™‘”ǤŠ‡‘’ƒ›ǯ•—†‹–‘‹––‡‡‹•ƒŽ•‘”‡•’‘•‹„Ž‡ˆ‘”†‡˜‡Ž‘’‹‰ƒ†‘‹–‘”‹‰
–Š‡‘’ƒ›ǯ•”‹•ƒƒ‰‡‡–’‘Ž‹…‹‡•ǤŠ‡—†‹–‘‹––‡‡”‡’‘”–•”‡‰—Žƒ”Ž›–‘–Š‡‘ƒ”†‘ˆ‹”‡…–‘”•‘
‹–•ƒ…–‹˜‹–‹‡•Ǥ
Š‡ ‘’ƒ›ǯ• ”‹• ƒƒ‰‡‡– ’‘Ž‹…‹‡• ƒ”‡ ‡•–ƒ„Ž‹•Š‡† –‘ ‹†‡–‹ˆ› ƒ† ƒƒŽ›œ‡ –Š‡ ”‹•• ˆƒ…‡† „› –Š‡
‘’ƒ›ǡ –‘ •‡– ƒ’’”‘’”‹ƒ–‡ ”‹• Ž‹‹–• ƒ† …‘–”‘Ž•ǡ ƒ† –‘ ‘‹–‘” ”‹•• ƒ† ƒ†Š‡”‡…‡ –‘ Ž‹‹–•Ǥ ‹•
ƒƒ‰‡‡–’‘Ž‹…‹‡•ƒ† •›•–‡• ƒ”‡ ”‡˜‹‡™‡† ”‡‰—Žƒ”Ž› –‘ ”‡ˆŽ‡…– …Šƒ‰‡• ‹ƒ”‡–…‘†‹–‹‘• ƒ†–Š‡
‘’ƒ›ǯ• ƒ…–‹˜‹–‹‡•Ǥ Š‡ ‘’ƒ›ǡ –Š”‘—‰Š ‹–• ’‘Ž‹…‹‡• ƒ† ’”‘…‡†—”‡• ƒ† –”ƒ‹‹‰ǡ ƒ‹• –‘ †‡˜‡Ž‘’ ƒ
†‹•…‹’Ž‹‡† ƒ† …‘•–”—…–‹˜‡ …‘–”‘Ž ‡˜‹”‘‡– ‹ ™Š‹…Š ƒŽŽ ‡’Ž‘›‡‡• —†‡”•–ƒ† –Š‡‹” ”‘Ž‡• ƒ†
‘„Ž‹‰ƒ–‹‘•Ǥ
Š‡‘’ƒ›Šƒ•‡š’‘•—”‡–‘…”‡†‹–”‹•ǡŽ‹“—‹†‹–›”‹•ƒ†ƒ”‡–”‹•ƒ•ˆ‘ŽŽ‘™•ǣ
ƒǤ
”‡†‹–”‹•
”‡†‹–”‹•‹•–Š‡”‹•‘ˆˆ‹ƒ…‹ƒŽŽ‘••–‘–Š‡‘’ƒ›‹ˆƒ…—•–‘‡”‘”…‘—–‡”’ƒ”–›–‘ƒˆ‹ƒ…‹ƒŽ‹•–”—‡–
ˆƒ‹Ž•–‘‡‡–‹–•…‘–”ƒ…–—ƒŽ‘„Ž‹‰ƒ–‹‘•ƒ†ƒ”‹•‡•’”‹…‹’ƒŽŽ›ˆ”‘–Š‡‘’ƒ›ǯ•”‡…‡‹˜ƒ„Ž‡•ˆ”‘…—•–‘‡”•Ǥ
Š‡ …ƒ””›‹‰ ƒ‘—– ‘ˆ ƒ……‘—–• ”‡…‡‹˜ƒ„Ž‡ ƒ† …ƒ•Šǡ ’”‹‘” –‘ –Š‡ ƒ‘—– ‘ˆˆ•‡– ƒ‰ƒ‹•– Ž‘‰Ǧ–‡” †‡„–ǡ
”‡’”‡•‡–•–Š‡ƒš‹—‡š’‘•—”‡–‘…”‡†‹–”‹•ƒ•ƒ–‡…‡„‡”͵ͳǡʹͲʹʹƒ†ʹͲʹͳǤ
ƒ•Š „ƒŽƒ…‡ ƒ”‡ Š‡Ž† ™‹–Š Žƒ”‰‡ ”‡’—–ƒ„Ž‡ ˆ‹ƒ…‹ƒŽ ‹•–‹–—–‹‘•Ǣ ƒ……‘”†‹‰Ž› ƒƒ‰‡‡– …‘…Ž—†‡† –Šƒ–
…”‡†‹–”‹•ƒ••‘…‹ƒ–‡†™‹–Š–Š‹•„ƒŽƒ…‡‹•Ž‘™Ǥ
……‘—–•”‡…‡‹˜ƒ„Ž‡‹…Ž—†‡„ƒŽƒ…‡•ˆ”‘ƒŽƒ”‰‡—„‡”‘ˆ…—•–‘‡”•’”‹ƒ”‹Ž›‘’‡”ƒ–‹‰‹–Š‡‘‹Žƒ†‰ƒ•
‹†—•–”›Ǥ Š‡ ‘’ƒ› ƒ••‡••‡• –Š‡ …”‡†‹–™‘”–Š‹‡•• ‘ˆ ‹–• …—•–‘‡”• ‘ ƒ ‘‰‘‹‰ „ƒ•‹• ƒ• ™‡ŽŽ ƒ•
‘‹–‘”‹‰–Š‡ƒ‘—–ƒ†ƒ‰‡‘ˆ„ƒŽƒ…‡•‘—–•–ƒ†‹‰Ǥ
Š‡‘’ƒ›ǯ•‡š’‘•—”‡–‘…”‡†‹–”‹•‹•‹ˆŽ—‡…‡†ƒ‹Ž›„›–Š‡‹†‹˜‹†—ƒŽ…Šƒ”ƒ…–‡”‹•–‹…•‘ˆ‡ƒ…Š…—•–‘‡”ǡ
Š‘™‡˜‡”ǡƒƒ‰‡‡–ƒŽ•‘…‘•‹†‡”•–Š‡†‡‘‰”ƒ’Š‹…•‘ˆ–Š‡‘’ƒ›ǯ•…—•–‘‡”„ƒ•‡Ǥ	‘”–Š‡›‡ƒ”‡†‡†

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁ͸ͷ 



‡…‡„‡” ͵ͳǡ ʹͲʹʹǡ –‡ …—•–‘‡”• …‘’”‹•‡† Ͷ͵Ψ ‘ˆ ”‡˜‡—‡ ȋʹͲʹͳǣ –‡ …—•–‘‡”• …‘’”‹•‡† ͷʹΨ ‘ˆ
”‡˜‡—‡Ȍ™‹–Š‘…—•–‘‡”•…‘’”‹•‹‰‰”‡ƒ–‡”–ŠƒͳͲΨ‘ˆ”‡˜‡—‡ȋʹͲʹͳǣ–™‘…—•–‘‡”•…‘’”‹•‡†ͳʹΨ
ƒ†ͳ͵Ψ‘ˆ”‡˜‡—‡”‡•’‡…–‹˜‡Ž›ȌǤ•ƒ–‡…‡„‡”͵ͳǡʹͲʹʹǡ–‡…—•–‘‡”•…‘’”‹•‡†ͷ͸Ψ‘ˆ–”ƒ†‡ƒ……‘—–•
”‡…‡‹˜ƒ„Ž‡ȋʹͲʹͳǣ–‡…—•–‘‡”•…‘’”‹•‡†ͷ͹Ψ‘ˆ–”ƒ†‡”‡…‡‹˜ƒ„Ž‡•Ȍƒ†‘‡…—•–‘‡”…‘’”‹•‡†ͳ͵Ψ‘ˆ
–”ƒ†‡ƒ……‘—–•”‡…‡‹˜ƒ„Ž‡ȋʹͲʹͳǣ‘‡…—•–‘‡”…‘’”‹•‡†ͳͳΨ‘ˆ”‡˜‡—‡ȌǤ
Š‡‘’ƒ›Šƒ•ƒ…”‡†‹–’‘Ž‹…›—†‡”™Š‹…Š‡ƒ…Š‡™…—•–‘‡”‹•ƒƒŽ›œ‡†‹†‹˜‹†—ƒŽŽ›ˆ‘”…”‡†‹–™‘”–Š‹‡••
„‡ˆ‘”‡–Š‡‘’ƒ›„‡‰‹•–‘’”‘˜‹†‡•‡”˜‹…‡•–‘–Š‡…—•–‘‡”ƒ†’”‹‘”–‘‘ˆˆ‡”‹‰•–ƒ†ƒ”†’ƒ›‡––‡”•
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”‡ˆ‡”‡…‡•ƒ†‡˜ƒŽ—ƒ–‹‰„ƒ‹‰‹ˆ‘”ƒ–‹‘’”‘˜‹†‡†„›–Š‡…—•–‘‡”Ǥ—•–‘‡”•–Šƒ–ˆƒ‹Ž–‘‡‡––Š‡
‘’ƒ›ǯ• „‡…Šƒ” …”‡†‹–™‘”–Š‹‡•• ƒ› „‡ ”‡“—‹”‡† –‘ ’”‘˜‹†‡ ƒ …ƒ•Š †‡’‘•‹– ˆ‘” ’ƒ”– ‘” ƒŽŽ ‘ˆ –Š‡
ƒ–‹…‹’ƒ–‡†Œ‘„…‘•–—–‹Ž–Š‡›Šƒ˜‡ƒ•—ˆˆ‹…‹‡–’ƒ›‡–Š‹•–‘”›™‹–Š–Š‡‘’ƒ›Ǥ†‡”•‘‡…‹”…—•–ƒ…‡•ǡ
–Š‡‘’ƒ›ƒ›Ž‹‡ƒ…—•–‘‡”ǯ•Ž‘…ƒ–‹‘™Š‡”‡–Š‡•‡”˜‹…‡•™‡”‡’”‘˜‹†‡†Ǥ
Š‡ˆ‘ŽŽ‘™‹‰–ƒ„Ž‡†‡–ƒ‹Ž•–Š‡ƒ‰‡‘ˆ–Š‡‘—–•–ƒ†‹‰–”ƒ†‡ƒ……‘—–•”‡…‡‹˜ƒ„Ž‡ƒ†–Š‡”‡Žƒ–‡†ƒŽŽ‘™ƒ…‡ˆ‘”
‹’ƒ‹”‡–‘ˆƒ……‘—–•ǣ 
•ƒ–‡…‡„‡”͵ͳǡ
2022
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3,676

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Ž‘••‡•—’‘‹‹–‹ƒŽ”‡…‘‰‹–‹‘‘ˆ–Š‡”‡…‡‹˜ƒ„Ž‡•Ǥ‹•–‘”‹…ƒŽ…—•–‘‡”†‡ˆƒ—Ž–”ƒ–‡•ǡƒ‰‡‘ˆ„ƒŽƒ…‡•‘—–•–ƒ†‹‰ǡ
ƒ†ˆ‘”™ƒ”†ǦŽ‘‘‹‰‹ˆ‘”ƒ–‹‘ƒ”‡—•‡†–‘†‡–‡”‹‡–Š‡‡š’‡…–‡†…”‡†‹–Ž‘••‡•ǤŠ‡ƒ‡š’‡…–‡†…”‡†‹–
Ž‘••‹•”‡“—‹”‡†–‘„‡”‡…‘‰‹œ‡†ǡ–Š‡…ƒ””›‹‰ƒ‘—–‘ˆ–Š‡ƒ••‡–‹•”‡†—…‡†„›–Š‡ƒ‘—–™‹–Šƒ‘ˆˆ•‡––‹‰
‡–”›–‘‡–‹…‘‡Ǥ
„Ǥ
‹“—‹†‹–›”‹•
‹“—‹†‹–›”‹•‹•–Š‡”‹•–Šƒ––Š‡‘’ƒ›™‹ŽŽ‘–„‡ƒ„Ž‡–‘‡‡–‹–•ˆ‹ƒ…‹ƒŽ‘„Ž‹‰ƒ–‹‘•ƒ•–Š‡›ˆƒŽŽ†—‡ǤŠ‡
‘’ƒ›ǯ•ƒ’’”‘ƒ…Š–‘ƒƒ‰‹‰Ž‹“—‹†‹–›‹•–‘‡•—”‡ǡƒ•ˆƒ”ƒ•’‘••‹„Ž‡ǡ–Šƒ–‹–™‹ŽŽƒŽ™ƒ›•Šƒ˜‡•—ˆˆ‹…‹‡–
Ž‹“—‹†‹–› –‘ ‡‡– ‹–• Ž‹ƒ„‹Ž‹–‹‡• ™Š‡ †—‡ǡ —†‡” „‘–Š ‘”ƒŽ ƒ† •–”‡••‡† …‘†‹–‹‘•ǡ ™‹–Š‘—– ‹…—””‹‰
—ƒ……‡’–ƒ„Ž‡Ž‘••‡•‘””‹•‹‰†ƒƒ‰‡–‘–Š‡‘’ƒ›ǯ•”‡’—–ƒ–‹‘Ǥ 
•ƒ–‡…‡„‡”͵ͳǡʹͲʹʹǡ–Š‡‘’ƒ›Šƒ•ƒ˜ƒ‹Žƒ„Ž‡…‘‹––‡†ƒ‘—–•—†‡”‹–•”‡†‹–	ƒ…‹Ž‹–›‹–Š‡ƒ‘—–
‘ˆ̈́Ͷͺǡͺ͹ͻȋʹͲʹͳǣ̈́͵ͶǡͺͺͻȌ’Ž—•ƒ……‘—–”‡…‡‹˜ƒ„Ž‡•‘ˆ̈́ͶͷǡͻͶ͸ȋʹͲʹͳǣ̈́ʹ͸ǡʹʹ͹Ȍˆ‘”ƒ–‘–ƒŽ‘ˆ̈́ͻͶǡͺʹͷȋʹͲʹͳǣ
̈́͸ͳǡͳͳ͸Ȍƒ˜ƒ‹Žƒ„Ž‡–‘ˆ—†–Š‡…ƒ•Š‘—–ˆŽ‘™•”‡Žƒ–‡†–‘‹–•ˆ‹ƒ…‹ƒŽŽ‹ƒ„‹Ž‹–‹‡•Ǥ
Š‡‘’ƒ›ƒ–‹…‹’ƒ–‡•–Šƒ–‹–•‡š‹•–‹‰…ƒ’‹–ƒŽ”‡•‘—”…‡•‹…Ž—†‹‰‹–•”‡†‹–	ƒ…‹Ž‹–›ƒ†…ƒ•ŠˆŽ‘™•ˆ”‘
‘’‡”ƒ–‹‘•™‹ŽŽ„‡ƒ†‡“—ƒ–‡–‘•ƒ–‹•ˆ›‹–•Ž‹“—‹†‹–›”‡“—‹”‡‡–•–Š”‘—‰ŠʹͲʹ͵ƒ†„‡›‘†ǤŠ‹•‡š’‡…–ƒ–‹‘
…‘—Ž†„‡ƒ†˜‡”•‡Ž›ƒˆˆ‡…–‡†„›ƒƒ–‡”‹ƒŽ‡‰ƒ–‹˜‡…Šƒ‰‡‹–Š‡‘‹Žˆ‹‡Ž†•‡”˜‹…‡‹†—•–”›ǡ™Š‹…Š‹–—”…‘—Ž†
Ž‡ƒ†–‘…‘˜‡ƒ–„”‡ƒ…Š‡•‘–Š‡‘’ƒ›̵•”‡†‹–	ƒ…‹Ž‹–›ǡ™Š‹…Šǡ‹ˆ‘–ƒ‡†‡†‘”™ƒ‹˜‡†ǡ…‘—Ž†Ž‹‹––Š‡
‘’ƒ›̵•ƒ……‡••–‘–Š‡”‡†‹–	ƒ…‹Ž‹–›Ǥˆƒ˜ƒ‹Žƒ„Ž‡Ž‹“—‹†‹–›‹•‘–•—ˆˆ‹…‹‡––‘‡‡–̵•‘’‡”ƒ–‹‰ƒ††‡„–

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
)RUWKH\HDUVHQGHG'HFHPEHUDQG
Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁ͸͸ 



•‡”˜‹…‹‰‘„Ž‹‰ƒ–‹‘•ƒ•–Š‡›…‘‡†—‡ǡƒƒ‰‡‡–̵•’Žƒ•‹…Ž—†‡ˆ—”–Š‡”‡š’‡†‹–—”‡”‡†—…–‹‘•ǡ’—”•—‹‰
ƒŽ–‡”ƒ–‹˜‡ˆ‹ƒ…‹‰ƒ””ƒ‰‡‡–•ǡƒ••‡–†‹•’‘•‹–‹‘•ǡ‘”’—”•—‹‰‘–Š‡”…‘”’‘”ƒ–‡•–”ƒ–‡‰‹…ƒŽ–‡”ƒ–‹˜‡•Ǥ
Š‡ˆ‘ŽŽ‘™‹‰–ƒ„Ž‡•—ƒ”‹œ‡•…‘–”ƒ…–—ƒŽƒ–—”‹–‹‡•ˆ‘”‘Ǧ†‡”‹˜ƒ–‹˜‡ˆ‹ƒ…‹ƒŽ‹•–”—‡–•ǣ

…Ǥ
ƒ”‡–”‹•
ƒ”‡–”‹•‹•–Š‡”‹•‘ˆ…Šƒ‰‡•‹ƒ”‡–’”‹…‡•ǡ•—…Šƒ•…‘‘†‹–›’”‹…‡•ǡˆ‘”‡‹‰…—””‡…›‡š…Šƒ‰‡”ƒ–‡•ǡ
ƒ†‹–‡”‡•–”ƒ–‡•–Šƒ–ƒˆˆ‡…––Š‡‡–‡ƒ”‹‰•‘”–Š‡˜ƒŽ—‡‘ˆˆ‹ƒ…‹ƒŽ‹•–”—‡–•ǤŠ‡‘„Œ‡…–‹˜‡‘ˆƒƒ‰‹‰
ƒ”‡–”‹•‹•–‘…‘–”‘Žƒ”‡–”‹•‡š’‘•—”‡•™‹–Š‹ƒ……‡’–ƒ„Ž‡Ž‹‹–•ǡ™Š‹Ž‡ƒš‹‹œ‹‰”‡–—”•Ǥƒ”‡–
”‹••–‘™Š‹…Š–Š‡‘’ƒ›‹••—„Œ‡…–‹…Ž—†‡ǣ
	‘”‡‹‰…—””‡…›”‹•
	‘”‡‹‰…—””‡…›‡š…Šƒ‰‡”ƒ–‡”‹•‹•–Š‡”‹•–Šƒ––Š‡ˆƒ‹”˜ƒŽ—‡‘”ˆ—–—”‡…ƒ•ŠˆŽ‘™•™‹ŽŽˆŽ—…–—ƒ–‡ƒ•ƒ”‡•—Ž–
‘ˆ…Šƒ‰‡•‹ˆ‘”‡‹‰‡š…Šƒ‰‡”ƒ–‡•ǤŠ‡‘’ƒ›‹•‡š’‘•‡†–‘ˆ‘”‡‹‰…—””‡…›ˆŽ—…–—ƒ–‹‘•‘‹–•‘’‡”ƒ–‹‘•
‹ –Š‡ ‹–‡† –ƒ–‡•Ǥ • ƒ– ‡…‡„‡” ͵ͳǡ ʹͲʹʹǡ ’‘”–‹‘• ‘ˆ –Š‡ ‘’ƒ›ǯ• ƒ……‘—–• ’ƒ›ƒ„Ž‡ ƒ† ƒ……”—‡†
Ž‹ƒ„‹Ž‹–‹‡•™‡”‡†‡‘‹ƒ–‡†‹‹–‡†–ƒ–‡•†‘ŽŽƒ”•ƒ†•—„Œ‡…––‘ˆ‘”‡‹‰…—””‡…›‡š…Šƒ‰‡ˆŽ—…–—ƒ–‹‘•
™Š‹…Šƒ”‡”‡…‘”†‡†‹‡–‹…‘‡Ǥƒ††‹–‹‘ǡ–Š‡‘’ƒ›ǯ•‹–‡†–ƒ–‡••—„•‹†‹ƒ”›‹••—„Œ‡…––‘ˆ‘”‡‹‰
…—””‡…› –”ƒ•Žƒ–‹‘ ƒ†Œ—•–‡–• —’‘ …‘•‘Ž‹†ƒ–‹‘ǡ ™Š‹…Š ƒ”‡ ”‡…‘”†‡† •‡’ƒ”ƒ–‡Ž› ™‹–Š‹ ‘–Š‡”
…‘’”‡Š‡•‹˜‡‹…‘‡Ǥ	‘”–Š‡›‡ƒ”‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹǡ–Š‡‹…”‡ƒ•‡‘”†‡…”‡ƒ•‡‹…‘’”‡Š‡•‹˜‡
‹…‘‡ˆ‘”‡ƒ…Š̈́ͲǤͲͳ…Šƒ‰‡‹–Š‡ǤǤ†‘ŽŽƒ”–‘ƒƒ†‹ƒ†‘ŽŽƒ”‹•‡•–‹ƒ–‡†–‘„‡̈́ͻ͹ȋ‡…‡„‡”͵ͳǡʹͲʹͳǣ
̈́ʹ͸ͳȌǤ
–‡”‡•–”ƒ–‡”‹•
–‡”‡•–”ƒ–‡”‹•‹•–Š‡”‹•–Šƒ–ˆ—–—”‡…ƒ•ŠˆŽ‘™™‹ŽŽˆŽ—…–—ƒ–‡ƒ•ƒ”‡•—Ž–‘ˆ…Šƒ‰‡‹ƒ”‡–‹–‡”‡•–”ƒ–‡•Ǥ
Š‡‘’ƒ›‹•‡š’‘•‡†–‘‹–‡”‡•–”ƒ–‡ˆŽ—…–—ƒ–‹‘•‘‹–•Ž‘‰Ǧ–‡”†‡„–™Š‹…Š„‡ƒ”•‹–‡”‡•–ƒ–ˆŽ‘ƒ–‹‰
ƒ”‡–”ƒ–‡•Ǥ	‘”–Š‡›‡ƒ”‡†‡†‡…‡„‡”͵ͳǡʹͲʹʹǡ‹ˆ–Š‡’”‹‡‹–‡”‡•–”ƒ–‡‹…”‡ƒ•‡†„›ͳǤͲΨǡ™‹–ŠƒŽŽ‘–Š‡”
˜ƒ”‹ƒ„Ž‡•Š‡Ž†…‘•–ƒ–ǡ‡–‹…‘‡™‘—Ž†Šƒ˜‡„‡‡̈́͵͸͸Ž‘™‡”ȋʹͲʹͳǣ̈́ʹͻ͹Ž‘™‡”ȌǤ 
‘‘†‹–›’”‹…‡”‹•
Š‡‘’ƒ›‹•‘–†‹”‡…–Ž›‡š’‘•‡†–‘…‘‘†‹–›’”‹…‡”‹•ƒ•‹–†‘‡•‘–Šƒ˜‡ƒ›…‘–”ƒ…–•–Šƒ–ƒ”‡†‹”‡…–Ž›
„ƒ•‡†‘…‘‘†‹–›’”‹…‡•ǡŠ‘™‡˜‡”ǡƒ›‘ˆ–Š‡‘’ƒ›̵•…—•–‘‡”•ƒ”‡‡š’‘•‡†–‘…‘‘†‹–›’”‹…‡”‹•
™Š‹…Š’‘•‡•ƒ‹†‹”‡…–”‹•–‘–Š‡‘’ƒ›Ǥ…Šƒ‰‡‹…‘‘†‹–›’”‹…‡•ǡ•’‡…‹ˆ‹…ƒŽŽ›…”—†‡‘‹Žƒ†ƒ–—”ƒŽ
‰ƒ•’”‹…‡•ƒ›Šƒ˜‡ƒƒ–‡”‹ƒŽ‹’ƒ…–‘…ƒ•ŠˆŽ‘™•‘ˆ–Š‡‘’ƒ›ǯ•…—•–‘‡”•ƒ†–Š‡”‡ˆ‘”‡ƒˆˆ‡…––Š‡
†‡ƒ†ˆ‘”‘—”’”‘†—…–•‘”•‡”˜‹…‡•ˆ”‘–Š‡•‡…—•–‘‡”•Ǥ‘™‡˜‡”ǡ‰‹˜‡–Šƒ––Š‹•‹•ƒ‹†‹”‡…–‹ˆŽ—‡…‡ǡ
–Š‡ˆ‹ƒ…‹ƒŽ‹’ƒ…–ˆ‘”–Š‡‘’ƒ›‘ˆ…Šƒ‰‹‰‘‹Žƒ†ƒ–—”ƒŽ‰ƒ•’”‹…‡•‹•‘–”‡ƒ•‘ƒ„Ž›†‡–‡”‹ƒ„Ž‡Ǥ
16.
Capitalmanagement
Š‡‘’ƒ›ǯ•’‘Ž‹…›‹•–‘ƒ‹–ƒ‹ƒ•–”‘‰…ƒ’‹–ƒŽ„ƒ•‡–Š‡”‡„›ƒ‹–ƒ‹‹‰‹˜‡•–‘”ǡ…”‡†‹–‘”ƒ†ƒ”‡–
…‘ˆ‹†‡…‡”‡•—Ž–‹‰‹•—•–ƒ‹ƒ„Ž‡ˆ—–—”‡†‡˜‡Ž‘’‡–‘ˆ–Š‡„—•‹‡••ǤŠ‡‘’ƒ›•–”‹˜‡•–‘ƒ‹–ƒ‹ƒ
„ƒŽƒ…‡„‡–™‡‡†‡„–ƒ†‡“—‹–›–‘‡•—”‡…‘–‹—‡†ƒ……‡••–‘…ƒ’‹–ƒŽƒ”‡–•–‘ˆ—†‰”‘™–Šƒ†‡•—”‡
Ž‘‰Ǧ–‡” ˜‹ƒ„‹Ž‹–›Ǥ Š‡ ‘’ƒ› …‘–‹—ƒŽŽ› ƒ••‡••‡• –Š‡ …ƒ•Š ˆŽ‘™ ˆ”‘ ‘’‡”ƒ–‹‘• –‘ ƒ‡ †‡…‹•‹‘•
”‡‰ƒ”†‹‰”‡“—‹”‡†…ƒ’‹–ƒŽƒ‹–‡ƒ…‡ǡ‰”‘™–Š…ƒ’‹–ƒŽƒ††‹˜‹†‡†•–‘•Šƒ”‡Š‘Ž†‡”•ǤŠ‡–Š‘•‡…ƒ•ŠˆŽ‘™•
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14,848 $
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……‘—–•’ƒ›ƒ„Ž‡ƒ†ƒ……”—‡†Ž‹ƒ„‹Ž‹–‹‡•
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ͺǡͻͶͷ ̈́
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Ǧ ̈́
Ǧ ̈́
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‘‰Ǧ–‡”†‡„–
͹͸Ͷ
ͳͲǡ͵͵Ͷ
͵ͷǡͳͷͳ
Ǧ
Ǧ
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ͳͲǡ͵͵Ͷ ̈́
͵ͷǡͳͷͳ ̈́
Ǧ ̈́
Ǧ
2023
2024
2025
2026
2027and
beyond
ʹͲʹʹ
ʹͲʹ͵
ʹͲʹͶ
ʹͲʹͷ
ʹͲʹ͸ƒ†
„‡›‘†

CWCENERGYSERVICESCORP.
127(6727+(&2162/,'$7('),1$1&,$/67$7(0(176
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Stated in thousands of Canadian dollars except share and per share amounts 

ƒ‰‡ȁ͸͹ 



ƒ”‡‘–ƒ–‹…‹’ƒ–‡†–‘„‡•—ˆˆ‹…‹‡–ǡ–Š‡‘’ƒ›–Š‡ƒ••‡••‡•–Š‡‹’ƒ…–‘‹–•…ƒ’‹–ƒŽ•–”—…–—”‡‘ˆˆ—†‹‰
–Š”‘—‰Šƒ††‹–‹‘ƒŽ†‡„–Ǥ 
Š‡‘’ƒ›ƒƒ‰‡•‹–•…ƒ’‹–ƒŽ•–”—…–—”‡ƒ†ƒ‡•ƒ†Œ—•–‡–•‹ƒ……‘”†ƒ…‡™‹–Š–Š‡ƒˆ‘”‡‡–‹‘‡†
‘„Œ‡…–‹˜‡•ǡƒ•™‡ŽŽƒ•‹Ž‹‰Š–‘ˆ…Šƒ‰‡•‹‡…‘‘‹……‘†‹–‹‘•Ǥ‘”†‡”–‘ƒ‹–ƒ‹‘”ƒ†Œ—•–‹–•…ƒ’‹–ƒŽ
•–”—…–—”‡ǡ–Š‡‘’ƒ›ƒ›ǡ„—–‹•‘–Ž‹‹–‡†–‘ǡ‹••—‹‰‡™•Šƒ”‡•ǡ‡™†‡„–ǡ‡™†‡„–”‡’Žƒ…‹‰‡š‹•–‹‰
†‡„–™‹–Š†‹ˆˆ‡”‡–…Šƒ”ƒ…–‡”‹•–‹…•ǡ’ƒ›‹‰ƒ†‹˜‹†‡†–‘•Šƒ”‡Š‘Ž†‡”•ǡ‘”’—”…Šƒ•‹‰•Šƒ”‡•ˆ‘”…ƒ…‡ŽŽƒ–‹‘
’—”•—ƒ––‘‘”ƒŽ…‘—”•‡‹••—‡”„‹†•Ǥ
Š‡‘’ƒ›‘‹–‘”•…ƒ’‹–ƒŽ—•‹‰ƒˆ‹ƒ…‹ƒŽ‡–”‹…‘ˆ‘•‘Ž‹†ƒ–‡†‡„––‘‘•‘Ž‹†ƒ–‡†”ƒ–‹‘ƒ•
†‡ˆ‹‡†‹–Š‡”‡†‹–	ƒ…‹Ž‹–›ȋ•‡‡‘–‡͸ȌǤ‘•‘Ž‹†ƒ–‡†‡„––‘‘•‘Ž‹†ƒ–‡†‹•‘–ƒ”‡…‘‰‹œ‡†
‡ƒ•—”‡—†‡”	ƒ†ǡ–Š‡”‡ˆ‘”‡ǡ‹•—Ž‹‡Ž›–‘„‡…‘’ƒ”ƒ„Ž‡–‘•‹‹Žƒ”‡ƒ•—”‡•‘ˆ‘–Š‡”…‘’ƒ‹‡•Ǥ 
—”‹‰ –Š‡ ›‡ƒ” ‡†‡† ‡…‡„‡” ͵ͳǡ ʹͲʹʹǡ ‘•‘Ž‹†ƒ–‡† ‡„– –‘ ‘•‘Ž‹†ƒ–‡†  ‘ˆ –Š‡ ‘’ƒ›
†‡…Ž‹‡†ǡ’”‹ƒ”‹Ž›†—‡–‘ƒŠ‹‰Š‡”‘•‘Ž‹†ƒ–‡†…‘’ƒ”‡†–‘–Š‡’”‹‘”›‡ƒ”ǤŠ‡‘•‘Ž‹†ƒ–‡†‡„––‘
‘•‘Ž‹†ƒ–‡†”ƒ–‹‘ƒ–‡…‡„‡”͵ͳǡʹͲʹʹ™ƒ•ͲǤ͹ͶǣͳǤͲͲȋ‡…‡„‡”͵ͳǡʹͲʹͳǣͳǤͻͻǣͳǤͲͲȌǤŠ‡‘’ƒ›
™ƒ•‹…‘’Ž‹ƒ…‡™‹–ŠƒŽŽ‡š–‡”ƒŽŽ›‹’‘•‡†…ƒ’‹–ƒŽ”‡“—‹”‡‡–•ƒ•ƒ–‡…‡„‡”͵ͳǡʹͲʹʹƒ†ʹͲʹͳǤ


Corporate Secretary
James L. Kidd
Burnet, Duckworth & Palmer LLP
Auditors
Ernst & Young LLP
Bankers 
ATB Financial 
National Bank
HSBC Bank Canada & U.S. 
Canadian Western Bank
Legal Counsel
Burnet, Duckworth & Palmer LLP
Transfer Agent
Computershare Limited
Corporate Office
Suite 2910, 605 - 5th Ave SW 
Calgary, Alberta T2P 3H5 
Phone: (403) 264-2177
Fax: (403) 264-2842
Website: www.cwcenergyservices.com 
Email: info@cwcenergyservices.com
Stock Exchange Listing
TSX Venture: CWC
Directors
Jim Reid, Chairman
Duncan T. Au1
Daryl Austin
Gary L. Bentham1
Jason Chehade2, 3
Nancy Foster2
Wade McGowan1, 2, 3
1.	
Audit Committee
2.	 Compensation and Corporate Governance Committee
3.	 Quality, Health, Safety and Environment Committee
Officers
Duncan T. Au, FCPA, FCA, CFA, ICD.D
President & Chief Executive Officer
Stuart King, CPA, CA
Chief Financial Officer
Paul Donohue
Vice President Operations (Drilling)
Darwin McIntyre
Vice President Operations (Well Services)
Bob Apps
Vice President, Sales and Marketing (Drilling)
Mike Dubois
Vice President, Sales and Marketing (Well Services)

Suite 2910, 605 - 5th Ave SW
Calgary, Alberta, Canada T2P 3H5