PRECISION DRILLING Corp

Precision Drilling Corp announced its second quarter 2026 results, with revenue increasing 11% to $453 million, driven by stronger activity in Canada and the U.S. However, Adjusted EBITDA decreased 10% to $97 million, and the company reported a net loss of $1 million, primarily due to higher U.S. rig reactivation costs, lower international margins, and increased depreciation expense. The company generated $146 million in cash from operations, reducing debt by $50 million and repurchasing $12 million in shares, while also securing a new five-year contract in Kuwait. The company also disclosed a tax reassessment from the Canada Revenue Agency with a potential maximum liability of $155 million, which it intends to vigorously contest.

Precision Drilling reported Q2 2026 results with revenue increasing 11% to $453 million, driven by stronger activity in Canada and the U.S. However, Adjusted EBITDA decreased 10% to $97 million, and the company posted a net loss of $1 million, primarily due to higher U.S. rig reactivation costs, lower international margins, and increased depreciation expense. The company reduced debt by $50 million and repurchased $12 million in shares during the quarter. Precision also received a tax reassessment notice from the Canada Revenue Agency for 2018, which it intends to vigorously contest, with a potential maximum tax liability of $155 million.

Precision Drilling Corporation announced that Alice Wong has resigned from its Board of Directors, effective immediately. Ms. Wong had served as a director since 2024 and was a member of the Audit Committee, the Human Resources and Compensation Committee, and the Health, Safety, Environment Council. The company expressed gratitude for her dedicated service and contributions during her tenure.

Precision Drilling Corporation announced that Alice Wong has advised the Company of her decision to step down from its Board of Directors, effective immediately. Ms. Wong had served as a director since 2024 and was a member of several key committees, including the Audit Committee and the Human Resources and Compensation Committee. Chairman Steven W. Krablin expressed gratitude for her dedicated service and contributions to the company.

Precision Drilling Corporation announced its intention to release its 2026 second quarter results after the market closes on Tuesday, July 28, 2026. Following the release, the company has scheduled a conference call for Wednesday, July 29, 2026, at 11:00 a.m. MT (1:00 p.m. ET). The call will also be accessible via webcast, with a replay available for 12 months on the company's website.

Precision Drilling Corporation announced its intention to release its second quarter 2026 financial results after market close on Tuesday, July 28, 2026. Following the release, the company will host a conference call the next day, Wednesday, July 29, 2026, at 11:00 a.m. MT (1:00 p.m. ET) to discuss the results. Interested parties can register online to participate in the call or access a live webcast and replay.

Precision Drilling Corporation announced the voting results from its 2026 Annual Meeting of Shareholders. All eight nominee directors, including seven independent members, were successfully elected to the board. Additionally, shareholders approved the appointment of PricewaterhouseCoopers LLP as the company's auditors and passed the non-binding advisory vote on the company's approach to executive compensation, indicating strong shareholder support for the company's proposals.

Precision Drilling Corporation announced the results of its 2026 Annual Meeting of Shareholders, where all eight nominee directors were successfully elected. Seven of the eight elected directors are independent, demonstrating strong shareholder support with high approval percentages for each nominee. Additionally, all other items of business presented in the Management Information Circular, including the non-binding advisory vote on executive compensation, were approved by shareholders.

Precision Drilling Corporation announced it will hold its virtual 2026 Annual Meeting of Shareholders on Thursday, May 14, 2026, at 10:00 a.m. MST. Shareholders and proxyholders can access the meeting online to listen, ask questions, and vote in real time, while guests can only listen. Further details are available in the company's Management Information Circular.

Precision Drilling Corporation is reminding shareholders about its virtual 2026 Annual Meeting of Shareholders scheduled for Thursday, May 14, 2026, at 10:00 a.m. MST. Registered shareholders and duly appointed proxyholders can participate, ask questions, and vote in real-time online. Shareholders can also vote by proxy in advance, and guests can listen to the meeting.