Enhanced Investments - Financial Portal

Published: 2023-04-27

	Exhibit 99.2
		CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

		(Stated in thousands of Canadian dol ars)	March 31, 2023 December 31, 2022
		ASSETS
		Current assets:
		Cash	$		41,619 $	21,587
		Accounts receivable			437,258	413,925
		Inventory			36,562	35,158
		Total current assets			515,439	470,670
		Non-current assets:
		Income tax recoverable		695		1,602
		Deferred tax assets		454	455
		Right-of-use assets			59,493	60,032
		Property, plant and equipment			2,280,492	2,303,338
		Intangibles			18,550	19,575
		Investments and other assets			16,276	20,451
		Total non-current assets			2,375,960	2,405,453
		Total assets	$		2,891,399 $	2,876,123

		LIABILITIES AND EQUITY
		Current liabilities:
		Accounts payable and accrued liabilities	$		248,140 $	392,053
		Income taxes payable			3,379	2,991
		Current portion of lease obligations			12,787	12,698
		Current portion of long-term debt (Note 5)			2,285	2,287
		Total current liabilities			266,591	410,029

		Non-current liabilities:
		Share-based compensation (Note 7)			17,154	60,133
		Provisions and other			7,518	7,538
		Lease obligations			52,443	52,978
		Long-term debt (Note 5)			1,161,626	1,085,970
		Deferred tax liabilities			46,482	28,946
		Total non-current liabilities			1,285,223	1,235,565
		Shareholders’ equity:
		Shareholders’ capital (Note 8)			2,313,746	2,299,533
		Contributed surplus			73,035	72,555
		Deficit			(1,205,443 )	(1,301,273 )
		Accumulated other comprehensive income			158,247	159,714
		Total shareholders’ equity			1,339,585	1,230,529
		Total liabilities and shareholders’ equity	$		2,891,399 $	2,876,123


		See accompanying notes to condensed interim consolidated financial statements.
1

	CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)


		Three Months Ended March 31,
	(Stated in thousands of Canadian dol ars, except per share amounts)		2023	2022


	Revenue (Note 3)	$	558,607 $		351,339
	Expenses:
	Operating		339,867		258,974
	General and administrative		15,521		55,510
	Earnings before income taxes, loss (gain) on investments and other assets,	203,219		36,855
	finance charges, foreign exchange, gain on asset disposals and depreciation
	and amortization
	Depreciation and amortization		71,543		68,457
	Gain on asset disposals		(9,276 )		(3,114 )
	Foreign exchange			(483 )	(518 )
	Finance charges (Note 6)		22,920		20,730
	Loss (gain) on investments and other assets			4,230	(5,569 )
	Earnings (loss) before income taxes		114,285		(43,131 )
	Income taxes:
	Current			841	970
	Deferred		17,614	(257 )
			18,455	713
	Net earnings (loss)	$	95,830 $		(43,844 )
	Net earnings (loss) per share: (Note 9)
	Basic	$		7.02 $	(3.25 )
	Diluted	$		5.57 $	(3.25 )

	See accompanying notes to condensed interim consolidated financial statements.
	CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
	(UNAUDITED)


		Three Months Ended March 31,
	(Stated in thousands of Canadian dol ars)		2023	2022
	Net earnings (loss)	$	95,830 $		(43,844 )
	Unrealized loss on translation of assets and liabilities of operations	(4,140 )		(16,971 )
	denominated in foreign currency
	Foreign exchange gain on net investment hedge with U.S. denominated debt		2,673	12,768
	Comprehensive income (loss)	$	94,363 $		(48,047 )

	See accompanying notes to condensed interim consolidated financial statements.
2

	CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


		Three Months Ended March 31,
	(Stated in thousands of Canadian dol ars)		2023	2022
	Cash provided by (used in):
	Operations:
	Net earnings (loss)	$	95,830 $		(43,844 )
	Adjustments for:
	Long-term compensation plans		(4,117 )		31,212
	Depreciation and amortization		71,543		68,457
	Gain on asset disposals		(9,276 )		(3,114 )
	Foreign exchange			(502 )	(271 )
	Finance charges		22,920		20,730
	Income taxes		18,455	713
	Loss (gain) on investments and other assets			4,230	(5,569 )
	Income taxes paid			(171 )	(227 )
	Interest paid		(39,375 )		(38,161 )
	Interest received			116	29
	Funds provided by operations		159,653		29,955
	Changes in non-cash working capital balances		(131,297 )		(95,249 )
			28,356		(65,294 )
	Investments:
	Purchase of property, plant and equipment		(50,795 )		(36,402 )
	Proceeds on sale of property, plant and equipment			7,765	2,847
	Business acquisitions		(28,000 )	—
	Purchase of investments and other assets			(55 )	—
	Changes in non-cash working capital balances		(7,732 )		3,212
			(78,817 )		(30,343 )
	Financing:
	Issuance of long-term debt		139,049		88,124
	Repayments of long-term debt		(61,344 )		(8,190 )
	Repurchase of share capital		(4,993 )	—
	Issuance of common shares on the exercise of options			—	1,396
	Lease payments		(1,961 )		(1,567 )
			70,751		79,763
	Effect of exchange rate changes on cash			(258 )	(612 )
	Increase (decrease) in cash		20,032		(16,486 )
	Cash, beginning of period		21,587		40,588
	Cash, end of period	$	41,619 $		24,102


	See accompanying notes to condensed interim consolidated financial statements.
3

	CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

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


					Accumulated
						Other
		Shareholders’		Contributed	Comprehensive	Total
	(Stated in thousands of Canadian dol ars)		Capital	Surplus		Income	Deficit	Equity
	Balance at January 1, 2022	$ 2,281,444 $		76,311 $	134,780 $ (1,266,980 ) $ 1,225,555
	Net loss for the period		—						—	—	(43,844 )	(43,844 )
	Other comprehensive loss for the period		—						—	(4,203 )	—	(4,203 )
	Share options exercised		1,970						(574 )	—	—	1,396
	Settlement of Executive Performance Share		14,083						—	—	—	14,083
	Units
	Share-based compensation reclassification		—						(219 )	—	—	(219 )
	Share-based compensation expense		—						646	—	—	646
	Balance at March 31, 2022	$ 2,297,497 $		76,164 $	130,577 $ (1,310,824 ) $ 1,193,414


	See accompanying notes to condensed interim consolidated financial statements.
4

	NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
	(Tabular amounts are stated in thousands of Canadian dol ars except share numbers and per share amounts)
	NOTE 1. DESCRIPTION OF BUSINESS Precision Dril ing Corporation (
		Precision or the Corporation) is incorporated under the laws of the Province of Alberta,
	Canada and is a provider of contract dril ing and completion and production services primarily to oil and natural gas and
	geothermal exploration and production companies in Canada, the United States and certain international locations.
	NOTE 2. BASIS OF PRESENTATION (a) Statement of Compliance These condensed interim consolidated financial statements have been prepared in accordance with International
	Accounting Standard 34, Interim Financial Reporting, using accounting policies consistent with International Financial
	Reporting Standards (		IFRS) as issued by the International Accounting Standards Board and interpretations of the
	International Financial Reporting Interpretations Committee.
	The condensed interim consolidated financial statements do not include al of the information required for full annual
	financial statements and should be read in conjunction with the consolidated financial statements of the Corporation as at
	and for the year ended December 31, 2022.
	These condensed interim consolidated financial statements were prepared using accounting policies and methods of their
	application consistent with those used in the preparation of the Corporation’s consolidated annual financial statements for
	the year ended December 31, 2022.
	These condensed interim consolidated financial statements were approved by the Board of Directors on April 25, 2023.
	(b) Use of Estimates and Judgements The preparation of the condensed interim consolidated financial statements requires management to make estimates and
	judgements that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of
	contingencies. These estimates and judgements are based on historical experience and on various other assumptions that
	are believed to be reasonable under the circumstances. The estimation of anticipated future events involves uncertainty
	and, consequently, the estimates used in preparation of the condensed interim consolidated financial statements may
	change as future events unfold, more experience is acquired, or the Corporation’s operating environment changes.
	Significant estimates and judgements used in the preparation of these condensed interim consolidated financial statements
	remained unchanged from those disclosed in the Corporation’s consolidated annual financial statements for the year ended
	December 31, 2022.
	NOTE 3. REVENUE (a)
	Disaggregation of revenue
	The fol owing table includes a reconciliation of disaggregated revenue by reportable segment. Revenue has been
	disaggregated by primary geographical market and type of service provided.
5

				Completion
			Contract		and		Inter-
			Drilling	Production		Corporate	Segment
	Three Months Ended March 31, 2023		Services	Services		and Other		Eliminations	Total
	United States		$ 254,138 $			4,077 $					— $	(14 ) $ 258,201
	Canada			201,678		70,446					—	(1,978 )		270,146
	International			30,260		—					—	—		30,260
			$ 486,076 $			74,523 $					— $	(1,992 ) $ 558,607

	Day rate/hourly services	$ 473,665 $			74,523 $					— $	(14 ) $ 548,174
	Shortfal payments/idle but contracted											883	—		—	—	883
	Turnkey dril ing services		8,988		—					—	—		8,988
	Other		2,540		—					—	(1,978 )	562
		$ 486,076 $			74,523 $					— $	(1,992 ) $ 558,607


				Completion
			Contract		and		Inter-
			Dril ing	Production		Corporate	Segment
	Three Months Ended March 31, 2022		Services	Services		and Other		Eliminations	Total
	United States	$	141,265 $		4,038 $					— $	(1 ) $ 145,302
	Canada		138,517	34,200						—	(1,043 )		171,674
	International		34,363		—					—	—		34,363
		$	314,145 $	38,238 $						— $	(1,044 ) $ 351,339

	Day rate/hourly services	$ 298,050 $		38,238 $						— $	(193 ) $ 336,095
	Turnkey dril ing services		14,738		—					—	—		14,738
	Other		1,357		—					—	(851 )	506
		$ 314,145 $		38,238 $						— $	(1,044 ) $ 351,339


	(b)	Seasonality
	Precision has operations that are carried on in Canada which represent approximately 48% (2022 - 49%) of consolidated
	revenue for the three months ended March 31, 2023 and 38% (2022 - 37%) of consolidated total assets as at March 31,
	2023. The ability to move heavy equipment in Canadian oil and natural gas fields is dependent on weather conditions. As
	warm weather returns in the spring, the winter's frost comes out of the ground rendering many secondary roads incapable
	of supporting the weight of heavy equipment until they have thoroughly dried out. The duration of this “spring break-up”
	has a direct impact on Precision’s activity levels. In addition, many exploration and production areas in northern Canada are
	accessible only in winter months when the ground is frozen hard enough to support equipment. The timing of freeze up and
	spring break-up affects the ability to move equipment in and out of these areas. As a result, late March through May is
	traditional y Precision’s slowest time in this region.
	NOTE 4. SEGMENTED INFORMATION The Corporation has two reportable operating segments; Contract Dril ing Services and Completion and Production
	Services. Contract Dril ing Services includes dril ing rigs, procurement and distribution of oilfield supplies, and manufacture,
	sale and repair of dril ing equipment. Completion and Production Services includes service rigs, oilfield equipment rental
	and camp and catering services. The Corporation provides services primarily in Canada, the United States and certain
	international locations.

6

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


				Completion
		Contract			and		Inter-
			Dril ing	Production		Corporate	Segment
	Three Months Ended March 31, 2022		Services		Services		and Other		Eliminations	Total
	Revenue	$ 314,145 $ 38,238 $						— $	(1,044 ) $ 351,339
	Earnings before income taxes, loss (gain) on		71,174		6,539 (40,858 )		—			36,855
	investments and other assets, finance charges,
	foreign exchange, gain on asset disposals and
	depreciation and amortization
	Depreciation and amortization		62,653		3,350	2,454	—			68,457
	Gain on asset disposals		(1,882 )		(1,170 )				(62 )	—	(3,114 )
	Total assets	2,432,067 135,577 125,240					— 2,692,884
	Capital expenditures		35,228		1,000				174	—	36,402

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


									Three Months Ended March 31,
								2023	2022
	Total segment earnings before income taxes, loss (gain) on investments and					$		203,219 $		36,855
	other assets, finance charges, foreign exchange, gain on asset disposals and
	depreciation and amortization
	Deduct:
	Depreciation and amortization							71,543		68,457
	Gain on asset disposals							(9,276 )		(3,114 )
	Foreign exchange							(483 )	(518 )
	Finance charges							22,920		20,730
	Loss (gain) on investments and other assets							4,230		(5,569 )
	Income taxes							18,455	713
	Net earnings (loss)					$		95,830 $		(43,844 )

7

	NOTE 5. LONG-TERM DEBT

					Canadian Facilities and
			U.S. Denominated Facilities		Translated U.S. Facilities
			March 31,			December 31,	March 31, December 31,
			2023	2022	2023	2022

	Current Portion of Long-Term Debt
	Canadian Real Estate Credit Facility	US $					— US $	— $	1,333 $				1,333
	U.S. Real Estate Credit Facility							704	704		952	954
											US $					704 US $	704	$	2,285 $				2,287

	Long-Term Debt
	Senior Credit Facility	US $ 102,059 US $				44,000	$ 137,923 $					59,620
	Canadian Real Estate Credit Facility						—	—	16,000				16,334
	U.S. Real Estate Credit Facility			8,213								8,389		11,099				11,368
	Unsecured Senior Notes:
										7.125% senior notes due 2026			347,765			347,765	469,970 471,225
										6.875% senior notes due 2029			400,000			400,000	540,560 542,004
		US $ 858,037 US $ 800,154 1,175,552 1,100,551
	Less net unamortized debt issue costs and original issue										(13,926 )				(14,581 )
	discount
										$ 1,161,626 $ 1,085,970


					Debt Issue
			Canadian Real	U.S. Real	Costs and
												Senior Credit	Unsecured					Estate Credit	Estate Credit	Original Issue
												Facility	Senior Notes				Facility	Facility	Discount	Total
	Current											$	— $	— $			1,333 $	954 $				— $	2,287
	Long-term												59,620 1,013,229	16,334	11,368 (14,581 ) 1,085,970
	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											139,049	—			—	—				— 139,049
	Repayment of Senior Credit Facility												(60,772 )	—			—	—				— (60,772 )
	Repayment of Real Estate Credit Facility												—	—			(334 )	(238 )				—	(572 )
												137,897 1,013,229	17,333	12,084 (14,581 ) 1,165,962
	Amortization of debt issue costs												—	—			—	—				655	655
	Foreign exchange adjustment												26	(2,699 )				—	(33 )				—	(2,706 )
	March 31, 2023											$ 137,923 $ 1,010,530 $ 17,333 $ 12,051 $ (13,926 ) $ 1,163,911

	Current											$	— $	— $			1,333 $	952 $				— $	2,285
	Long-term											137,923 1,010,530	16,000	11,099 (13,926 ) 1,161,626
	March 31, 2023											$ 137,923 $ 1,010,530 $ 17,333 $ 12,051 $ (13,926 ) $ 1,163,911

	At March 31, 2023, Precision was in compliance with the covenants of the Senior Credit Facility and Real Estate Credit
	Facilities.
8

	NOTE 6. FINANCE CHARGES

		Three Months Ended March 31,
			2023	2022
	Interest:
	Long-term debt	$	21,213 $		19,161
	Lease obligations			862	659
	Other			155	85
	Income			(104 )	(34 )
	Amortization of debt issue costs, loan commitment fees and original		794	859
	issue discount
	Finance charges	$	22,920 $		20,730


	NOTE 7. SHARE-BASED COMPENSATION PLANS Liability Classified Plans

								Non-
					Restricted	Performance	Management
						Share	Share	Directors’
						Units (a)	Units (a)	DSUs (b)	Total
	December 31, 2022				$	38,190 $ 100,858 $	12,297 $ 151,345
	Expensed during period					(30 )	(8,333 )	(3,732 )	(12,095 )
	Settlement in shares					(2,102 )	(17,104 )	—	(19,206 )
	Payments and redemptions					(26,409 )	(47,475 )	—	(73,884 )
	Foreign exchange					111	188					—	299
	March 31, 2023					$	9,760 $	28,134 $					8,565 $	46,459

	Current				$	7,997 $	21,308 $					— $	29,305
	Long-term					1,763	6,826					8,565	17,154
					$	9,760 $	28,134 $					8,565 $	46,459

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

			RSUs	PSUs
								Outstanding						Outstanding
	December 31, 2022							495,168		1,136,671
	Granted							65,257	121,350
	Redeemed							(264,622 )		(431,598 )
	Forfeited							(5,465 )	(7,400 )
	March 31, 2023								290,338		819,023

	(b) Non-Management Directors – Deferred Share Units Plan A summary of the activity under the non-management director Deferred Share Unit (
							DSU) plan is presented below:

DSUs
				Outstanding
	December 31, 2022			118,774
	Granted			4,565
	March 31, 2023								123,339

9

	Equity Settled Plans (c) Executive Restricted Share Units Plan Precision granted Executive RSUs to certain senior executives with the intention of settling them in voting shares of the
	Corporation either issued from treasury or purchased in the open market. Granted units vest annual y over a three-year
	term.

		Executive RSUs	Weighted Average

		Outstanding		Fair Value
	December 31, 2022				— $	—
	Granted				46,740	96.90
	March 31, 2023					46,740 $	96.90

	The per unit weighted average fair value of the Executive RSUs granted during 2023 was $96.90 estimated on the grant date
	using a Black-Scholes option pricing model with the fol owing assumptions: average risk-free interest rate of 4%, average
	expected life of two years, expected forfeiture rate of 5% and expected volatility of 68%. Included in net earnings (loss) for
	the quarter ended March 31, 2023 was an expense of $0.5 mil ion (2022 – nil). (d) Option Plan A summary of the activity under the option plan is presented below:

					Weighted
							Range of	Average
	Canadian share options					Outstanding	Exercise Price					Exercise Price	Exercisable
	December 31, 2022 and March 31, 2023								23,055 $ 87.00 — 145.97 $	113.01	23,055


					Weighted
							Range of	Average
							Exercise Price					Exercise Price
	U.S. share options					Outstanding	(US$)			(US$)	Exercisable
	December 31, 2022						141,748 $ 51.20 — 111.47 $	84.84 141,748
	Forfeited							(8,595 ) 64.20 — 64.20	64.20
	March 31, 2023						133,153 $ 51.20 — 111.47 $	86.17 133,153

	(e) Non-Management Directors – Deferred Share Unit Plan As at March 31, 2023, there were 1,470 (2022 – 1,470) deferred share units outstanding.
	NOTE 8. SHAREHOLDERS’ CAPITAL

	Common shares				Number	Amount
	December 31, 2022	13,558,525		2,299,533
	Settlement of PSUs and RSUs	230,336		19,206
	Share repurchases	(67,073 )		(4,993 )
	March 31, 2023		13,721,788	2,313,746


	NOTE 9. PER SHARE AMOUNTS The fol owing tables reconcile net earnings (loss) and weighted average shares outstanding used in computing basic and
	diluted net earnings (loss) per share:

								Three Months Ended March 31,
								2023	2022
	Net earnings (loss) - basic							$	95,830 $		(43,844 )
	Effect of share options and other equity compensation plans								(13,244 )	—
	Net earnings (loss) - diluted							$	82,586 $		(43,844 )
10



			Three Months Ended March 31,
	(Stated in thousands)			2023	2022
	Weighted average shares outstanding – basic			13,648		13,479
	Effect of share options and other equity compensation plans			1,191	—
	Weighted average shares outstanding – diluted			14,839		13,479


	NOTE 10. FAIR VALUES OF FINANCIAL INSTRUMENTS The carrying values of cash, accounts receivable, and accounts payable and accrued liabilities approximates their fair value
	due to the relatively short period to maturity of the instruments. At the end of each reporting period, investments and
	other assets are measured at their estimated fair value, with changes in fair value recognized in profit or loss. Amounts
	drawn on the Senior Credit Facility and the Canadian and U.S. Real Estate Credit Facilities are measured at amortized cost
	and approximate fair value as this indebtedness is subject to floating rates of interest. The fair value of the unsecured
	senior notes at March 31, 2023 was approximately $964 mil ion (December 31, 2022 – $965 mil ion). Financial assets and liabilities recorded or disclosed at fair value in the consolidated statement of financial position are
	categorized based upon the level of judgement associated with the inputs used to measure their fair value. Hierarchical
	levels are based on the amount of subjectivity associated with the inputs in the fair value determination and are as
	fol ows:
	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 11. BUSINESS COMBINATIONS On July 27, 2022, Precision acquired the wel servicing business and associated rental assets of High Arctic Energy Services
	Inc. for consideration of $38 mil ion. On the date of acquisition, Precision made a $10 mil ion cash payment. The remaining
	balance of $28 mil ion was paid during the first quarter of 2023.
	NOTE 12. INVESTMENTS AND OTHER ASSETS Subsequent to March 31, 2023, Precision committed to a $5 mil ion equity investment in CleanDesign Income Corp.
	(	CleanDesign), a key supplier of Precision’s EverGreen™ Battery Energy Storage Systems (BESS). The investment provides
	Precision with key BESS and power management technologies and is aligned with the Company’s overal emissions
	reduction strategy.
11


	SHAREHOLDER INFORMATION	CORPORATE INFORMATION
	STOCK EXCHANGE LISTINGS	DIRECTORS
	Shares of Precision Dril ing Corporation are listed on the	Michael R. Culbert
	Toronto Stock Exchange under the trading symbol PD and	Wil iam T. Donovan
	on the New York Stock Exchange under the trading symbol	Brian J. Gibson
	PDS.	Steven W. Krablin
		Susan M. MacKenzie
	TRANSFER AGENT AND REGISTRAR
		Lori A. Lancaster
	Computershare Trust Company of Canada
		Kevin O. Meyers
	Calgary, Alberta
		Kevin A. Neveu
		David W. Wil iams
	TRANSFER POINT
	Computershare Trust Company NA
		OFFICERS
	Canton, Massachusetts
		Kevin A. Neveu
		President and Chief Executive Officer
	Q1 2023 TRADING PROFILE
	Toronto (TSX: PD)
		Veronica H. Foley
	High: $116.60
		Chief Legal & Compliance Officer
	Low: $61.79
	Close: $69.45
		Carey T. Ford
	Volume Traded: 7,910,252 New York (NYSE: PDS)
		Chief Financial Officer

	High: US$86.94
		Shuja U. Goraya
	Low: US$44.92
		Chief Technology Officer
	Close: US$51.42
	Volume Traded: 4,662,200
		Darren J. Ruhr
		Chief Administrative Officer
	ACCOUNT QUESTIONS
	Precision’s Transfer Agent can help you with a variety of
		Gene C. Stahl
	shareholder related services, including: • change of address
		President, North American Dril ing
	• lost unit certificates	AUDITORS
	• transfer of shares to another person	KPMG LLP
	• estate settlement Computershare Trust Company of Canada	Calgary, Alberta
	100 University Avenue	HEAD OFFICE
	9th Floor, North Tower	Suite 800, 525 8th Avenue SW
	Toronto, Ontario M5J 2Y1	Calgary, Alberta, T2P 1G1
	Canada 1-800-564-6253 (tol free in Canada and the United States)	Canada
		Telephone: 403-716-4500
		Facsimile: 403-264-0251
	1-514-982-7555 (international direct dialing)
		Email: info@precisiondril ing.com
	Email: service@computershare.com
		www.precisiondril ing.com
	ONLINE INFORMATION
	To receive news releases by email, or to view this interim
	report online, please visit Precision’s website at
	www.precisiondril ing.com and refer to the Investor
	Relations section. Additional information relating to
	Precision, including the Annual Information Form, Annual
	Report and Management Information Circular has been
	filed with SEDAR and is available at www.sedar.com and on
	the EDGAR website www.sec.gov

12

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.