Precision Drilling Corporation

TSX: PD | NYSE: PDS
For the fiscal year ended
December 31, 2024
March 10, 2025
ANNUAL REPORT
2024

 
PRECISION DRILLING
Throughout this Annual Report, the terms, we, us, our, Corporation, Company, Precision and Precision Drilling mean 
Precision Drilling Corporation and our subsidiaries and include any partnerships of which we are a part. 
Information in the Annual Report is as at March 7, 2025, unless specified otherwise. All amounts are in Canadian dollars unless 
specified otherwise. 
TABLE OF CONTENTS
i
Corporate Information
i
Board of Directors
i
Officers
i
Corporate Offices
ii
2024 Share Trading Summary
1
About Precision
1
Corporate Responsibility
1
Our Vision and 2024 Strategic Priority Achievements
2
Management's Discussion and Analysis
2
Our Strategy
3
Business Segments
6
Strategic Priorities
7
Understanding Our Business Drivers
7
Energy Industry Overview
9
Competitive Operating Model
10
Outlook
12
2024 Results
13
2024 Compared with 2023
14
2023 Compared with 2022
15
Segmented Results
17
Quarterly Financial Results
19
Financial Condition
19
Liquidity
19
Capital Management
20
Sources and Uses of Cash
20
Capital Structure
23
Accounting Policies and Estimates
23
Critical Accounting Estimates and Judgements
24
Risks in Our Business
37
Evaluation of Controls and Procedures
39
Advisories
39
Cautionary Statement About Forward-Looking Information and Statements
40
Financial Measures and Ratios
43
Management’s Report to the Shareholders
44
Reports of Independent Registered Public Accounting Firm
47
Consolidated Financial Statements and Notes
47
Consolidated Statements of Financial Position
48
Consolidated Statements of Net Earnings
48
Consolidated Statements of Comprehensive Income
49
Consolidated Statements of Cash Flows
50
Consolidated Statements of Changes in Equity
51
Notes to Consolidated Financial Statements
80
Supplemental Information
80
Shareholder Information

Corporate Information
i
CORPORATE INFORMATION
BOARD OF DIRECTORS
William T. Donovan
North Palm Beach, Florida, USA
▪
Audit Committee (Chair)
▪
Corporate Governance, Nominating and Risk Committee
Kevin O. Meyers
Anchorage, Alaska, USA
▪
Human Resources and Compensation Committee (Chair)
▪
Corporate Governance, Nominating and Risk Committee
Lori A. Lancaster
New York, New York, USA
▪
Audit Committee
▪
Corporate Governance, Nominating and Risk Committee
Kevin A. Neveu
Houston, Texas, USA
▪
President and Chief Executive Officer
Steven W. Krablin
Houston, Texas, USA
▪
Chairman of Board of Directors
▪
Audit Committee
▪
Corporate Governance, Nominating and Risk Committee
▪
Human Resources and Compensation Committee
David W. Williams
Spring, Texas, USA
▪
Audit Committee
▪
Human Resources and Compensation Committee
Susan M. MacKenzie
Calgary, Alberta, Canada
▪
Corporate Governance, Nominating and Risk Committee (Chair)
▪
Human Resources and Compensation Committee
Alice L. Wong
Saskatoon, Saskatchewan, Canada
▪
Audit Committee
▪
Human Resources and Compensation Committee
OFFICERS
Kevin A. Neveu 
President and Chief Executive Officer
Shuja U. Goraya
Chief Technology Officer
Carey T. Ford
Chief Financial Officer
Darren J. Ruhr
Chief Administrative Officer
Veronica H. Foley
Chief Legal and Compliance Officer
Gene C. Stahl
President, North America Drilling
CORPORATE OFFICES
CALGARY HEAD OFFICE
Suite 800, 525 – 8th Avenue SW Calgary
Alberta, T2P 1G1
Canada
Telephone: 403.716.4500
Email: info@precisiondrilling.com
www.precisiondrilling.com
HOUSTON OFFICE
10350 Richmond Avenue, Suite 700, Houston,
Texas, 77042
USA
Telephone: 713.435.6100
Email: info@precisiondrilling.com
www.precisiondrilling.com

ii
Corporate Information
2024 SHARE TRADING SUMMARY
Toronto (TSX-PD)
High: $106.22
Low: $69.59
Close on December 31, 2024: $87.92
Volume Traded: 62,547
New York (NYSE-PDS) (US$)
High: $76.85
Low: $52.02
Close on December 31, 2024: $61.07
Volume Traded: 50,778
 

Precision Drilling Corporation 2024 Annual Report
 1
ABOUT PRECISION
Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy 
industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision offers an industry-leading digital 
technology portfolio known as AlphaTM technologies that utilizes advanced automation software and analytics to generate 
efficient, predictable, and repeatable results for energy customers. Additionally, Precision's oil field services include well service 
rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced 
personnel. Our drilling services are enhanced by our EverGreenTM suite of environmental solutions, which bolsters our 
commitment to reducing the environmental impact on our operations.
From our founding as a private drilling contractor in 1951, Precision has grown to become one of the most active drillers in North 
America. Our High Performance, High Value competitive advantage is underpinned by four distinguishing features:
▪
a high-quality land drilling rig fleet, with Super Series rigs, AlphaTM technologies and EverGreenTM environmental 
solutions to deliver consistent, repeatable, high-quality wellbores while improving safety, performance, operational 
efficiency, and reducing environmental impact
▪
size and scale of our vertically integrated operations that provide higher margins and better service capabilities
▪
an inclusive culture focused on operational excellence, which includes corporate responsibility, safety and field 
performance, and
▪
a capital structure that provides long-term stability, flexibility and liquidity, allowing us to take advantage of business 
cycle opportunities. 
CORPORATE RESPONSIBILITY
Corporate Responsibility is a fundamental element of Precision’s High Performance, High Value strategy and critical to our long-
term success. Our foundation was shaped by a commitment to operate with the highest ethical standards, prioritize the health 
and safety of our workforce, the protection of the environment, and the communities where we operate. Our employees, investors 
and customers reward our commitment to Corporate Responsibility and recognize that it provides us the ability to attract talent, 
capital, and a premium for our services. 
To learn more about Precision’s commitment to Corporate Responsibility, we invite you to explore our interactive web page, our 
primary platform, showcasing our progress in Environmental, Social and Governance (ESG) initiatives. The site offers recurring 
updates on our ESG efforts and performance, providing a dynamic and ongoing view of our commitment to ESG.
OUR VISION AND 2024 STRATEGIC PRIORITY ACHIEVEMENTS
Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. We work 
toward this vision by defining and measuring our results against strategic priorities established at the beginning of each year. 
In 2024, Precision focused on three strategic priorities: 
▪
Concentrate organizational efforts on leveraging our scale and generating free cash flow;
▪
Reduce debt by $150 million to $200 million and allocate 25% to 35% of free cash flow before debt repayments for share 
repurchases while remaining committed to achieving a sustained Net Debt to Adjusted EBITDA ratio(1) of below 1.0 times 
in 2025. Increase long-term debt reduction target to $600 million between 2022 and 2026 and continue to move direct 
shareholder capital returns towards 50% of free cash flow.
▪
Continue to deliver operational excellence in drilling and service rig operations to strengthen our competitive position 
and extend market penetration of our AlphaTM and EverGreenTM products. 
We successfully delivered on each of these priorities in 2024. We delivered another year of strong free cash flow, reducing debt 
by $176 million, repurchasing $75 million of our shares and increasing our cash balance by $20 million. We ended the year with 
a Net Debt to Adjusted EBITDA ratio of approximately 1.4 times and are on track to achieve a Net Debt to Adjusted EBITDA 
ratio of below 1.0 times. 
Our High Performance, High Value strategy along with our Super Series rigs, AlphaTM technologies, EverGreenTM suite of 
environmental solutions, and people continue to differentiate our services. Demand for our services remained strong in several 
markets in 2024. Canadian drilling utilization days increased 12% over 2023 as our Super Triple and Super Single rigs, which 
represent 80% of the Company's Canadian fleet, are nearly fully utilized and we continue to increase our telescopic double 
(teledouble) rig utilization. Internationally, our drilling utilization days increased 37% in 2024 following the recertification and 
reactivation of four rigs in late-2023. In 2024, we had eight active rigs in the Middle East, the majority of these rigs are under 
five-year term contracts that stretch into 2027 and 2028. Our well servicing rig operating hours increased 26% over 2023 levels 
following the successful integration of CWC Energy Services Corp. (CWC) in 2024, which achieved significant operating 
synergies and increased Completion and Production Services revenue 23% and Adjusted EBITDA(1) 30% year over year. 
We continued to scale our AlphaTM technologies and EverGreenTM suite of environmental solutions across our Super Series 
fleet. Revenue from our EverGreenTM solutions nearly doubled in 2024 as we increased market penetration on our Super Triple 
rigs and extended our product offering to our Super Single rigs. In 2024, we successfully deployed our first Super Triple rig with 

2
Management's Discussion and Analysis
robotics. All these enhancements have allowed Precision to improve its competitive position, grow market share, generate 
substantial free cash flow, and enhance investor returns. 
With robust cash flow outlook, we plan to reduce debt by at least $100 million in 2025 while allocating 35% to 45% of our free 
cash flow, before debt principal payments, directly to shareholders and continue moving direct shareholder capital returns toward 
50% of free cash flow thereafter.
(1) See Financial Measures and Ratios on page 40 of this report. 
MANAGEMENT'S DISCUSSION AND ANALYSIS
This Management’s Discussion and Analysis (MD&A) contains information to help you understand our business and financial 
performance. Information is as at March 7, 2025, unless otherwise stated. This MD&A focuses on our Consolidated Financial 
Statements and Notes and includes a discussion of known risks and uncertainties relating to our business and the oilfield 
services sector.
You should read this MD&A with the accompanying audited Consolidated Financial Statements and Notes, which have been 
prepared in accordance with International Financial Reporting Standards (IFRS) and with information contained in the Cautionary 
Statement About Forward-Looking Information and Statements on page 39. In this MD&A, we reference certain Non-Generally 
Accepted Accounting Principles (Non-GAAP) financial measures and ratios that are not defined terms under IFRS to assess 
our performance as we believe they provide useful supplemental information to investors. Non-GAAP financial measures and 
ratios do not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by 
other issuers. Our Non-GAAP financial measures and ratios are defined on page 40.
The terms we, us, our, Corporation, Company, Precision and Precision Drilling mean Precision Drilling Corporation and our 
subsidiaries and include any partnerships of which we are a part.
All amounts are in Canadian dollars unless otherwise stated.
OUR STRATEGY
Our High Performance, High Value competitive advantage is underpinned by four distinguishing features:
▪
a high-quality land drilling rig fleet of Super Series rigs enhanced with our AlphaTM technologies and EverGreenTM suite 
of environmental solutions that when combined deliver consistent, repeatable, high-quality wellbores while improving 
safety, performance, operational efficiency and reduce environmental impact; 
▪
size and scale of our vertically integrated operations that provide higher margins and better service capabilities;
▪
an inclusive culture focused on operational excellence, which includes corporate responsibility, safety and field 
performance; and
▪
a capital structure that provides long-term stability, flexibility and liquidity, allowing us to take advantage of business 
cycle opportunities.

Precision Drilling Corporation 2024 Annual Report
3
BUSINESS SEGMENTS
We have two business segments, Contract Drilling Services and Completion and Production Services, which share business 
support systems and corporate and administrative services.
Precision Drilling Corporation Contract Drilling Services Drilling Rig Operations Canada U.S. International Directional Drilling Operations Canada Completion and Production Services Canada and U.S. Service Rigs Canada Camps and Catering Equipment Rentals Business Support Systems Sales and Marketing Procurement and Distribution Manufacturing Equipment Maintenance and Certification Engineering Corporate Support Information Systems Health, Safety and Environment Human Resources Finance Legal and Enterprise Risk Management

4
Management's Discussion and Analysis
Contract Drilling Services
We provide onshore drilling services to exploration and production companies in the oil and natural gas and geothermal 
industries, operating in Canada, the U.S., and internationally. In Canada, we are the largest onshore drilling company, marketing 
approximately 26% of the industry's land rig fleet. In the U.S., our fleet is the fourth largest and accounts for approximately 15% 
of the country's Super-Spec land drilling rigs. We also have an international presence with operations in the Middle East. 
We offer customers access to an extensive fleet of high-efficiency Super Series drilling rigs ideally suited for development drilling. 
Our rigs are strategically deployed across the most active drilling regions in North America, including all major unconventional 
oil and natural gas basins.
At December 31, 2024, our Contract Drilling Services segment consisted of 214 land drilling rigs, including 97 in Canada, 104 
in the U.S. and 13 in the Middle East.
Our Super Series drilling rigs are further enhanced by our AlphaTM technologies and EverGreenTM suite of environmental 
solutions. Our AlphaTM technologies drive performance by integrating data insights, human ingenuity, automation consistency 
and smart algorithms, increasing drilling performance and cost efficiencies for our customers. At December 31, 2024 
approximately 80% of our Super Triple rigs were equipped with AlphaTM. Our EverGreenTM suite of environmental solutions 
bolsters our commitment to reduce the environmental impact of oilfield operations and offers customers products and 
applications to measure and reduce their Greenhouse Gas (GHG) emissions during drilling operations. During the year, we 
increased our market penetration of our Super Triple rigs and extended our product offering to our Super Single rigs. 
The below graphs summarize our revenue and utilization days for the last five financial years.

Precision Drilling Corporation 2024 Annual Report
5
Completion and Production Services
We provide well completion, workover, abandonment, and re-entry preparation services to oil and natural gas exploration and 
production companies in Canada, along with equipment rentals and camp and catering services. In 2024, we successfully 
integrated CWC, realizing significant operating synergies. 
At December 31, 2024, our Completion and Production Services segment consisted of 170 registered well completion and 
workover service rigs, including 160 in Canada and 10 in the U.S.
The below graphs summarize our revenue and utilization days for the last five financial years.
and Production Revenue $ Millions $200 $150 $100 $50 0 2016 2017 2018 2019 2020 Completion and Production Adjusted EBITDA $ Millions $25 $20 $15 $10 $5 0 -$5 2016 2017 2018 2019 2020 Completion and Production Service Rig Hours Hou0,000 0 2016 2017 2018 2019 2020

6
Management's Discussion and Analysis
STRATEGIC PRIORITIES
Our 2024 strategic priorities focused on generating free cash flow, continuing to strengthen our financial position with debt 
repayments, increasing our direct capital returns to shareholders, and delivering operational excellence with our High 
Performance, High Value services to strengthen our competitive position and extend market penetration of our AlphaTM and 
EverGreenTM products. We successfully delivered on each of these priorities in 2024 and our results are summarized in the table 
below.
 
2024 Strategic Priorities
2024 Results
Concentrate organizational 
efforts on leveraging our scale 
and generating free cash flow
▪Delivered $482 million in cash provided by operations, allowing us to meet our debt reduction and share repurchase goals 
and build our cash balance by $20 million.
▪Increased utilization of our Super Single and teledouble rigs, driving Canadian drilling activity up 12% over 2023.
▪Successfully integrated our 2023 CWC acquisition, increasing Completion and Production Services operating hours and 
Adjusted EBITDA(1) 26% and 30%, respectively, year over year. Achieved our $20 million annual synergies target from 
the acquisition.
▪Internationally, increased our activity by 37% year over year and realized US$150 million of contract drilling revenue 
compared to US$108 million in 2023.
Reduce debt by $150 million to 
$200 million and allocate 25% to 
35% of free cash flow before debt 
repayments for share 
repurchases, while remaining 
committed to achieving a 
sustained Net Debt to Adjusted 
EBITDA ratio of below 1.0 times in 
2025. Increase long-term debt 
reduction target to $600 million 
between 2022 and 2026 and 
continue to move direct 
shareholder capital returns 
toward 50%.
▪Reduced debt by $176 million and ended the year with a Net Debt to Adjusted EBITDA ratio of approximately 1.4 times. 
On track to achieve a sustained Net Debt to Adjusted EBITDA ratio of below 1.0 times.
▪Returned $75 million to shareholders through share repurchases, achieving the midpoint of our target range.
▪Renewed our Normal Course Issuer Bid (NCIB), allowing purchases of up to 10% of the public float.
Continue to deliver operational 
excellence in drilling and service 
rig operations to strengthen our 
competitive position and extend 
market penetration of our AlphaTM 
and EverGreenTM products
▪Increased our Canadian drilling rig utilization days and well service rig operating hours year over year, maintaining our 
position as the leading provider of high-quality and reliable services in Canada.
▪Invested $52 million in expansion and upgrade capital to enhance our drilling rigs.
▪Nearly doubled our EverGreenTM revenue year over year.
▪Continued to expand our EverGreenTM product offering on our Super Single rigs with LED mast lighting and hydrogen 
injection systems.
(1)
Non-GAAP measure – see Financial Measures and Ratios on page 40.
We have established the following strategic priorities for 2025:
2025 Strategic Priorities
▪Maximize free cash flow through disciplined capital deployment and strict cost management.
▪Enhance shareholder returns through debt reduction and share repurchases.
▪Reduce debt by at least $100 million in 2025 and debt by $700 million between 2022 and 2027, while remaining 
committed to achieving a sustained Net Debt to Adjusted EBITDA ratio of below 1.0 times.
▪Allocate 35% to 45% of free cash flow, before debt repayments, directly to shareholders and continue moving direct 
shareholder capital returns toward 50% of free cash flow thereafter.
▪Grow revenue in existing service lines through contracted upgrades, optimized pricing and utilization, and opportunistic 
consolidating tuck-in acquisitions.

Precision Drilling Corporation 2024 Annual Report
7
UNDERSTANDING OUR BUSINESS DRIVERS
ENERGY INDUSTRY OVERVIEW
Precision operates in the energy services business. Our primary customers are oil and natural gas exploration and production 
companies, who contract our services as part of their exploration and development activities. The economics of their businesses 
are dictated by the current and expected future margin between their finding and development costs and the eventual market 
price for the commodities they produce: crude oil, natural gas, and Natural Gas Liquids (NGLs).
Commodity Prices
Our customers’ capital expenditures for exploration and development are largely dependent on current and expected future 
prices of crude oil and natural gas. Crude oil is generally priced in a global market which is influenced by an array of economic 
and political factors. Natural gas is generally priced more regionally and, in North America, largely depends on the weather. 
Colder winter temperatures, and to a lesser extent, warmer summer temperatures, result in greater natural gas demand. Both 
commodities have historically been, and we expect them to continue to be cyclical and highly volatile.
Historically, there has been a strong correlation between crude oil and natural gas prices and the demand for drilling rigs with 
the rig count increasing and decreasing with movements in commodity prices. However, beginning in 2021, rig activity has not 
moved in tandem with crude oil prices to the same extent it has historically, as a large portion of our customers instituted and 
adhered to a more disciplined approach to their operations and capital spending in order to enhance their own financial returns.
Average Oil and Natural Gas Prices
2024
2023
2022
Oil
West Texas Intermediate (per barrel) (US$)
75.73
77.62
94.23
Western Canadian Select (per barrel) (US$)
61.24
58.96
78.15
Natural gas
U.S.
Henry Hub (per MMBtu) (US$)
2.41
2.67
6.51
Canada
AECO (per MMBtu) (Cdn$)
1.39
2.64
5.43
Source: WTI and Henry; Hub Energy Information Administration, AECO; Gas Alberta Inc.
Drilling Activity
In 2024, even though demand for global energy increased, economic uncertainty and geopolitical instability caused energy 
prices to compress slightly. In the U.S., West Texas Intermediate (WTI) averaged US$75.73 per barrel, 2% lower than the $77.62 
in 2023, while Henry Hub natural gas prices decreased 10% to average US$2.41 per MMBtu. 
According to Baker Hughes, the Canadian average active rig count in 2024 increased approximately 6% as the Trans Mountain 
pipeline expansion started up in May providing additional oil export capacity and favorable oil pricing, due to improving heavy oil 
differentials and a weaker Canadian dollar exchange rate, supported activity. The Canadian Association of Energy Contractors 
(CAOEC) reported approximately 6,200 wells were drilled in 2024, compared with 5,700 in 2023 and 5,500 in 2022. 
Approximately 64% of the industry’s active rigs were drilling for oil targets in 2024 as producers remained active in the traditional 
heavy oil regions of Canada, such as the oil sands and the Clearwater due to the start up of the Trans Mountain oil pipeline 
expansion. Natural gas drilling in Canada occurs in the deeper basins of northwestern Alberta and northeastern British Columbia, 
supporting the production of NGLs required for oil sands development. Natural gas drilling continues to gain momentum as 
producers develop drilling programs to support LNG Canada, which is expected to start up in mid 2025. 
U.S. producers continued to show capital discipline and with volatile and lower prices reduced activity 13% year over year, as 
per Baker Hughes. Drilling activity began to weaken in early 2023 due to lower natural gas prices and oil price volatility and was 
exacerbated by drilling and completion efficiencies, consolidation among producers, and continued capital discipline. Enverus 
reported approximately 14,100 wells were started onshore in the U.S. in 2024, compared with approximately 15,600 in 2023 and 
17,600 in 2022. The bias towards oil-directed drilling in the U.S. continues with approximately 74% of the active industry rig 
count drilling for oil targets during 2024.
The following graphs shows oil and natural gas drilling activity since 2020, in both the U.S. and Canada. The Canadian drilling 
rig activity graph also shows the seasonality of the Canadian drilling activity which fluctuates with spring breakup, a market 
dynamic that generally is not present in the U.S. 

8
Management's Discussion and Analysis
Competition and Competitive Strategy 
The land drilling industry is highly competitive with technology increasingly differentiating the market, as customers have 
transitioned to increasingly complex directional and horizontal drilling programs. These wells require higher capacity rigs, which 
typically include AC power, digital control systems, integrated top drives, pad walking systems, highly mechanized pipe handling, 
and high capacity mud pumps. These rigs are referred to as Super Specification (Super-Spec). Consequently, the rig market 
has been shedding older, low-technology rigs in favour of Super-Spec rigs as they are more powerful, efficient, and better suited 
for horizontal wells and resource development programs. Increasingly, digital technologies and rig-based software are becoming 
enablers of efficiency, and as a result, are in demand from our customers.
In the U.S., the top five land drillers own approximately 85% of the rigs referred to as Super-Spec, while in Canada, the top four 
land drillers own virtually all of these rigs.
In the early 1990s Precision designed and branded its Super Single rigs that are ideally suited for long-term conventional heavy 
oil development in the oil sands and other heavy oil plays. In 2010, Precision introduced and branded its Super Triple rigs, which 
are well suited for large pad horizontal drilling. Our Super Series fleet meets or exceeds the industry term Super-Spec that was 
recently adopted and as of December 31, 2024, our fleet of 214 rigs included 48 Super Single rigs and 102 AC Super Triple rigs.

Precision Drilling Corporation 2024 Annual Report
9
Drilling Contracts
We market our drilling rigs mainly on a regional basis through sales and marketing personnel. Our drilling contracts provide for 
payment on a daywork basis, pursuant to which we provide the drilling rig and crew to the customer. The customer provides the 
drilling program and is responsible for managing the downhole operation. Our compensation is based on a contracted rate per 
day (day rate) during the period the drilling rig is utilized. Generally, we do not bear any of the costs arising from downhole risks 
or loss of oil and natural gas reserves.
Products and services provided by our Alpha™ technologies and EverGreen™ suite of environmental solutions earn revenue 
that is incremental to the contracted day rate.
Seasonality
Drilling and well servicing activity is affected by seasonal weather patterns and ground conditions. In Canada and the northern 
U.S., wet weather and the spring thaw make the ground unstable resulting in road restrictions that may limit the movement of 
heavy oilfield equipment and reduce the level of drilling and well servicing activity primarily during the second quarter of the year. 
In Canada, some drilling sites can only be accessed in the winter once the terrain is frozen, which usually begins late in the 
fourth quarter. Our business activity depends, in part, on the severity and duration of the winter drilling season. 
COMPETITIVE OPERATING MODEL
Providing High Performance, High Value services to our customers represents the core of our competitive strategy. Our 
competitive advantages include:
▪
High Performance standardized rig fleet that is strategically deployed across the most active drilling regions in North 
America,
▪
Alpha™ technologies that increase drilling performance and reduce costs,
▪
EverGreen™ suite of environmental solutions which includes industry-leading alternative rig energy sources and fuel 
monitoring to reduce emissions and costs,
▪
systems and scale to deliver highly disciplined, consistent, reliable, and safe operations, 
▪
experienced, High Performance crews as we focus on training, development and retaining key leaders, and
▪
culture of teamwork, safety, integrity and desire to be the top tier service provider.
Employees
Our people strategies focus on initiatives that provide a safe and productive work environment, opportunity for advancement, 
and added wage security. In 2024, we had an average of approximately 5,159 employees, with a high of 5,504.
The market for experienced personnel in the oilfield services industry can be competitive due to the cyclical nature of the work, 
the uncertainty of continuing employment, and generally higher employment rates during periods of high oil and natural gas 
prices and drilling activities. We strive to position ourselves for increased activity while maintaining performance excellence 
through our safety performance and reputation. These factors help us attract and retain experienced, well-trained employees 
when the industry experiences crew shortages during peak operating periods.
Employee Safety and Training
Employee safety is embedded in all that we do at Precision, from job planning and change management to the critical task 
assessments and safety observations our employees perform every day. We deliver High Performance, High Value service to 
our customers without compromising the health and safety of our employees or those in the communities where we work.
Precision’s commitment to providing industry-leading comprehensive training and development to our employees can be seen 
through the extensive instructor-led and virtual courses, as well as face-to-face coaching. In 2024, approximately 2,135 
employees were trained for over 68,225 hours on Precision’s culture, rig roles and responsibilities, well control, tools, and 
equipment, HSE standards, leadership and communication at one of our world-class training facilities, located in Nisku, Alberta 
and Houston, Texas. Additionally, in 2024, we continued our focus on rig-site training with almost 18,000 employee training 
hours during 442 rig visits.
A specific focus on new employee development is driven through our Short-Service Employee (SSE) program, which is catered 
to rig-based employees with low levels of experience to ensure they are well-positioned for long-term success at Precision. 
During the first six months with Precision, these employees are paired with a mentor and put through various tasks under 
supervision to ensure they adapt to our culture, develop a safety-first mentality, and enable them to perform their duties to the 
best of their ability. In 2024, we dedicated almost 12,000 SSE-specific training hours to approximately 684 employees who were 
new to the industry.
Technology and Innovation
In 2024, we deployed the industry's most advanced Super Triple rig to our Canadian fleet, which is not only equipped with 
AlphaTM and EverGreenTM technologies but also includes rig floor robotics known as AlphaArmTM. This modular fully automated 
pipe handling system represents a pioneering achievement in the industry and positions this land drilling rig at the forefront of 
technological advancement. By collaborating with AlphaAutomationTM, our rig floor robotics provides a comprehensive and 
seamless automation solution, optimizing operational efficiency and increasing safety standards.

10
Management's Discussion and Analysis
Diversity and Respect
Delivering strong operational and financial results in today’s environment requires the expertise and positive contributions of 
every Precision employee. We are committed to developing a diverse range of thoughts, experiences, and points of view to 
complement our strategy and decision-making processes. Precision is an inclusive workplace that strives to be free of 
discrimination, harassment, workplace violence, and retaliation. Our policies prohibit discrimination of any kind and promote 
diversity and respect among our employees, management, and Board of Directors (Board).
Talent Management 
As an industry leader, we are committed to recruiting and retaining high-performing, Passionate People at every level of our 
Company. Precision has developed a strong recruitment marketing strategy both in the field and for our corporate support roles. 
We ensure the value proposition we provide in the ways of pay and benefits remains competitive and engages our employees. 
We have implemented systems and processes that help us execute our talent management strategy to maintain a well-trained, 
highly competent and capable talent pool, both in the field and corporate positions with a broad range of business experience 
throughout market cycles. Our Talent Management and Field Training & Development departments have been successful 
implementing new and inventive technology platforms and internal learning systems to provide learning and development 
opportunities, leveraging our in-house technical expertise while maintaining the necessary in-person interactions to develop 
appropriate levels of understanding and strong professional networks.
OUTLOOK
Contracts
Term customer contracts provide a base level of activity and revenue. In 2024, we had an average of 49 drilling rigs working 
under term contracts: 18 in the U.S., 23 in Canada and 8 internationally. Utilization days from these contracts was approximately 
45% of our total contract drilling utilization days for the year. As at March 7, 2025, we had term contracts in place for an average 
of 38 rigs: 12 in the U.S., 18 in Canada and 8 internationally for 2025. In most regions in the U.S. and internationally, term 
contracts normally generate 365 utilization days per rig year. In Canada, term contracted rigs normally generate 250 utilization 
days per rig year because of the seasonal nature of wellsite access.
Pricing, Demand and Utilization
The long-term outlook for global energy demand remains positive with rising demand for all types of energy including oil and 
natural gas driven by economic growth, increasing demand from third-world regions, and emerging sources of power 
demand. Oil prices are constructive as OPEC+ continues to honor its production quotas, producers remain committed to 
returning capital to shareholders versus increasing production, and geopolitical issues continue to threaten supply. In Canada, 
the commissioning of the Trans Mountain pipeline expansion in 2024 and the startup of LNG Canada projected in mid 2025 are 
expected to provide significant tidewater access for Canadian crude oil and natural gas, supporting additional Canadian drilling 
activity. However, tariffs and potential trade disputes could temper this activity. In the U.S., the next wave of Liquefied Natural 
Gas (LNG) export terminals is expected to add approximately 11 bcf/d of export capacity from 2025 to 2028, supporting additional 
U.S. natural gas drilling activity. Coal retirements and a build-out of Artificial Intelligence (AI) data centers could provide further 
support for natural gas drilling. 
In Canada, Precision's drilling activity in 2024 outpaced the prior year due to increased heavy oil drilling activity and strong 
Montney activity driven by robust condensate demand and pricing. The startup of the Trans Mountain pipeline expansion in May 
added 590,000 barrels of additional tidewater takeaway capacity for crude oil and increased customer activity in heavy oil 
targeted areas, resulting in near full utilization of our Super Single fleet. Customers are benefiting from improved commodity 
pricing and a weak Canadian dollar. Our Super Triple fleet, the preferred rig for Montney drilling, is also nearly fully utilized and 
with the expected startup of LNG Canada in mid 2025, demand could exceed supply. We expect near full utilization in the 
Canadian Super-Spec rig market in 2025, which should support high day rates and increase demand for term contracts as 
customers secure rigs to ensure fulfillment of their development programs.
In the U.S., drilling activity began to weaken in early 2023 due to lower natural gas prices and has fallen approximately 25% 
from January 1, 2023 to December 31, 2024, according to Baker Hughes. Despite a change in administration in January 2025, 
drilling activity remains constrained as producers remain focused on shareholder returns rather than growth, while volatile 
commodity prices, customer consolidation, and drilling and completion efficiencies have exacerbated activity. If commodity prices 
remain stable and around today’s level, we expect drilling demand to begin to improve in the second half and gain momentum 
through the remainder of 2025 as new LNG export capacity is added and customers seek to maintain or possibly increase 
production levels.
Internationally, as at March 7, 2025, we had eight rigs working on term contracts, five in Kuwait and three in the Kingdom of 
Saudi Arabia. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028, providing predictable 
cash flow for the next few years. We continue to bid our remaining idle rigs within the region and remain optimistic in our ability 
to secure rig reactivations.

Precision Drilling Corporation 2024 Annual Report
11
As the premier well service provider in Canada, the outlook for this business remains positive. We expect the Trans Mountain 
pipeline expansion and LNG Canada to drive more service-related activity, while increased regulatory spending requirements 
are expected to result in more abandonment work. Customer demand should remain strong, and with continued labor 
constraints, we expect firm pricing into the foreseeable future.
High Performance Rig Fleet
The industry trend toward more complex drilling programs has accelerated the retirement of older generation, less capable 
drilling rigs. Over the past several years, we and some of our competitors have been upgrading our drilling rig fleets primarily 
through upgrading existing rigs and decommissioning lower capacity rigs. In more recent years, drilling rigs have been equipped 
with automation systems and emission reduction technologies to further drive time and cost efficiencies and environmental 
performance in the well construction process. We believe this retooling of the industry-wide fleet has made legacy rigs virtually 
obsolete in North America.
Capital Spending and Free Cash Flow Allocation
Capital spending in 2025 is expected to be $225 million and capital spending by spend category(1) includes $175 million for 
maintenance, infrastructure, and intangibles and $50 million for expansion and upgrades. We expect to spend $203 million in 
the Contract Drilling Services segment, $19 million in the Completion and Production Services segment and $3 million in the 
Corporate and Other segment. The 2025 capital plan may fluctuate with activity levels and customer contract upgrade 
opportunities. At December 31, 2024, Precision had capital commitments of $128 million with payments expected through 2027.
We remain committed to our debt reduction plans and in 2025 expect to reduce debt by at least $100 million and reduce debt 
by $700 million between 2022 and 2027, while remaining committed to achieving a sustained Net Debt to Adjusted EBITDA ratio 
of below 1.0 times. In addition, in 2025 we plan to allocate 35% to 45% of free cash flow before debt repayments to share 
repurchases and continue moving our direct shareholder capital returns towards 50% of free cash flow thereafter.
(1) See Financial Measures and Ratios on page 40 of this report.

12
Management's Discussion and Analysis
2024 RESULTS
Financial Highlights
Year ended December 31
(in thousands of dollars, except where noted)
2024
% increase/
(decrease)
2023
% increase/
(decrease)
2022
% increase/
(decrease)
Revenue
1,902,328
(1.8)
1,937,854
19.8
1,617,194
63.9
Adjusted EBITDA(1)
521,221
(14.7)
611,118
96.1
311,605
61.6
Adjusted EBITDA % of revenue(1)
27.4%
31.5%
19.3%
Net earnings (loss)
111,330
(61.5)
289,244
(943.4)
(34,293)
(80.7)
Net earnings (loss) attributable to shareholders
111,195
(61.6)
289,244
(943.4)
(34,293)
(80.7)
Cash provided by operations
482,083
(3.7)
500,571
111.1
237,104
70.3
Funds provided by operations(1)
463,372
(13.1)
533,409
88.5
282,994
85.9
Cash used in investing activities
202,986
(5.5)
214,784
48.7
144,415
155.1
Capital spending by spend category(1)
Expansion and upgrade
52,066
(18.5)
63,898
0.9
63,305
233.1
Maintenance, infrastructure and intangibles
164,632
1.1
162,851
34.6
120,945
112.4
Proceeds on sale of property, plant and equipment
(30,395)
27.5
(23,841)
(35.9)
(37,198)
184.3
Net capital spending(1)
186,303
(8.2)
202,908
38.0
147,052
134.0
Net earnings (loss) attributable to shareholders
  per share ($)
Basic
7.81
(62.9)
21.03
(931.2)
(2.53)
(81.0)
Diluted
7.81
(60.0)
19.53
(871.9)
(2.53)
(81.0)
(1) See Financial Measures and Ratios on page 40 of this report.
Operating Highlights
Year ended December 31
2024
% increase/
(decrease)
2023
% increase/
(decrease)
2022
% increase/
(decrease)
Contract drilling rig fleet
214
—
214
(4.9)
225
(0.9)
Drilling rig utilization days
U.S.
12,969
(27.8)
17,961
(11.9)
20,396
40.7
Canada
23,685
12.0
21,156
3.1
20,519
30.0
International
2,928
37.3
2,132
(2.6)
2,190
—
Revenue per utilization day
U.S. (US$)
32,531
(7.2)
35,040
28.3
27,309
28.7
Canada (Cdn$)
34,797
5.0
33,151
22.6
27,037
28.1
International (US$)
51,227
0.8
50,840
(0.8)
51,242
(3.0)
Operating cost per utilization day
U.S. (US$)
22,009
7.9
20,401
9.5
18,635
23.8
Canada (Cdn$)
20,424
6.2
19,225
13.0
17,007
23.8
Service rig fleet
170
(7.1)
183
35.6
135
9.8
Service rig operating hours
254,224
26.1
201,627
18.4
170,362
34.3
Financial Position and Ratios
(in thousands of dollars, except ratios)
December 31,
2024
December 31,
2023
December 31,
2022
Working capital(1)
162,592
136,872
48,344
Working capital ratio(1)
1.5
1.4
1.1
Long-term debt(2)
812,469
914,830
1,085,970
Total long-term financial liabilities(3)
888,173
995,849
1,194,322
Total assets
2,956,315
3,019,035
2,876,123
Enterprise Value(1)(4)
1,950,192
1,892,305
2,470,538
Long-term debt to long-term debt plus equity
0.3
0.4
0.5
Long-term debt to cash provided by operations(1)
1.7
1.8
4.6
Net Debt to Adjusted EBITDA(1)
1.4
1.4
3.4
(1) See Financial Measures and Ratios on page 40 of this report.
(2) Net of unamortized debt issue costs.
(3) Non-current liabilities less deferred tax liabilities.
(4) See page 22 for more information.

Precision Drilling Corporation 2024 Annual Report
13
Consolidated Statements of Net Earnings (Loss) Summary
 
Year ended December 31 (in thousands of dollars)
2024
2023
2022
Revenue
Contract Drilling Services
1,617,735
1,704,265
1,436,134
Completion and Production Services
294,817
240,716
187,171
Inter-segment elimination
(10,224)
(7,127)
(6,111)
1,902,328
1,937,854
1,617,194
Adjusted EBITDA(1)
Contract Drilling Services
532,345
630,761
397,753
Completion and Production Services
66,681
51,224
38,147
Corporate and Other
(77,805)
(70,867)
(124,295)
521,221
611,118
311,605
Depreciation and amortization
309,314
297,557
279,035
Gain on asset disposals
(16,148)
(24,469)
(29,926)
Loss on asset decommissioning
—
9,592
—
Foreign exchange
2,259
(1,667)
1,278
Finance charges
69,753
83,414
87,813
Loss (gain) on investments and other assets
1,484
6,810
(12,452)
Gain on acquisition
—
(25,761)
—
Gain on redemption and repurchase of unsecured senior notes
—
(137)
—
Earnings (loss) before income tax
154,559
265,779
(14,143)
Income taxes
43,229
(23,465)
20,150
Net earnings (loss)
111,330
289,244
(34,293)
Non-controlling interest
135
—
—
Net earnings (loss) attributable to shareholders
111,195
289,244
(34,293)
(1) See Financial Measures and Ratios on page 40 of this report.
Results by Geographic Segment
Year ended December 31 (in thousands of dollars)
2024
2023
2022
Revenue
U.S.
590,641
861,915
745,630
Canada
1,106,163
929,639
725,560
International
205,524
146,300
146,004
1,902,328
1,937,854
1,617,194
Total assets
U.S.
1,292,983
1,226,256
1,376,413
Canada
1,206,868
1,246,069
1,056,093
International
456,464
546,710
443,617
2,956,315
3,019,035
2,876,123
2024 COMPARED WITH 2023
In the U.S., WTI oil prices averaged US$75.73 per barrel and Henry Hub natural gas prices averaged US$2.41 per MMBtu, 
representing decreases of 2% and 10% from 2023, respectively. In Canada, Western Canadian Select (WCS) and AECO natural 
gas prices averaged US$61.24 and $1.39 in 2024, respectively. Average WCS pricing was 4% higher than 2023 while AECO 
decreased by 47%.
As compared with 2023, our revenue decreased by 2% to $1,902 million. Our lower revenue in 2024 was primarily the result of 
decreased drilling activity and lower revenue per utilization day rates in the U.S., partially offset by stronger Canadian drilling 
and well service and international activity. 
We recognized Adjusted EBITDA in 2024 of $521 million, 15% lower than 2023. Our lower Adjusted EBITDA in 2024 was 
primarily due to decreased U.S drilling results and higher share-based compensation charges, partially offset by stronger 
Canadian and international activity. 
As compared with 2023, our U.S. drilling activity decreased 28%, Canadian activity increased 12% and international activity 
increased 37%. Our service rig operating hours increased 26% compared with 2023. 
Net earnings attributable to shareholders was $111 million or $7.81 per share compared to $289 million or $21.03 per share in 
the prior year. Our lower current year net earnings was due to the impact of decreased U.S. drilling results, higher income tax 
expense of $67 million and the gain on acquisition of $26 million recognized in 2023.

14
Management's Discussion and Analysis
Debt Repayments and Shareholder Returns 
In 2024, we reduced debt by $176 million comprised of US$113 million of 2026 unsecured senior note redemptions and the 
repayment and termination of our Canadian and U.S. Real Estate Credit Facilities for $38 million, partially offset by US$12 million 
of drawings on our Senior Credit Facility.
Pursuant to our NCIB, we repurchased and cancelled 833,614 common shares for $75 million. 
Finance Charges
Finance charges were $70 million as compared with $83 million in 2023. Our decreased finance charges in 2024 were the result 
of our lower interest expense on our outstanding debt balance.
Capital Spending and Long-Lived Assets
Capital expenditures for the purchase of property, plant and equipment were $217 million, a decrease of $10 million from 2023. 
Capital spending by spend category included $52 million for expansion and upgrades and $165 million for the maintenance of 
existing assets, infrastructure and intangibles. Capital expenditures were $7 million higher than guidance due to the timing of 
the strategic purchase of drill pipe before new import tariffs take effect and additional customer-backed upgrades.
Through the completion of normal course business operations, we sold non-core assets for proceeds of $30 million resulting in 
a gain on asset disposal of $16 million. 
In accordance with IFRS, we review the carrying value of our long-lived assets for indications of impairment at the end of each 
reporting period. At December 31, 2024, we reviewed each of our Cash-Generating Units (CGU) and did not identify indications 
of impairment and, therefore, did not test our CGUs for impairment.
Income Taxes
In 2024, we recognized an income tax expense of $43 as compared with an income tax recovery of $23 million in 2023. During 
the fourth quarter of 2023, we recorded a deferred income tax asset of $73 million for the expected future use of certain Canadian 
operating losses. We continue to not recognize deferred income tax assets for certain international locations.
Partnership
In 2024, Precision formed a partnership with two Indigenous partners to provide well servicing operations in northeast British 
Columbia. Precision contributed $4 million in assets to the partnership. Net earnings attributable to Non-Controlling Interests 
(NCI) was $0.1 million in 2024. Precision holds a controlling interest in the partnership and the portions of the net earnings and 
equity not attributable to Precision's controlling interest are shown separately as NCI in the Consolidated Statements of Net 
Earnings and Consolidated Statements of Financial Position.   
2023 COMPARED WITH 2022
In the U.S., WTI oil prices averaged US$77.62 per barrel and Henry Hub natural gas prices averaged US$2.67 per MMBtu, 
representing decreases of 18% and 59% from 2022, respectively. In Canada, WCS and AECO natural gas prices averaged 
US$58.96 and $2.64 in 2023, respectively. Average WCS pricing was 25% lower than 2022 while AECO decreased by 51%.
As compared with 2022, our revenue increased by 20% to $1,938 million. Our higher revenue was primarily the result of 
increased North American drilling revenue per utilization day rates and increased service rig activity and revenue rates, partially 
offset by lower U.S. drilling activity. We recognized Adjusted EBITDA in 2023 of $611 million, 96% higher than 2022. Our higher 
Adjusted EBITDA in 2023 was primarily due to increased drilling and well service revenue rates, stronger Canadian drilling and 
well service activity and lower share-based compensation, partially offset by lower U.S. drilling activity. As compared with 2022, 
our U.S. drilling activity decreased 12%, Canadian activity increased 3% and international activity decreased 3%. Our service 
rig operating hours increased 18% compared with 2022. Net earnings attributable to shareholders in 2023 were $289 million, or 
$21.03 per share, compared with a net loss of $34 million, or $2.53 per share, in 2022.
Debt Repayments and Shareholder Returns 
In 2023, we reduced debt by $152 million through the full repayment of our Senior Credit Facility of $60 million, $100 million of 
repurchases and redemptions of our 2026 unsecured senior notes and $2 million of repayments of our Real Estate Credit 
Facilities, partially offset by the assumption of the $10 million CWC Real Estate Credit Facility. Pursuant to our NCIB, we 
repurchased and cancelled 412,623 common shares for $30 million. 
In addition, we assumed a $51 million syndicated loan in connection with our CWC acquisition that was fully repaid and 
terminated upon closing.
CWC Acquisition
In 2023, we acquired CWC for cash of $14 million and the issuance of 947,807 common shares for total consideration of $89 
million plus the assumption of $61 million of CWC long-term debt. The acquisition further increased the size and scale of our 
Canadian well servicing operations, adding 62 marketable well service rigs to our service rig fleet along with ancillary and spare 
equipment and operating facilities in complimentary operating basins. The acquisition also added seven Canadian and 11 U.S. 
drilling rigs to our drilling fleet. We recognized a gain on acquisition of $26 million. 

Precision Drilling Corporation 2024 Annual Report
15
Finance Charges
Finance charges were $83 million as compared with $88 million in 2022. Our decreased finance charges in 2023 were the result 
of our lower debt balance, partially offset by the impact of higher variable interest rates and higher translated U.S. dollar-
denominated interest charges due to the weakening of the Canadian dollar.
Capital Spending and Long-Lived Assets
Capital expenditures for the purchase of property, plant and equipment were $227 million, an increase of $42 million from 2022. 
Capital spending by spend category included $64 million for expansion and upgrades and $163 million for the maintenance of 
existing assets, infrastructure and intangibles.
In 2023, we decommissioned 20 and seven legacy drilling rigs in Canada and the U.S., respectively, recognizing an asset 
decommissioning charge of $10 million. Through the completion of normal course business operations, we sold non-core assets 
for proceeds of $24 million resulting in a gain on asset disposal of $24 million. Included in the gain on asset disposal was a $7 
million gain from the non-cash swap of drill pipe. 
In accordance with IFRS, we review the carrying value of our long-lived assets for indications of impairment at the end of each 
reporting period. At December 31, 2023, we reviewed each of our CGUs and did not identify indications of impairment and, 
therefore, did not test our CGUs for impairment.
Investments and Other Assets
During 2023, we exercised 2 million warrants for $1 million in exchange for 2 million common shares of Cathedral Energy 
Services Ltd. (Cathedral). We subsequently divested 11 million Cathedral common shares for net proceeds of $10 million. In 
addition, we completed a $5 million equity investment in CleanDesign Income Corp. (CleanDesign). CleanDesign is a key 
supplier of Precision’s EverGreenTM Battery Energy Storage Systems (BESS) and this investment provides access to key BESS 
and power management technologies.
Income Taxes
In 2023, we recognized an income tax recovery of $23 million as compared with an income tax expense of $20 million in 2022. 
During the fourth quarter of 2023, we recorded a deferred income tax asset of $73 million for the expected future use of certain 
Canadian operating losses. We continue to not recognize deferred income tax assets for certain international locations.
SEGMENTED RESULTS
CONTRACT DRILLING SERVICES
Financial Results
 
Year ended December 31
(in thousands of dollars, except where noted)
2024
% of
revenue
2023
% of
revenue
2022
% of
revenue
Revenue
1,617,735
1,704,265
1,436,134
Expenses
Operating
1,041,068
64.4
1,030,053
60.4
988,885
68.9
General and administrative
44,322
2.7
43,451
2.5
49,496
3.4
Adjusted EBITDA(1)
532,345
32.9
630,761
37.0
397,753
27.7
(1) See Financial Measures and Ratios on page 40 of this report.
Operating Statistics
Year ended December 31
2024
% increase/
(decrease)
2023
% increase/
(decrease)
2022
% increase/
(decrease)
Number of drilling rigs (year-end)
214
—
214
(4.9)
225
(0.9)
Drilling utilization days (operating and moving)
U.S.
12,969
(27.8)
17,961
(11.9)
20,396
40.7
Canada
23,685
12.0
21,156
3.1
20,519
30.0
International
2,928
37.3
2,132
(2.6)
2,190
—
Drilling revenue per utilization day
U.S.
32,531
(7.2)
35,040
28.3
27,309
28.7
Canada
34,797
5.0
33,151
22.6
27,037
28.1
International
51,227
0.8
50,840
(0.8)
51,242
(3.0)
2024 Compared with 2023
Revenue from Contract Drilling Services was $1,618 million, 5% lower than 2023 due to lower U.S. revenue per utilization day 
rates and drilling activity, partially offset by higher Canadian and international activity. As compared to 2023, our Canada and 
international drilling rig utilization days increased 12% and 37%, respectively, while U.S. activity decreased by 28%.
Operating expenses in 2023 were 64% of segment revenue, 4% higher than the prior year. On a per utilization day basis, in the 
U.S., operating costs were 8% higher than 2023 primarily due to higher rig operating expenses and recoverable expenses and 

16
Management's Discussion and Analysis
the impact of fixed operating overheads spread over fewer utilization days, partially offset by lower repairs and maintenance. 
Operating costs on shaa per day basis in our Canadian drilling rig division were 6% higher than in 2023, primarily due to higher 
rig operating expenses and repairs and maintenance. In both the U.S. and Canada, higher rig operating expenses primarily 
related to increased labour wages.
General and administrative expenses for 2024 was largely consistent with 2023. We recognized share-based compensation of 
$4 million, consistent with 2023. 
Our Adjusted EBITDA was $532 million as compared with $631 million in 2023. The decrease was primarily due to the impact 
of weaker U.S. drilling results, partially offset by increased Canadian and international activity.
U.S. Drilling
Revenue from U.S. drilling was US$422 million, 33% lower than 2023. Drilling rig activity, as measured by utilization days, was 
down 28% while average revenue per utilization day decreased 7% compared with 2023. Adjusted EBITDA was US$118 million, 
51% lower than 2023 and was the result of lower drilling activity, weaker revenue per utilization day and higher operating costs 
per utilization day.
Our lower U.S. drilling revenue per utilization days was primarily due to lower average day rates, revenue from idle but contracted 
rigs and turnkey projects. In 2024, we recognized revenue from turnkey projects and idle but contracted rigs of nil and US$1 
million, respectively, as compared with US$7 million and US$18 million in 2023.
Drilling Statistics – U.S.
We ended the year with a U.S. rig count of 104. We averaged 36 rigs working in 2023, 27% lower than 2023 due to lower industry 
activity. The average number of active land rigs for the industry was 580 as compared with 670 rigs in 2023.
2024
2023
2022
Precision
Industry (1)
Precision
Industry (1)
Precision
Industry (1)
Average number of active land rigs
for quarters ended:
March 31
38
602
60
744
51
603
June 30
36
583
51
700
55
687
September 30
35
565
41
631
57
746
December 31
34
569
45
603
60
761
Annual average
36
580
49
670
56
699
(1) Source: Baker Hughes.
Canadian Drilling
Revenue from Canadian drilling was $824 million, 18% higher than 2023. Drilling rig activity, as measured by utilization days, 
was up 12% while average revenue per utilization day increased 5% as compared with 2023.
Adjusted EBITDA was $323 million, 16% higher than 2023 and was the result of higher drilling activity and revenue per utilization 
day, partially offset by a 6% increase to average operating costs per utilization day.
Drilling Statistics – Canada
We ended the year with a Canadian rig count of 97. Our average active rig count increased to 65 rigs in 2024, up from 58 rigs 
in 2023, and was consistent with increased industry activity as the average active land rigs increased from 177 to 186.
2024
2023
2022
Precision
Industry (1)
Precision
Industry (1)
Precision
Industry (1)
Average number of active land rigs
for quarters ended:
March 31
73
208
69
221
63
205
June 30
49
134
42
117
37
113
September 30
72
207
57
188
59
199
December 31
65
194
64
181
66
187
Annual average
65
186
58
177
56
176
(1) Source: Baker Hughes.

Precision Drilling Corporation 2024 Annual Report
17
COMPLETION AND PRODUCTION SERVICES
Financial Results
Year ended December 31
(in thousands of dollars, except where noted)
2024
% of
revenue
2023
% of
revenue
2022
% of
revenue
Revenue
294,817
240,716
187,171
Expenses
Operating
217,842
73.9
181,622
75.5
141,827
75.8
General and administrative
10,294
3.5
7,870
3.3
7,197
3.8
Adjusted EBITDA(1)
66,681
22.6
51,224
21.3
38,147
20.4
(1) See Financial Measures and Ratios on page 40 of this report.
Operating Statistics 
Year ended December 31
2024
% increase/
(decrease)
2023
% increase/
(decrease)
2022
% increase/
(decrease)
Number of service rigs (end of year)
170
(7.1)
183
35.6
135
9.8
Service rig operating hours
254,224
26.1
201,627
18.4
170,362
34.3
2024 Compared with 2023
Revenue from Completion and Production Services was $295 million, 22% higher than 2023, resulting from increased well 
service activity that resulted from our acquisition of CWC in 2023. Our current year service rig operating hours rose by 26% 
compared with 2023.
Operating expenses were 74% of segment revenue, largely consistent with 2023, as industry-wide wage increases were offset 
by increased hourly service rates. General and administrative expenses increased $2 million due to higher fixed overhead costs 
associated with our CWC acquisition.
Adjusted EBITDA increased by 30% from 2023 and was primarily the result of increased activity.
CORPORATE AND OTHER
Financial Results
Year ended December 31
(in thousands of dollars, except where noted)
2024
2023
2022
Expenses
General and administrative
77,805
70,867
124,295
Adjusted EBITDA(1)
(77,805)
(70,867)
(124,295)
(1) See Financial Measures and Ratios on page 40 of this report.
2024 Compared with 2023
Our Corporate and Other segment contains support functions that provide assistance to our business segments. It includes 
costs incurred in corporate groups in both Canada and the U.S.
Corporate general and administrative expenses were $78 million, $7 million higher than 2023. The increase was primarily due 
to higher share-based compensation resulting from our improved share price performance in the current year. Corporate general 
and administrative costs were 4% of consolidated revenue, largely consistent with 2023.
QUARTERLY FINANCIAL RESULTS
2024 – Quarters Ended
(in thousands of dollars, except per share amounts)
March 31
June 30
September 30
December 31
Revenue
527,788
429,214
477,155
468,171
Adjusted EBITDA(1)
143,149
115,121
142,425
120,526
Net earnings attributable to shareholders
36,516
20,701
39,183
14,795
per basic share
2.53
1.44
2.77
1.06
per diluted share
2.53
1.44
2.31
1.06
Funds provided by operations(1)
117,765
111,750
113,322
120,535
Cash provided by (used in) operations
65,543
174,075
79,674
162,791
(1) See Financial Measures and Ratios on page 40 of this report.

18
Management's Discussion and Analysis
2023 – Quarters Ended
(in thousands of dollars, except per share amounts)
March 31
June 30
September 30
December 31
Revenue
558,607
425,622
446,754
506,871
Adjusted EBITDA(1)
203,219
142,093
114,575
151,231
Net earnings attributable to shareholders
95,830
26,900
19,792
146,722
per basic share
7.02
1.97
1.45
10.42
per diluted share
5.57
1.63
1.45
9.81
Funds provided by operations(1)
159,653
136,959
91,608
145,189
Cash provided by operations
28,356
213,460
88,500
170,255
(1) See Financial Measures and Ratios on page 40 of this report.
Fourth Quarter 2024 Compared with Fourth Quarter 2023
We recorded net earnings attributable to shareholders of $15 million or $1.06 per share as compared with $147 million or $10.42 
per share in the fourth quarter of 2023. 
Fourth quarter revenue of $468 million was 8% lower than 2023 and was due to lower U.S. drilling results, partially offset by 
higher Canadian and international activity.
Canadian and international drilling rig utilization days increased 2% and 6%, respectively, while U.S. activity decreased 26%. 
Fourth quarter revenue from our Contract Drilling Services was down 10% compared with 2023, whereas revenue from our 
Completion and Production Services segment increased 10%.
Fourth quarter Adjusted EBITDA was $121 million and included $15 million of share-based compensation charges, $4 million 
for rig reactivation costs and $4 million of non-recurring charges. In 2023, fourth quarter Adjusted EBITDA was $151 million and 
included share-based compensation of $13 million.
Contract Drilling Services
Revenue from Contract Drilling Services was $403 million, 10% lower than 2023, while Adjusted EBITDA decreased 23% to 
$126 million. The decreased Adjusted EBITDA was primarily due to lower U.S. drilling results partially offset by higher Canadian 
and international drilling activity.
Drilling rig utilization days in the U.S. were 3,084, 26% lower than 2023. Drilling rig utilization days in Canada were 6,018, 2% 
higher than 2023. Drilling rig utilization days in our international business increased 6% to 736, as we reactivated rigs in Kuwait.
As compared with 2023, our U.S. fourth quarter revenue per utilization day decreased 10% to US$30,991. The decrease was 
primarily the result of lower fleet average day rates, idle but contracted rig revenue and recoverable costs. We recognized 
revenue from idle but contracted rigs of US$1 million as compared with US$7 million in 2023. Compared with the same quarter 
in 2023, drilling rig revenue per utilization day in Canada increased 3% to $35,675 due to higher average day rates and 
recoverable costs. Our international revenue per utilization day for the quarter of US$49,636 was largely consistent with 2023.
In the U.S., operating costs per utilization day were US$21,698, 3% higher than in 2023. The increase was primarily due to 
higher rig operating costs and fixed costs spread over lower activity, offset by lower recoverable costs and repairs and 
maintenance. Our Canadian operating costs on a per day basis increased 10% to $21,116 and was due to higher repairs and 
maintenance, rig reactivation costs and impact of labour rate increases.
Our general and administrative expenses decreased $2 million as compared with 2023 as we incurred non-recurring severance 
costs in the fourth quarter of 2023 associated with our CWC acquisition, partially offset by higher share-based compensation in 
2024.
Completion and Production Services
Completion and Production Services revenue increased to $69 million as compared with $62 million in 2023. The higher revenue 
was primarily due to increased service activity as our fourth quarter service rig operating hours were 59,834, a 6% increase from 
2023.
Operating costs as a percentage of revenue were 74% as compared with 77% in 2023. The lower percentage in 2024 was 
reflective of operating efficiency from increasing activity. As compared to 2023, our fourth quarter general and administrative 
expenses increased 13%, primarily due to higher overhead charges associated with the CWC acquisition and higher share-
based compensation.
Adjusted EBITDA was $16 million as compared with $12 million in 2023. Our higher Adjusted EBITDA in 2024 was due to 
increased activity, partially offset by higher overhead charges.
Corporate and Other
Our Corporate and Other segment provides support functions to our operating segments. The Corporate and Other segment 
had negative Adjusted EBITDA of $21 million as compared with negative Adjusted EBITDA of $23 million in 2023. Our improved 
current quarter Adjusted EBITDA was impacted by lower non-recurring CWC acquisition costs, partially offset by higher share-
based compensation.

Precision Drilling Corporation 2024 Annual Report
19
FINANCIAL CONDITION
The oilfield services business is inherently cyclical. To manage this variability, we focus on maintaining a strong financial position 
to have the financial flexibility we need to continue to manage our capital expenditures and cash flows, no matter where we are 
in the business cycle.
We apply a disciplined approach to managing and tracking the results of our operations to keep costs down. We maintain a 
variable cost structure so we can respond to changing market demand. We also invest in our fleet to make sure we remain 
competitive. Our maintenance capital expenditures are tightly governed and highly responsive to activity levels with additional 
cost savings generated through the operating leverage provided by our internal manufacturing and supply divisions. Term 
contracts on expansion capital for new-build rig programs help provide more certainty of future revenues and return on our 
growth capital investments.
LIQUIDITY
During 2024, we maintained our strong liquidity position, exiting the year with a cash balance of $74 million and more than $575 
million of available liquidity. We expect cash provided by operations and our sources of financing, including our Senior Credit 
Facility, to be sufficient to meet our unsecured senior note obligations and to fund future capital expenditures.
At December 31, 2024, excluding letters of credit, we had approximately $822 million (2023 – $929 million) outstanding under 
our secured and unsecured credit facilities and $8 million (2023 – $11 million) in unamortized debt issue costs. Our Senior Credit 
Facility includes financial ratio covenants that are tested quarterly.
The current blended cash interest cost of our debt is approximately 6.9%.
Key Financial Indicators and Ratios
We evaluate the relative strength of our financial position by monitoring our working capital, debt ratios and liquidity. We also 
monitor returns on capital and link our executives’ incentive compensation to certain long-term strategic targets as well as the 
returns of our shareholders relative to the shareholder returns of our peers. Please refer to page 12 for our summary of Financial 
Position and Ratios.
Credit Rating
Credit ratings affect our ability to obtain short and long-term financing, the cost of this financing, and our ability to engage in 
certain business activities cost-effectively.
At March 7, 2025
Moody’s
S&P
Fitch
Corporate credit rating
Ba3
B+
BB-
Senior Credit Facility rating
Not rated
Not rated
BB+
Unsecured senior notes credit rating
B1
B+
BB-
CAPITAL MANAGEMENT
To maintain and grow our business, we invest in growth, upgrade and sustaining capital. We base expansion and upgrade 
capital decisions on return of capital employed and payback. We mitigate the risk that we may not be able to fully recover our 
capital, by requiring term contracts for new-build rigs.
We base our maintenance capital decisions on actual activity levels, using key financial indicators that we express as per 
operating day or per operating hour. Sourcing internally (through our manufacturing and supply divisions) helps keep our 
maintenance capital costs as low as possible.
Foreign Exchange Risk
Our U.S. and international operations have revenue, expenses, assets, and liabilities denominated in currencies other than the 
Canadian dollar (mostly in U.S. dollars and currencies that are pegged to the U.S. dollar). This means that changes in currency 
exchange rates can materially affect our income statement, statement of financial position and statement of cash flow. We 
manage this risk by matching the currency of our debt obligations with the currency of cash flows generated by the operations 
that the debt supports.
Hedge of Investments in Foreign Operations
We utilize foreign currency long-term debt to hedge our exposure to changes in the carrying values of our net investment in 
certain foreign operations as a result of changes in foreign exchange rates. During 2024, we continued to designate our U.S. 
dollar Senior Credit Facility and unsecured senior notes as a net investment hedge in our U.S. dollar denominated foreign 
operations. To be accounted for as a hedge, the foreign currency denominated long-term debt must be designated and 
documented as such and must be effective at inception and on an ongoing basis. We recognize the effective amount of this 
hedge (net of tax) in other comprehensive income. We recognize ineffective amounts in earnings.

20
Management's Discussion and Analysis
SOURCES AND USES OF CASH
At December 31 (in thousands of dollars)
2024
2023
2022
Cash provided by operations
482,083
500,571
237,104
Cash used in investing activities
(202,986)
(214,784)
(144,415)
Surplus
279,097
285,787
92,689
Cash used in financing activities
(261,385)
(251,966)
(113,171)
Effect of exchange rate changes on cash
1,877
(1,226)
1,481
Net cash movement
19,589
32,595
(19,001)
Cash Provided by Operations
In 2024, cash provided by operations was $482 million compared with $501 million in 2023. The decrease was driven by the 
impact of our lower U.S. drilling results and higher share-based compensation, partially offset by higher Canadian and 
international activity.
Cash Used in Investing Activities
Our 2024 capital spending of $217 million by spend category was comprised of:

$52 million on expansion and upgrade capital, and

$165 million on maintenance and infrastructure capital.
The $217 million in capital expenditures in 2024 was split between our segments as follows:

$197 million in Contract Drilling Services,

$17 million in Completion and Production Services, and

$3 million in Corporate and Other.
Expansion and upgrade capital includes the cost of long-lead items purchased for our capital inventory, such as integrated top 
drives, drill pipe, control systems, engines, and other items we can use to complete new-build projects or upgrade our rigs in 
North America and internationally.
We sold underutilized capital assets for proceeds of $30 million in 2024 compared with $24 million in 2023.
Our investments and other assets activities included the sale of Cathedral common shares for proceeds of $4 million.
Cash Used in Financing Activities
In 2024, cash used in financing activities was $261 million as compared with $252 million in 2023. Our 2024 financing activities 
were comprised of:

$176 million of long-term debt repayments, 

$75 million of NCIB share repurchases,

$15 million of lease payments and debt amendment fees, partially offset by, and

$5 million of funding received from our non-controlling interest and share options exercised.
CAPITAL STRUCTURE
Material Debt
Amount
Availability
Used for
Maturity
Senior Credit Facility (secured)
US$375 million (extendible, revolving
term credit facility with US$375 million
accordion feature)
US$12 million drawn and US$51 
million in outstanding letters of 
credit
General corporate purposes
June 28, 2027
Operating facilities (secured)
$40 million
Undrawn, except $9 million in
outstanding letters of credit
Letters of credit and general
corporate purposes
US$15 million
Undrawn
Short term working capital
requirements
Demand letter of credit facility (secured)
US$40 million
Undrawn, except US$33 million in
outstanding letters of credit
Letters of credit
Unsecured senior notes (unsecured)
US$160 million – 7.125%
Fully drawn
Debt redemption and repurchases
January 15, 2026
US$400 million – 6.875%
Fully drawn
Debt redemption and repurchases
January 15, 2029

Precision Drilling Corporation 2024 Annual Report
21
Covenants
At December 31, 2024, we were in compliance with the covenants of our Senior Credit Facility and unsecured senior notes.
Covenant
At December 31, 2024
Senior Credit Facility
Consolidated senior debt to consolidated covenant EBITDA(1)
≤ 2.50
0.04
Consolidated covenant EBITDA to consolidated interest expense
≥ 2.50
7.64
Unsecured Senior Notes
Consolidated interest coverage ratio
≥ 2.00
7.94
(1) For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.
Senior Credit Facility
The senior secured revolving credit facility (Senior Credit Facility) provides Precision with senior secured financing for general 
corporate purposes, including for acquisitions, of up to US$375 million with a provision to increase the facility up to an additional 
US$375 million. The Senior Credit Facility is secured by charges on substantially all of the present and future assets of Precision, 
its material U.S. and Canadian subsidiaries and, if necessary, to adhere to covenants under the Senior Credit Facility, certain 
subsidiaries organized in jurisdictions outside of Canada and the U.S.
The Senior Credit Facility requires Precision comply with certain restrictive and financial covenants including a leverage ratio of 
consolidated senior debt to consolidated Covenant EBITDA (as defined in the debt agreement) of less than 2.5:1. For purposes 
of calculating the leverage ratio consolidated senior debt only includes secured indebtedness. It also requires the Corporation 
maintain a ratio of consolidated Covenant EBITDA to consolidated interest expense for the most recent four consecutive quarters 
of greater than 2.5:1.
Distributions under the Senior Credit Facility are subject to a pro-forma senior net leverage covenant of less than or equal to 
1.75:1. The Senior Credit Facility also limits the redemption and repurchase of junior debt subject to a pro-forma senior net 
leverage covenant test of less than or equal to 1.75:1.
Under the Senior Credit Facility, amounts can be drawn in U.S. dollars and/or Canadian dollars. At December 31, 2024, the 
facility was drawn by US$12 million (2023 – nil). Up to US$200 million of the Senior Credit Facility is available for letters of credit 
denominated in U.S. and/or Canadian dollars and other currencies acceptable to the fronting lender. As at December 31, 2024, 
outstanding letters of credit amounted to US$51 million (2023 – US$56 million).
The interest rate on loans that are denominated in U.S. dollars is, at the option of Precision, either a margin over a U.S. base 
rate or a margin over the Secured Overnight Financing Rate (SOFR). The interest rate on loans denominated in Canadian dollars 
is, at the option of Precision, either a margin over the Canadian prime rate or a margin over the Canadian Overnight Repo Rate 
Average (CORRA); such margins will be based on the then applicable ratio of consolidated total debt to EBITDA.
During 2024, Precision extended the maturity date of the Senior Credit Facility to June 28, 2027 and revised the available 
borrowing capacity to US$375 million.
Real Estate Credit Facilities
In 2024, we repaid and terminated our Canadian and U.S. Real Estate Credit Facilities for $38 million.
Unsecured Senior Notes
The unsecured senior notes require we comply with an incurrence based consolidated interest coverage ratio test of consolidated 
cash flow, as defined in the senior note agreements, to consolidated interest expense of greater than 2.0:1 for the most recent 
four consecutive fiscal quarters. In the event our consolidated interest coverage ratio is less than 2.0:1 for the most recent four 
consecutive fiscal quarters, the senior notes restrict our ability to incur additional indebtedness. 
The unsecured senior notes contain a restricted payment covenant that limits our ability to pay dividends, make distributions or 
repurchase shares from shareholders. This restricted payment basket grows from a starting point of October 1, 2017 for the 
2026 senior notes and July 1, 2021 for the 2029 senior notes by, among other things, 50% of consolidated cumulative net 
earnings and decreases by 100% of consolidated cumulative net losses, as defined in the senior note agreements, and payments 
made to shareholders. The net restricted payments basket governing our 2026 unsecured senior notes is currently negative, 
limiting our ability to declare and make dividend payments and repurchase shares until such time as the restricted payments 
baskets become positive. During 2024, pursuant to the indentures governing the unsecured senior notes, Precision used the 
available general restricted payments basket to facilitate the repurchase and cancellation of its common shares. 
In addition, the unsecured senior notes contain certain covenants that limit our ability, and the ability of certain subsidiaries, to 
incur additional indebtedness and issue preferred shares; create liens; create or permit to exist restrictions on our ability or 
certain subsidiaries to make certain payments and distributions; engage in amalgamations, mergers or consolidations; make 
certain dispositions and engage in transactions with affiliates.
For further information, please see the unsecured senior note indentures which are available on SEDAR+ (www.sedarplus.ca) 
and EDGAR.

22
Management's Discussion and Analysis
Contractual Obligations
Our contractual obligations include both financial obligations (long-term debt and interest) and non-financial obligations (new-
build rig commitments, leases, and equity-based compensation for key executives and officers). The table below shows the 
amounts of these obligations and when payments are due for each.
Payments due (by period)
At December 31, 2024
(in thousands of dollars)
Less than
1 year
1-3 years
4-5 years
More than
5 years
Total
Long-term debt(1)
—
247,278
575,064
—
822,342
Interest on long-term debt(1)
57,029
81,411
41,183
—
179,623
Purchase of property, plant and equipment(1)(2)
91,740
36,430
—
—
128,170
Leases(1)
23,909
33,046
17,186
24,429
98,570
Contractual incentive plans(1)(3)
37,644
35,725
—
—
73,369
Total
210,322
433,890
633,433
24,429
1,302,074
(1) U.S. dollar denominated balances are translated at the period end exchange rate of Cdn$1.00 equals US$0.6956.
(2) Balance primarily relates to cost of rig equipment with flexible delivery schedule wherein we can take delivery between through 2027.
(3) Includes amounts not yet accrued but are likely to be paid at the end of the contract term. Our long-term incentive plans compensate officers and key employees through cash payments 
when their awards vest. Equity-based compensation amounts are shown based on the closing share price on the TSX of $87.92 at December 31, 2024.
Shareholders Capital
March 7,
2025
December 31,
2024
December 31,
2023
December 31,
2022
Shares outstanding
13,644,869
13,779,502
14,336,539
13,558,525
Deferred shares outstanding
2,753
2,753
1,470
1,470
Share options outstanding
11,262
72,012
151,453
164,803
Subsequent to December 31, 2024, we settled certain vesting RSUs and PSUs through the issuance of 150,068 common shares 
and, pursuant to our NCIB, repurchased and cancelled 284,701 common shares for $23 million. 
More information about our capital structure can be found in our AIF, available on our website and on SEDAR+ 
(www.sedarplus.ca).
Common Shares
Our articles of amalgamation allow us to issue an unlimited number of common shares.
Preferred Shares
We can issue preferred shares in one or more series. The Board must pass a resolution determining the number of shares in 
each series, and the designation, rights, privileges, restrictions and conditions for each series, before the shares can be issued. 
This includes the rate or amount of dividends, when and where dividends are paid, the dates dividends accrue from any rights 
or obligations for us to buy or redeem the shares, and the price, terms and conditions, and any conversion rights.
Enterprise Value
(in thousands of dollars, except shares outstanding and per share amounts)
December 31,
2024
December 31,
2023
December 31,
2022
Shares outstanding
13,779,502
14,336,539
13,558,525
Year-end share price on the TSX
87.92
71.96
103.71
Shares at market
1,211,494
1,031,657
1,406,155
Long-term debt
812,469
914,830
1,085,970
Less cash
(73,771)
(54,182)
(21,587)
Enterprise Value(1)
1,950,192
1,892,305
2,470,538
(1) See Financial Measures and Ratios on page 40 of this report.

Precision Drilling Corporation 2024 Annual Report
23
ACCOUNTING POLICIES AND ESTIMATES
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Because of the nature of our business, we are required to make estimates about the future that affect the reported amounts of 
assets, liabilities, revenues and expenses, and the disclosure of contingent liabilities. Estimates are based on our past 
experience, our best judgement and assumptions we think are reasonable.
Our significant accounting policies are described in Note 3 to the Consolidated Financial Statements. We believe the following 
are the most difficult, subjective or complex judgements, and are the most critical to how we report our financial position and 
results of operations:
▪
impairment of long-lived assets
▪
business combination
▪
income taxes.
Climate-related risks and opportunities may have a future impact on the Corporation and its estimates and judgements, including 
but not limited to the useful life and residual value of its property, plant and equipment and the measurement of projected cash 
flows when identifying impairment triggers, performing tests for impairment or impairment recoveries of non-financial assets.
The Corporation evaluated the remaining useful lives and residual values of its property, plant and equipment, concluding they 
remain reasonable given the current estimate of the demand period for oil and natural gas extractive services well exceeds their 
remaining useful lives. In addition, the Corporation’s property, plant and equipment, including drill rig equipment, adapts to 
numerous low-carbon projects, including but not limited to, geothermal drilling, carbon capture and storage and the extraction of 
helium and hydrogen gas.
In future periods, if indications of impairment of non-financial assets exist, the Corporation’s measurement of projected cash 
flows may be exposed to higher estimation uncertainty, including but not limited to the Corporation’s continued capital investment 
required to lower the carbon intensity of its property, plant and equipment, period and growth expectations used to calculate 
terminal values and the Corporation’s weighted average cost of capital.
Impairment of Long-Lived Assets
Long-lived assets, which include property, plant and equipment and intangibles, comprise the majority of our assets. The carrying 
value of these assets is reviewed for impairment periodically or whenever events or changes in circumstances indicate that their 
carrying amounts may not be recoverable. The Corporation’s analysis is based on relevant internal and external factors that 
indicate a CGU may be impaired such as the obsolescence or planned disposal of significant assets, the financial performance 
of the CGU compared to forecasts and consideration of the Corporation’s market capitalization. 
The recoverability of long-lived assets requires a calculation of the recoverable amount of the cash generating unit or groups of 
CGUs to which assets have been allocated. A CGU is the smallest identifiable group of assets that generates cash inflows that 
are largely independent of the cash inflows from other assets or groups of assets. Judgement is required in the aggregation of 
assets into CGUs. The recoverability calculation requires an estimation of the future cash flows from the CGU or group of CGUs, 
and judgement is required in projecting cash flows and selecting the appropriate discount rate. We use observable market data 
inputs to develop a discount rate that we believe approximates the discount rate from market participants. For property, plant 
and equipment, this requires us to forecast future cash flows to be derived from the utilization of our assets based on assumptions 
about future business conditions and technological developments. Significant, unanticipated changes to these assumptions 
could require a provision for impairment in the future.
In deriving the underlying projected cash flows, assumptions must also be made about future drilling activity, margins and market 
conditions over the long-term life of the assets or CGUs. We cannot predict if an event that triggers impairment will occur, when 
it will occur or how it will occur, or how it will affect reported asset amounts. Although we believe the estimates are reasonable 
and consistent with current conditions, internal planning, and expected future operations, such estimations are subject to 
significant uncertainty and judgement.
Business Combinations
The determination of fair value is estimated based on information available at the date of acquisition and requires management 
to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair 
value of property, plant and equipment generally requires significant judgment. The measurement of the estimated fair value of 
acquired property, plant, and equipment is based on a combination of approaches, including the market approach, which applies 
significant assumptions related to the price at which comparable assets would be sold. Minor changes to these assumptions 
could have resulted in a significant impact to the fair value of property, plant and equipment acquired.
Income Taxes
Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing 
of future taxable income. Differences arising between the actual results and the assumptions made, or future changes to such 
assumptions, could necessitate future adjustments to taxable income and expenses already recorded. We establish provisions, 
based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which 

24
Management's Discussion and Analysis
we operate. The amount of such provisions is based on various factors, such as our experience with previous tax audits and 
differing interpretations of tax regulations by the taxable entity and the responsible tax authority.
RISKS IN OUR BUSINESS
Investing in Precision Drilling Corporation involves inherent risks. We encourage you to carefully review the risks outlined in this 
section, along with other critical information provided in this Annual Report and our additional disclosure documents, before 
making an investment decision. These risks could significantly impact our business, financial position, operational results, and 
cash flow. We also recommend consulting with a professional advisor to ensure an informed decision.
Our enterprise risk management framework is an integral part of our strategic and operational approach. Operating at both 
business and functional levels, it is designed to systematically identify, evaluate, and mitigate risks across the categories outlined 
below. This framework integrates Precision’s policies, guidelines, and review mechanisms to address risks proactively and 
effectively. However, as part of our daily operations, we encounter and manage various risks, some of which may lead to 
outcomes materially different from our current expectations. In this section, we provide an in-depth analysis of key strategic, 
operational, financial, legal, and compliance risks. The manner in which we respond to emerging challenges in these areas will 
play a critical role in shaping our future performance and resilience. 
Our operations depend on the prices of oil and natural gas, which are subject to volatility and on the exploration and 
development activities of oil and natural gas exploration and production companies
We primarily sell our services to oil and natural gas exploration and production companies. Macroeconomic and geopolitical 
factors associated with oil and natural gas supply and demand are the primary factors driving pricing and profitability in the 
oilfield services industry. Generally, we experience higher demand for our services when commodity prices are relatively high, 
and the opposite is true when commodity prices are relatively low. The volatility of crude oil and natural gas prices accounts for 
much of the cyclical nature of the oilfield services business in recent years. Increased volatility and other factors beyond our 
control have led to greater uncertainty in the demand for our services.
The markets for oil and natural gas are separate and distinct. Oil is a global commodity with a vast distribution network, although 
the differential between benchmarks such as West Texas Intermediate, Western Canadian Select, and European Brent crude 
oil can fluctuate. As in all markets, when supply, demand, inability to access domestic or export markets and other factors 
change, so can the spreads between benchmarks. The use of natural gas is growing worldwide, with the three most developed 
demand centers residing in North America, Western Europe and North Asia. These regions have dense pipeline networks and 
a high demand for natural gas. The world’s largest producers of natural gas are currently the U.S., Russia, Iran, Qatar, Canada, 
China, Norway and Australia. The most economical way to transport natural gas is in its gaseous state by pipeline, and the 
natural gas market depends on pipeline infrastructure and regional supply and demand. However, developments in the 
transportation of LNG in ocean-going tanker ships introduced an element of globalization to the natural gas market by linking 
major production centers with the world’s primary demand centers.
Global military and political conditions, along with economic factors such as expectations for growth, inflation, and trade disputes, 
as well as events like global pandemics, ongoing conflicts in Ukraine and the Middle East, or initiatives by OPEC+, can all affect 
supply and demand for oil and natural gas. Weather conditions, governmental regulation (in the countries in which we operate), 
levels of consumer demand, the availability and pricing of alternate sources of energy (including renewable energy initiatives), 
the availability of pipeline capacity and other transportation for oil and natural gas, global oil and natural gas storage levels, and 
other factors beyond our control can also affect the supply of and demand for oil and natural gas and lead to future price volatility.
According to Baker Hughes, the Canadian average active rig count in 2024 increased 6%, while the U.S. average active land 
drilling rig count declined approximately 13% year over year. In Canada, the Canadian Association of Energy Contractors 
(CAOEC) reported approximately 6,200 wells were drilled in 2024, compared with 5,700 in 2023 and 5,500 in 2022. For the 
U.S., Enverus reported approximately 14,100 wells were started onshore in the U.S., compared with approximately 15,600 in 
2023 and 17,600 in 2022. Drilling activity in the U.S. continued to weaken throughout 2024 due to oil price volatility and low 
natural gas prices, exacerbated by consolidation among producers, continued capital discipline, and drilling and completion 
efficiencies. In Canada, drilling activity is supported by strong fundamentals from additional take away capacity. In May 2024 
the Trans Mountain expansion pipeline provided additional take away capacity and improved pricing for oil, while LNG Canada 
is expected to provide additional natural gas takeaway capacity and potential for improved pricing mid 2025. 
Recently, commodity prices have been negatively affected by a combination of factors, including increased production, the 
decisions of OPEC+, concerns in respect of a recession and a strengthening in the U.S. dollar relative to most other currencies. 
Although OPEC+ agreed in December 2024 to extend oil production cuts into 2025, there is no assurance that the most recent 
OPEC+ agreement will be observed by its parties and OPEC+ may change its agreement depending upon market conditions. 
Oil and natural gas prices are expected to continue to be volatile as a result of tariffs and trade disputes, conflict in Ukraine, 
concerns around expansion of conflict in the Middle East, changes in oil and natural gas inventories, sanctions on Russian oil 
and natural gas exports and prices, global and national economic performance, the actions of OPEC+, and any coordinated 
releases of oil from or additions to strategic reserves by the U.S. (or any other country). Certain of these events and conditions 
may contribute to decreased exploration and drilling activities and a decrease in confidence in the oil and natural gas industry. 

Precision Drilling Corporation 2024 Annual Report
25
These difficulties have been exacerbated in Canada and the U.S. by political and other actions resulting in uncertainty 
surrounding regulatory, tax, royalty and environmental regulation. Each of these factors have adversely affected, and could 
continue to adversely affect, the price of oil and natural gas and drilling activities by our customers, which would adversely affect 
the level of capital spending by our customers and in turn could have a material adverse effect on our business, financial 
condition, results of operations and cash flow. 
The election of U.S. President Donald Trump in 2024 and the administration's policies have introduced, and may continue to 
introduce additional volatility to oil and natural gas markets. Historically, the Trump administration pursued a policy favoring 
domestic energy production, rolling back environmental regulations, and increasing access to federal lands for drilling. A similar 
approach in a second term could boost U.S. oil and gas production, potentially lowering prices due to increased supply. However, 
trade tensions, tariffs and any retaliatory measures of other countries, shifts in foreign policy, and the administration's stance on 
OPEC+ interactions have and may continue to introduce additional uncertainties which may result in reduced exploration and 
drilling activities and have a material adverse effect on our operations and cash flow. Additionally, the regulatory landscape could 
shift dramatically, with a possible relaxation of environmental restrictions and permitting processes affecting infrastructure 
development, pipelines, and drilling projects. These policy changes could have both positive and negative effects on the industry, 
depending on the balance between increased production, global market reactions, and investor confidence in long-term stability. 
Potential additional uncertainties may emerge from the future Canadian federal elections. 
As a result of the continued volatility in oil and natural gas prices, regulatory uncertainty, and strategies of certain of our 
customers to focus on debt reductions, returning cash to shareholders or other capital discipline rather than incurring 
expenditures on exploration and drilling activities, demand for our services may be lower compared to historical periods when 
commodity prices were at similar levels. Reductions in commodity prices or factors that impact the supply and demand for oil 
and natural gas and lead to price volatility may result in reductions in capital budgets by our customers in the future, which could 
result in cancelled, delayed or reduced drilling programs by our customers and a corresponding decline in demand for our 
services. Additionally, the availability and pricing of alternative sources of energy, a transition to lower carbon intensive energy 
sources or a shift to a lower carbon economy, and technological advances may also depress the overall level of oil and natural 
gas exploration and production activity, similarly impacting the demand for our services.
If a reduction in exploration and development activities, whether resulting from changes in oil and natural gas prices or reductions 
in capital expenditures and capital budgets as described above or otherwise, continues or worsens, it could materially and 
adversely affect us by:
▪negatively impacting our revenue, cash flow, profitability and financial condition
▪restricting our ability to make capital expenditures and our ability to meet future contracted deliveries of new-build rigs
▪affecting the existing fair market value of our rig fleet, which in turn could trigger a write-down for accounting purposes
▪our customers negotiating, terminating, or failing to honour their drilling contracts with us
▪making our Senior Credit Facility financial covenants more difficult to maintain, and 
▪negatively impacting our ability to maintain or increase our borrowing capacity, our ability to obtain additional capital to 
finance our business and our ability to achieve our debt reduction targets. 
There is no assurance that demands for our services or conditions in the oil and natural gas and oilfield services sector will 
remain stable in the future. A significant decline in demand could have a material adverse effect on our business, financial 
condition, results of operations and cash flow.
Additionally, we have accounts receivable with customers in the oil and natural gas industry and their revenues may be affected 
by fluctuations in commodity prices. Our ability to collect receivables may be adversely affected by any prolonged weakness in 
oil and natural gas prices.
Intense price competition and the cyclical nature of the contract drilling industry could have an adverse effect on 
revenue and profitability
The contract drilling business is highly competitive with many industry participants. In an environment characterized by fierce 
competition, companies often face pressure to lower prices to secure contracts, potentially eroding profit margins. We compete 
for drilling contracts that are usually awarded based on competitive bids. We believe pricing, rig availability and technology are 
the primary factors potential customers consider when selecting a drilling contractor. We believe other factors are also important, 
such as the drilling capabilities and condition of drilling rigs, the quality of service and experience of rig crews, the safety record 
of the contractor, the offering of ancillary services, the ability to provide drilling equipment that is adaptable, having personnel 
familiar with new technologies and drilling techniques, and rig mobility and efficiency.
Historically, contract drilling has been cyclical with periods of low demand, excess rig supply and low day rates, followed by 
periods of high demand, short rig supply and increasing day rates. Periods of excess drilling rig supply intensify the competition 
and often result in rigs being idle. There are numerous drilling companies in the markets where we operate, and an oversupply 
of drilling rigs can cause greater price competition. Contract drilling companies compete primarily on a regional basis, and the 
intensity of competition can vary significantly from region to region at any particular time. However, if demand for contract drilling 
and drilling services is better in a region where we operate, our competitors might respond by moving suitable drilling rigs in 
from other regions with lower demand, reactivating previously stacked rigs or purchasing new drilling rigs. An influx of drilling 
rigs into a market from any source could rapidly intensify competition and make any improvement in the demand for our drilling 

26
Management's Discussion and Analysis
rigs short-lived, which could in turn have a material adverse effect on our business, financial condition, results of operations and 
cash flow. In addition, the development of new drilling technology by competitors has increased in recent years, which could 
negatively affect our ability to differentiate our services.
Our business results and the strength of our financial position are affected by our ability to strategically manage our costs and 
capital expenditure program in a manner consistent with industry cycles and fluctuations in the demand for contract drilling 
services. If we do not effectively manage our costs and capital expenditures or respond to market signals relating to the supply 
or demand for contract drilling and oilfield services, it could have a material adverse effect on our business, financial condition, 
results of operations and cash flow.
Lower activity in the contract drilling industry exposes us to the risk of oversupply of equipment
Periods of low demand often lead to low utilization. The number of drilling rigs competing for work in markets where we operate 
has remained the same as the industry has seen a decrease in drilling activity relative to periods prior to 2015. The industry 
supply of drilling rigs may exceed actual demand because of the relatively long-life span of oilfield services equipment as well 
as the typically long time from when a decision is made to upgrade or build new equipment to when the equipment is built and 
placed into service. Excess supply resulting from industry decline could lead to lower demand for term drilling contracts and for 
our equipment and services. The additional supply of drilling rigs allows competitors to potentially reallocate rigs to higher 
demand areas and has intensified price competition in the past and could continue to do so. This could lead to lower day rates 
in the oilfield services industry generally and lower utilization of existing rigs. If any of these factors materialize, it could have a 
material adverse effect on our business, financial condition, results of operations and cash flow.
Pipeline constraints and other regulatory uncertainty in western Canada could have an adverse effect on the demand 
for our services in Canada
In western Canada, delays and/or the inability to obtain necessary regulatory approvals for pipeline projects that would provide 
additional transportation capacity and access to refinery capacity for our customers has led to downward price pressure on oil 
and natural gas produced in western Canada, which has depressed, and may continue to depress, the overall exploration and 
production activity of our customers. Canada generally has also lagged behind other natural gas producing countries in taking 
advantage of rising global demand and prices for natural gas primarily as a result of Canada’s lack of liquified natural gas facilities 
and, by extension, export capacity owing to regulatory delay and uncertainty. The Coastal Gas Link pipeline, which will transport 
natural gas to Kitimat, British Columbia, has been completed; however, the LNG Canada liquefaction facility and export terminal 
at Kitimat remains under construction, with first exports expected in 2025. Other proposed LNG facilities in Canada are at earlier 
stages of development, including Woodfibre LNG and Ksi Lisims LNG (completions currently anticipated between 2027 and 
2029). There is no assurance that LNG projects in Canada will be completed on their expected timelines, or at all.
The regulatory uncertainty in Canada has impacted some of our customers’ ability to obtain financing as well as their ability to 
market their oil and natural gas, which has also depressed overall exploration and production activity. These factors could result 
in a corresponding decline in the demand for our services that could have a material adverse effect on our business, financial 
condition, results of operations and cash flow.
Given the ongoing challenges in obtaining timely regulatory approvals and securing necessary infrastructure, there is concern 
that Canada’s oil and natural gas industry may continue to face competitive disadvantages compared to other energy-producing 
nations. Without further clarity on government policies and expedited project approvals, Canada risks missing out on the growing 
global demand for LNG and other energy exports, potentially leading to further reductions in drilling activity and capital 
investment in the region. 
Risks and uncertainties associated with operating internationally can negatively affect our business
Operating in multiple international regions exposes us to various geopolitical risks that could adversely affect our operations and 
financial performance. Political instability, such as government upheavals, civil unrest, or regime changes, can disrupt our 
activities by leading to expropriation of assets, nationalization of industry, or nullification of existing contracts. Regulatory 
changes, including shifts in environmental policies, taxation, or labor laws, may increase operational costs or impose limitations 
on our drilling activities. International sanctions, whether imposed by the United States, Canada or other countries, can restrict 
our ability to conduct business in certain regions, limit access to necessary equipment or technology, and impede financial 
transactions. For instance, sanctions related to geopolitical conflicts can lead to significant negative impacts on economies and 
the markets for certain commodities, such as oil and natural gas. These factors could result in operational disruptions, increased 
costs, and reduced profitability, thereby materially affecting our business and financial condition. We continuously monitor 
geopolitical developments and strive to implement strategies to mitigate these risks, but the unpredictable nature of global politics 
means we cannot entirely eliminate their potential impact.
Our international operations are subject to risks normally associated with conducting business in foreign countries, including, 
but not limited to, the following:
▪an uncertain political and economic environment
▪the loss of revenue, property and equipment as a result of expropriation, confiscation, nationalization, contract 
deprivation and force majeure
▪war, terrorist acts or threats, civil insurrection and geopolitical and other political risks

Precision Drilling Corporation 2024 Annual Report
27
▪fluctuations in foreign currency and exchange controls
▪restrictions on the repatriation of income or capital
▪increases in duties, taxes and governmental royalties
▪renegotiation of contracts with governmental entities
▪changes in laws and policies governing operations of companies
▪compliance and regulatory challenges, including compliance with anti-corruption and anti-bribery legislation in Canada, 
the U.S. and other countries
▪trade restrictions, increased tariffs or embargoes imposed by the U.S. or other countries where we operate
▪tariffs or retaliatory trade policies, and trade disputes particularly between major oil and gas-producing nations, which 
may increase costs and create uncertainty in global energy markets 
▪heightened international tensions and geopolitical instability, including disputes between major economies, which could 
disrupt global supply chains and impact oil and gas markets 
▪increasing global scrutiny on environmental practices and the evolving landscape of climate change regulations; and 
▪differences in cultural norms and social expectations
If there is a dispute relating to our international operations, we may be subject to the exclusive jurisdiction of foreign courts. In 
addition, we may not be able to file suits against foreign persons or subject them to the jurisdiction of a court in Canada or the 
U.S. or be able to enforce judgment or arbitrated awards against state-owned customers.
Government-owned petroleum companies located in some of the countries where we operate now or in the future may have 
policies, or may be subject to governmental policies, that give preference to the purchase of goods and services from companies 
that are majority-owned by local nationals. As such, we may rely on joint ventures, license arrangements and other business 
combinations with local nationals in these countries, which may expose us to certain counterparty risks, including the failure of 
local nationals to meet contractual obligations or comply with local or international laws that apply to us.
In the international markets where we operate, we are subject to various laws and regulations that govern the operation and 
taxation of our businesses and the import and export of our equipment from country to country. There may be uncertainty about 
how these laws and regulations are imposed, applied or interpreted, and they could be subject to change. Since we derive a 
portion of our revenues from subsidiaries outside of Canada and the U.S., the subsidiaries paying dividends or making other 
cash payments or advances may be restricted from transferring funds in or out of the respective countries, or face exchange 
controls or taxes on any payments or advances. We have organized our foreign operations partly based on certain assumptions 
about various tax laws (including capital gains and withholding taxes), foreign currency exchange, and capital repatriation laws 
and other relevant laws of a variety of foreign jurisdictions. We believe these assumptions are reasonable; however, there is no 
assurance that foreign taxing or other authorities will reach the same conclusion. If these foreign jurisdictions change or modify 
the laws, we could suffer adverse tax and financial consequences.
Diverse regulatory frameworks across countries pose challenges in compliance, with variations in environmental standards, 
safety regulations, and permitting processes. Adapting to different regulatory environments may result in increased compliance 
costs, potential legal issues, and delays in project execution. 
We are subject to compliance with the United States Foreign Corrupt Practices Act (FCPA) and the Corruption of Foreign Public 
Official Act (Canada) (CFPOA), which generally prohibit companies from making improper payments to foreign government 
officials for the purpose of obtaining business. While we have developed policies and procedures designed to achieve 
compliance with the FCPA, CFPOA and other applicable international laws, we could be exposed to potential civil and criminal 
claims, economic sanctions or other restrictions for alleged or actual violations of international laws related to our international 
operations, including anti-corruption and anti-bribery legislation, trade laws and trade sanctions. The Canadian government, the 
U.S. Department of Justice, the Securities and Exchange Commission (SEC), the U.S. Office of Foreign Assets Control and 
similar agencies have a broad range of civil and criminal penalties they may seek to impose against corporations and individuals 
for such violations, including injunctive relief, disgorgement, fines, penalties and modifications to business practices and 
compliance programs, among other things. We could also face fines, sanctions and other penalties from authorities in other 
relevant foreign jurisdictions, including prohibition of our participating in or curtailment of business operations in those 
jurisdictions and the seizure of drilling rigs or other assets. While we cannot accurately predict the impact of any of these factors, 
if any of those risks materialize, it could have a material adverse effect on our reputation, business, financial condition, results 
of operations and cash flow.
Differences in cultural norms and social expectations can influence community relations, workforce dynamics, and stakeholder 
engagement. Failure to understand and navigate these aspects may lead to reputational damage, community opposition, or 
challenges in attracting and retaining skilled personnel. 
Uncertainty as to the position of the United States in respect of world affairs and events
As a result of the 2024 U.S. presidential election and the related change in political agenda, there is continued uncertainty as to 
the position the United States will take with respect to world affairs and events. This uncertainty may include issues such as U.S. 
support for existing treaty and trade relationships with other countries, including Canada. 
Additionally, the Canada-United States-Mexico Agreement (CUSMA) is set for review in 2026 and there is uncertainty if the 
parties will seek to renegotiate its terms. 

28
Management's Discussion and Analysis
Implementation by the U.S. of new legislative or regulatory regimes, tariffs or revisions to CUSMA could impose additional costs 
on us, decrease Canadian or U.S. demand for our services or otherwise negatively impact us or our customers, which may have 
a material adverse effect on our business, financial condition and operations. The potential for, and continuation of, tariffs 
imposed by the U.S. government and counter-tariffs imposed by the Canadian and other governments have created economic 
uncertainty, which could have a material adverse effect on our business, including impacts to commodity prices and potential 
impacts on cross-border supply chain. The impact of any tariffs by the U.S. and retaliatory measures from other countries remains 
uncertain. There is a possibility that trade disputes could escalate, which could have a material adverse impact on our operations 
and cash flows.
Any difficulty in retaining, replacing, or adding personnel could adversely affect our business
Our ability to provide reliable services depends on the availability of well-trained, experienced crews to operate our field 
equipment. We must also balance our need to maintain a skilled workforce with cost structures that fluctuate with activity levels. 
We retain the most experienced employees during periods of low utilization by having them fill lower-level positions on field 
crews. Many of our businesses experience manpower shortages in peak operating periods, and we may experience more severe 
shortages if the industry adds more rigs, oilfield services companies expand, and new companies enter the business.
We may not be able to find enough skilled labour to meet our needs, and this could limit growth. We may also have difficulty 
finding enough skilled and unskilled labour in the future if demand for our services increases. Shortages of qualified personnel 
have occurred in the past during periods of high demand. The demand for qualified rig personnel generally increases with 
stronger demand for land drilling services and as new and refurbished rigs are brought into service. Increased demand typically 
leads to higher wages that may or may not be reflected in any increases in service rates.
Other factors can also affect our ability to find enough workers to meet our needs. Our business requires skilled workers who 
can perform physically demanding work. Volatility in oil and natural gas activity and the demanding nature of the work, however, 
may prompt workers to pursue other kinds of jobs that offer a more desirable work environment and wages competitive to ours. 
Our success depends on our ability to continue to employ and retain skilled technical personnel and qualified rig personnel. If 
we are unable to, it could have a material adverse effect on our business, financial condition, results of operations and cash 
flow.
Internationally, our operations rely on expat crews working in the host country where we operate. Any restriction, delays or 
embargo on issuance or renewal of work visas by host governments, or regulatory changes, can have a material impact on our 
ability to conduct operations. 
We require sufficient cash flows to service and repay our debt
We will need sufficient cash flows in the future to service and repay our debt. Our ability to generate cash in the future is affected 
to some extent by general economic, geopolitical, financial, competitive and other factors that may be beyond our control. If we 
need to borrow funds in the future to service our debt, our ability will depend on covenants in our Senior Credit Facility and in 
our unsecured senior notes indentures and other debt agreements we may have in the future, and on our credit ratings. We may 
not be able to access sufficient amounts under the Senior Credit Facility or from the capital markets in the future to pay our 
obligations as they mature, or to fund other liquidity requirements. If we are not able to generate enough cash flow from 
operations or borrow a sufficient amount to service and repay our debt, we will need to refinance our debt or we will be in default, 
and we could be forced to reduce or delay investments and capital expenditures or dispose of material assets or issue equity. 
We may not be able to refinance or arrange alternative measures on favourable terms or at all. If we are unable to service, repay 
or refinance our debt, it could have a negative impact on our business, financial condition, results of operations and cash flow.
Repaying our debt depends on our ability to generate cash flow and our guarantor subsidiaries generating cash flow and making 
it available to us by dividend, debt repayment or otherwise. Our guarantor subsidiaries may not be able to, or may not be 
permitted to, make distributions to allow us to make payments on our debt. Each guarantor subsidiary is a distinct legal entity, 
and, under certain circumstances, legal and contractual restrictions may limit our ability to obtain cash from the subsidiaries. 
While the agreements governing certain existing debt limits the ability of our subsidiaries to incur consensual restrictions on their 
ability to pay dividends or make other intercompany payments to us, these limitations are subject to qualifications and exceptions.
A substantial portion of our operations are carried out through subsidiaries, and some of them are not guarantors of our debt. 
The assets of the non-guarantor subsidiaries represent approximately 17% of Precision’s consolidated assets. These 
subsidiaries do not have any obligation to pay amounts due on the debt or to make funds available for that purpose.
If we do not receive funds from our guarantor subsidiaries, we may be unable to make the required principal and interest 
payments, which could have a material adverse effect on our business, financial condition, results of operations and cash flow.
Customers’ inability to obtain credit/financing could lead to lower demand for our services
Many of our customers require reasonable access to credit facilities and debt capital markets to finance their oil and natural gas 
drilling activity. If the availability of credit to our customers is reduced or the terms of such credit become less favourable to them, 
they may reduce their drilling and production expenditures, thereby decreasing demand for our products and services. Relatively 
higher interest rates resulting from actions by central banks in response to inflation may reduce the amount of borrowing by our 
customers, which would decrease demand for our services. Additionally, certain investors and lenders may discourage 

Precision Drilling Corporation 2024 Annual Report
29
investments or lending into the hydrocarbon industry. To the extent that certain institutions implement policies that discourage 
investments or lending into the hydrocarbon industry, it could have an adverse effect on the cost and terms of capital or 
availability of capital for our customers, which may result in reduced spending by our customers. A reduction in spending by our 
customers could have a material adverse effect on our business, financial condition, results of operations and cash flow as 
described further under – “Our operations depend on the prices of oil and natural gas, which are subject to volatility, and on the 
exploration and development activities of oil and natural gas exploration and production companies” on page 24.
Our debt facilities contain restrictive covenants
Our Senior Credit Facility and the Senior Notes Indentures contain a number of covenants which, among other things, restrict 
us and some of our subsidiaries from conducting certain activities (see Capital Structure – Material Debt – Unsecured Senior 
Notes on page 21). In the event our Consolidated Interest Coverage Ratio (as defined in our two Senior Note Indentures) is less 
than 2.0:1 for the most recent four consecutive fiscal quarters, the Senior Note Indentures restrict our ability to incur additional 
indebtedness. As of December 31, 2024, our Consolidated Interest Coverage Ratio, as calculated per our Senior Note 
Indentures, was 7.9.
In addition, we must satisfy and maintain certain financial ratio tests under the Senior Credit Facility (see Capital Structure – 
Material Debt on page 20). Events beyond our control could affect our ability to meet these tests in the future. If we breach any 
covenants, it could result in a default under the Senior Credit Facility or any of the Senior Note Indentures. If there is a default 
under our Senior Credit Facility, the applicable lenders could decide to declare all amounts outstanding under the Senior Credit 
Facility or any of the Senior Note Indentures to be due and payable immediately and terminate any commitments to extend 
further credit under the Senior Credit Facility. If there is an acceleration by the lenders and the accelerated amounts exceed a 
specific threshold, the applicable noteholders could decide to declare all amounts outstanding under any of the Senior Note 
Indentures to be due and payable immediately.
At December 31, 2024, we were in compliance with the covenants of our Senior Credit Facility.
New technology could reduce demand for certain rigs or put us at a competitive disadvantage
Advancements in drilling technologies are essential to meet the demands of complex exploration and development programs 
for both conventional and unconventional oil and natural gas reserves. Continuous improvements in areas such as drive 
systems, control systems, automation, mud systems, and top drives are crucial for enhancing drilling efficiency. Our success 
depends on our ability to deliver equipment and services that align with customer expectations. However, we cannot guarantee 
that our rig technology will consistently meet these evolving needs, especially as rigs age and technology advances. Competitors 
may develop technological improvements that are more advantageous, timely, or cost-effective, potentially placing us at a 
competitive disadvantage. Failure to adopt or invest in emerging technologies could lead to a decline in market share and 
profitability. Additionally, new technologies, services, or standards could render some of our services, drilling rigs, or equipment 
obsolete, adversely affecting our competitiveness and having a material negative impact on our business, financial condition, 
and results of operations. 
Moreover, the increasing integration of digital technologies, such as artificial intelligence (AI) and the Internet of Things (IoT), 
into drilling operations presents both opportunities and challenges. While these technologies can enhance operational efficiency 
and decision-making, they also introduce risks related to cybersecurity threats, including data breaches and operational 
disruptions. 
Furthermore, the industry's shift towards electrification, including the adoption of electric drilling rigs and hydraulic fracturing, 
aims to reduce emissions and improve environmental performance. However, challenges such as grid infrastructure limitations 
and the high costs associated with electrification may impede widespread implementation. 
Entering new lines of business or technical enhancements to our existing operating capabilities can be subject to risks, 
including a potential lack of acceptance by consumers and increased capital expenditures
Our AlphaTM technologies and EverGreenTM suite of environmental solutions use new technologies and are relatively new lines 
of business for us. Our ability to generate revenue from new business lines is uncertain and there can be no assurance that they 
will be able to generate significant revenue or be profitable. We may not realize benefits from investments into new business 
lines or technical enhancements for several years or may not realize benefits from such investments at all. Failure to realize the 
intended benefits from such investments could negatively affect our ability to attract new customers or expand our offerings to 
existing customers and may adversely affect our results from operations.
The timing and amount of capital expenditures we incur, including those related to our AlphaTM technologies, EverGreenTM suite 
of environmental solutions and implementation of artificial intelligence and robotics technologies, will directly affect the amount 
of cash available to us. The cost of equipment generally escalates as a result of high input costs during periods of high demand 
for our drilling rigs and oilfield services equipment and other factors. There is no assurance that we will be able to recover higher 
capital costs through rate increases to our customers.
Artificial Intelligence may impact our business
The integration of artificial intelligence (AI) and robotics into our operations presents both opportunities and challenges. While 
these technologies have the potential to enhance efficiency, safety, and decision-making, their implementation carries inherent 

30
Management's Discussion and Analysis
risks. There is no certainty that our investments in AI and robotics will yield materially better results, higher outputs, or increased 
productivity. Failure to adopt or invest adequately in these technologies could place us at a competitive disadvantage, leading 
to a decline in market share and profitability. Additionally, the use of AI throughout our organization is subject to risks related to 
data privacy and security, which could deter current and potential customers. 
Moreover, the rapid pace of technological advancement may result in shorter lifecycles for AI and robotic systems, necessitating 
continuous investment to stay current. This could strain financial resources and divert capital from other critical areas. The 
complexity of integrating AI into existing workflows may also lead to operational disruptions during the transition period. 
Furthermore, increased reliance on AI systems introduces vulnerabilities to cyber threats, potentially compromising sensitive 
data and operational integrity.  
Our business is subject to cybersecurity risks
We rely heavily on information technology systems and other digital systems for operating our business. Threats to information 
technology systems associated with cybersecurity risks and cyber incidents or attacks continue to grow and are increased by 
the growing complexity of our information technology systems. Cybersecurity attacks could include, but are not limited to, 
malicious software, attempts to gain unauthorized access to data and the unauthorized release, corruption or loss of data and 
personal information, account takeovers, and other electronic security breaches that could lead to disruptions in our critical 
systems. Other cyber incidents may occur as a result of natural disasters, telecommunication failure, utility outages, human 
error, design defects, and unexpected complications with technology upgrades. Risks associated with these attacks and other 
incidents include, among other things, loss of intellectual property, reputational harm, leaked information, improper use of our 
assets, disruption of our and our customers’ business operations and safety procedures, loss or damage to our data delivery 
systems, unauthorized disclosure of personal information which could result in administrative penalties and increased costs to 
prevent, respond to or mitigate cybersecurity events. Our increased use of technology, artificial intelligence and robotics in our 
service offerings could increase the potential impact that a cybersecurity incident or attack could have on our operations. 
Although we use various procedures and controls to mitigate our exposure to such risk, including cybersecurity risk assessments 
that are reviewed by our CGNRC, cybersecurity awareness programs for our employees, continuous monitoring of our 
information technology systems for threats, and insurance that may cover losses incurred as a result of certain cybersecurity 
attacks or incidents, cybersecurity attacks and other incidents are evolving and unpredictable, and these procedures and controls 
may not be effective. The occurrence of such an attack or incident could go unnoticed for a period of time. Any such attack or 
incident could have a material adverse effect on our business, financial condition, results of operations and cash flow.
Our and our customers’ operations are subject to numerous environmental laws, regulations and guidelines 
In addition to expanded regulations and guidelines related specifically to climate change, we and our customers are subject to 
numerous environmental laws and regulations, including regulations relating to spills, releases and discharges of hazardous 
substances or other waste materials into the environment, requiring removal or remediation of pollutants or contaminants, and 
imposing civil and criminal penalties for violations. Some of these regulations apply directly to our operations and authorize the 
recovery of damages by the government, injunctive relief, and the imposition of stop, control, remediation and abandonment 
orders. For instance, our land drilling operations may be conducted in or near ecologically sensitive areas, such as wetlands 
that are subject to special protective measures, which may expose us to additional operating costs and liabilities for 
noncompliance with certain laws. Some environmental laws and regulations may impose strict and, in certain cases joint and 
several, liability. This means that in some situations we could be exposed to liability as a result of conduct that was lawful at the 
time it occurred, or conditions caused by prior operators or other third parties, including any liability related to offsite treatment 
or disposal facilities. The costs arising from compliance with these laws, regulations and guidelines may be material. The total 
costs of complying with environmental protection requirements is unknown, but we may experience increased insurance and 
compliance costs as further environmental laws and regulations are introduced.
We maintain liability insurance, including insurance for certain environmental claims, but coverage is limited and some of our 
policies exclude coverage for damages resulting from environmental contamination. We cannot assure that insurance will 
continue to be available to us on commercially reasonable terms, that the possible types of liabilities that we may incur will be 
covered by insurance, or that the dollar amount of the liabilities will not exceed our policy limits. Even a partially uninsured claim, 
if successful and of sufficient magnitude, could have a material adverse effect on our business, financial condition, results of 
operations and cash flow.
Governments in Canada and the U.S. may also consider more stringent regulations or restrictions of hydraulic fracturing, a 
technology used by most of our customers that involves the injection of water, sand and chemicals under pressure into rock 
formations to stimulate oil and natural gas production. Increasing regulatory restrictions could have a negative impact on the 
exploration of unconventional energy resources, which are only commercially viable with the use of hydraulic fracturing. Laws 
relating to hydraulic fracturing are in various stages of development at levels of governments in markets where we operate and 
the outcome of these developments and their effect on the regulatory landscape and the contract drilling industry is uncertain. 
Hydraulic fracturing laws or regulations that cause a decrease in the completion of new oil and natural gas wells and an 
associated decrease in demand for our services could have a material adverse effect on our business, financial condition, results 
of operations and cash flow. 
Any regulatory changes that impose additional environmental restrictions or requirements on us, or our customers, could 
increase our operating costs and potentially lead to lower demand for our services and have an adverse effect. There can also 

Precision Drilling Corporation 2024 Annual Report
31
be no guarantee that other laws and other government programs relating to the oil and natural gas industry and the transportation 
industry will not be changed in a manner that directly and adversely impacts the demand for oil and natural gas which could 
affect our business, nor can there be any assurances that the laws, regulations or rules governing our customers will not be 
changed in a manner that adversely affects our customers and, therefore, our business. The potential for increased regulation 
and oversight may make it more difficult or costly for us to operate.
Major projects that would benefit our customers, such as new pipelines and other facilities, including liquified natural gas export 
facilities in Canada, may be inhibited, delayed or stopped by a variety of factors, including inability to obtain regulatory or 
governmental approvals or public opposition. Canada's carbon tax policies and environmental review requirements may increase 
our compliance costs.
Recent executive orders and political plans of the Trump Administration include a strong focus on expanding U.S. domestic oil 
and gas production, rolling back environmental protections and opening federal lands to drilling. While these policies may create 
opportunities, future administrations or local challenges may reverse these policies.
Relying on third-party suppliers has risks and shortages in supply of equipment could adversely impact our business
We source certain key rig components, raw materials, equipment and component parts from a variety of suppliers in Canada, 
the U.S. and internationally. We also outsource some or all construction services for drilling and service rigs, including new-build 
rigs, as part of our capital expenditure programs. We maintain relationships with several key suppliers and contractors and an 
inventory of key components, materials, equipment and parts. We also place advance orders for components that have long 
lead times. We may, however, experience cost increases, delays in delivery due to strong activity or financial hardship of 
suppliers or contractors, or other unforeseen circumstances relating to third parties. Increased inflation may also result in cost 
increases for the key components, materials, equipment and parts we use in our business. In times of increased demand for 
drilling services, there may be shortages of components, materials, equipment, parts and services required for our business. If 
our current or alternate suppliers are unable to deliver the necessary components, materials, equipment, parts and services we 
require for our businesses, including the construction of new-build drilling rigs, it can delay service to our customers and have a 
material adverse effect on our business, financial condition, results of operations and cash flow. 
Supply chain disruptions can significantly impact our operations by affecting the availability and cost of essential drilling 
equipment and materials. Tariffs, trade disputes, revisions to trade agreements (like the USMCA), and geopolitical events such 
as sanctions can impact our opportunities and supply chain efficiency in North America by causing sudden shortages or 
increased costs for critical components. Natural disasters may damage infrastructure or halt production at key manufacturing 
hubs, causing delays in equipment delivery. Pandemics and epidemics can disrupt global supply chains through factory 
shutdowns, transportation restrictions, and labor shortages. These disruptions could lead to increased operational costs, project 
delays, and challenges in meeting customer commitments, thereby adversely affecting our business, financial condition, and 
results of operations. To mitigate these risks, we are committed to diversifying our supplier base, maintaining strategic 
inventories, and developing contingency plans to ensure operational resilience in the face of supply chain uncertainties.
Additionally, new laws in respect of forced labour and other human rights issues throughout the supply chain may result in 
increased compliance costs for us or a potential need to make changes to our supply chain.
Effects of climate change, including physical and regulatory impacts, could have a negative impact on our business
The views on climate change are evolving at a regional, national and international level. As a result, political and economic 
events may significantly affect the scope and timing of climate change measures and regulations that are ultimately put in place, 
which may challenge the oil and gas industry in a number of ways or result in changes to how companies in the industry operate 
or spend capital. Additionally, the risks of natural disasters that could impact our business may increase in the future as a result 
of climate change. Furthermore, consumer demand for alternative fuel sources may continue to rise and incentives to conserve 
energy may be developed. Our business may be adversely impacted as a result of climate change and its associated impacts, 
including, without limitation, our financial condition, results of operations, cash flow, reputation, access to capital, access to 
insurance, cost of borrowing, access to liquidity, and/or business plans.
Physical Impact
As discussed under “Business in our industry is seasonal and highly variable” on page 35, weather patterns in Canada and the 
northern U.S. affect activity in the oilfield services industry. Global climate change could impact the timing and length of the 
spring thaw and the period in which the muskeg freezes and thaws and could impact the severity of winter, which could have a 
material adverse effect on our business and operating results. Furthermore, extreme and evolving climate conditions could result 
in increased risks of, or more frequent, natural disasters such as flooding or forest fires and may result in delays or cancellation 
of some of our customer’s operations or could increase our operating costs (such as insurance costs), which could have a 
material adverse effect on our business and operating results. Extreme weather conditions could also impact the production and 
drilling of new wells. We cannot estimate the degree to which climate change and extreme climate conditions could impact our 
business and operating results; however, our insurance costs have increased, partially as a result of recent natural disasters.

32
Management's Discussion and Analysis
Regulatory Impact
In response to climate change and increased focus on environmental protection, environmental laws, regulations and guidelines 
relating to the protection of the environment, including regulations and treaties concerning climate change or greenhouse gas 
and other emissions, continue to expand in scope. There has been an increasing focus on the reduction of greenhouse gas and 
other emissions and a potential shift to lower carbon intensive energy sources or a shift to a lower carbon economy. Laws, 
regulations or treaties concerning climate change or GHG and other emissions, including incentives to conserve energy or use 
alternate sources of energy, can have an adverse impact on the demand for oil and natural gas, which could have a material 
adverse effect on us. Such laws, regulations or treaties are evolving, and it is difficult to estimate with certainty the impact they 
will have on our business.
Canada and the U.S. were signatories to the Paris Agreement drafted at the United Nations Framework Convention on Climate 
Change (UNFCCC) in December 2015. On January 20, 2025, President Trump issued an Executive Order withdrawing the U.S. 
as a signatory to the Paris Agreement. The goals of the Paris Agreement are to prevent global temperature rise from exceeding 
2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5 degrees Celsius 
above pre-industrial levels. The Paris Agreement may provide for climate targets that could result in reduced global demand for 
oil and natural gas. In Canada, in connection with its commitments under the Paris Agreement, the federal government 
developed the Pan-Canadian Framework on Clean Growth and Climate Change in 2016 (the PCF). The PCF requires all 
provinces and territories to have a carbon price of $30 per tonne in 2020 and rising by $10 per year to $50 per tonne in 2022. In 
December 2020, the Canadian Government announced proposed $15 per year increases to the carbon price commencing in 
2023, to reach a total of $170 per tonne by 2030. Provinces and territories can implement either an explicit price-based system 
(such as the systems implemented in British Columbia and Alberta) or a cap-and-trade system. Saskatchewan remains the only 
Canadian jurisdiction that has not joined the national plan set out in the PCF. Saskatchewan released its own output-based 
performance standards approach, which is applied only to certain large industrial facilities. The proposed system in 
Saskatchewan only partially meets the PCF standards; therefore, the federal carbon pollution pricing system will apply in 
Saskatchewan to sources not covered by Saskatchewan’s system. Certain Canadian provinces, including Alberta and 
Saskatchewan, had previously launched constitutional challenges related to the PCF; however, on March 25, 2021, the Supreme 
Court of Canada released its judgment confirming the constitutionality of Canada’s national carbon pricing regime. In November 
2021, to conclude the 26th Conference of the Parties to the UNFCCC, nearly 200 countries including Canada signed the Glasgow 
Climate Pact, which reaffirms the commitments to limiting global temperature rise set out in the Paris Agreement. The Glasgow 
Climate Pact called for nations to submit new targets to the UNFCCC by the end of 2022 to align with the Paris Agreement’s 
goals, requests that nations take accelerated actions to reduce emissions by 2030 and asks nations to accelerate the 
development and adoption of policies to transition towards low-emission energy systems. It also includes the party nations’ 
agreement on rules under the Paris Agreement to create a global carbon credit market.
In December 2024, the Canadian Federal government finalized Clean Electricity Regulations, which are aimed at achieving net-
zero emissions from Canada’s electricity grid by 2050. The regulations implement measures to limit carbon emissions produced 
by electricity generated using fossil fuels, which may include natural gas. Certain provinces in Canada have indicated opposition 
to the Clean Electricity Regulations, which may decrease domestic demand for natural gas in Canada, and have an adverse 
effect on the demand for our services.
As of the date hereof, it is not possible to predict the effect of the Paris Agreement, the Glasgow Climate Pact, Clean Electricity 
Regulations, and climate change-related legislation in Canada, the U.S. and globally on our business or whether additional 
climate-change legislation, regulations or other measures will be adopted at the federal, state, provincial or local levels in 
Canada, the U.S. or globally. While some of these regulations are in effect, others remain in various phases of review, discussion 
or implementation, leading to uncertainties regarding the timing and effects of these emerging regulations, making it difficult to 
accurately determine the cost impacts and effects on our operations. Further efforts by governments and non-governmental 
organizations to reduce greenhouse gas emissions appear likely, which, together with existing efforts, may reduce demand for 
oil and natural gas and potentially lead to lower demand for our services.
Transition Impact
In addition to the physical and regulatory effects of climate change on our business, an increasing focus on the reduction of 
greenhouse gas emissions and a potential shift to lower carbon intensive energy sources or a shift to a lower carbon economy 
may result in lower oil and natural gas prices and depress the overall level of oil and natural gas exploration and production 
activity, impacting the demand for our services from the oil and natural gas industry. Additionally, if our reputation is diminished 
as a result of the industry we operate in or services we provide, it could result in increased operating or regulatory costs, reduce 
access to capital, lower shareholder confidence or loss of public support for our business. It may also encourage exploration 
and production companies to diversify and limit drilling to find less carbon intensive energy alternatives. 
Poor safety performance could lead to lower demand for our services
Standards for accident prevention in the oil and natural gas industry are governed by service company safety policies and 
procedures, accepted industry safety practices, customer-specific safety requirements, and health and safety legislation. Safety 
is a key factor that customers consider when selecting an oilfield services company. A decline in our safety performance could 
result in lower demand for services, which could have a material adverse effect on our business, financial condition, results of 

Precision Drilling Corporation 2024 Annual Report
33
operations and cash flow. A public safety performance issue could also result in reputational damage to us or increased costs 
of operating and insuring assets. 
We are subject to various health and safety laws, rules, legislation and guidelines which can impose material liability, increase 
our costs or lead to lower demand for our services.
Our business could be negatively affected as a result of actions of activist shareholders and some institutional 
investors may be discouraged from investing in the industry in which we operate in
Activist shareholders could advocate for changes to our corporate governance, operational practices and strategic direction, 
which could have an adverse effect on our reputation, business and future operations. In recent years, publicly traded companies 
have been increasingly subject to demands from activist shareholders advocating for changes to corporate governance 
practices, such as executive compensation practices, social issues, or certain corporate actions or reorganizations. There can 
be no assurances that activist shareholders will not publicly advocate for us to make certain corporate governance changes or 
engage in certain corporate actions. Responding to challenges from activist shareholders, such as proxy contests, media 
campaigns or other activities, could be costly and time consuming and could have an adverse effect on our reputation and divert 
the attention and resources of management and our Board, which could have an adverse effect on our business and operational 
results. Additionally, shareholder activism could create uncertainty about future strategic direction, resulting in loss of future 
business opportunities, which could adversely affect our business, future operations, profitability and our ability to attract and 
retain qualified personnel.
In addition to risks associated with activist shareholders, some institutional investors are placing an increased emphasis on ESG 
factors when allocating their capital. These investors may be seeking enhanced ESG disclosures or may implement policies that 
discourage investment in the hydrocarbon industry. Other investors may discourage investments in new lines of business which 
may be related to ESG matters. To the extent that certain institutions implement policies that discourage investments in our 
industry or new lines of business, it could have an adverse effect on our financing costs and term and access to liquidity and 
capital. Additionally, if our reputation is diminished as a result of the industry we operate in or service, it could result in increased 
operation or regulatory costs, lower shareholder confidence or loss of public support for our business.
The loss of one or more of our larger customers or consolidation among our customers could have a material adverse 
effect on our business and our current backlog of contract drilling revenue may decline
In 2024, approximately 44% of our revenue was received from our ten largest drilling customers and approximately 21% of our 
revenue was received from our three largest drilling customers. The loss of one or more of our larger customers could have a 
material adverse effect on our business, financial condition, results of operations and cash flow. In addition, financial difficulties 
experienced by customers could adversely impact their demand for our services and cause them to request amendments to our 
contracts with them. 
Our fixed-term drilling contracts generally provide our customers with the ability to terminate the contracts at their election, with 
an early termination payment to us if the contract is terminated before the expiration of the fixed term. During depressed market 
conditions or otherwise, customers may be unable to satisfy their contractual obligations or may seek to terminate or renegotiate 
or otherwise fail to honor their contractual obligations. In addition, we may not be able to perform under these contracts due to 
events beyond our control, and our customers may seek to terminate or renegotiate our contracts for various reasons, without 
paying an early termination payment. As a result, we may not realize all of our contract drilling backlog. In addition, the 
termination or renegotiation of fixed-term contracts without receiving early termination payments could have a material adverse 
effect on our business, financial condition, results of operations and cash flows. Our contract drilling backlog may decline, as 
fixed-term drilling contract coverage over time may not be offset by new or renegotiated contracts or may be reduced by price 
adjustments to existing contracts, including as a result of the decline in the price of oil and natural gas, capital spending 
reductions by our customers or other factors. 
Further, consolidation among oil and natural gas exploration and production companies may reduce the number of available 
customers. As exploration and production entities merge, they often seek operational synergies and cost efficiencies. This can 
lead to a reduction in the number of drilling services required. Also, integrated entities may opt for in-house drilling capabilities 
or favor established contracts with other service providers. This may result in increased competition for available contracts or 
contractual termination, potentially impacting pricing dynamics and profitability. 
Our operations are subject to foreign exchange risk
Our U.S. and international operations have revenue, expenses, assets and liabilities denominated in currencies other than the 
Canadian dollar and are mostly in U.S. dollars and currencies that are pegged to the U.S. dollar. This means that currency 
exchange rates can affect our income statement, balance sheet and statement of cash flow (statements are titled as follows: 
Consolidated Statement of Net Earnings (Loss), Consolidated Statement of Financial Position, and Consolidated Statement of 
Cash Flows).
Translation into Canadian Dollars
When preparing our consolidated financial statements, we translate the financial statements for foreign operations that do not 
have a Canadian dollar functional currency into Canadian dollars. We translate assets and liabilities at exchange rates in effect 

34
Management's Discussion and Analysis
at the period end date. We translate revenues and expenses using average exchange rates for the month of the transaction. 
We initially recognize gains or losses from these translation adjustments in other comprehensive income and reclassify them 
from equity to net earnings on disposal or partial disposal of the foreign operation. Changes in currency exchange rates could 
materially increase or decrease our foreign currency-denominated net assets, which would increase or decrease shareholders’ 
equity. Changes in currency exchange rates will affect the amount of revenues and expenses we record for our U.S. and 
international operations, which will increase or decrease our net earnings. If the Canadian dollar strengthens against the U.S. 
dollar, the net earnings we record in Canadian dollars from our U.S. and international operations will be lower. 
Transaction exposure
We have long-term debt denominated in U.S. dollars. We have designated our U.S. dollar denominated unsecured senior notes 
as a hedge against the net asset position of our U.S. and foreign operations. This debt is converted at the exchange rate in 
effect at the period end dates with the resulting gains or losses included in the statement of comprehensive income. If the 
Canadian dollar strengthens against the U.S. dollar, we will incur a foreign exchange gain from the translation of this debt. 
Similarly, if the Canadian dollar weakens against the U.S. dollar, we will incur a foreign exchange loss from the translation of 
this debt. The vast majority of our international operations are transacted in U.S. dollars or U.S. dollar-pegged currencies. 
Transactions for our Canadian operations are primarily transacted in Canadian dollars. We occasionally purchase goods and 
supplies in U.S. dollars for our Canadian operations, and we maintain U.S. dollar cash in our Canadian operations.
We may be unable to access additional financing
We may need to obtain additional debt or equity financing in the future to support ongoing operations, undertake capital 
expenditures, repay existing or future debt including the Senior Credit Facility and the Senior Note Indentures, or pursue 
acquisitions or other business combination transactions. Volatility or uncertainty in the credit markets and inflationary pressure 
may increase costs associated with issuing debt or equity, and there is no assurance that we will be able to access additional 
financing when we need it, or on terms we find acceptable or favourable. Such volatility and uncertainty may be adversely 
impacted by potential negative perception of investing in the hydrocarbon industry. If we are unable to obtain financing to support 
ongoing operations or to fund capital expenditures, acquisitions, debt repayments, or other business combination transactions, 
it could limit growth and may have a material adverse effect on our business, financial condition, results of operations, and cash 
flow. See also “Our business could be negatively affected as a result of actions of activist shareholders and some institutional 
investors may be discouraged from investing in the industry in which we operate in.”
Increasing interest rates may increase our cost of borrowing
Increases to the Canadian or United States benchmark interest rates may have an impact on our cost of borrowing under our 
Senior Credit Facility and any debt financing we may negotiate. Actions by central banks to increase benchmark interest rates 
in reaction to inflation may increase our cost of borrowing and make the terms of borrowing less favourable to us. 
Risks associated with turnkey drilling operations could adversely affect our business
We earn some of our revenue from turnkey drilling contracts. We expect that turnkey drilling will continue to be part of our service 
offering; however, turnkey contracts pose substantially more risk than wells drilled on a daywork basis. Under a typical turnkey 
drilling contract, we agree to drill a well for a customer to a specified depth and under specified conditions for a fixed price. We 
typically provide technical expertise and engineering services, as well as most of the equipment required for the drilling of turnkey 
wells and use subcontractors for related services. We typically do not receive progress payments and are entitled to payment 
by the customer only after we have met the full terms of the drilling contract. We sometimes encounter difficulties on wells and 
incur unanticipated costs, and not all the costs are covered by insurance. As a result, under turnkey contracts, we assume most 
of the risks associated with drilling operations that are generally assumed by customers under a daywork contract. Operating 
cost overruns or operational difficulties and higher contractual liabilities on turnkey jobs could have a material adverse effect on 
our business, financial condition, results of operations and cash flow.
Mergers and acquisitions entail numerous risks and may disrupt our business or distract management
We consider and evaluate mergers and acquisitions of, or significant investments in, complementary businesses and assets as 
part of our business strategy. Mergers and acquisitions involve numerous risks, including unanticipated costs and liabilities, 
difficulty in integrating the operations and assets of the merged or acquired business, the ability to properly access and maintain 
an effective internal control environment over a merged or acquired company to comply with public reporting requirements, 
potential loss of key employees and customers of the merged or acquired companies, and an increase in our expenses and 
working capital requirements. Any merger or acquisition could have a material adverse effect on our business, financial condition, 
results of operations and cash flow.
We may incur substantial debt to finance future mergers and acquisitions and also may issue equity securities or convertible 
securities for mergers and acquisitions. Debt service requirements could be a burden on our results of operations and financial 
condition. We would also be required to meet certain conditions to borrow money to fund future mergers and acquisitions. 
Mergers and acquisitions could also divert the attention of management and other employees from our day-to-day operations 
and the development of new business opportunities. Even if we are successful in integrating future mergers and acquisitions 
into our operations, we may not derive the benefits such as operational, financial, or administrative synergies we expect from 
mergers and acquisitions, which may result in us committing capital resources and not receiving the expected returns. 

Precision Drilling Corporation 2024 Annual Report
35
Additionally, failing to pursue appropriate mergers when opportune may also pose a risk to our competitive positioning and 
growth potential. We may not be able to continue to identify attractive acquisition opportunities or successfully acquire identified 
targets.
Our operations face risks of interruption and casualty losses
Our operations face many hazards inherent in the drilling and well servicing industries, including blowouts, cratering, explosions, 
fires, loss of well control, loss of hole, reservoir damage, loss of directional control, damaged or lost equipment, and damage or 
loss from inclement weather or natural disasters. Any of these hazards could result in personal injury or death, damage to or 
destruction of equipment and facilities, suspension of operations, environmental damage, damage to the property of others, and 
damage to producing or potentially productive oil and natural gas formations that we drill through, which could have a material 
adverse effect on our business, financial condition, results of operations and cash flow. Additionally, unexpected events such as 
unplanned power outages, natural disasters, supply disruptions, pandemic illness or other unforeseeable circumstances could 
have a material adverse effect on our business, financial condition, results of operations and cash flow.
Our worldwide operations could be disrupted by terrorism, acts of war, political sanctions, earthquakes, telecommunications 
failures, power or water shortages, tsunamis, floods, hurricanes, typhoons, fires, extreme weather conditions (whether as a 
result of climate change or otherwise), medical epidemics or pandemics and other natural or manmade disasters or catastrophic 
events, for some of which may be self-insured. The occurrence of any of these business disruptions could result in difficulties in 
transporting our crews, hiring or managing personnel as well as other significant losses, that may adversely affect our business, 
financial conditions, results of operations and cash flow, and require substantial expenditures and recovery time in order to fully 
resume operations.
Generally, drilling and service rig contracts separate the responsibilities of a drilling or service rig company and the customer. 
We try to obtain indemnification from our customers by contract for some of these risks even though we also have insurance 
coverage to protect us. We cannot assure; however, that any insurance or indemnification agreements will adequately protect 
us against liability from all the consequences described above. If there is an event that is not fully insured or indemnified against, 
or a customer or insurer does not meet its indemnification or insurance obligations, it could result in substantial losses. In 
addition, we may not be able to get insurance to cover any or all these risks, or the coverage may not be adequate. Insurance 
premiums or other costs may rise significantly in the future, making the insurance prohibitively expensive or uneconomic. 
Significant events, including terrorist attacks in the U.S., wildfires, flooding, severe hurricane damage and well blowout damage 
in the U.S. Gulf Coast region, have resulted in significantly higher insurance costs, deductibles and coverage restrictions. When 
we renew our insurance, we may decide to self-insure at higher levels and assume increased risk to reduce costs associated 
with higher insurance premiums.
Business in our industry is seasonal and highly variable
Seasonal weather patterns in Canada and the northern U.S. affect activity in the oilfield services industry. During the spring 
months, wet weather and the spring thaw make the ground unstable, so municipalities and counties and provincial and state 
transportation departments enforce road bans that restrict the movement of rigs and other heavy equipment. This reduces activity 
and highlights the importance of the location of our equipment prior to the imposition of the road bans. The timing and length of 
road bans depend on weather conditions leading to the spring thaw and during the thawing period.
Additionally, certain oil and natural gas producing areas are located in parts of western Canada that are only accessible during 
the winter months because the ground surrounding or containing the drilling sites in these areas consists of terrain known as 
muskeg. Rigs and other necessary equipment cannot cross this terrain to reach the drilling site until the muskeg freezes. 
Moreover, once the rigs and other equipment have been moved to a drilling site, they may become stranded or be unable to 
move to another site if the muskeg thaws unexpectedly. Our business activity depends, at least in part, on the severity and 
duration of the winter season.
Litigation and legal claims could have an adverse impact on our business
We may be subject to legal proceedings and governmental investigations from time to time related to our business and 
operations. Lawsuits or claims against us could have a material adverse effect on our business, financial condition, results of 
operations and cash flow. While we maintain insurance that may cover the cost of certain litigation or have indemnity provisions 
in our favor, we cannot assure that any insurance or indemnification agreement will cover the cost of theses liabilities, thus 
litigation or claims could negatively impact our business, reputation, financial condition and cash flow.
Certain of our offerings use proprietary technology and equipment which can involve potential infringement of a third party’s 
rights or a third party’s infringement of our rights, including rights to intellectual property. From time to time, we or our customers 
may become involved in disputes over infringement of intellectual property rights relating to equipment or technology owned or 
used by us. As a result, we may lose access to important equipment or technology, be required to cease use of some equipment 
or technology, be forced to modify our drilling rigs or technology, or be required to pay license fees or royalties for the use of 
equipment or technology. In addition, we may lose a competitive advantage in the event we are unsuccessful in enforcing our 
rights against third parties, or third parties are successful in enforcing their rights against us. As a result, any technology disputes 
involving us or our customers or supplying vendors could have a material adverse impact on our business, financial condition, 
results of operations and cash flow.

36
Management's Discussion and Analysis
Public health crises, such as pandemics and epidemics, may impact our business
Local, regional, national or international public health crises, such as pandemics and epidemics, could have an adverse effect 
on local economies and potentially the global economy, which may adversely impact the price of and demand for oil and natural 
gas (and correspondingly, decrease the demand for our services, which could have a material adverse effect on our business, 
financial condition, results of operations and cash flows). Such public health crises, pandemics, epidemics and disease 
outbreaks are continuously evolving and the extent to which our business operations and financial results continue to be affected 
depends on various factors, such as the duration, severity and geographic spread of any outbreak; the impact and effectiveness 
of governmental action to reduce the spread and treat such outbreak, including government policies and restriction; vaccine 
hesitancy and voluntary or mandatory quarantines; and the global response surrounding any such uncertainty.
The economic climate resulting from the impact of public health crises, pandemics and epidemics and any corresponding 
emergency measures that may be implemented from time to time by various governments may have significant adverse impacts 
on Precision including, but not exclusively:
▪potential interruptions of our business or operations
▪material declines in revenue and cash flows, as our customers are concentrated in the oil and natural gas industry
▪future impairment charges to our property, plant and equipment and intangible assets
▪risk of non-payment of accounts receivable and customer defaults, and
▪additional restructuring charges as we align our structure and personnel to the dynamic environment.
Additionally, such public health crises, if uncontrolled, may result in temporary shortages of staff to the extent our workforce is 
impacted and may result in temporary interruptions to our business or operations, which may have an adverse effect on our 
financial condition, results of operations and cash flow.
Unionization efforts and labor regulations could materially increase our costs or limit our flexibility
Efforts may be made from time to time to unionize portions of our workforce. We may be subject to strikes or work stoppages 
and other labor disruptions in connection with unionization efforts or renegotiation of existing contracts with unions. Unionization 
efforts, if successful, new collective bargaining agreements or work stoppages could materially increase our labor costs, reduce 
our revenues and adversely impact our operations and cash flow.
A successful challenge by the tax authorities of expense deductions could negatively affect the value of our common 
shares
Taxation authorities may not agree with the classification of expenses we or our subsidiaries have claimed, or they may challenge 
the amount of interest expense deducted. If the taxation authorities successfully challenge our classifications or deductions, it 
could have a material adverse effect on our business financial condition, results of operations and cash flow.
Losing key management could reduce our competitiveness and prospects for future success
Our future success and growth depend partly on the expertise and experience of our key management. There is no assurance 
that we will be able to retain key management. Losing these individuals could have a material adverse effect on our business, 
financial condition, results of operations and cash flow.
Our assessment of capital assets for impairment may result in a non-cash charge against our consolidated net income
We are required to assess our capital asset balance for impairment when certain internal and external factors indicate the need 
for further analysis. When assessing impairment triggers and calculating impairment it is based on management’s estimates and 
assumptions. We may consider several factors, including any declines in our share price and market capitalization, lower future 
cash flow and earnings estimates, significantly reduced or depressed markets in our industry, and general economic conditions, 
among other things. Any impairment write-down to capital assets would result in a non-cash charge against net earnings, which 
could be material.
Our credit ratings may change
Credit ratings affect our financing costs, liquidity and operations over the long term and are intended as an independent measure 
of the credit quality of long-term debt. Credit ratings affect our ability to obtain short and long-term financing and the cost of this 
financing, and our ability to engage in certain business activities cost-effectively.
If a rating agency downgrades our current corporate credit rating or rating of debt, or changes our credit outlook to negative, it 
could have an adverse effect on our financing costs and access to liquidity and capital.
The price of our common shares can fluctuate
Several factors can cause volatility in our share price, including increases or decreases in revenue or earnings, changes in 
revenue or earnings estimates by the investment community, plans in respect of returns of capital to shareholders, failure to 
meet analysts’ expectations, changes in credit ratings, and speculation in the media or investment community about our financial 
condition or results of operations. General market conditions, the perception of the industry we operate in and service and 
Canadian, U.S. or international economic and social factors and political events unrelated to our performance may also affect 
the price of our shares. Investors should therefore not rely on past performance of our shares to predict the future performance 

Precision Drilling Corporation 2024 Annual Report
37
of our shares or financial results. At times when our share price is relatively low, we may be subject to takeover attempts by 
certain companies or institutions acting opportunistically.  
While there is currently an active trading market for our shares in the United States and Canada, we cannot guarantee that an 
active trading market will be sustained in either country. There could cease to be an active trading market due to, among other 
factors, minimum listing requirements of stock exchanges. If an active trading market in our shares is not sustained, the trading 
liquidity of our shares will be limited and the market value of our shares may be reduced. 
Selling additional shares could affect share value
While we have a normal course issuer bid in place under which we may acquire our own shares, in the future, we may issue 
additional shares to fund our needs or those of other entities owned directly or indirectly by us, as authorized by the Board. We 
do not need shareholder approval to issue additional shares, except as may be required by applicable stock exchange rules, 
and shareholders do not have any pre-emptive rights related to share issues (see Capital Structure on page 20).
As a foreign private issuer in the U.S., we may file less information with the SEC than a company incorporated in the 
U.S.
As a foreign private issuer, we are exempt from certain rules under the United States Exchange Act of 1934 (the Exchange Act) 
that impose disclosure requirements, as well as procedural requirements, for proxy solicitations under Section 14 of the 
Exchange Act. Our directors, officers and principal shareholders are also exempt from the reporting and short-swing profit 
recovery provisions of Section 16 of the Exchange Act. We are not required to file periodic reports and financial statements with 
the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act, nor are we 
generally required to comply with Regulation FD, which restricts the selective disclosure of material non-public information. As 
a result, there may be less publicly available information about us than U.S. public companies and this information may not be 
provided as promptly. In addition, we are permitted, under a multi-jurisdictional disclosure system adopted by the U.S. and 
Canada, to prepare our disclosure documents in accordance with Canadian disclosure requirements, including preparing our 
financial statements in accordance with International Financial Reporting Standards (IFRS), which differs in some respects from 
U.S. GAAP. We are required to assess our foreign private issuer status under U.S. securities laws annually at the end of the 
second quarter. If we were to lose our status as a foreign private issuer under U.S. securities laws, we would be required to 
comply with U.S. securities and accounting requirements.
We have retained liabilities from prior reorganizations
We have retained all liabilities of our predecessor companies, including liabilities relating to corporate and income tax matters.
We may become a passive foreign investment company, which could result in adverse U.S. tax consequences to U.S. 
investors
Management does not believe we are or will be treated as a passive foreign investment company (PFIC) for U.S. tax purposes. 
However, because PFIC status is determined annually and will depend on the composition of our income and assets from time 
to time, it is possible that we could be considered a PFIC in the future. This could result in adverse U.S. tax consequences for a 
U.S. investor. In particular, a U.S. investor would be subject to U.S. federal income tax at ordinary income rates, plus a possible 
interest charge, for any gain derived from a disposition of common shares, as well as certain distributions by us. In addition, a 
step-up in the tax basis of our common shares would not be available if an individual holder dies.
An investor who acquires 10% or more of our common shares may be subject to taxation under the controlled foreign corporation 
(CFC) rules.
Under certain circumstances, a U.S. person who directly or indirectly owns 10% or more of the voting power of a foreign 
corporation that is a CFC (generally, a foreign corporation where 10% or more U.S. shareholders own more than 50% of the 
voting power or value of the stock of the foreign corporation) for 30 straight days or more during a taxable year and who holds 
any shares of the foreign corporation on the last day of the corporation’s tax year must include in gross income for U.S. federal 
income tax purposes its pro rata share of certain income of the CFC even if the income is not distributed to the person. We are 
not currently a CFC, but this could change in the future.
EVALUATION OF CONTROLS AND PROCEDURES
Internal Control over Financial Reporting
We maintain internal control over financial reporting that is designed to provide reasonable assurance regarding the reliability of 
financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in 
Rules 13a – 15(f) and 15d – 15(f) under the United States Securities Exchange Act of 1934, as amended (the Exchange Act) 
and under National Instrument 52-109 Certification of Disclosure in Issuer’s Annual and Interim Filings (NI 52-109).

38
Management's Discussion and Analysis
Management, including the Chief Executive Officer (CEO) and the Chief Financial Officer (CFO), has conducted an evaluation 
of our internal control over financial reporting based on criteria established in Internal Control – Integrated Framework (2013) 
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO 2013).
There were no changes in our internal control over financial reporting in 2024 that have materially affected or are reasonably 
likely to materially affect our internal control over financial reporting. Based on management’s assessment as at December 31, 
2024, management has concluded that our internal control over financial reporting is effective.
The effectiveness of internal control over financial reporting as at December 31, 2024 was audited by KPMG LLP, an 
independent registered public accounting firm, as stated in their Report of Independent Registered Public Accounting Firm, 
which is included in this annual report.
Due to its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a 
misstatement of our financial statements would be prevented or detected. Further, the evaluation of the effectiveness of internal 
control over financial reporting was made as of a specific date, and continued effectiveness in future periods is subject to the 
risk that controls may become inadequate.
Disclosure Controls and Procedures
We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be 
disclosed in our interim and annual filings is reviewed, recognized and disclosed accurately and in the appropriate time period.
Management, including the CEO and CFO, carried out an evaluation, as at December 31, 2024, of the effectiveness of the 
design and operation of Precision’s disclosure controls and procedures, as defined in Rule 13a – 15(e) and 15d – 15(e) under 
the Exchange Act and NI 52-109. Based on that evaluation, the CEO and CFO have concluded that the design and operation of 
Precision’s disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports 
we file or submit under the Exchange Act or Canadian securities legislation is recorded, processed, summarized and reported 
within the time periods specified in the rules and forms therein.
It should be noted that while the CEO and CFO believe that our disclosure controls and procedures provide a reasonable level 
of assurance that they are effective, they do not expect that these disclosure controls and procedures will prevent all errors and 
fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that 
the objectives of the control system are met.

Precision Drilling Corporation 2024 Annual Report
39
ADVISORIES
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING INFORMATION AND STATEMENTS
We disclose forward-looking information to help current and prospective investors understand our future prospects.
Certain statements contained in this MD&A, including statements that contain words such as could, should, can, anticipate, 
estimate, intend, plan, expect, believe, will, may, continue, project, potential and similar expressions and statements relating to 
matters that are not historical facts constitute forward-looking information within the meaning of applicable Canadian securities 
legislation and forward-looking statements within the meaning of the safe harbor provisions of the United States Private 
Securities Litigation Reform Act of 1995 (collectively, forward-looking information and statements).
Our forward-looking information and statements in this MD&A include, but are not limited to, the following:
▪
our strategic priorities for 2025
▪
our capital expenditures, free cash flow allocation and debt reduction plan for 2025 and beyond
▪
anticipated activity levels in 2025
▪
anticipated demand for our drilling rigs
▪
plans for returns of capital to shareholders
▪
the average number of term contracts in place for 2025
▪
customer adoption of Alpha™ technologies and EverGreen™ suite of environmental solutions
▪
potential commercial opportunities and rig contract renewals
▪
our customers ability to pay or honor their contractual obligations
▪
our future debt reduction plans
▪
our outlook on oil and natural gas prices
▪
target Net Debt to Adjusted EBITDA ratio
▪
the potential impact liquefied natural gas export development could have on North American drilling activity
▪
our expectations that new or newer rigs will enter the markets we currently operate in, and
▪
our ability to remain compliant with our Senior Credit Facility financial debt covenants.
The forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of 
our experience and our perception of historical trends, current conditions and expected future developments as well as other 
factors we believe are appropriate in the circumstances. These include, among other things:
▪
the fluctuation in oil prices may pressure customers into reducing or limiting their drilling budgets
▪
the status of current negotiations with our customers and vendors
▪
customer focus on safety performance
▪
existing term contracts are neither renewed or terminated prematurely
▪
continued market demand for our drilling rigs
▪
our ability to deliver rigs to customers on a timely basis
▪
the impact of climate change on our business
▪
the general stability of the economic and political environment in the jurisdictions in which we operate, and
▪
the impact of an increase/decrease in capital spending.
Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or 
achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and 
uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, 
but are not limited to:
▪
volatility in the price and demand for oil and natural gas
▪
fluctuations in the level of oil and natural gas exploration and development activities
▪
fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services
▪
our customers’ inability to obtain adequate credit or financing to support their drilling and production activity
▪
changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive 
advantage
▪
shortages, delays and interruptions in the delivery of equipment supplies and other key inputs
▪
liquidity of the capital markets to fund customer drilling programs
▪
availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed
▪
the physical, regulatory and transition impacts of climate change
▪
the impact of weather and seasonal conditions on operations and facilities 
▪
the impact of tariffs and trade disputes
▪
competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services
▪
ability to improve our rig technology to improve drilling efficiency
▪
disease outbreaks which could impact demand for our services or impact our operations
▪
public health crises that impact demand for our services and our business
▪
general political, economic, market or business conditions
▪
the availability of qualified personnel and management
▪
a decline in our safety performance which could result in lower demand for our services
▪
business interruptions related to cybersecurity risks

40
Management's Discussion and Analysis
▪
changes to, and new laws or regulations, including changes in environmental laws and regulations such as increased 
regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could 
have an adverse impact on the demand for oil and natural gas
▪
terrorism, social, civil and political unrest globally or in the foreign jurisdictions where we operate
▪
fluctuations in foreign exchange, interest rates and tax rates, and 
▪
other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to 
respond to such conditions.
Readers are cautioned that the foregoing list of risk factors is not exhaustive. You can find more information about these and 
other factors that could affect our business, operations or financial results in this MD&A under the section titled “Risks in our 
Business” and in reports on file with securities regulatory authorities from time to time, including but not limited to our Annual 
Information Form (AIF) for the year ended December 31, 2024, which you can find in our profile on SEDAR+ 
(www.sedarplus.ca) or in our profile on EDGAR ( www.sec.gov).
All of the forward-looking information and statements made in this MD&A are expressly qualified by these cautionary statements. 
There can be no assurance that actual results or developments that we anticipate will be realized. We caution you not to place 
undue reliance on forward-looking information and statements. The forward-looking information and statements made in this 
MD&A are made as of the date hereof. We will not necessarily update or revise this forward-looking information as a result of 
new information, future events or otherwise, unless we are required to by securities law.
Forward-looking information and statements in this MD&A may also address our sustainability plans and progress. The inclusion 
of these statements is not an indication that these contents are necessarily material to investors and certain standards for 
measuring progress for sustainability are still developing (including for emissions disclosures).
FINANCIAL MEASURES AND RATIOS
NON-GAAP FINANCIAL MEASURES
We reference certain additional Non-GAAP measures that are not defined terms under IFRS to assess performance because 
we believe they provide useful supplemental information to investors. Non-GAAP financial measures are not standardized
financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers.
Adjusted 
EBITDA
We believe Adjusted EBITDA (earnings before income taxes, gain on repurchase of unsecured senior notes, 
gain on acquisition, loss (gain) on investments and other assets, finance charges, foreign exchange, loss on 
asset decommissioning, gain on asset disposals, and depreciation and amortization ), as reported in our 
Consolidated Statements of Net Earnings (Loss), is a useful measure, because it gives an indication of the results
from our principal business activities prior to consideration of how our activities are financed and the impact of 
foreign exchange, taxation and depreciation and amortization charges.
The most directly comparable financial measure is net earnings (loss).
Year ended December 31 (in thousands of dollars)
2024
2023
2022
Adjusted EBITDA by segment
Contract Drilling Services
532,345
630,761
397,753
Completion and Production Services
66,681
51,224
38,147
Corporate and Other
(77,805)
(70,867)
(124,295)
521,221
611,118
311,605
Depreciation and amortization
309,314
297,557
279,035
Gain on asset disposals
(16,148)
(24,469)
(29,926)
Loss on asset decommissioning
—
9,592
—
Foreign exchange
2,259
(1,667)
1,278
Finance charges
69,753
83,414
87,813
Loss (gain) on investments and other assets
1,484
6,810
(12,452)
Gain on acquisition
—
(25,761)
—
Gain on redemption and repurchase of unsecured senior notes
—
(137)
—
Income taxes
43,229
(23,465)
20,150
Net earnings (loss)
111,330
289,244
(34,293)
Non-controlling interest
135
—
—
Net earnings (loss) attributable to shareholders
111,195
289,244
(34,293)
Funds 
provided by 
(used in) 
operations
We believe funds provided by (used in) operations, as reported in our Consolidated Statements of Cash Flows, 
is a useful measure because it provides an indication of the funds our principal business activities generate prior
to consideration of working capital changes, which is primarily made up of highly liquid balances.
The most directly comparable financial measure is cash provided by (used in) operations.

Precision Drilling Corporation 2024 Annual Report
41
Net capital 
spending
We believe net capital spending is a useful measure as it provides an indication of our primary investment 
activities.
The most directly comparable financial measure is cash provided by (used in) investing activities.
Net capital spending is calculated as follows:
Year ended December 31 (in thousands of dollars)
2024
2023
2022
Capital spending by spend category
Expansion and upgrade
52,066
63,898
63,305
Maintenance and infrastructure
164,632
162,851
120,945
216,698
226,749
184,250
Proceeds on sale of property, plant and equipment
(30,395)
(23,841)
(37,198)
Net capital spending
186,303
202,908
147,052
Business acquisitions
—
28,646
10,200
Proceeds from sale of investments and other assets
(3,623)
(10,013)
—
Purchase of investments and other assets
725
5,343
617
Receipt of finance lease payments
(799)
(255)
—
Changes in non-cash working capital balances
20,380
(11,845)
(13,454)
Cash used in investing activities
202,986
214,784
144,415
Working capital
We define working capital as current assets less current liabilities, as reported in our Consolidated
Statements of Financial Position.
Working capital is calculated as follows:
Year ended December 31 (in thousands of dollars)
2024
2023
2022
Current assets
501,284
510,881
470,670
Current liabilities
(338,692)
(374,009)
(422,326)
Working capital
162,592
136,872
48,344
Total Long-term 
Financial 
Liabilities 
We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as 
reported in our Consolidated Statements of Financial Position. 
Total long-term financial liabilities is calculated as follows: 
Year ended December 31 (in thousands of dollars)
2024
2023
2022
Total non-current liabilities
935,624
1,069,364
1,223,268
Deferred tax liabilities
(47,451)
(73,515)
(28,946)
Total long-term financial liabilities
888,173
995,849
1,194,322
NON-GAAP RATIOS
We reference certain additional non-GAAP ratios that are not defined terms under IFRS to assess performance because we 
believe they provide useful supplemental information to investors. Non-GAAP ratios are not standardized financial measures 
under IFRS and might not be comparable to similar financial measures disclosed by other issuers.
Adjusted EBITDA 
% of Revenue
We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Consolidated
Statements of Net Earnings (Loss), provides an indication of our profitability from our principal business 
activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation
and depreciation and amortization charges.
Long-term debt 
to long-term debt 
plus equity 
We believe that long-term debt (as reported in our Consolidated Statements of Financial Position) to long-
term debt plus equity (total shareholders’ equity as reported in our Consolidated Statements of Financial 
Position) provides an indication of our debt leverage. 
Net Debt to 
Adjusted EBITDA
We believe the Net Debt (long-term debt less cash, as reported in our Consolidated Statements of Financial
Position) to Adjusted EBITDA ratio provides an indication to the number of years it would take for us to repay
our debt obligations.
SUPPLEMENTARY FINANCIAL MEASURES
We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because
we believe they provide useful supplemental information to investors.
Capital spending 
by spend 
category
We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is 
categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.

42
Management's Discussion and Analysis
Enterprise Value
We calculate our Enterprise Value as our market capitalization (outstanding common shares multiplied by
our share price at the reporting date) plus our long-term debt less cash, as reported in our Consolidated 
Statements of Financial Position.
Long-term debt 
to cash provided 
by (used in) 
operations
We calculate our long-term debt, as reported in our Consolidated Statements of Financial Position, to cash 
provided by (used in) operations, as reported in our Consolidated Statements of Cash Flows. 
Working capital 
ratio
We define our working capital ratio as current assets divided by current liabilities, as reported in our 
Consolidated Statements of Financial Position.
 

Precision Drilling Corporation 2024 Annual Report
43
MANAGEMENT’S REPORT TO THE SHAREHOLDERS 
The accompanying Consolidated Financial Statements and all information in this Annual Report are the responsibility of 
management. The Consolidated Financial Statements have been prepared by management in accordance with the accounting 
policies in the Notes to the Consolidated Financial Statements. When necessary, management has made informed judgements 
and estimates in accounting for transactions that were not complete at reporting date. In the opinion of management, the 
Consolidated Financial Statements have been prepared within acceptable limits of materiality and are in accordance with 
International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and 
appropriate in the circumstances. The financial information elsewhere in this Annual Report has been reviewed to ensure 
consistency with that in the Consolidated Financial Statements.
Management has prepared the Management’s Discussion and Analysis (MD&A). The MD&A is based on the financial results of 
Precision Drilling Corporation (the Corporation) prepared in accordance with IFRS as issued by the IASB. The MD&A compares 
the audited financial results for the years ended December 31, 2024 and December 31, 2023.
Management is responsible for establishing and maintaining adequate internal control over the Corporation’s financial reporting 
and is supported by an internal audit function that conducts periodic testing of these controls. Internal control over financial 
reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the 
preparation of Consolidated Financial Statements for external reporting purposes in accordance with IFRS. Because of its 
inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those 
systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and 
presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may 
become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may 
deteriorate.
Under the supervision of, and with direction from, our principal executive officer and principal financial and accounting officer, 
management conducted an evaluation of the effectiveness of the Corporation’s internal control over financial reporting. 
Management’s evaluation of internal control over financial reporting was based on the Internal Control – Integrated Framework 
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO 2013). Based on this evaluation, 
management concluded that the Corporation’s internal control over financial reporting was effective as of December 31, 2024. 
Also, management determined that there were no material weaknesses in the Corporation’s internal control over financial 
reporting as of December 31, 2024.
KPMG LLP (KPMG), a Registered Public Accounting Firm, was engaged, as approved by a vote of shareholders at the 
Corporation’s most recent annual meeting, to audit the Consolidated Financial Statements and provide an independent 
professional opinion.
KPMG also completed an audit of the effectiveness of the Corporation’s internal control over financial reporting as of December 
31, 2024, as stated in its report included in this Annual Report and has expressed an unqualified opinion on the effectiveness of 
internal control over financial reporting as of December 31, 2024.
The Audit Committee of the Board of Directors, which is comprised of five independent directors who are not employees of the 
Corporation, provides oversight to the financial reporting process. Integral to this process is the Audit Committee’s review and 
discussion with management and KPMG of the quarterly and annual financial statements and reports prior to their respective 
release. The Audit Committee is also responsible for reviewing and discussing with management and KPMG major issues as to 
the adequacy of the Corporation’s internal controls. KPMG has unrestricted access to the Audit Committee to discuss its audit 
and related matters. The Consolidated Financial Statements have been approved by the Board of Directors and its Audit 
Committee.
 
Kevin A. Neveu
Carey T. Ford
President and Chief Executive Officer
Chief Financial Officer
Precision Drilling Corporation
Precision Drilling Corporation
March 10, 2025
March 10, 2025
 

44
Consolidated Financial Statements
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Shareholders and Board of Directors of Precision Drilling Corporation:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of financial position of Precision Drilling Corporation and 
subsidiaries (the Corporation) as of December 31, 2024 and 2023, the related consolidated statements of net earnings, 
comprehensive income, changes in equity, and cash flows for the years then ended, and the related notes (collectively, the 
consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, 
the financial position of the Corporation as of December 31, 2024 and 2023, and the results of its operations and its cash flows 
for the years then ended, in conformity with International Financial Reporting Standards as issued by the International Accounting 
Standards Board.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
(PCAOB), the Corporation’s internal control over financial reporting as of December 31, 2024, based on criteria established in 
Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway 
Commission, and our report dated March 7, 2025 expressed an unqualified opinion on the effectiveness of the Corporation’s 
internal control over financial reporting.
Change in Accounting Principle
As discussed in Note 3(q) to the consolidated financial statements, the Corporation has changed its method of accounting for 
the classification of liabilities as current from non-current for the Deferred Share Unit plan for non-management directors as of 
January 1, 2024 due to the adoption of the Amendments to IAS 1 - Classification of Liabilities as Current or Non-current and 
Non-current Liabilities with Covenants, and included the presentation of the statement of financial position as of January 1, 2023. 
Basis for Opinion
These consolidated financial statements are the responsibility of the Corporation’s management. Our responsibility is to express 
an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the 
PCAOB and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws 
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform 
the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, 
whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the 
consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such 
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial 
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, 
as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a 
reasonable basis for our opinion. 
Critical Audit Matter 
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial 
statements that was communicated or required to be communicated to the audit committee and that: (1) relate to accounts or 
disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or 
complex judgements. The communication of critical audit matter does not alter in any way our opinion on the consolidated 
financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate 
opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Assessment of indicators of impairment for the Contract Drilling and Completion and Production Services cash 
generating units (CGUs)
As discussed in notes 3(f), 3(p), 6 and 7(a) to the consolidated financial statements, the Corporation reviews the carrying amount 
of each of the CGUs at each reporting date to determine whether an indicator of impairment exists based on an analysis of 
relevant internal and external factors. The Corporation analyzes indicators that a CGU may be impaired such as financial 
performance of the CGU compared to historical results and forecasts and consideration of the Corporation’s market 
capitalization. The Corporation did not identify an indicator of impairment within the Corporation’s Contract Drilling or Completion 
and Production Services CGUs as at December 31, 2024. Accordingly, no impairment tests were performed on the Contract 
Drilling or Completion and Production Services CGUs as at December 31, 2024. Total assets recognized in the Contract Drilling 
and Completion and Production Services CGUs at December 31, 2024 were approximately $2,562,436 thousand and $241,277 
thousand, respectively. 
We identified the assessment of indicators of impairment for the Corporation’s Contract Drilling and Completion and Production 
Services CGUs as a critical audit matter. Complex auditor judgement was required in evaluating the amount of earnings before 
income taxes, gain on repurchase of unsecured senior notes, gain on acquisition, loss on investments and other assets, finance 

Precision Drilling Corporation 2024 Annual Report
45
charges, foreign exchange, loss on asset decommissioning, gain on asset disposals, and depreciation and amortization 
(Adjusted EBITDA) budgeted for 2025 for the Contract Drilling and Completion and Production Services CGUs, used in the 
indicator of impairment assessment for comparison to the Adjusted EBITDA for 2024 and consideration of the Corporation’s 
market capitalization on the Corporation’s impairment indicator assessment. 
The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested 
the operating effectiveness of the internal control related to this critical audit matter. This included controls related to the 
Corporation’s identification and evaluation of indicators that the Contract Drilling and Completion and Production Services CGUs 
may be impaired, which includes the comparison of the Adjusted EBITDA budgeted for 2025 to the Adjusted EBITDA for 2024 
and past impairment tests, and the assessment of the Corporation’s market capitalization. 
We evaluated the Corporation’s 2025 budgeted Adjusted EBITDA for the Contract Drilling and Completion and Production 
Services CGUs by comparing it to historical results considering the impact of changes in conditions and events affecting the 
Contract Drilling and Completion and Production Services CGUs. We compared the Corporation’s 2024 budgeted Adjusted 
EBITDA for the Contract Drilling and Completion and Production Services CGUs to actual results in 2024 to assess the 
Corporation’s ability to accurately forecast. We evaluated the changes in market capitalization over the year and its impact on 
the Corporation’s impairment indicator analysis.
Chartered Professional Accountants
We have served as the Corporation’s auditor since 1987.
Calgary, Canada
March 7, 2025
/s/ KPMG LLP

46
Consolidated Financial Statements
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Shareholders and Board of Directors of Precision Drilling Corporation
Opinion on Internal Control Over Financial Reporting
We have audited Precision Drilling Corporation’s (and subsidiaries’) (the Corporation) internal control over financial reporting 
as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the 
Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Corporation maintained, in all material 
respects, effective internal control over financial reporting as of December 31, 2024 based on criteria established in Internal 
Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.  
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
(PCAOB), the consolidated statements of financial position of the Corporation as of December 31, 2024 and 2023, the related 
consolidated statements of net earnings, comprehensive income, change in equity, and cash flows for the years then ended and 
the related notes (collectively, the consolidated financial statements), and our report dated March 7, 2025 expressed an 
unqualified opinion on those consolidated financial statements.
Basis for Opinion
The Corporation’s management is responsible for maintaining effective internal control over financial reporting and for its 
assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report 
to the Shareholders. Our responsibility is to express an opinion on the Corporation’s internal control over financial reporting 
based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect 
to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities 
and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all 
material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control 
over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating 
effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we 
considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that 
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions 
of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit 
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and 
expenditures of the company are being made only in accordance with authorizations of management and directors of the 
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the company’s assets that could have a material effect on the financial statements. 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 
Chartered Professional Accountants
Calgary, Canada
March 7, 2025
/s/ KPMG LLP

Precision Drilling Corporation 2024 Annual Report
47
CONSOLIDATED FINANCIAL STATEMENTS AND NOTES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Stated in thousands of Canadian dollars)
December 31,
2024
December 31,
2023
January 1,
2023
ASSETS
(see Note 3q)
Current assets:
Cash
$
73,771
$
54,182
$
21,587
Accounts receivable
(Note 24)
378,712
421,427
413,925
Inventory
43,300
35,272
35,158
Assets held for sale
5,501
—
—
Total current assets
501,284
510,881
470,670
Non-current assets:
Income taxes recoverable
—
682
1,602
Deferred tax assets
(Note 13)
6,559
73,662
455
Property, plant and equipment
(Note 7)
2,356,173
2,338,088
2,303,338
Intangibles
(Note 8)
12,997
17,310
19,575
Right-of-use assets
(Note 11)
66,032
63,438
60,032
Finance lease receivables
4,806
5,003
—
Investments and other assets
8,464
9,971
20,451
Total non-current assets
2,455,031
2,508,154
2,405,453
Total assets
$
2,956,315
$
3,019,035
$
2,876,123
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities
(Note 24)
$
314,355
$
350,749
$
404,350
Income tax payable
3,778
3,026
2,991
Current portion of lease obligations
20,559
17,386
12,698
Current portion of long-term debt
(Note 9)
—
2,848
2,287
Total current liabilities
338,692
374,009
422,326
Non-current liabilities:
Share-based compensation
(Note 12)
13,666
16,755
47,836
Provisions and other
(Note 15)
7,472
7,140
7,538
Lease obligations
54,566
57,124
52,978
Long-term debt
(Note 9)
812,469
914,830
1,085,970
Deferred tax liabilities
(Note 13)
47,451
73,515
28,946
Total non-current liabilities
935,624
1,069,364
1,223,268
Equity:
Shareholders’ capital
(Note 16)
2,301,729
2,365,129
2,299,533
Contributed surplus
77,557
75,086
72,555
Accumulated other comprehensive income
(Note 18)
199,020
147,476
159,714
Deficit
(900,834)
(1,012,029)
(1,301,273)
Total equity attributable to shareholders
1,677,472
1,575,662
1,230,529
Non-controlling interest
(Note 23)
4,527
—
—
Total equity
1,681,999
1,575,662
1,230,529
Total liabilities and equity
$
2,956,315
$
3,019,035
$
2,876,123
Subsequent event
(Note 12, 16)
See accompanying notes to consolidated financial statements.
Approved by the Board of Directors:
William T. Donovan
Director
Steven W. Krablin
Director

48
Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF NET EARNINGS
Years ended December 31,
  (Stated in thousands of Canadian dollars, except per share amounts)
2024
2023
Revenue
(Note 5)
$
1,902,328
$
1,937,854
Expenses:
Operating
(Note 24)
1,248,686
1,204,548
General and administrative
(Note 24)
132,421
122,188
Earnings before income taxes, gain on repurchase of unsecured senior notes, 
  gain on acquisition, loss on investments and other assets, finance 
  charges, foreign exchange, loss on asset decommissioning, gain on 
  asset disposals, and depreciation and amortization
521,221
611,118
Depreciation and amortization
(Note 7, 8, 11)
309,314
297,557
Gain on asset disposals
(Note 7)
(16,148)
(24,469)
Loss on asset decommissioning
(Note 7)
—
9,592
Foreign exchange
2,259
(1,667)
Finance charges
(Note 10)
69,753
83,414
Loss on investments and other assets
1,484
6,810
Gain on acquisition
(Note 4)
—
(25,761)
Gain on repurchase of unsecured senior notes
—
(137)
Earnings before income taxes
154,559
265,779
Income taxes:
(Note 13)
Current
7,470
4,494
Deferred
35,759
(27,959)
43,229
(23,465)
Net earnings
$
111,330
$
289,244
Attributable to:
Shareholders of Precision Drilling Corporation
(Note 17)
$
111,195
$
289,244
Non-controlling interests
(Note 23)
$
135
$
—
Net earnings per share attributable to shareholders of 
  Precision Drilling Corporation:
Basic
$
7.81
$
21.03
Diluted
$
7.81
$
19.53
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Years ended December 31,
 (Stated in thousands of Canadian dollars)
2024
2023
Net earnings
$
111,330
$
289,244
Unrealized gain (loss) on translation of assets and liabilities of operations 
  denominated in foreign currency
119,821
(33,433)
Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt
(69,027)
21,195
Tax benefit related to net investment hedge of long-term debt
750
—
Comprehensive income
$
162,874
$
277,006
Attributable to:
Shareholders of Precision Drilling Corporation
$
162,739
$
277,006
Non-controlling interests
$
135
$
—
 
See accompanying notes to consolidated financial statements.

Precision Drilling Corporation 2024 Annual Report
49
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31,
 (Stated in thousands of Canadian dollars)
2024
2023
Cash provided by (used in):
Operations:
Net earnings
$
111,330
$
289,244
Adjustments for:
Long-term compensation plans
18,888
6,659
Depreciation and amortization
(Note 7, 8, 9)
309,314
297,557
Gain on asset disposals
(Note 7)
(16,148)
(24,469)
Loss on asset decommissioning
—
9,592
Foreign exchange
2,442
(866)
Finance charges
(Note 10)
69,753
83,414
Income taxes
(Note 13)
43,229
(23,465)
Other
(272)
(229)
Loss on investments and other assets
(Note 6)
1,484
6,810
Gain on acquisition
—
(25,761)
Gain on repurchase of unsecured senior notes
—
(137)
Income taxes paid
(6,459)
(3,103)
Income taxes recovered
85
24
Interest paid
(72,241)
(83,037)
Interest received
1,967
1,176
Funds provided by operations
463,372
533,409
Changes in non-cash working capital balances
(Note 24)
18,711
(32,838)
Cash provided by operations
482,083
500,571
Investments:
Purchase of property, plant and equipment
(Note 7)
(216,647)
(224,960)
Purchase of intangibles
(Note 8)
(51)
(1,789)
Proceeds on sale of property, plant and equipment
30,395
23,841
Proceeds from sale of investments and other assets
3,623
10,013
Business acquisitions, net
(Note 4)
—
(28,646)
Purchase of investments and other assets
(725)
(5,343)
Receipt of finance lease payments
799
255
Changes in non-cash working capital balances
(Note 24)
(20,380)
11,845
Cash used in investing activities
(202,986)
(214,784)
Financing:
Issuance of long-term debt
(Note 9)
27,978
162,649
Repayment of long-term debt
(Note 9)
(204,319)
(375,237)
Repurchase of share capital
(Note 16)
(75,488)
(29,955)
Issuance of common shares from the exercise of options
686
—
Debt amendment fees
(1,363)
—
Lease payments
(13,271)
(9,423)
Funding from non-controlling interest
4,392
—
Cash used in financing activities
(261,385)
(251,966)
Effect of exchange rate changes on cash
1,877
(1,226)
Increase in cash
19,589
32,595
Cash, beginning of year
54,182
21,587
Cash, end of year
$
73,771
$
54,182
See accompanying notes to consolidated financial statements.

50
Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Attributable to shareholders of the Corporation
(Stated in thousands of Canadian 
dollars)
Shareholders’
Capital
(Note 16)
Contributed
Surplus
Accumulated
Other
Comprehensive
Income
(Note 18)
Deficit
Total
Non-
controlling 
interest
Total Equity
Balance at January 1, 2024
$
2,365,129
$
75,086
$
147,476
$
(1,012,029)
$
1,575,662
$
—
$
1,575,662
Net earnings
—
—
—
111,195
111,195
135
111,330
Other comprehensive income
—
—
51,544
—
51,544
—
51,544
Share options exercised
978
(292)
—
—
686
—
686
Settlement of Executive
  Performance and 
  Restricted Share Units
21,846
(1,479)
—
—
20,367
—
20,367
Share repurchases
(86,570)
—
—
—
(86,570)
—
(86,570)
Redemption of non-management 
  directors share units
346
(346)
—
—
—
—
—
Share-based compensation 
  expense
—
4,588
—
—
4,588
—
4,588
Funding from non-controlling
  interest (Note 23)
—
—
—
—
—
4,392
4,392
Balance at December 31, 2024
$
2,301,729
$
77,557
$
199,020
$
(900,834)
$
1,677,472
$
4,527
$
1,681,999
 
Attributable to shareholders of the Corporation
(Stated in thousands of Canadian 
dollars)
Shareholders’
Capital
(Note 16)
Contributed
Surplus
Accumulated
Other
Comprehensive
Income
(Note 18)
Deficit
Total
Non-
controlling 
interest
Total Equity
Balance at January 1, 2023
$
2,299,533
$
72,555
$
159,714
$
(1,301,273)
1,230,529
$
—
$
1,230,529
Net earnings
—
—
—
289,244
289,244
—
289,244
Other comprehensive loss
—
—
(12,238)
—
(12,238)
—
(12,238)
Acquisition share consideration
75,588
—
—
—
75,588
—
75,588
Settlement of Executive
  Performance and 
  Restricted Share Units
19,206
—
—
—
19,206
—
19,206
Share repurchases
(29,955)
—
—
—
(29,955)
—
(29,955)
Redemption of non-management 
  directors share units
757
—
—
—
757
—
757
Share-based compensation 
  expense
—
2,531
—
—
2,531
—
2,531
Balance at December 31, 2023
$
2,365,129
$
75,086
$
147,476
$
(1,012,029)
$
1,575,662
$
—
$
1,575,662
 
See accompanying notes to consolidated financial statements.

Precision Drilling Corporation 2024 Annual Report
51
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular amounts are stated in thousands of Canadian dollars except share numbers and per share amounts)
NOTE 1. DESCRIPTION OF BUSINESS
Precision Drilling Corporation (Precision or the Corporation) is incorporated under the laws of the Province of Alberta, Canada 
and is a provider of contract drilling and completion and production services primarily to oil and natural gas exploration and 
production companies in Canada, the United States and certain international locations. The address of the registered office is 
800, 525 – 8th Avenue S.W., Calgary, Alberta, Canada, T2P 1G1.
NOTE 2. BASIS OF PREPARATION
(a) Statement of Compliance
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards 
(IFRS) as issued by the International Accounting Standards Board (IASB).
These consolidated financial statements were authorized for issue by the Board of Directors on March 7, 2025.
(b) Basis of Measurement
The consolidated financial statements have been prepared using the historical cost basis and are presented in thousands of 
Canadian dollars.
(c) Use of Estimates and Judgements
The preparation of the consolidated financial statements requires management to make estimates and judgements that affect 
the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingencies. These estimates and 
judgements are based on historical experience and on various other assumptions that are believed to be reasonable under the 
circumstances. The estimation of anticipated future events involves uncertainty and, consequently, the estimates used in the 
preparation of the consolidated financial statements may change as future events unfold, more experience is acquired, or the 
Corporation’s operating environment changes. The Corporation reviews its estimates and assumptions on an ongoing basis. 
Adjustments that result from a change in estimate are recorded in the period in which they become known. Estimates are more 
difficult to determine, and the range of potential outcomes can be wider, in periods of higher volatility and uncertainty. The 
impacts of geopolitical events such as the possibility of tariffs between Canada and the U.S., regional conflicts, especially in oil 
producing areas, can materially impact energy markets, interest and inflation rates, and supply chains, resulting in higher levels 
of volatility and uncertainty. Management has, to the extent reasonable, incorporated known facts and circumstances into the 
estimates made, however, actual results could differ from those estimates and those differences could be material. Significant 
estimates and judgements used in the preparation of the consolidated financial statements are described in Note 3(a), (d), (e), 
(f), (g), (h), (i), (o), and (p). 
Climate-related risks and opportunities may have a future impact on the Corporation and its estimates and judgements, including 
but not limited to the useful life and residual value of its property, plant and equipment and the measurement of projected cash 
flows when identifying impairment triggers, performing tests for impairment or impairment recoveries, when available, of non-
financial assets. 
The Corporation evaluated the remaining useful lives and residual values of its property, plant and equipment, concluding they 
remain reasonable given the current estimate of the demand period for oil and natural gas extractive services exceeds their 
remaining useful lives. In addition, the Corporation’s property, plant and equipment, including drill rig equipment, adapts to 
numerous low-carbon projects, including but not limited to, geothermal drilling, carbon capture and storage and the extraction of 
helium and hydrogen gas.
In future periods, if indications of impairment of non-financial assets exist, the Corporation’s measurement of projected cash 
flows may be exposed to higher estimation uncertainty, including but not limited to the Corporation’s continued capital investment 
required to lower the carbon intensity of its property, plant and equipment, period and growth expectations used to calculate 
terminal values and the Corporation’s weighted average cost of capital.
(d) Environmental Reporting Regulations
Environmental reporting continues to evolve and the Corporation may be subject to additional future disclosure requirements. 
The International Sustainability Standards Board (ISSB) issued two IFRS Sustainability Disclosure Standards with the objective 
to develop a global framework for environmental sustainability disclosure. The Canadian Sustainability Standards Board (CSSB) 
also finalized and released its Canadian Sustainability Disclosure Standards – CSDS 1, General Requirements for Disclosure 
of Sustainability-related Financial Information, and CSDS 2, Climate-related Disclosures on December 18, 2024. These 
standards are voluntary unless mandated by regulators or governments.
The Canadian Securities Administrators (CSA) have issued a proposed National Instrument 51-107 Disclosure of Climate-
related Matters which sets forth additional reporting requirements for Canadian Public Companies. Until such time as the CSA 
comes to a final decision on sustainability standards for Canada, there is no requirement for public companies in Canada to 

52
Consolidated Financial Statements
adopt sustainability standards. Precision continues to monitor the development of these reporting requirements as it progresses 
with its determination of the financial and disclosure-related implications of complying with these regulations. 
NOTE 3. MATERIAL ACCOUNTING POLICIES
(a) Basis of Consolidation
These consolidated financial statements include the accounts of the Corporation and all of its subsidiaries and partnerships, 
substantially all of which are wholly owned. The consolidated financial statements of the subsidiaries are prepared for the same 
period as the parent entity, using consistent accounting policies. All significant intercompany balances and transactions and any 
unrealized gains and losses arising from intercompany transactions, have been eliminated.
Subsidiaries are entities controlled by the Corporation. Control exists when Precision has the power to govern the financial and 
operating policies of an entity to obtain benefits from its activities. In assessing control, potential voting rights that currently are 
exercisable are considered. The financial statements of subsidiaries are included in the consolidated financial statements from 
the date that control commences until the date that control ceases.
An associate is an entity for which the Corporation has significant influence and thereby has the power to participate in the 
financial and operational decisions but does not control or jointly control the investee. Investments in associates are accounted 
for using the equity method of accounting and are recognized at cost and subsequently adjusted for the proportionate share of 
the investee's net assets. The Corporation's consolidated financial statements include its share of the investee's net earnings 
and other comprehensive income until the date that significant influence ceases.
Non-controlling interest in the net assets of consolidated subsidiaries are identified separately from the Corporation’s equity 
attributable to shareholders. Non-controlling interest consists of the non-controlling interest at the date of creation plus the non-
controlling interest's share of changes in equity during the period. 
Precision does not hold interests in any special-purpose entities.
The acquisition method is used to account for acquisitions of subsidiaries and assets that meet the definition of a business under 
IFRS. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities 
incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a 
business combination are measured initially at their fair values at the acquisition date. The excess of the cost of acquisition over 
the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recorded as goodwill. If the cost of 
acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized immediately in the 
statements of net earnings. Transaction costs, other than those associated with the issuance of debt or equity securities, that 
the Corporation incurs in connection with a business combination are expensed as incurred.
(b) Cash
Cash consists of cash and short-term investments with original maturities of three months or less.
(c) Inventory
Inventory is primarily comprised of operating supplies and carried at the lower of average cost, being the cost to acquire the 
inventory, and net realizable value. Inventory is charged to operating expenses as items are sold or consumed at the amount of 
the average cost of the item.
(d) Property, Plant and Equipment
Property, plant and equipment are carried at cost, less accumulated depreciation and any accumulated impairment losses.
Cost includes an expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets 
includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition 
for their intended use, and borrowing costs on qualifying assets.
The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is 
probable that the future economic benefits embodied within the part will flow to the Corporation, and its cost can be measured 
reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property, plant and 
equipment (repair and maintenance) are recognized in net earnings as incurred.

Precision Drilling Corporation 2024 Annual Report
53
Property, plant, and equipment are depreciated as follows:
Expected Life
Salvage Value
Basis of
Depreciation
Drilling rig equipment:
– Power & Tubulars
5 years
–
straight-line
– Dynamic
10 years
–
straight-line
– Structural
20 years
10%
straight-line
Service rig equipment
20 years
10%
straight-line
Drilling rig spare equipment
up to 15 years
–
straight-line
Service rig spare equipment
up to 15 years
–
straight-line
Rental equipment
up to 15 years
0 to 25%
straight-line
Other equipment
3 to 10 years
–
straight-line
Light duty vehicles
4 years
–
straight-line
Heavy duty vehicles
7 to 10 years
–
straight-line
Buildings
10 to 20 years
–
straight-line
Property, plant and equipment are depreciated based on estimates of useful lives and salvage values. These estimates consider 
data and information from various sources including vendors, industry practice, and Precision’s own historical experience and 
may change as more experience is gained, market conditions shift, or technological advancements are made.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from 
disposal to the carrying amount of property, plant and equipment, and are recognized in the consolidated statements of net 
earnings.
Determination of which parts of the drilling rig equipment represent significant cost relative to the entire rig and identifying the 
consumption patterns along with the useful lives of these significant parts, are matters of judgement. This determination can be 
complex and subject to differing interpretations and views, particularly when rig equipment comprises individual components for 
which different depreciation methods or rates are appropriate. 
The estimated useful lives, residual values and method and components of depreciation are reviewed annually, and adjusted 
prospectively, if appropriate.
(e) Intangibles
Intangible assets that are acquired by the Corporation with finite lives are initially recorded at estimated fair value and 
subsequently measured at cost less accumulated amortization and any accumulated impairment losses.
Subsequent expenditures are capitalized only when they increase the future economic benefits of the specific asset to which 
they relate.
Intangible assets are amortized based on estimates of useful lives. These estimates consider data and information from various 
sources including vendors and Precision’s own historical experience and may change as more experience is gained or 
technological advancements are made. 
Amortization is recognized in net earnings using the straight-line method over the estimated useful lives of the respective assets. 
Precision’s loan commitment fees, if undrawn on the Facility, are included in intangibles and are amortized over the term of the 
respective facility. Software is amortized over its expected useful life of up to 10 years.
The estimated useful lives and methods of amortization are reviewed annually and adjusted prospectively if appropriate.
(f) Impairment of Non-Financial Assets
The carrying amounts of the Corporation’s non-financial assets, other than inventories and deferred tax assets, are reviewed at 
each reporting date to determine whether there is any indication of impairment. For the purpose of impairment testing, assets 
are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely 
independent of the cash inflows of other assets or groups of assets (the Cash-Generating Unit or CGU). Judgement is required 
in the aggregation of assets into CGUs.
If any such indication exists, then the asset or CGU’s recoverable amount is estimated. Judgement is required when evaluating 
whether a CGU has indications of impairment.
The recoverable amount of an asset or a CGU is the greater of its value in use and its fair value less costs to sell. In assessing 
value in use, the estimated future cash flows are discounted to their present value using an after-tax discount rate that reflects 
current market assessments of the time value of money and the risks specific to the asset. Value in use is generally computed 
by reference to the present value of the future cash flows expected to be derived from the CGU.
An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its estimated recoverable amount. 
Impairment losses are recognized in net earnings. Impairment losses recognized in respect of CGUs are allocated first to reduce 
the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the 
CGU on a pro-rata basis.

54
Consolidated Financial Statements
In respect of other assets, impairment losses recognized in prior years are assessed at each reporting date for any indications 
that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset’s carrying 
amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no 
impairment loss had been recognized.
(g) Income Taxes
Income tax expense is recognized in net earnings except to the extent that it relates to items recognized directly in equity, in 
which case it is recognized in equity.
Current tax is the expected tax payable or receivable on the taxable earnings or loss for the year, using tax rates enacted or 
substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognized using the asset and liability method, providing for temporary differences between the carrying 
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is 
not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination. Deferred tax is 
measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that 
have been enacted or substantively enacted at the reporting date. The effect of a change in tax rates on deferred tax assets and 
liabilities is recognized in net earnings in the period that includes the date of enactment or substantive enactment. Deferred tax 
assets and liabilities are offset if there is a legally enforceable right to offset and they relate to taxes levied by the same tax 
authority on the same taxable entity, or on different tax entities that are expected to settle current tax liabilities and assets on a 
net basis or their tax assets and liabilities will be realized simultaneously.
A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the 
temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that 
it is no longer probable that the related tax benefit will be realized.
The Corporation is subject to taxation in numerous jurisdictions. Uncertainties exist with respect to the interpretation of complex 
tax regulations and require significant judgement. Differences arising between the actual results and the assumptions made, or 
future changes to such assumptions, could necessitate future adjustments to taxable income and expense already recorded. 
The Corporation establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax 
authorities of the respective countries in which it operates. The amount of such provisions are based on various factors, such 
as the experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible 
tax authority.
(h) Revenue from Contracts with Customers
Precision recognizes revenue from a variety of sources. In general, customer invoices are issued upon rendering all performance 
obligations for an individual well-site job. Under the Corporation’s standard contract terms, customer payments are to be received 
within 28 days of the customer’s receipt of an invoice. 
Contract Drilling Services
The Corporation contracts individual drilling rig packages, including crews and support equipment, to its customers. Depending 
on the customer’s drilling program, contracts may be for a single well, multiple wells or a fixed term. Revenue from contract 
drilling services is recognized over time from spud to rig release on a daily basis. Operating days are measured through industry 
standard tour sheets that document the daily activity of the rig. Revenue is recognized at the applicable day rate for each well, 
based on rates specified in the drilling contract.
The Corporation provides services under turnkey contracts, whereby Precision is required to drill a well to an agreed upon depth 
under specified conditions for a fixed price, regardless of the time required or problems encountered in drilling the well. Revenue 
from turnkey drilling contracts is recognized over time using the input method based on costs incurred to date in relation to 
estimated total contract costs, as that most accurately depicts the Corporation’s performance. 

Precision Drilling Corporation 2024 Annual Report
55
Completion and Production Services
The Corporation provides a variety of well completion and production services including well servicing. In general, service rigs 
do not involve long-term contracts or penalties for termination. Revenue is recognized daily upon completion of services. 
Operating days are measured through daily tour sheets and field tickets. Revenue is recognized at the applicable daily or hourly 
rate, as stipulated in the contract.
The Corporation offers its customers a variety of oilfield equipment for rental. Rental revenue is recognized daily at the applicable 
rate stated in the rental contract. Rental days are measured through field tickets.
The Corporation provides accommodation and catering services to customers in remote locations. Customers contract these 
services either as a package or individually for a fixed term. For accommodation services, the Corporation supplies camp 
equipment and revenue is recognized over time on a daily basis, once the equipment is on-site and available for use, at the 
applicable rate stated in the contract. For catering services, the Corporation recognizes revenue daily according to meals served. 
Accommodation and catering services provided are measured through field tickets.
(i) Provisions
Provisions are recognized when the Corporation has a present obligation as a result of a past event, when it is probable that an 
outflow of resources embodying economic benefits will be required to settle the obligation, and when a reliable estimate can be 
made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the 
end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is 
measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash 
flows.
Precision maintains a provision for the deductible and uninsured portions of workers’ compensation and general liability claims. 
The amount accrued for the provision for losses incurred varies depending on the number and nature of the claims outstanding 
at the dates of the statements of financial position. In addition, the accrual includes management’s estimate of the future cost to 
settle each claim such as future changes in the severity of the claim and increases in medical costs. Precision uses third parties 
to assist in developing the estimate of the ultimate costs to settle each claim, which is based on historical experience associated 
with the type of each claim and specific information related to each claim. The specific circumstances of each claim may change 
over time prior to settlement and, as a result, the estimates made as of the reporting dates may change. The current portion of 
the provision is presented within accounts payables and accrued liabilities.
(j) Share-Based Incentive Compensation Plans
The Corporation has established several share-based incentive compensation plans for non-management directors, officers, 
and other eligible employees. The estimated fair value of amounts payable to eligible participants under these plans are 
recognized as an expense with a corresponding increase in liabilities over the period that the participants become unconditionally 
entitled to payment. The recorded liability is re-measured at the end of each reporting period until settlement with the resultant 
change to the fair value of the liability recognized in net earnings for the period. When the plans are settled, the cash paid 
reduces the outstanding liability.
The Corporation has an employee share purchase plan that allows eligible employees to purchase common shares through 
payroll deductions. 
Prior to January 1, 2012, the Corporation had an equity-settled deferred share unit plan whereby non-management directors of 
Precision could elect to receive all or a portion of their compensation in fully-vested deferred share units. Compensation expense 
was recognized based on the fair value price of the Corporation’s shares at the date of grant with a corresponding increase to 
contributed surplus. Upon redemption of the deferred share units into common shares, the amount previously recognized in 
contributed surplus is recorded as an increase to shareholders’ capital. The Corporation continues to have obligations under 
this plan.
Effective May 16, 2024, the Corporation instituted a new equity-settled deferred share unit plan whereby non-management 
directors of Precision can elect to receive all or a portion of their compensation in fully-vested deferred share units. Compensation 
expense is recognized based on the fair value price at the date of grant with a corresponding increase to contributed surplus. 
Upon redemption of the deferred share units into common shares, the fair value price on redemption date is recorded as an 
increase to shareholders' capital. 
The Corporation has a share option plan for certain eligible employees. Under this plan, the fair value of share purchase options 
is calculated at the date of grant using the Black-Scholes option pricing model, and that value is recorded as compensation 
expense over the grant’s vesting period with an offsetting credit to contributed surplus. A forfeiture rate is estimated on the grant 
date and is adjusted to reflect the actual number of options that vest. Upon exercise of the equity purchase option, the associated 
amount is reclassified from contributed surplus to shareholders’ capital. Consideration paid by employees upon exercise of the 
equity purchase options is credited to shareholders’ capital.
(k) Foreign Currency Translation
Transactions of the Corporation’s individual entities are recorded in the currency of the primary economic environment in which 
it operates (its functional currency). Transactions in currencies other than the entities’ functional currency are translated at rates 

56
Consolidated Financial Statements
in effect at the time of the transaction. At each period end, monetary assets and liabilities are translated at the prevailing period-
end rates. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Gains 
and losses are included in net earnings except for gains and losses on translation of long-term debt designated as a hedge of 
foreign operations, which are deferred and included in other comprehensive income.
For the purpose of preparing the Corporation’s consolidated financial statements, the financial statements of each foreign 
operation that does not have a Canadian dollar functional currency are translated into Canadian dollars. Assets and liabilities 
are translated at exchange rates in effect at the period end date. Revenues and expenses are translated using average exchange 
rates for the month of the respective transaction. Gains or losses resulting from these translation adjustments are recognized 
initially in other comprehensive income and reclassified from equity to net earnings on disposal or partial disposal of the foreign 
operation.
Change in functional currency  
On July 1, 2023, as a result of changing facts and circumstances in the current year, a subsidiary of the Corporation changed 
its functional currency from U.S. Dollars (USD) to Kuwaiti Dinar (KWD) to reflect the business activities within the primary 
economic environment in which the subsidiary operates. The changes in facts and circumstances that led to this determination 
included, but were not limited to, the expiration of multiple material USD denominated customer drilling contracts and the 
execution of multiple material KWD denominated customer drilling contracts. The change in functional currency was applied 
prospectively, in accordance with IAS 21, The Effects of Changes in Foreign Exchange Rates, on July 1, 2023, with the assets 
and liabilities of the subsidiary being converted into KWD from USD at a fixed exchange rate of USD1 : KWD3.24.
(l) Per Share Amounts
Basic per share amounts are calculated using the weighted average number of shares outstanding during the period. Diluted 
per share amounts are calculated by using the treasury stock method for equity-based compensation arrangements. The 
treasury stock method assumes that any proceeds obtained on exercise of equity-based compensation arrangements would be 
used to purchase common shares at the average market price during the period. The weighted average number of shares 
outstanding is then adjusted by the difference between the number of shares issued from the exercise of equity-based 
compensation arrangements and shares repurchased from the related proceeds.
(m) Financial Instruments
i) Non-Derivative Financial Instruments:
Financial assets and liabilities are classified and measured at amortized cost, fair value through other comprehensive income 
or fair value through net earnings. The classification of financial assets and liabilities is generally based on the business model 
in which the asset or liability is managed and its contractual cash flow characteristics. Financial assets held within a business 
model whose objective is to collect contractual cash flows and whose contractual terms give rise to cash flows on specified dates 
that are solely payments of principal and interest on the principal amount outstanding are measured at amortized cost. After 
their initial fair value measurement, accounts receivable, accounts payable and accrued liabilities and long-term debt are 
classified and measured at amortized cost using the effective interest rate method.
Upon initial recognition of a non-derivative financial asset, a loss allowance is recorded for Expected Credit Losses (ECL). Loss 
allowances for trade receivables are measured based on lifetime ECL that incorporates historical loss information and is adjusted 
for current economic and credit conditions.
ii) Derivative Financial Instruments:
The Corporation may enter into certain financial derivative contracts in order to manage the exposure to market risks from 
fluctuations in interest rates or exchange rates. These instruments are not used for trading or speculative purposes. Precision 
has not designated its financial derivative contracts as effective accounting hedges, and thus has not applied hedge accounting, 
even though it considers certain financial contracts to be economic hedges. As a result, financial derivative contracts are 
classified as fair value through net earnings and are recorded on the statements of financial position at estimated fair value. 
Transaction costs are recognized in net earnings when incurred. 
Derivatives embedded in financial assets are never separated. Rather, the financial instrument as a whole is assessed for 
classification. Derivatives embedded in financial liabilities are separated from the host contract and accounted for separately 
when their economic characteristics and risks are not closely related to the host contract. Embedded derivatives in financial 
liabilities are recorded on the statements of financial position at estimated fair value and changes in the fair value are recognized 
in earnings.
(n) Hedge Accounting
The Corporation utilizes foreign currency long-term debt to hedge its exposure to changes in the carrying values of the 
Corporation’s net investment in certain foreign operations from fluctuations in foreign exchange rates. To be accounted for as a 
hedge, the foreign currency long-term debt must be designated and documented as a hedge and must be effective at inception 
and on an ongoing basis. The documentation defines the relationship between the foreign currency long-term debt and the net 
investment in the foreign operations, as well as the Corporation’s risk management objective and strategy for undertaking the 
hedging transaction. The Corporation formally assesses, both at inception and on an ongoing basis, whether the changes in fair 
value of the foreign currency long-term debt is highly effective in offsetting changes in fair value of the net investment in the 

Precision Drilling Corporation 2024 Annual Report
57
foreign operations. The portion of gains or losses on the hedging item determined to be an effective hedge is recognized in other 
comprehensive income, net of tax, and is limited to the translation gain or loss on the net investment, while ineffective portions 
are recorded through net earnings.
A reduction in the fair value of the net investment in the foreign operations or increase in the foreign currency long-term debt 
balance may result in a portion of the hedge becoming ineffective. If the hedging relationship ceases to be effective or is 
terminated, hedge accounting is not applied to subsequent gains or losses. The amounts recognized in other comprehensive 
income are reclassified to net earnings and the corresponding exchange gains or losses arising from the translation of the foreign 
operation are recorded through net earnings upon dissolution or substantial dissolution of the foreign operation.
(o) Leases
At inception, Precision assesses whether its contracts contain a lease. A contract contains a lease if it conveys the right to 
control the use of an identified asset for a period of time in exchange for consideration. The assessment of whether a contract 
conveys the right to control the use of an identified asset considers whether:
▪
the contract involves the use of an identified asset and the substantive substitution rights of the supplier. If the supplier 
has a substantive substitution right, then the asset is not identified;
▪
the lessee’s right to obtain substantially all of the economic benefits from the use of the asset; and
▪
the lessee’s right to direct the use of the asset, including decision-making to change how and for what purpose the 
asset is used. 
At inception or on reassessment of a contract that contains a lease component, Precision allocates the consideration in the 
contract to each lease component on the basis of their relative stand-alone prices.
Leases in which Precision is a lessee
Precision recognizes a right-of-use asset and corresponding lease obligation at the lease commencement date. The right-of-use 
asset is initially measured at cost, which comprises the initial amount of the lease obligation adjusted for lease payments made 
on or before the commencement date, incurred initial direct costs, estimated site retirement costs and any lease incentives 
received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of 
the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets 
are consistent with those of property, plant and equipment. In addition, the right-of-use asset is reduced by impairment losses, 
if any, and adjusted for certain remeasurements of the lease obligation.
The lease obligation is initially measured at the present value of the minimum lease payments not paid at the commencement 
date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Precision’s incremental 
borrowing rate. Generally, Precision uses its incremental borrowing rate as the discount rate for those leases in which it is the 
lessee.
Lease payments included in the measurement of the lease obligation comprise the following:
▪
fixed payments, including in-substance fixed payments;
▪
variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the 
commencement date;
▪
amounts expected to be payable under a residual value guarantee; and
▪
the exercise price under a purchase option that Precision is reasonably certain to exercise, lease payments in an 
optional renewal period if Precision is reasonably certain to exercise an extension option, and penalties for early 
termination of a lease unless Precision is reasonably certain not to terminate early.
The lease obligation is measured at amortized cost using the effective interest method. The measurement of lease obligations 
requires the use of certain estimates and assumptions including discount rates, exercise of lease term extension options, and 
escalating lease rates. It is remeasured when there is a change in:
▪
future lease payments arising from a change in an index or rate;
▪
the estimated amount expected to be payable under a residual value guarantee; or 
▪
the assessment of whether Precision will exercise a purchase, extension or termination option. 
When the lease obligation is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-
of-use asset, or is recorded in net earnings if the carrying amount of the right-of-use asset has been reduced to zero.
Leases in which Precision is a lessor
When Precision acts as a lessor, at inception, Precision evaluates the classification as either a finance or operating lease.
To classify each lease, Precision makes an overall assessment of whether the lease transfers substantially all of the risks and 
rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease, if not, then it is an 
operating lease.

58
Consolidated Financial Statements
When acting as a sub-lessor, Precision accounts for its interests in the head lease and the sub-lease separately. It assesses 
the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to 
the underlying asset. If a head lease is a short-term lease then Precision classifies the sub-lease as an operating lease.
If an arrangement contains lease and non-lease components, Precision applies IFRS 15 to allocate the consideration in the 
contract. Precision recognizes lease payments received under operating leases for drilling rigs as income on a systematic basis, 
drilling days, over the lease term as part of revenue.
(p) Critical Accounting Assumptions and Estimates
i) Impairment of Long-Lived Assets
At each reporting date, the Corporation reviews the carrying amount of assets in each CGU to determine whether an indicator 
of impairment exists. The Corporation’s analysis is based on relevant internal and external factors that indicate a CGU may be 
impaired such as the obsolescence or planned disposal of significant assets, financial performance of the CGU compared to 
forecasts, and past impairment tests, with a focus upon earnings before income tax, gain on repurchase of unsecured senior 
notes, gain on acquisition, loss on investments and other assets, finance charges, foreign exchange, loss on asset 
decommissioning, gain on asset disposals, and depreciation and amortization (Adjusted EBITDA), and consideration of the 
Corporation’s market capitalization.
When indications of impairment exist within a CGU, a recoverable amount is determined which requires assumptions to estimate 
future discounted cash flows. These estimates and assumptions include future drilling activity and margins and the resulting 
estimated Adjusted EBITDA associated with the CGU and the discount rate used to present value the estimated cash flows. In 
selecting a discount rate, the Corporation uses observable market data inputs to develop a rate that the Corporation believes 
approximates the discount rate of market participants.
Although the Corporation believes the assumptions and estimates are reasonable and consistent with current conditions, internal 
planning, and expected future operations, such assumptions and estimations are subject to significant uncertainty and 
judgement.
ii) Income Taxes
Significant estimation and assumptions are required in determining the provision for income taxes. The recognition of deferred 
tax assets in respect of deductible temporary differences and unused tax losses and credits is based on the Corporation’s 
estimation of future taxable profit against which these differences, losses and credits may be used. The assessment is based 
upon existing tax laws and estimates of the Corporation’s future taxable income. These estimates   may be materially different 
from the actual final tax return in future periods.
iii) Business Combinations
The determination of fair value is estimated based on information available at the date of acquisition and requires management 
to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair 
value of property, plant and equipment generally requires significant judgement.
The measurement of the estimated fair value of acquired property, plant, and equipment is based on a combination of 
approaches, including the market approach, which applies significant assumptions related to the price at which comparable 
assets would be sold.
(q) Accounting Standards Adopted January 1, 2024
The Corporation has adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - 
Amendments to IAS 1, as issued in 2020 and 2022. The amendments apply retrospectively for annual reporting periods 
beginning on or after January 1, 2024. They clarify certain requirements for determining whether a liability should be classified 
as current or non-current and require new disclosures for non-current liabilities that are subject to covenants within 12 months 
after the reporting period. 
Due to the change in policy, there is a retrospective impact on the comparative statement of financial position, as the Corporation 
has a Deferred Share Unit (DSU) plan for non-management directors which are redeemable in cash or for an equal number of 
common shares upon the director's retirement. In the case of a director retiring, the director's respective DSU liability would 
become payable and the Corporation would not have the right to defer settlement of the liability for at least 12 months. As such, 
the liability is impacted by the revised policy. The following presentation changes were made to the Statement of Financial 
Position: 
▪
As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share 
based compensation liability decreased by $12 million. 
▪
As at December 31, 2023, accounts payable and accrued liabilities increased by $8 million and non-current share 
based compensation liability decreased by $8 million. 
The related liability is classified as current in the consolidated Statement of Financial Position as at December 31, 2024 because 
the DSUs can be redeemed by the holders within 12 months after the reporting period. The Corporation's other liabilities were 
not impacted by the amendments. 

Precision Drilling Corporation 2024 Annual Report
59
(r) Accounting Standards and Amendments not yet Effective
The IASB has issued several new standards and amendments to existing standards that will become effective for periods 
subsequent to December 31, 2024. Accordingly, these new standards and amendments were not applied when preparing these 
consolidated financial statements. For each standard, Precision is in the process of assessing the impact these new standards 
and amendments will have on its consolidated financial statements.
Standards and Amendments
Effective for periods 
beginning on or after
Impact to Precision
Drilling Corporation
Lack of Exchangeability (Amendments to IAS 21)
January 1, 2025
Review in-progress
Classification and Measurement of Financial Instruments
  (Amendments to IFRS 9 and IFRS 7)
January 1, 2026
Review in-progress
Annual Improvements to IFRS Accounting Standards
  (Volume 11)
January 1, 2026
Review in-progress
IFRS 18 Presentation and Disclosure in Financial Statements
January 1, 2027
Review in-progress
IFRS 19 Subsidiaries without Public Accountability: Disclosures
January 1, 2027
Review in-progress
i) IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or 
after January 1, 2027. The new standard introduces the following key new requirements. 
•
Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely 
the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to 
present a newly-defined operating profit subtotal. Entities' net profit will not change. 
•
Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. 
•
Enhanced guidance is provided on how to group information in the financial statements. 
In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows 
when presenting operating cash flows under the indirect method. 
Precision expects IFRS 18 to significantly impact the financial statements and is still in the process of assessing the impact 
of the standard, particularly with respect to the structure of the Corporation's statement of net earnings, the statement of 
cash flows and the additional disclosures required for MPMs. The Corporation is also assessing the impact on how 
information is grouped in the financial statements, including for items currently labeled as 'other'. 
NOTE 4. BUSINESS COMBINATION
(a) CWC Energy Services Corp.
On November 8, 2023, Precision acquired all of the issued and outstanding shares of CWC Energy Services Corp. (CWC) for 
consideration of $89 million, which included the issuance of 947,807 Precision common shares and cash of $14 million. 
With this acquisition, Precision substantially increased the size and scale of its Canadian well servicing operations and expanded 
its geographic footprint into complementary regions. Precision added 62 marketable service rigs to its fleet along with 
experienced crews and field personnel and operating facilities. Precision also added 18 high-quality drilling rigs to its fleet, 
including seven drilling rigs in Canada and 11 drilling rigs in the U.S. The addition of the U.S. drilling rigs expanded the 
Corporation's operations into Wyoming, further diversifying its serviceable U.S. basins.
Precision incurred $3 million of various transaction costs related to the business combination, which were recognized as an 
expense in the statements of net earnings. These costs were primarily related to advisory, legal, consulting and other transaction 
costs.

60
Consolidated Financial Statements
The following table summarizes the allocation of the purchase price:
(Stated in thousands of Canadian dollars)
Consideration:
   Number of shares issued
947,807
   Share price at issuance
$
79.75
   Common shares
$
75,588
   Cash
13,726
Total consideration
$
89,314
Allocation of purchase price
  Cash
$
13,080
  Accounts receivable
41,641
  Property, plant and equipment
140,965
  Intangibles
3,000
  Right-of-use assets
1,466
  Accounts payable and accrued liabilities
(22,260)
  Long-term debt
(60,387)
  Lease obligations
(1,466)
  Deferred tax liabilities
(964)
  Gain on acquisition
(25,761)
Total
$
89,314
The Corporation recognized a gain on acquisition of $26 million in the statements of net earnings that was primarily attributable 
to movements in the fair value of common share consideration between the date of transaction announcement and date of 
closing.
The acquired CWC business contributed revenue of $20 million and net earnings of $3 million for the period of November 8, 
2023 to December 31, 2023. Had the acquisition occurred on January 1, 2023, it is estimated that the consolidated pro-forma 
revenue and net earnings for the year ended December 31, 2023 would have been $182 million and $18 million, respectively. 
Since the date of acquisition, depreciation of the acquired property, plant and equipment was recognized in the statements of 
net earnings in accordance with Precision’s existing depreciation policies for similar equipment types.
The Corporation accounted for the acquisition as a business combination and used the acquisition method to record the net 
assets and liabilities assumed at fair value. Precision engaged an independent third-party valuator to estimate the acquisition-
date fair value over a portion of the Rig Equipment included in property, plant and equipment. The Corporation used the 
appraisals available for comparable assets in estimating the remaining acquisition-date fair value of Rig Equipment included in 
property, plant and equipment.
NOTE 5. REVENUE
The following table includes a reconciliation of disaggregated revenue by reportable segment (Note 6). Revenue has been 
disaggregated by primary geographical market and type of service provided.
Year ended December 31, 2024
Contract
Drilling
Services
Completion
and
Production
Services
Corporate
and Other
Inter-
Segment
Eliminations
Total
United States
$
577,266
$
13,418
$
—
$
(43)
$
590,641
Canada
834,945
281,399
—
(10,181)
1,106,163
International
205,524
—
—
—
205,524
$
1,617,735
$
294,817
$
—
$
(10,224)
$
1,902,328
Day rate/hourly services
$
1,606,187
$
294,817
$
—
$
(959)
$
1,900,045
Shortfall payments/idle but contracted
837
—
—
—
837
Other
10,711
—
—
(9,265)
1,446
$
1,617,735
$
294,817
$
—
$
(10,224)
$
1,902,328

Precision Drilling Corporation 2024 Annual Report
61
Year ended December 31, 2023
Contract
Drilling
Services
Completion
and
Production
Services
Corporate
and Other
Inter-
Segment
Eliminations
Total
United States
$
848,262
$
13,683
$
—
$
(30)
$
861,915
Canada
709,703
227,033
—
(7,097)
929,639
International
146,300
—
—
—
146,300
$
1,704,265
$
240,716
$
—
$
(7,127)
$
1,937,854
Day rate/hourly services
$
1,661,762
$
240,716
$
—
$
(537)
$
1,901,941
Shortfall payments/idle but contracted
24,602
—
—
—
24,602
Turnkey drilling services
8,988
—
—
—
8,988
Other
8,913
—
—
(6,590)
2,323
$
1,704,265
$
240,716
$
—
$
(7,127)
$
1,937,854
NOTE 6. SEGMENTED INFORMATION
The Corporation operates primarily in Canada, the United States and certain international locations, in two industry segments; 
Contract Drilling Services and Completion and Production Services. Contract Drilling Services includes drilling rigs, procurement 
and distribution of oilfield supplies, and the manufacture, sale and repair of drilling equipment. Completion and Production 
Services includes service rigs, oilfield equipment rental, and camp and catering services. The following disclosure has been 
expanded in the current and prior periods to comply with the updated IFRS 8 requirements and IFRIC agenda decisions on 
segment reporting.
Year ended December 31, 2024
Contract
Drilling
Services
Completion
and 
Production
Services
Corporate
and Other
Inter-
Segment
 
Eliminations
Total
Revenue
$
1,617,735
$
294,817
$
—
$
(10,224)
$
1,902,328
Earnings before income taxes, loss on 
  investments and other assets, finance 
  charges, foreign exchange, gain on 
  asset disposals and depreciation 
  and amortization
532,345
66,681
(77,805)
—
521,221
Depreciation and amortization
279,247
20,831
9,236
—
309,314
Gain on asset disposals
(8,745)
(4,524)
(2,879)
—
(16,148)
Foreign exchange
1,164
(46)
1,141
—
2,259
Finance charges
1,707
422
67,624
—
69,753
Loss on investments and other assets
—
—
1,484
—
1,484
Income taxes
38,869
9,155
(4,795)
—
43,229
Net earnings for reportable segments
220,103
40,843
(149,616)
—
111,330
Total assets
2,562,436
241,277
152,602
—
2,956,315
Capital expenditures
197,010
17,495
2,193
—
216,698

62
Consolidated Financial Statements
Year ended December 31, 2023
Contract
Drilling
Services
Completion
and 
Production
Services
Corporate
and Other
Inter-
Segment
    Eliminations
Total
Revenue
$
1,704,265
$
240,716
$
—
$
(7,127)
$
1,937,854
Earnings before income taxes, gain on 
  repurchase of unsecured senior notes, 
  gain on acquisition, loss on investments
  and other assets, finance charges, foreign
  exchange, loss on asset decommissioning,
  gain on asset disposals and depreciation 
  and amortization
630,761
51,224
(70,867)
—
611,118
Depreciation and amortization
269,133
14,654
13,770
—
297,557
Gain on asset disposals
(23,378)
(973)
(118)
—
(24,469)
Loss on asset decommissioning
9,592
—
—
—
9,592
Foreign exchange
229
(9)
(1,887)
—
(1,667)
Finance charges
1,489
467
81,458
—
83,414
Loss on investments and other assets
—
—
6,810
—
6,810
Gain on acquisition
—
—
(25,761)
—
(25,761)
Gain on repurchase of unsecured senior notes
—
—
(137)
—
(137)
Income taxes
(122,065)
(25,362)
123,962
—
(23,465)
Net earnings for reportable segments
495,761
62,447
(268,964)
—
289,244
Total assets
2,565,495
271,724
181,816
—
3,019,035
Capital expenditures
213,660
9,984
3,105
—
226,749
The Corporation’s operations are carried on in the following geographic locations:
Year ended December 31, 2024
United States
Canada
International
Total
Revenue
$
590,641
$
1,106,163
$
205,524
$
1,902,328
Total assets
1,292,983
1,206,868
456,464
2,956,315
Year ended December 31, 2023
United States
Canada
International
Total
Revenue
$
861,915
$
929,639
$
146,300
$
1,937,854
Total assets
1,226,256
1,246,069
546,710
3,019,035
NOTE 7. PROPERTY, PLANT AND EQUIPMENT
2024
2023
Cost
$
7,344,532
$
6,918,765
Accumulated depreciation
(4,988,359)
(4,580,677)
$
2,356,173
$
2,338,088
Rig equipment
2,118,055
2,094,510
Rental equipment
16,066
16,066
Other equipment
5,999
9,236
Vehicles
1,787
2,333
Buildings
43,870
45,827
Assets under construction
133,543
126,872
Land
36,853
43,244
$
2,356,173
$
2,338,088

Precision Drilling Corporation 2024 Annual Report
63
Cost
Rig
Equipment
Rental
Equipment
Other
Equipment
Vehicles
Buildings
Assets
Under
Construction
Land
Total
Balance, December 31, 2022
$ 6,334,462 $
96,454 $ 175,409 $ 36,002 $ 114,323 $
117,535 $ 32,586 $6,906,771
Additions
24,158
102
151
—
612
199,937
—
224,960
Acquisitions
118,965
—
1,500
500
8,960
—
11,040
140,965
Disposals
(127,979)
—
(9,681)
(3,058)
(214)
(39)
(10)
(140,981)
Reclassifications
172,300
—
6,038
—
2,038
(180,376)
—
—
Asset decommissioning
(78,367)
—
—
—
—
—
—
(78,367)
Foreign exchange
(119,329)
(75)
(2,988)
(748)
(886)
(10,185)
(372)
(134,583)
Balance, December 31, 2023
6,324,210
96,481
170,429
32,696
124,833
126,872
43,244
6,918,765
Additions
59,650
—
14,516
95
985
141,401
—
216,647
Transferred to assets 
   held for sale
—
—
—
—
—
—
(5,501)
(5,501)
Disposals
(153,166)
—
(17,327)
(3,646)
(3,089)
—
(2,100)
(179,328)
Reclassifications
137,658
—
—
—
—
(137,658)
—
—
Foreign exchange
380,811
279
3,091
1,718
3,912
2,928
1,210
393,949
Balance, December 31, 2024
$ 6,749,163 $
96,760 $ 170,709 $ 30,863 $ 126,641 $
133,543 $ 36,853 $7,344,532
Accumulated Depreciation
 
Rig
Equipment
Rental
Equipment
Other
Equipment
Vehicles
Buildings
Assets
Under
Construction
Land
Total
Balance, December 31, 2022
$ 4,251,016 $
80,477 $ 163,944 $ 32,622 $
75,374 $
— $
— $4,603,433
Depreciation expense
268,532
12
9,070
924
4,237
—
—
282,775
Disposals
(122,823)
—
(9,681)
(2,788)
(133)
—
—
(135,425)
Asset decommissioning
(68,775)
—
—
—
—
—
—
(68,775)
Foreign exchange
(98,250)
(74)
(2,140)
(395)
(472)
—
—
(101,331)
Balance, December 31, 2023
4,229,700
80,415
161,193
30,363
79,006
—
—
4,580,677
Depreciation expense
276,815
—
14,267
720
4,317
—
—
296,119
Disposals
(141,694)
—
(17,091)
(3,504)
(2,667)
—
—
(164,956)
Foreign exchange
266,287
279
6,341
1,497
2,115
—
—
276,519
Balance, December 31, 2024
$ 4,631,108 $
80,694 $ 164,710 $ 29,076 $
82,771 $
— $
— $4,988,359
(a) Impairment
Precision reviews the carrying value of its long-lived assets for indications of impairment at the end of each reporting period. At 
December 31, 2024, Precision reviewed each of its cash-generating units and did not identify indications of impairment and, 
therefore, did not test its CGUs for impairment.
(b) Asset Additions
In 2024, Precision purchased $217 million (2023 – $225 million) of property, plant and equipment. 
(c) Asset Disposals
Through the completion of normal course business operations, the Corporation sold used assets incurring gains or losses on 
disposal resulting in a gain on asset disposal of $16 million (2023 – $24 million). 
(d) Asset Decommissioning
In 2024, the Corporation incurred nil (2023 – $10 million) losses on asset decommissioning relating to certain drilling and ancillary 
equipment, contained within the Contract Drilling Services segment, that no longer met the Corporation's High Performance 
technology standards.

64
Consolidated Financial Statements
NOTE 8. INTANGIBLES
2024
2023
Cost
$
42,922
$
59,952
Accumulated amortization
(29,925)
(42,642)
$
12,997
$
17,310
Loan commitment fees related to Senior Credit Facility
$
—
$
843
Software
12,997
16,467
$
12,997
$
17,310
Cost
 
Loan
Commitment
Fees
Software
Brand Names
Total
Balance, December 31, 2022
$
17,081
$
38,030
$
—
$
55,111
Additions
—
1,789
—
1,789
Acquisition
—
—
3,000
3,000
Foreign exchange
—
52
—
52
Balance, December 31, 2023
17,081
39,871
3,000
59,952
Additions
1,363
51
—
1,414
Reclassification of loan commitment fees
(18,444)
—
—
(18,444)
Balance, December 31, 2024
$
—
$
39,922
$
3,000
$
42,922
Accumulated Amortization
 
Loan
Commitment
Fees
Software
Brand Names
Total
Balance, December 31, 2022
$
15,673
$
19,863
$
—
$
35,536
Amortization expense
565
3,465
3,000
7,030
Foreign exchange
—
76
—
76
Balance, December 31, 2023
16,238
23,404
3,000
42,642
Amortization expense
612
3,521
—
4,133
Reclassification of loan commitment fees
(16,850)
—
—
(16,850)
Balance, December 31, 2024
$
—
$
26,925
$
3,000
$
29,925
NOTE 9. LONG-TERM DEBT
2024
2023
2024
2023
U.S. Denominated Facilities
Canadian Facilities and Translated 
U.S. Facilities
Current Portion of Long-Term Debt
Canadian Real Estate Credit Facility
US
$
— US $
—
$
—
$
1,915
U.S. Real Estate Credit Facility
—
704
—
933
US
$
— US $
704
$
—
$
2,848
Long-Term Debt
Senior Credit Facility
US
$
12,000 US $
—
$
17,252
$
—
Canadian Real Estate Credit Facility
—
—
—
24,018
U.S. Real Estate Credit Facility
—
7,685
—
10,181
Unsecured Senior Notes:
7.125% senior notes due 2026
160,000
273,330
230,026
362,096
6.875% senior notes due 2029
400,000
400,000
575,064
529,904
US
$
572,000 US $
681,015
822,342
926,199
Less net unamortized debt issue costs
(9,873)
(11,369)
$
812,469
$
914,830

Precision Drilling Corporation 2024 Annual Report
65
Senior 
Credit
Facility
Unsecured
Senior 
Notes
Canadian 
Real 
Estate 
Credit 
Facility
U.S. Real 
Estate 
Credit 
Facility
CWC 
Syndicated 
Loan
Debt Issue 
Costs and 
Original 
Issue 
Discount
Total
Balance December 31, 2022
$
59,620
$ 1,013,229
$ 17,667
$ 12,322
$
—
$
(14,581)
$1,088,257
Changes from financing cash flows:
  Proceeds from Senior Credit Facility
162,649
—
—
—
—
—
162,649
  Acquired long-term debt
—
—
9,697
—
50,690
—
60,387
  Repayment of long-term debt
—
—
—
—
(50,690)
—
(50,690)
  Repayment of unsecured senior notes
—
(99,950)
—
—
—
—
(99,950)
  Repayment of Senior Credit Facility
(222,216)
—
—
—
—
—
(222,216)
  Repayment of Real Estate Credit 
      Facility
—
—
(1,431)
(950)
—
—
(2,381)
Non-cash changes:
  Gain on repurchase of unsecured 
      senior notes
—
(137)
—
—
—
—
(137)
  Amortization of debt issue costs
—
—
—
—
—
3,210
3,210
  Foreign exchange
(53)
(21,142)
—
(258)
—
2
(21,451)
Balance December 31, 2023
$
—
$
892,000
$ 25,933
$ 11,114
$
—
$
(11,369)
$
917,678
Current
—
—
1,915
933
—
—
2,848
Long-term
—
892,000
24,018
10,181
—
(11,369)
914,830
Balance December 31, 2023
$
—
$
892,000
$ 25,933
$ 11,114
$
—
$
(11,369)
$
917,678
Changes from financing cash flows:
  Proceeds from Senior Credit Facility
27,978
—
—
—
—
—
27,978
  Repayment of unsecured senior notes
—
(155,682)
—
—
—
—
(155,682)
  Repayment of Senior Credit Facility
(10,981)
—
—
—
—
—
(10,981)
  Repayment of Real Estate Credit 
      Facility
—
—
(25,933)
(11,723)
—
—
(37,656)
Non-cash changes:
  Amortization of debt issue costs
—
—
—
—
—
3,090
3,090
  Reclassification of loan commitment
     fees
—
—
—
—
—
(1,594)
(1,594)
  Foreign exchange
255
68,772
—
609
—
—
69,636
Balance December 31, 2024
$
17,252
$
805,090
$
—
$
—
$
—
$
(9,873)
$
812,469
Current
—
—
—
—
—
—
—
Long-term
17,252
805,090
—
—
—
(9,873)
812,469
Balance December 31, 2024
$
17,252
$
805,090
$
—
$
—
$
—
$
(9,873)
$
812,469
Precision’s current and long-term debt obligations at December 31, 2024 will mature as follows:
2025
$
—
2026
230,026
2027
17,252
2028
—
Thereafter
575,064
$
822,342
(a) Senior Credit Facilities:
The senior secured revolving credit facility (Senior Credit Facility) provides Precision with senior secured financing for general 
corporate purposes, including for acquisitions, of up to US$375 million with a provision for an increase in the facility of up to an 
additional US$375 million. The Senior Credit Facility is secured by charges on substantially all of the present and future assets 
of Precision, its material U.S. and Canadian subsidiaries and, if necessary, to adhere to covenants under the Senior Credit 
Facility, certain subsidiaries organized in jurisdictions outside of Canada and the U.S. The Senior Credit Facility has a term of 
three years, with an annual option on Precision’s part to request that the lenders extend, at their discretion, the facility to a new 
maturity date not to exceed five years from the date of the extension request.
The Senior Credit Facility requires Precision comply with certain restrictive and financial covenants including a leverage ratio of 
consolidated senior debt to consolidated Covenant EBITDA (as defined in the debt agreement) of less than 2.5:1. For purposes 
of calculating the leverage ratio consolidated senior debt only includes secured indebtedness. It also requires the Corporation 
to maintain a ratio of consolidated Covenant EBITDA to consolidated interest expense for the most recent four consecutive 
quarters, of greater than 2.5:1, subject to the amendments noted below.

66
Consolidated Financial Statements
Distributions under the Senior Credit Facility are subject to a pro-forma senior net leverage covenant of less than or equal to 
1.75:1. The Senior Credit Facility also limits the redemption and repurchase of junior debt subject to a pro-forma senior net 
leverage covenant test of less than or equal to 1.75:1.
During 2023, Precision agreed with the lenders to remove certain non-extending lenders from the facility, thereby reducing the 
total commitment from US$500 million to US$447 million. 
In 2024, Precision extended the maturity date of the Senior Credit Facility, revised the available borrowing capacity, and 
amended certain terms of the facility. The maturity date was extended to June 28, 2027, and the size was revised to US$375 
million. 
Under the Senior Credit Facility, amounts can be drawn in U.S. dollars and/or Canadian dollars. At December 31, 2024, US$12 
million was drawn under this facility (2023 – US$nil). Up to US$200 million of the Senior Credit Facility is available for letters of 
credit denominated in U.S and/or Canadian dollars and other currencies acceptable to the fronting lender. As at December 31, 
2024 outstanding letters of credit amounted to US$51 million (2023 – US$56 million).
The interest rate on loans that are denominated in U.S. dollars is, at the option of Precision, either a margin over a U.S. base 
rate or a margin over the Secured Overnight Financing Rate (SOFR). The interest rate on loans denominated in Canadian dollars 
is, at the option of Precision, either a margin over the Canadian prime rate or a margin over the Canadian Overnight Repo Rate 
Average (CORRA); such margins will be based on the then applicable ratio of consolidated total debt to EBITDA.
(b) Real Estate Credit Facilities
In November 2020, Precision established a Real Estate Term Credit Facility. The facility was to mature in November 2025 and 
was secured by real property located in Houston, Texas. Principal plus interest payments were due monthly, based on 15-year 
straight-line amortization with any unpaid principal and accrued interest due at maturity. The US Real Estate Credit Facility was 
repaid in-full and terminated during 2024.
In March 2021, Precision established a Canadian Real Estate Credit Facility. The facility was to mature in March 2026 and was 
secured by real properties in Alberta, Canada. Principal plus interest payments were due quarterly, based on 15-year straight-
line amortization with any unpaid principal and accrued interest due at maturity. The Canadian Real Estate Credit Facility was 
repaid in-full and terminated during 2024.
In November 2023, Precision assumed a $10 million Canadian Real Estate Facility from the acquisition of CWC Energy Services. 
The Canadian Real Estate Facility from the acquisition of CWC Energy Services was repaid in-full and terminated during 2024.
(c) Unsecured Senior Notes:
Precision has the following unsecured senior notes outstanding:
7.125% US$ senior notes due 2026
These unsecured senior notes bear interest at a fixed rate of 7.125% per annum and mature on January 15, 2026. Interest 
is payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2018.
Any time on or after November 15, 2023, these notes can be redeemed for their principal amount plus accrued interest. 
Upon specified change of control events, each holder of a note will have the right to sell to Precision all or a portion of its 
notes at a purchase price in cash equal to 101% of the principal amount, plus accrued interest to the date of purchase.
6.875% US$ senior notes due 2029
These unsecured senior notes bear interest at a fixed rate of 6.875% per annum and mature on January 15, 2029. Interest 
is payable semi-annually on January 15 and July 15 of each year, commencing January 15, 2022. These unsecured senior 
notes were issued at a price equal to 99.253% of the face value, resulting in a US$3 million original issue discount. The 
original issue discount will be amortized over the life of the notes using the effective interest rate method.
Precision may redeem these notes in whole or in part at any time on or after January 15, 2025 and before January 15, 
2027, at redemption prices ranging between 103.438% and 101.719% of their principal amount plus accrued interest. Any 
time on or after January 15, 2027, these notes can be redeemed for their principal amount plus accrued interest. Upon 
specified change of control events, each holder of a note will have the right to sell to Precision all or a portion of its notes 
at a purchase price in cash equal to 101% of the principal amount, plus accrued interest to the date of purchase.
The unsecured senior notes require Precision to comply with certain restrictive and financial covenants including an incurrence 
based test of Consolidated Interest Coverage Ratio, as defined in the senior note agreements, of greater than or equal to 2.0:1 
for the most recent four consecutive fiscal quarters. In the event the Consolidated Interest Coverage Ratio is less than 2.0:1 for 
the most recent four consecutive fiscal quarters the senior notes restrict Precision’s ability to incur additional indebtedness.

Precision Drilling Corporation 2024 Annual Report
67
The unsecured senior notes also contain a restricted payments covenant that limits Precision’s ability to make payments in the 
nature of dividends, distributions and for repurchases from shareholders. These restricted payments baskets grow by, among 
other things, 50% of cumulative consolidated net earnings, and decrease by 100% of cumulative consolidated net losses as 
defined in the note agreements, and cumulative payments made to shareholders. At December 31, 2024, the governing net 
restricted payments basket was negative $4 million (2023 – negative $91 million), therefore limiting us from making any further 
dividend payments or share repurchases until the governing restricted payments basket once again becomes positive. During 
2024, pursuant to the indentures governing the unsecured senior notes, Precision used the available general restricted payments 
basket to facilitate the repurchase and cancellation of its common shares. 
Precision’s unsecured senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis 
by all U.S. and Canadian subsidiaries that guaranteed the Senior Credit Facility (Guarantor Subsidiaries). These Guarantor 
Subsidiaries are directly or indirectly 100% owned by the parent company. Separate financial statements for each of the 
Guarantor Subsidiaries have not been provided; instead, the Corporation has included in Note 26 summarized financial 
information and expanded qualitative non-financial disclosures based on Rule 3-10 of the U.S. Securities and Exchange 
Commission’s Regulation S-X.
(d) Covenants:
At December 31, 2024, Precision was in compliance with the covenants of the Senior Credit Facility and unsecured senior notes.
Covenant
At December 31, 2024
Senior Credit Facility
Consolidated senior debt to consolidated covenant EBITDA(1)
≤ 2.50
0.04
Consolidated covenant EBITDA to consolidated interest expense
≥ 2.50
7.64
Unsecured Senior Notes
Consolidated interest coverage ratio
≥ 2.00
7.94
(1)   For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.
NOTE 10. FINANCE CHARGES
2024
2023
Interest:
Long-term debt
$
63,734
$
76,591
Lease obligations
4,245
3,784
Other
285
685
Income
(2,220)
(1,392)
Amortization of debt issue costs
3,709
3,746
Finance charges
$
69,753
$
83,414
NOTE 11. LEASES
(a) As a lessee
Precision recognizes right-of-use assets primarily from its leases of real estate and vehicles and equipment.
Real Estate
Vehicles and 
Equipment
Total
Balance, December 31, 2022
$
46,496
$
13,536
$
60,032
Additions
1,217
15,811
17,028
Acquired
574
892
1,466
Derecognition
(5,947)
(685)
(6,632)
Depreciation
(3,559)
(4,741)
(8,300)
Lease remeasurements
(789)
1,314
525
Effect of foreign currency exchange differences
(480)
(201)
(681)
Balance, December 31, 2023
$
37,512
$
25,926
$
63,438
Additions
469
10,522
10,991
Derecognition
(433)
(861)
(1,294)
Depreciation
(3,588)
(6,086)
(9,674)
Effect of foreign currency exchange differences
1,700
871
2,571
Balance, December 31, 2024
$
35,660
$
30,372
$
66,032
Precision’s real estate lease contracts often contain renewal options which may impact the determination of the lease term for 
purposes of calculating the lease obligation. If it is reasonably certain that a renewal option will be exercised, the renewal period 
is included in the lease term. When entering a lease, Precision assesses whether it is reasonably certain renewal options will be 
exercised. Reasonable certainty is established if all relevant facts and circumstances indicate an economic incentive to exercise 

68
Consolidated Financial Statements
the renewal option. For the majority of its real estate leases, Precision is reasonably certain it will exercise its renewal option. 
Accordingly, the renewal period has been included in the lease term used to calculate the lease obligation.
For the year ended December 31, 2024, Precision had interest and payments of $18 million (2023 – $13 million) in relation to 
its lease obligations.
The Corporation has commitments under various lease agreements, primarily for real estate and vehicles and equipment. Terms 
of Precision’s real estate leases run for a period of one to 10 years while vehicle and equipment leases are typically for terms of 
between three and four years. Expected non-cancellable undiscounted operating lease payments are as follows:
2024
2023
Less than one year
$
23,909
$
17,540
One to five years
50,232
42,460
More than five years
24,429
10,748
$
98,570
$
70,748
(b) As a lessor
Precision leases its rig equipment under long-term drilling contracts with terms ranging from one to five years. At December 31, 
2024, the net book value of the underlying rig equipment subject to long-term drilling contracts was $686 million (2023 – $554 
million).
The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received 
subsequent to December 31, 2024:
.
Operating Leases
Finance Leases
Less than one year
$
403,298
$
835
One to five years
434,317
3,545
More than five years
—
2,594
Total undiscounted lease receipts
$
837,615
$
6,974
Unearned finance income on lease receipts
(1,347)
Net investment in the lease
$
5,627
NOTE 12. SHARE-BASED COMPENSATION PLANS
Precision’s omnibus equity incentive plan (Omnibus Plan) allows the Corporation to settle short-term incentive awards (annual 
bonus) and long-term incentive awards (share options, performance share units and restricted share units) issued on or after 
February 8, 2017 in voting shares of Precision (either issued from treasury or purchased in the open market), cash, or a 
combination of both. Precision intends to settle all short-term incentive, restricted share unit and performance share unit awards 
issued under the Omnibus Plan in cash and to settle options in voting shares.
Liability Classified Plans
Restricted
  Share Units
Performance
Share Units
Non-
Management
Directors’ 
DSUs
Total
Balance, December 31, 2022
$
38,190 $
100,858 $
12,297 $
151,345
Expensed during the year
6,594
28,256
(2,787)
32,063
Settlement in shares
(2,101)
(17,104)
(758)
(19,963)
Payments
(26,524)
(47,971)
(385)
(74,880)
Foreign exchange
(45)
3
—
(42)
Balance, December 31, 2023
16,114
64,042
8,367
88,523
Expensed during the year
10,511
29,829
2,488
42,828
Settlement in shares
(2,012)
(18,355)
—
(20,367)
Payments
(13,037)
(40,016)
—
(53,053)
Foreign exchange
(16)
(57)
—
(73)
Balance, December 31, 2024
$
11,560 $
35,443 $
10,855 $
57,858
Current
8,567
24,770
10,855
44,192
Long-term
2,993
10,673
—
13,666
Balance, December 31, 2024
$
11,560 $
35,443 $
10,855 $
57,858
(a) Restricted Share Units and Performance Share Units
Precision has various cash-settled share-based incentive plans for officers and other eligible employees. Under the Restricted 
Share Unit (RSU) incentive plan, shares granted to eligible employees vest annually over a three-year term. Vested shares are 
automatically paid out in cash at a value determined by the fair market value of the shares at the vesting date. Under the 

Precision Drilling Corporation 2024 Annual Report
69
Performance Share Unit (PSU) incentive plan, shares granted to eligible employees vest at the end of a three-year term. Vested 
shares are paid out in cash or shares at the Board of Director's discretion, in the first quarter following the vested term at a value 
determined by the fair market value of the shares at the vesting date and based on the number of performance shares held 
multiplied by a performance factor that ranges from zero to two times. The performance factor is based on Precision’s share 
price performance compared to a peer group over the three-year period, repayment of debt and leverage ratio.
A summary of the RSUs and PSUs outstanding under these share-based incentive plans is presented below:
 
RSUs
Outstanding
PSUs
Outstanding
December 31, 2022
495,168
1,136,671
Granted
66,032
121,690
Redeemed
(266,744)
(438,612)
Forfeited
(18,362)
(25,006)
December 31, 2023
276,094
794,743
Granted
92,423
158,440
Redeemed
(180,989)
(450,726)
Forfeited
(7,768)
(5,404)
December 31, 2024
179,760
497,053
Subsequent to December 31, 2024, Precision elected to settle certain vesting RSUs and PSUs through the issuance of 
150,068 common shares.
(b) Non-Management Directors
Precision has a deferred share unit (DSU) plan for non-management directors whereby fully vested DSUs are granted quarterly 
based on an election by the non-management director to receive all or a portion of his or her compensation in DSUs. These 
DSUs are redeemable in cash or for an equal number of common shares upon the director’s retirement. The redemption of 
DSUs in cash or common shares is solely at Precision’s discretion. Non-management directors can receive a lump sum payment 
or two separate payments any time up until December 15 of the year following retirement. If the non-management director does 
not specify a redemption date, the DSUs will be redeemed on a single date six months after retirement. The cash settlement 
amount is based on the weighted average trading price for Precision’s shares on the Toronto Stock Exchange for the five days 
immediately prior to payout. 
A summary of the DSUs outstanding under this share-based incentive plan is presented below:
Deferred Share Units
Outstanding
Balance December 31, 2022
118,774
Granted
16,336
Redeemed
(18,830)
Balance December 31, 2023
116,280
Granted
7,193
Balance December 31, 2024
123,473
During 2023, 18,830 DSUs were redeemed upon the retirement of a non-management director. Precision elected to settle the 
redemption of DSUs through a combination of cash and common shares.
Equity Settled Plans
(c) Executive Restricted Share Units Plan
Precision grants Executive RSUs to certain senior executives with the intention of settling them in voting shares of the 
Corporation either issued from treasury or purchased in the open market. Granted units vest annually over a three-year term.
Executive Restricted Share Units
Outstanding
Weighted Average 
Fair Value
December 31, 2022
—
$
—
Granted
46,740
96.90
December 31, 2023
46,740
96.90
Granted
61,930
79.84
Redeemed
(15,570)
96.90
Forfeited
(608)
96.90
December 31, 2024
92,492
$
85.48
Included in net earnings for the year ended December 31, 2024 were expenses of $4 million (2023 – $3 million).
(d) Option Plan
Under this plan, the exercise price of each option equals the fair market value of the option at the date of grant determined by 
the weighted average trading price for the five days preceding the grant. The options are denominated in either Canadian or 

70
Consolidated Financial Statements
U.S. dollars, and vest over a period of three years from the date of grant, as employees render continuous service to the 
Corporation, and have a term of seven years.
A summary of the status of the equity incentive plan is presented below:  
Canadian Share Options
Options
Outstanding
Range of
Exercise Price
Weighted
   Average
Exercise 
Price
Options 
Exercisable
December 31, 2022 and December 31, 2023
23,055
$
87.00
—
145.97
$
113.01
23,055
Exercised
(925)
87.00
—
87.00
87.00
—
Forfeited
(10,170)
145.97
—
145.97
145.97
—
December 31, 2024
11,960
$
87.00
—
87.00
$
87.00
11,960
U.S. Share Options
Options
Outstanding
Range of
Exercise Price
(US$)
Weighted
Average
Exercise 
Price
(US$)
Options 
Exercisable
December 31, 2022
141,748
$
51.20
—
111.47
$
84.84
141,748
Forfeited
(13,350)
64.20
—
100.40
75.66
—
December 31, 2023
128,398
51.20
—
111.47
85.80
128,398
Exercised
(6,485)
68.80
—
68.80
68.80
—
Forfeited
(61,861)
68.80
—
111.47
106.37
—
December 31, 2024
60,052
$
51.20
—
72.46
$
66.44
60,052
Canadian Share Options
Total Options Outstanding
Options Exercisable
Range of Exercise Prices:
Number
Weighted
 Average
 Exercise Price
Weighted
Average
Remaining
Contractual Life
(Years)
Number
Weighted
Average
  Exercise 
Price
 $    87.00
11,960
$
87.00
0.15
11,960
$
87.00
U.S. Share Options
Total Options Outstanding
Options Exercisable
Range of Exercise Prices (US$):
Number
Weighted
Average
Exercise Price
(US$)
Weighted 
Average
Remaining
Contractual Life
(Years)
Number
Weighted
Average
  Exercise 
Price
(US$)
 $        51.20
8,595
$
51.20
1.15
8,595
$
51.20
           68.80
48,790
$
68.80
0.15
48,790
$
68.80
           72.46
2,667
72.46
0.59
2,667
72.46
 $    51.20 – 72.46
60,052
$
66.44
0.31
60,052
$
66.44
No options were granted during 2023 and 2024. 
(e) Non-Management Directors
Prior to January 1, 2012, Precision had a deferred share unit plan for non-management directors. Under the plan, fully vested 
deferred share units were granted quarterly based on an election by the non-management director to receive all or a portion of 
his or her compensation in deferred share units. These deferred share units are redeemable into an equal number of common 
shares any time after the director’s retirement.
Effective May 16, 2024, Precision instituted a new DSU plan for non-management directors whereby fully vested deferred share 
units are granted quarterly based upon an election by the non-management director to receive all or a portion of their 
compensation in deferred share units. The deferred share units are redeemable for an equal number of common shares on the 
date specified in an eligible director's participation and election agreement, which date may be the grant date, the first, third or 
fifth anniversary of the grant date. The number of deferred share units granted is based upon the weighted average closing price 
of Precision shares on the Toronto Stock Exchange (TSX) for the five trading days immediately prior to payout. 

Precision Drilling Corporation 2024 Annual Report
71
Deferred Share Units
Outstanding-
2012 Plan
Outstanding-
2024 Plan
December 31, 2022 and 2023
1,470
—
Granted
—
6,777
Redeemed
—
(4,024)
December 31, 2024
1,470
2,753
Included in net earnings for the year ended December 31, 2024 were expenses of $0.4 million (2023 – nil).
NOTE 13. INCOME TAXES
The provision for income taxes differs from that which would be expected by applying statutory Canadian income tax rates.
A reconciliation of the difference for the years ended December 31, is as follows:
2024
2023
Earnings before income taxes
$
154,559
$
265,779
Federal and provincial statutory rates
24%
24%
Tax at statutory rates
$
37,094
$
63,787
Adjusted for the effect of:
Non-deductible expenses
4,422
2,426
Non-taxable capital gains
(367)
(2,551)
Gain on acquisition
—
(6,222)
Impact of foreign tax rates
(895)
(2,450)
Withholding taxes
356
337
Taxes related to prior years
(3,036)
(4,945)
Tax assets not recognized
5,655
8,629
Deferred tax assets recognized
—
(82,476)
Income tax expense (recovery)
$
43,229
$
(23,465)
The net deferred tax liability is comprised of the tax effect of the following temporary differences. Prior period amounts have 
been reclassified to reflect changes in the presentation of the valuation allowance for temporary differences in tax jurisdictions:
2024
2023
Deferred Tax Liabilities:
Property, plant and equipment and intangibles
$
212,545 $
211,183
Other
83
17
212,628
211,200
Offsetting of assets
(165,177)
(137,685)
$
47,451 $
73,515
Deferred Tax Assets:
Losses (expire from time to time)
$
141,275 $
206,348
Long-term incentive plan
12,810
15,320
Other
4,386
6,767
158,471
228,435
Offsetting of liabilities
(151,912)
(154,773)
$
6,559 $
73,662
Net Deferred Tax Liability
$
40,892 $
(147)
The Corporation has loss carry forwards in the U.S. and certain international locations and capital loss carry forwards in Canada 
and other deductible temporary differences in certain international locations for which it is unlikely that sufficient future taxable 
income will be available. Accordingly, the Corporation has not recognized a deferred tax asset for the following items:
2024
2023
Tax losses (Capital)
$
17,692
$
17,247
Tax losses (Income)
28,517
23,446
Deductible temporary differences
8,663
5,246
Total
$
54,872
$
45,939
A summary of the activity under the non-management director DSU plans is presented below: 

72
Consolidated Financial Statements
The movement in temporary differences is as follows:
Property,
Plant and
Equipment
and
Intangibles
Partnership
Deferrals
Other
Deferred
Tax
Liabilities
Losses
Debt Issue
Costs
Long-Term
Incentive
Plan
Other
Deferred
Tax
Assets
Net
Deferred
Tax
Liability
Balance, December 31, 2022
$
228,005 $
21,768 $
— $
(198,461) $
— $
(15,765) $
(7,056) $
28,491
Recognized in net earnings
125,195
(21,768)
5,816
(127,433)
928
(6,002)
(4,695)
(27,959)
Acquisition
9,865
—
694
(9,358)
—
—
(237)
964
Foreign exchange
(4,895)
—
—
3,060
—
169
23
(1,643)
Balance, December 31, 2023
$
358,170 $
— $
6,510 $
(332,192) $
928 $
(21,598) $
(11,965) $
(147)
Recognized in net earnings
(18,441)
—
(486)
45,831
(341)
5,122
4,074
35,759
Recognized in other comprehensive income
—
—
—
(750)
—
—
—
(750)
Foreign exchange
18,186
—
4
(11,288)
—
(423)
(449)
6,030
Balance, December 31, 2024
$
357,915 $
— $
6,028 $
(298,399) $
587 $
(16,899) $
(8,340) $
40,892
In December 2021, the Organization for Economic Co-operation and Development issued model rules for a new global minimum 
tax framework (Pillar Two). Under Pillar Two legislation, Precision is liable to pay a top-up tax for differences between its Global 
Anti-Base Erosion effective tax rate and the 15% minimum tax rate. In May 2023, the IASB issued amendments to IAS 12, 
Income Taxes to address Pillar Two, which provided clarity on the impacts and additional disclosure requirements once 
legislation is substantively enacted. For jurisdictions where Precision operates that have substantially enacted the Pillar Two 
legislation, there is no material impact to the Company. Precision also operates in jurisdictions where it is expected that Pillar 
Two legislation will be enacted in the future. For these jurisdictions, Precision has assessed its exposure to the Pillar Two 
legislation and foresees no material impact to the Company.
NOTE 14. BANK INDEBTEDNESS
At December 31, 2024, Precision had available $40 million (2023 – $40 million) and US$15 million (2023 – US$15 million) under 
secured operating facilities, and a secured US$40 million (2023 – US$40 million) facility for the issuance of letters of credit and 
performance and bid bonds to support international operations. As at December 31, 2024 and 2023, no amounts had been 
drawn on any of the facilities. Availability of the $40 million and US$40 million facilities was reduced by outstanding letters of 
credit in the amount of $9 million (2023 – $20 million) and US$23 million (2023 – US$28 million), respectively. The facilities are 
primarily secured by charges on substantially all present and future property of Precision and its material subsidiaries. Advances 
under the $40 million facility are available at the bank’s prime lending rate, U.S. base rate, U.S. SOFR rate plus applicable 
margin, or applicable margin for Banker’s Acceptances, or in combination, and under the US$15 million facility at the bank’s 
prime lending rate.
NOTE 15. PROVISIONS AND OTHER
Workers’
Compensation
Balance December 31, 2022
$
11,747
Expensed during the year
5,261
Payment of deductibles and uninsured claims
(6,124)
Foreign exchange
(248)
Balance December 31, 2023
10,636
Expensed during the year
4,325
Payment of deductibles and uninsured claims
(5,218)
Foreign exchange
869
Balance December 31, 2024
$
10,612
2024
2023
Current
$
3,140
$
3,496
Long-term
7,472
7,140
$
10,612
$
10,636

Precision Drilling Corporation 2024 Annual Report
73
NOTE 16. SHAREHOLDERS’ CAPITAL
(a) Authorized
–
unlimited number of voting common shares
–
unlimited number of preferred shares, issuable in series, limited to an amount equal to one half of the 
issued and outstanding common shares 
(b) Issued 
Common shares
Number
Amount
Balance, December 31, 2022
13,558,525
$
2,299,533
Settlement of PSUs and RSUs
230,336
19,206
Issue of shares on business acquisition (Note 4)
947,807
75,588
Share repurchases
(412,623)
(29,955)
Redemption of non-management directors share units
12,494
757
Balance, December 31, 2023
14,336,539
2,365,129
Settlement of PSUs and RSUs
265,143
21,846
Share options exercised
7,410
978
Share repurchases
(833,614)
(76,570)
Share repurchase accrual
—
(10,000)
Redemption of non-management directors share units
4,024
346
Balance, December 31, 2024
13,779,502
$
2,301,729
(c) Normal Course Issuer Bid
In 2024, the TSX approved Precision’s application to renew its Normal Course Issuer Bid (NCIB). Under the terms of the NCIB, 
Precision may purchase and cancel up to a maximum of 1,359,108 common shares, representing 10% of the public float of 
common shares as of September 5, 2024. Purchases under the NCIB are made through the facilities of the TSX, the New York 
Stock Exchange and various other designated exchanges in accordance with applicable regulatory requirements at a price per 
common share representative of the market price at the time of acquisition. The NCIB will terminate no later than September 
18, 2025.
For the year ended December 31, 2024, Precision repurchased and cancelled a total of 833,614 (2023 – 412,623) common 
shares for $75 million (2023 – $30 million) and recorded $1 million (2023 – nil) of share buy back tax. 
Prior to December 31, 2024, Precision entered into an Automated Share Purchase Plan (ASPP) with an independent broker to 
permit the Corporation to repurchase common shares during its internal blackout period. The volume of purchases is determined 
by the broker in its sole discretion based on the purchase price and maximum volume parameters established by the Corporation 
under the ASPP. The Corporation recorded a liability for purchases that are estimated to occur during the blackout period based 
on the parameters of the NCIB and ASPP. As at December 31, 2024, Precision recorded a liability in accounts payable and 
corresponding decrease to share capital of $10 million (2023 – nil).
Subsequent to December 31, 2024, Precision repurchased and cancelled 284,701 common shares for $23 million.
NOTE 17. PER SHARE AMOUNTS
The following tables reconcile net earnings attributable to shareholders of Precision Drilling Corporation and weighted average 
shares outstanding used in computing basic and diluted net earnings per share attributable to shareholders of Precision Drilling 
Corporation:
2024
2023
Net earnings attributable to shareholders – basic
$
111,195
$
289,244
Effect of share options and other equity compensation plans
—
9,235
Net earnings attributable to shareholders – diluted
$
111,195
$
298,479
(Stated in thousands)
2024
2023
Weighted average shares outstanding – basic
14,229
13,754
Effect of share options and other equity compensation plans
5
1,533
Weighted average shares outstanding – diluted
14,234
15,287

74
Consolidated Financial Statements
NOTE 18. ACCUMULATED OTHER COMPREHENSIVE INCOME
 
Unrealized
Foreign Currency
Translation Gains
(Losses)
Foreign Exchange
Gain (Loss) on Net
Investment Hedge
Tax Benefit
Related to Net
Investment Hedge
of Long-Term Debt
Accumulated
Other
Comprehensive
Income
December 31, 2022
$
579,070
$
(424,754)
$
5,398
$
159,714
Other comprehensive income (loss)
(33,433)
21,195
—
(12,238)
December 31, 2023
545,637
(403,559)
5,398
147,476
Other comprehensive income (loss)
119,821
(69,027)
750
51,544
December 31, 2024
$
665,458
$
(472,586)
$
6,148
$
199,020
NOTE 19. RELATED PARTY TRANSACTIONS
Compensation of Key Management Personnel
The remuneration of key management personnel is as follows:
2024
2023
Salaries and other benefits
$
9,295
$
9,966
Equity-settled share-based compensation
1,920
1,541
Cash-settled share-based compensation
28,189
17,660
$
39,404
$
29,167
Key management personnel are comprised of the directors and executive officers of the Corporation. Certain executive officers 
have entered into employment agreements with Precision that provide termination benefits of up to 24 months base salary plus 
up to two times targeted incentive compensation upon dismissal without cause.
NOTE 20. CAPITAL COMMITMENTS
At December 31, 2024, the Corporation had commitments to purchase property, plant and equipment totaling $128 million (2023 
– $175 million). Payments of $92 million for these commitments are expected to be made in 2025, $17 million in 2026 and $19 
million in 2027.
NOTE 21. FINANCIAL INSTRUMENTS
Financial Risk Management
The Board of Directors is responsible for identifying the principal risks of Precision’s business and for ensuring the 
implementation of systems to manage these risks. With the assistance of senior management, who report to the Board of 
Directors on the risks of Precision’s business, the Board of Directors considers such risks and discusses the management of 
such risks on a regular basis.
Precision has exposure to the following risks from its use of financial instruments:
(a) Credit Risk
Accounts receivable includes balances from customers primarily operating in the oil and natural gas industry. The Corporation 
manages credit risk by assessing the creditworthiness of its customers before providing services and on an ongoing basis, and 
by monitoring the amount and age of balances outstanding. In some instances, the Corporation will take additional measures to 
reduce credit risk including obtaining letters of credit and prepayments from customers. When indicators of credit problems 
appear, the Corporation takes appropriate steps to reduce its exposure including negotiating with the customer, filing liens and 
entering into litigation. For the years ended December 31, 2024 and 2023, Precision did not have any customers with revenue 
from transactions exceeding 10% of consolidated revenue. In addition, Precision’s most significant customer accounted for $36 
million of the trade receivables balance at December 31, 2024 (2023 – $24 million).
The movement in the expected credit loss allowance during the year was as follows:
 
2024
2023
Balance, January 1,
$
338
$
1,732
Impairment loss recognized
780
437
Amounts written-off as uncollectible
(680)
(1,784)
Impairment loss reversed
(301)
(53)
Effect of movement in exchange rates
2
6
Balance, December 31,
$
139
$
338

Precision Drilling Corporation 2024 Annual Report
75
The aging of trade receivables at December 31 was as follows:
 
2024
2023
Gross
Provision for
Impairment
Gross
Provision for
Impairment
Not past due
$
194,649
$
—
$
214,897
$
1
Past due 0 – 30 days
58,141
1
70,398
3
Past due 31 – 120 days
9,283
112
17,465
273
Past due more than 120 days
1,276
26
2,719
61
$
263,349
$
139
$
305,479
$
338
(b) Interest Rate Risk
Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. Precision has 
exposure to interest rate fluctuations on amounts drawn on its Senior Credit Facility as it is subject to floating rates of interest. 
At December 31, 2024, Precision had drawn US$12 million on its Senior Credit Facility (2023 – nil). As at December 31, 2024, 
a 1% change to the interest rate would have less than a $1 million impact on net earnings (2023 – less than $1 million). The 
interest rate on Precision’s unsecured senior notes is fixed and is not subject to interest rate risk.
(c) Foreign Currency Risk
The Corporation is primarily exposed to foreign currency fluctuations in relation to the working capital of its foreign operations 
and certain long-term debt facilities of its Canadian operations. The Corporation has no significant exposures to foreign 
currencies other than the U.S. dollar. The Corporation monitors its foreign currency exposure and attempts to minimize the 
impact by aligning appropriate levels of U.S. denominated debt with cash flows from U.S. based operations. 
The following financial instruments were denominated in U.S. dollars:
2024
2023
Canadian
Operations
Foreign
Operations
Canadian
Operations
Foreign
Operations
Cash
US$
3,084
US$
27,474
US$
9,539
US$
16,459
Accounts receivable
2
113,400
17
148,885
Accounts payable and accrued liabilities
(20,695)
(98,523)
(26,706)
(120,416)
Long-term liabilities, excluding long-term incentive plans (1)
—
(5,197)
—
(13,708)
Net foreign currency exposure
US$
(17,609) US$
37,154
US$
(17,150)
US$
31,220
Impact of $0.01 change in the U.S. dollar to Canadian dollar
  exchange rate on net earnings
$
(176)
$
—
$
(172)
$
—
Impact of $0.01 change in the U.S. dollar to Canadian dollar
  exchange rate on comprehensive income
$
—
$
372
$
—
$
312
(1)   Excludes U.S. dollar long-term debt that has been designated as a hedge of the Corporation’s net investment in certain self-sustaining foreign operations.
(d) Liquidity Risk
Liquidity risk is the exposure of the Corporation to the risk of not being able to meet its financial obligations as they become due. 
The Corporation manages liquidity risk by monitoring and reviewing actual and forecasted cash flows to ensure there are 
available cash resources to meet these needs. The following are the contractual maturities of the Corporation’s financial liabilities 
and other contractual commitments as at December 31, 2024:
2025
2026
2027
2028
2029
Thereafter
Total
Accounts payable and accrued liabilities (1)
$ 270,163
$
—
$
—
$
—
$
—
$
—
$
270,163
Share-based compensation
37,644
17,487
18,238
—
—
—
73,369
Long-term debt
—
230,026
17,252
—
575,064
—
822,342
Interest on long-term debt (2)
57,029
41,323
40,088
39,536
1,647
—
179,623
Commitments
115,649
35,813
33,663
11,128
6,058
24,429
226,740
Total
$ 480,485
$ 324,649
$ 109,241
$
50,664
$ 582,769
$
24,429
$ 1,572,237
(1)   Excludes the current portion of share-based compensation.
(2)   Excludes amortization of long-term debt issue costs.
Fair Values
The carrying value of cash, accounts receivable, and accounts payable and accrued liabilities approximates their fair value due 
to the relatively short period to maturity of the instruments. Amounts drawn on the Senior Credit Facility, measured at amortized 
cost, approximate fair value as this indebtedness is subject to floating rates of interest. The fair value of the unsecured senior 
notes at December 31, 2024 was approximately $801 million (2023 – $867 million).

76
Consolidated Financial Statements
Financial assets and liabilities recorded or disclosed at fair value in the consolidated statements of financial position are 
categorized based on the level of judgement associated with the inputs used to measure their fair value. Hierarchical levels are 
based on the amount of subjectivity associated with the inputs in the fair determination and are as follows:
Level I – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level II – Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or 
liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated 
life.
Level III – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability 
at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the 
inputs to the model.
The estimated fair value of Unsecured Senior Notes is based on level II inputs. The fair value is estimated considering the risk 
free interest rates on government debt instruments of similar maturities, adjusted for estimated credit risk, industry risk and 
market risk premiums.
NOTE 22. CAPITAL MANAGEMENT
The Corporation’s strategy is to carry a capital base to maintain investor, creditor and market confidence and to sustain the 
future development of the business. The Corporation seeks to maintain a balance between the level of long-term debt and equity 
attributable to shareholders to ensure access to capital markets to fund growth and working capital given the cyclical nature of 
the oilfield services sector. The Corporation strives to maintain a conservative ratio of long-term debt to long-term debt plus 
equity.
As at December 31, 2024 and 2023, these ratios were as follows:
2024
2023
Long-term debt
$
812,469
$
914,830
Equity attributable to shareholders
1,677,472
1,575,662
Total capitalization
$
2,489,941
$
2,490,492
Long-term debt to long-term debt plus equity ratio
0.33
0.37
As at December 31, 2024, liquidity remained sufficient as Precision had $74 million (2023 – $54 million) in cash and access to 
the US$375 million Senior Credit Facility (2023 – US$447 million) and $119 million (2023 – $115 million) secured operating 
facilities. As at December 31, 2024, US$12 million (2023 – US$nil) was drawn on the Senior Credit Facility with available credit 
further reduced by US$51 million (2023 – US$56 million) of outstanding letters of credit. Availability of the $40 million secured 
operating facility and US$40 million secured facility for the issuance of letters of credit and performance and bid bonds were 
reduced by outstanding letters of credit of $9 million (2023 – $20 million) and US$23 million (2023 – US$28 million), respectively. 
No amounts were drawn on the US$15 million (2023 – US$15 million) secured operating facility.
NOTE 23. NON-CONTROLLING INTEREST
On September 26, 2024, Precision formed a Partnership with two Indigenous partners to provide well servicing operations in 
northeast British Columbia. Precision contributed $4 million in assets to the Partnership. Gross revenues and gross assets 
relating to Non-Controlling Interests (NCI) in 2024 were $1 million (2023 – nil) and $9 million (2023 – nil) respectively. Gross 
earnings relating to NCI was $0.3 million (2023 – nil) in 2024.
Precision holds a controlling interest (50.1%) in the Partnership and the portions of the net earnings and equity not attributable 
to Precision's controlling interest are shown separately as NCI in the consolidated statements of net earnings and consolidated 
statements of financial position. 
NOTE 24. SUPPLEMENTAL INFORMATION
Components of changes in non-cash working capital balances were as follows:
 
2024
2023
Accounts receivable
$
59,415
$
30,431
Inventory
(6,181)
(637)
Accounts payable and accrued liabilities
(54,903)
(50,787)
$
(1,669)
$
(20,993)
Pertaining to:
Operations
$
18,711
$
(32,838)
Investments
(20,380)
11,845

Precision Drilling Corporation 2024 Annual Report
77
The components of accounts receivable were as follows:
 
2024
2023
Trade
$
263,210
$
305,141
Accrued trade
33,472
29,363
Prepaids and other
82,030
86,923
$
378,712
$
421,427
The components of accounts payable and accrued liabilities were as follows:
 
2024
2023
Accounts payable
$
113,336
$
151,348
Accrued liabilities:
Payroll
104,270
109,057
Deferred Income
36,157
46,060
Interest Payable
26,409
29,293
Other
34,183
14,991
$
314,355
$
350,749
Precision presents expenses in the consolidated statements of net earnings by function with the exception of depreciation and 
amortization and gain on asset disposals, which are presented by nature. Operating expense and general and administrative 
expense would include $287 million (2023 – $269 million) and $6 million (2023 – $14 million), respectively, of depreciation and 
amortization and gain on asset disposals, if the statements of net earnings were presented purely by function. The following 
table presents operating and general and administrative expenses by nature:
 
2024
2023
Wages, salaries and benefits
$
870,179
$
846,216
Purchased materials, supplies and services
463,512
445,927
Share-based compensation
47,416
34,593
$
1,381,107
$
1,326,736
Allocated to:
Operating expense
$
1,248,686
$
1,204,548
General and administrative
132,421
122,188
$
1,381,107
$
1,326,736
NOTE 25. CONTINGENCIES AND GUARANTEES
The business and operations of the Corporation are complex and the Corporation has executed a number of significant 
financings, business combinations, acquisitions and dispositions over the course of its history. The computation of income taxes 
payable as a result of these transactions involves many complex factors as well as the Corporation’s interpretation of relevant 
tax legislation and regulations. The Corporation’s management believes that the provision for income tax is adequate and in 
accordance with IFRS and applicable legislation and regulations. However, there are tax filing positions that have been and can 
still be the subject of review by taxation authorities who may successfully challenge the Corporation’s interpretation of the 
applicable tax legislation and regulations, with the result that additional taxes could be payable by the Corporation.
The Corporation is subject to various lawsuits and claims arising in the ordinary course of business. While the results of litigation 
and claims cannot be predicted with certainty, the ultimate resolution of these matters is not expected to have a materially 
adverse effect on the Corporation.
The Corporation has entered into agreements indemnifying certain parties primarily with respect to tax and specific third-party 
claims associated with businesses sold by the Corporation. Due to the nature of the indemnifications, the maximum exposure 
under these agreements cannot be estimated. No amounts have been recorded for the indemnities as the Corporation’s 
obligations under them are not probable or determinable.
NOTE 26. LONG-TERM DEBT GUARANTORS
Precision Drilling Corporation (Parent) issued registered unsecured senior notes in 2017 and 2021 which are fully and 
unconditionally guaranteed by certain U.S. and Canadian subsidiaries (Guarantor Subsidiaries) that also guaranteed the 
Senior Credit Facility. These Guarantor Subsidiaries are directly or indirectly wholly owned by the Parent. The following is a 
description of the terms and conditions of the guarantees with respect to the unsecured senior notes for which Precision is the 
Parent issuer and Guarantor Subsidiaries (Obligor Group) and provides a full and unconditional guarantee.
As at December 31, 2024, Precision had $805 million principal amount of unsecured senior notes outstanding, $230 million due 
in 2026 and $575 million due in 2029, all of which is guaranteed by the Guarantor Subsidiaries.

78
Consolidated Financial Statements
The Guarantor Subsidiaries jointly and severally, fully, unconditionally, and irrevocably guarantees the payment of the principal 
and interest on the unsecured senior notes when they become due, whether at maturity or otherwise. The guarantee is 
unsecured and ranks senior with all of the Guarantor Subsidiaries’ other unsecured obligations.
The Guarantor Subsidiaries will be released and relieved of their obligations under the guarantees after the obligations to the 
holders are satisfied in accordance with the applicable indentures.
Summarized Financial Information
The following tables include summarized financial information for the Obligor Group on a combined basis after the elimination 
of (i) intercompany transactions and balances within the Obligor Group; (ii) equity in earnings from investments in the non-
guarantor subsidiaries; and (iii) intercompany dividend income.
Statements of Net Earnings
Parent and Guarantor Subsidiaries
2024
2023
Revenue
$
1,703,796
$
1,784,797
Expenses
1,236,952
1,206,180
Earnings before income taxes, gain on repurchase of unsecured senior notes, 
  gain on acquisition, loss on investments and other assets, finance
  charges, foreign exchange, loss on asset decommissioning, gain on asset 
  disposals, and depreciation and amortization
466,844
578,617
Net earnings
107,997
276,931
Statements of Financial Position
Parent and Guarantor Subsidiaries
2024
2023
Assets
Current assets
$
374,188
$
363,987
Property, plant and equipment
2,002,663
2,008,758
Other non-current assets
91,240
138,121
Parent and Guarantor Subsidiaries
2024
2023
Liabilities
Current liabilities
$
262,899
$
283,242
Long-term debt
812,469
905,811
Other non-current liabilities
116,880
161,134
Excluded from the statements of net earnings and statements of financial position above are the following intercompany 
transactions and balances that the Obligor Group had with the non-guarantor subsidiaries:
Parent and Guarantor Subsidiaries
2024
2023
Assets
Accounts receivable, intercompany
$
60,059
$
53,939
Short-term advances to affiliates
1,687
62,519
Parent and Guarantor Subsidiaries
2024
2023
Liabilities
Accounts payable and accrued liabilities, intercompany
$
29,593
$
206,340
Short-term advances from affiliates
18
—
Long-term advances from affiliates
215,595
170,316
Parent and Guarantor Subsidiaries
2024
2023
Cash transactions with non-guarantor subsidiaries
Capital contributions to non-guarantor subsidiaries
$
4,409
$
—

Precision Drilling Corporation 2024 Annual Report
79
NOTE 27. SUBSIDIARIES
Significant Subsidiaries
Ownership Interest
Country of
Incorporation
2024
2023
Precision Limited Partnership
Canada
100%
100%
Precision Drilling Canada Limited Partnership
Canada
100%
100%
Precision Diversified Oilfield Services Corp.
Canada
100%
100%
Precision Drilling (US) Corporation
United States
100%
100%
Precision Drilling Holdings Company
United States
100%
100%
Precision Drilling Company LP
United States
100%
100%
Precision Completion & Production Services Ltd.
United States
100%
100%
Grey Wolf Drilling Limited
Barbados
100%
100%
Grey Wolf Drilling (Barbados) Ltd.
Barbados
100%
100%
 

80
Supplemental Information
SUPPLEMENTAL INFORMATION
SHAREHOLDER INFORMATION
Stock Exchange Listings
Our shares are listed on the Toronto Stock Exchange under the trading symbol PD and on the New York Stock Exchange under 
the trading symbol PDS.
Transfer Agent and Registrar 
Computershare Trust Company of Canada, Calgary, Alberta
Transfer Point 
Computershare Trust Company NA Canton, Massachusetts
Account Questions
Our transfer agent can help you with shareholder related services, including:
▪
change of address
▪
lost share certificates
▪
transferring shares to another person
▪
estate settlement.
Computershare Trust Company of Canada
100 University Avenue, 9th Floor, North Tower Toronto
Ontario, M5J 2Y1
Canada
Telephone: 1.800.564.6253 (toll free in Canada and the U.S.)
                   1.514.982.7555 (international direct dialing)
Email: 
     service@computershare.com
Online Information
To receive news releases by email, or to view this report online, please visit the Investor Relations section of our website at 
www.precisiondrilling.com.
You can find additional information about Precision, including our annual information form and management information circular, 
under our profile on the SEDAR+ website at www.sedarplus.ca and on the EDGAR website at www.sec.gov.
Published Information
Please contact us if you would like additional copies of this Annual Report, or copies of our Annual Information Form as filed 
with the Canadian securities commissions and under Form 40-F with the U.S. Securities and Exchange Commission:
Investor Relations
Suite 800, 525 – 8th Avenue SW Calgary
Alberta, T2P 1G1
Canada
Telephone: 403.716.4500
Lead Bank
Royal Bank of Canada 
Calgary, Alberta
Auditors
KPMG LLP
Calgary, Alberta