Here are 1-3 brief analogies to describe Precision Drilling (PDS):

• Precision Drilling is like UPS for oil well drilling, operating a large fleet of specialized equipment and providing logistical services to get resources out of the ground.
• Think of them as a focused Halliburton or Schlumberger, specializing specifically in owning and operating land drilling rigs and related well support services for energy companies.
• They are akin to the 'John Deere for oilfield services,' providing specialized heavy machinery (drilling rigs) and operational support to extract oil, natural gas, and geothermal resources.

• Onshore Drilling Services: Provides advanced land drilling services for oil, natural gas, and geothermal wells, including specialized and turnkey drilling operations.
• Drilling Equipment Manufacturing & Support: Engages in the procurement and distribution of oilfield supplies, as well as the manufacturing and refurbishment of drilling rig equipment.
• Well Completion & Workover Services: Offers service rigs for well completion, workover, abandonment, maintenance, and re-entry preparation in the oil and natural gas industry.
• Oilfield Equipment Rentals: Rents various oilfield surface equipment, including storage, wastewater treatment, power generation, and solids control units.
• Wellsite Accommodation & Camp Services: Provides wellsite accommodations, full camp services, and catering for personnel in remote oil and gas field locations.

Major Customers of Precision Drilling (PDS)

Precision Drilling Corporation (PDS) primarily sells its drilling, completion, and production services to other companies. Its major customers are exploration and production companies operating in the oil and natural gas and geothermal industries. The provided background information does not list the specific names or symbols of these customer companies.

Carey Ford, President and Chief Executive Officer

Carey Ford was appointed President and Chief Executive Officer of Precision Drilling Corporation in October 2025 and also serves as a member of the Board of Directors. He joined Precision in 2011, playing a central role in guiding the company's strategy, financial position, and operational execution. Prior to his CEO appointment, Mr. Ford served as Chief Financial Officer beginning in 2016. Earlier in his career at Precision, he held leadership positions including Vice President, Finance & Investor Relations, and Senior Vice President, Finance Operations. Before joining Precision, Mr. Ford spent seven years as an investment banker at Simmons & Company International, where he served oilfield service clients. He also worked as a financial analyst at Arthur Andersen and as an Associate at The Sterling Group, a middle-market private equity firm. Mr. Ford is a board director of XtremeX Mining Technology, Inc. and holds a Bachelor of Business Administration and a Master of Business Administration from the University of Texas at Austin.

Dustin Honing, Chief Financial Officer

Dustin Honing was named Chief Financial Officer of Precision Drilling Corporation in October 2025. He joined Precision in 2011 and has held various senior roles within the company, strengthening his expertise in financial stewardship, strategic planning, and operational performance. Before becoming CFO, Mr. Honing served as Vice President, Operations Finance, where he directed financial strategies for Precision's North American business segments and led the global supply chain group. His earlier experience at Precision includes serving as Director of Investor Relations & Corporate Development.

Gene C. Stahl, Chief Operating Officer

Gene C. Stahl was appointed as Chief Operating Officer of Precision Drilling in October 2025. With nearly three decades of experience with the company, he has held leadership roles spanning operations, engineering, manufacturing, marketing, and health and safety. Prior to his appointment as COO, Mr. Stahl served as President, North American Drilling from 2023 to 2025, overseeing Canadian and U.S. operations, and as Chief Marketing Officer from 2019 to 2023.

Darren J. Ruhr, Chief Administrative Officer

Darren J. Ruhr has been a key contributor to Precision Drilling since 1997 and was appointed Chief Administrative Officer in 2018. In this role, he oversees corporate business systems and network infrastructure, cybersecurity, human resources, organizational effectiveness and performance, real estate and facilities, and Health, Safety and Environment. Prior to this, Mr. Ruhr served as Senior Vice President, Corporate Services from 2005 to 2018, and also as Corporate Secretary for the Corporation from 2005 to 2008.

Shuja Goraya, Chief Technology Officer

Shuja Goraya serves as the Chief Technology Officer of Precision Drilling, where he is responsible for driving the company's Alpha technology platform and digital strategy.

Key Risks to Precision Drilling (PDS)

• Commodity Price Volatility and Demand for Oil & Natural Gas: The primary risk to Precision Drilling is the fluctuation in oil and natural gas prices. A decline in commodity prices, such as oil falling to the low $50s or below, could lead to significant reductions in capital expenditure by exploration and production companies, directly impacting the demand for Precision Drilling's services. A surprise global recession that reduces demand could also pose a significant threat.
• Operational Costs and Pricing Pressure: Precision Drilling faces ongoing challenges related to increased operating costs, including labor and supply inflation and higher maintenance expenses. The company also experiences continuous pressure from customers who seek to negotiate lower prices for drilling services, which can impact profitability.
• Geopolitical and Economic Uncertainty: Operating in diverse regions such as North America and the Middle East exposes the company to geopolitical risks. Broader economic uncertainties, including interest-rate volatility and ongoing geopolitical tensions, can influence capital allocation within the industry and affect long-term demand for energy services. The weakening of drilling and completion markets, particularly in the U.S., has already contributed to declines in revenue and Adjusted EBITDA.

Precision Drilling Corporation's primary addressable markets for its main products and services are in North America and the Middle East.

Contract Drilling Services (Onshore Drilling)

• North America: The North American drilling market (which includes both onshore and offshore) was valued at approximately USD 29.8 billion in 2024 and is projected to reach around USD 42.5 billion by 2032. More specifically for drilling services, the North America drilling services market was valued at USD 4.72 billion in 2025 and is expected to grow to USD 5.16 billion in 2026. The onshore segment dominated the North America oilfield services market in 2024.
• Middle East: The Middle East drilling services market was valued at approximately USD 35.48 billion in 2024 and is projected to grow to about USD 57.85 billion by 2034. The onshore segment was the leading segment in this market in 2024.

Completion and Production Services (Well Completion, Workover, and Related Services)

• North America: The North America well completion equipment and services market was valued at USD 8.89 billion in 2025 and is projected to reach USD 9.34 billion in 2026. Within the broader North America oilfield services market, completion services accounted for 34.2% of the market share in 2024. This segment is expected to grow from US$ 2,377.24 million in 2021 to US$ 3,012.32 million by 2028. Onshore operations accounted for approximately 73.5% of the global well completion equipment and services deployment in 2024.

Precision Drilling Corporation (PDS) is poised for revenue growth over the next two to three years, driven by several strategic initiatives and favorable market conditions in the energy sector.

Here are 3-5 expected drivers of future revenue growth for Precision Drilling:

1. Increased Demand for High-Performance Rigs and Rig Upgrades: Precision Drilling continues to strategically invest in upgrading its drilling fleet, particularly its Super Series rigs, including the Super Triple model, to meet evolving customer demands for advanced drilling technology. In 2025, the company upgraded 27 rigs, and it plans to allocate $63 million towards upgrades in 2026. These customer-backed upgrades enhance rig capabilities, leading to higher utilization and improved day rates.
2. Expansion and Adoption of Alpha™ Digital Technology and AlphaARMS Robotics: The company's proprietary Alpha™ digital technology suite, encompassing AlphaAutomation and AlphaARMS robotics, is a core component of its growth strategy. These advanced systems are designed to enhance drilling performance, optimize efficiency, improve safety by reducing manual touchpoints, and contribute to lower greenhouse gas (GHG) emissions. Precision has deployed AlphaAutomation on over 90% of its AC Triple rigs and anticipates further deployment of AlphaARMS systems, indicating a significant technological differentiation that attracts customers seeking more efficient and environmentally responsible drilling solutions.
3. Growth in North American Natural Gas Drilling Driven by LNG Export Capacity: Precision Drilling is strategically positioned to capitalize on increasing activity in North American natural gas basins. The company has observed strong interest from gas-directed drilling operators, particularly in regions like the Montney Shale. The anticipated start-up of the LNG Canada facility by mid-2025 is expected to significantly boost demand for natural gas drilling in Alberta and British Columbia by providing crucial additional takeaway capacity for Canadian liquefied natural gas (LNG) to Asian markets.
4. Sustained Activity in Canadian Heavy Oil Markets: The completion of the Trans Mountain pipeline expansion in 2024 has positively impacted Canadian heavy oil prices, leading to increased drilling activity in the Canadian heavy oil markets. Precision Drilling, with its strong presence in this sector, expects this elevated demand for its rigs to continue, contributing to ongoing revenue generation.

Share Repurchases

• Precision Drilling repurchased $76 million of shares in 2025, resulting in a 6% reduction in outstanding shares.
• In 2024, the company returned $75 million to shareholders through share repurchases, which decreased outstanding shares by 4%.
• A renewed Normal Course Issuer Bid (NCIB) program was authorized to repurchase up to 1,251,850 common shares, representing approximately 10% of its public float, from September 2025 to September 2026.

Share Issuance

• No significant share issuances were identified over the last 3-5 years; the company's outstanding shares have generally decreased due to repurchases.

Outbound Investments

• In 2023, Precision Drilling acquired CWC, adding seven Canadian and 11 U.S. drilling rigs to its fleet.

Capital Expenditures

• Projected capital expenditures for 2026 are $245 million, with $182 million allocated for maintenance, infrastructure, and intangibles, and $63 million for expansion and upgrades, primarily in the Contract Drilling Services segment.
• In 2025, capital expenditures totaled $263 million, including $107 million designated for 27 major customer-funded rig upgrades aimed at supporting its High Performance, High Value strategy.
• Capital expenditures for 2024 were $217 million, comprising $52 million for expansion and upgrades and $165 million for the maintenance of existing assets, infrastructure, and intangibles.