Precision Drilling Corporation ($PD)

Hello, and welcome to the Annual Meeting of Shareholders of Precision Drilling Corporation. Please note that today's meeting is being recorded. If you participate in today's meeting and disclose personal information, you will be deemed to consent to the recording, transfer and use of same. If you disclose personal information of another person in today's meeting, you will be deemed to represent and warrant to Computershare and the corporation that you first obtained all required consent for the disclosure, recording, transfer and use of such personal information from all appropriate persons before your disclosure. It is now my pleasure to turn today's meeting over to Steve Krablin, Chairman of the Board of Directors of Precision Drilling Corporation. Mr. Krablin, the floor is yours.

Thank you, and good morning. On behalf of myself and the Board, I welcome you to today's Annual Meeting of Shareholders. In the unlikely event of a technical disruption on my end, the meeting will continue with Mr. Carey Ford, our President and CEO and a Director as Chair. In addition to Carey, also attending today are the Chief Legal and Compliance Officer, Veronica Foley; Vice President of Investor Relations, Lavonne Zdunich; and our slate of nominated directors as named in our 2026 Management Information Circular. Today's meeting is virtual and will provide shareholders the same opportunity to participate as an in-person meeting, including voting and submitting questions. After the formal business of today's meeting is concluded and the meeting is terminated, we will then have a Q&A session. You can submit questions at any time by clicking on the Q&A tab. If your question does not get answered during the meeting, we will respond by e-mail after the meeting. With that, I officially call the meeting to order. I will act as Chairman of the meeting, and I appoint Veronica Foley to act as Secretary of the meeting. I also appoint Kyle Gould and Stephanie Tuss of Computershare to act as scrutineers of the meeting. I have been advised that a quorum is present, and I declare that the meeting is regularly called and properly constituted for the transaction of business. The business of the meeting is described in our Management Information Circular dated April 1, 2026, which accompanied the Notice of Meeting. I will take the Notice of Meeting as read. I have proof of filing and mailing of the notice of this meeting, instrument of proxy, financial statements, Management Information Circular and accompanying documents that were sent to the holders of the corporation's common shares. Only registered shareholders who held shares in their name as of March 25, 2026, the record date of this meeting, or their validly appointed proxy holders are entitled to vote at this meeting. All items of business will be voted simultaneously. If you are a registered shareholder or proxy holder and have not already done so, you can vote now. Once discussion on all items of business have concluded, I will also provide additional time to enter your votes and then declare the voting closed on all resolutions. Once the poll is closed, the preliminary results will be announced. The final results of the meeting will be released today and available on our website. I now declare the polls open on all resolutions. The first item of business is the receipt of the audited consolidated financial statements of the corporation for the fiscal year ended December 31, 2025, and the reading of the auditor's report. As copies have been widely available and have been delivered to every shareholder who requested such, we can dispense with reading them and accept them as presented. The next item of business is the appointment of auditors. As Chair, I propose the following: that PricewaterhouseCoopers LLP be appointed auditor of the corporation until the next Annual Meeting of Shareholders and that the directors be authorized to set PwC's fees.

Mr. Chairman, my name is Deepa Patel, and I so move.

Mr. Chairman, my name is [ Claire McNeill ], and I second the motion.

Thank you. The next item of business is the election of the nominated directors. As no other nominations were properly submitted in compliance with the corporation's bylaws, I declare the nominations closed. As Chair, I propose the following: that the 8 nominated directors as named in our 2026 Management Information Circular be elected as directors until the next Annual Meeting of the Shareholders of the corporation.

Mr. Chairman, my name is Deepa Patel, and I so move.

Mr. Chairman, my name is [ Claire McNeill ], and I second the motion.

Thank you. The next item of business is to consider an advisory resolution, commonly known as Say-on-Pay, regarding the corporation's approach to executive compensation. As Chair, I propose the following: that on an advisory basis and not to diminish the role and responsibilities of the Board of Directors, the shareholders accept the approach to executive compensation disclosed in our 2026 Management Information Circular.

Mr. Chairman, my name is Deepa Patel, and I so move.

Mr. Chairman, my name is [ Claire McNeill ], and I second the motion.

Thank you. For those of you who have not voted on any of the items of business, please do so now as I will shortly close the polls. We will now pause for a moment to allow any final voting. [Voting]

The polls are now closed. I have been advised by the scrutineers that all of the binding resolutions for consideration at today's meeting have carried by the requisite number of votes. As there is no additional business that may properly be brought before the meeting, I hereby declare this meeting concluded. At this time, I'm pleased to introduce Carey Ford, President and Chief Executive Officer of Precision Drilling.

Thank you, and good morning. This year marks an important milestone for Precision Drilling. In 2026, we celebrated 75 years of delivering high-performance results for our customers and consistent returns for our shareholders. Precision's longevity and success are a direct result of the professionalism of our people, commitments to our customers and our ability to adapt to the ever-changing demands of the energy industry, an industry that is critical to nearly all aspects of modern life. Today, Precision is the second most active land driller in North America, the largest well service provider in Canada and a high-performance land driller in the Middle East. We operate a global fleet of 184 Super Series drilling rigs supported by passionate, well-trained crews and our Alpha digital technology that deliver actionable insights to enhance operational efficiency and allow our customers to achieve industry-leading well performance. Developed with our customers in mind and field tested over the past decade, our Alpha suite of digital technologies has become a defining competitive advantage for Precision, scaled across our Super Triple rigs and central to the way our crews deliver safer, more efficient and more consistent performance. Our EverGreen environmental solutions help customers reduce diesel consumption and emissions, achieve cost and efficiency targets, and advance their environmental goals. Together, these technologies strengthen Super Series rig performance, create value for our customers and generate profits for our investors. While our field performance delivers results for our customers, we are also proud of our reputation for capital stewardship and delivering for our investors. Over the past decade, we have achieved cumulative debt reduction and share repurchases of over $1.7 billion. This discipline has delivered not only a strong balance sheet, but also an organization hardwired to generate free cash flow that will support future shareholder returns. For the remainder of 2026, our focus will continue to be on free cash flow, debt reduction and direct returns to our shareholders. We will also continue to drive revenue growth and deepen customer relationships through equipment upgrades, operational excellence and technological innovation. As we sit in early May, we are well on our way to accomplishing these objectives. While geopolitical uncertainty remains part of the operating landscape, including regions such as the Middle East, our teams continue to demonstrate professionalism, resilience and an unwavering focus on safety and execution. All these qualities and focus areas will be critical for Precision to achieve its objectives for customers and shareholders in 2026 and beyond. On behalf of our Board of Directors and our employees, thank you for your continued support and confidence. We are proud of Precision's 75-year legacy, and we are energized by the opportunity ahead to build on that foundation, strengthen our leadership position and deliver sustained long-term value for our shareholders in the years to come. With that, I will now be happy to answer any questions that have been submitted by shareholders.

Thank you, Carey. My name is Veronica Foley, Precision Drilling's Chief Legal and Compliance Officer. No questions have been submitted by shareholders at this time. As such, I will now turn the meeting back over to our Chairman.

Ladies and gentlemen, on behalf of Precision Drilling, I would like to thank each of you for attending this virtual meeting. You may now disconnect.