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FIL Limited and related entities reported beneficial ownership of common stock of Precision Drilling Corp on a passive Schedule 13G/A basis. They report beneficial ownership of 719,507 shares of common stock, representing 5.6% of the class as of June 30, 2026. FIL Limited has sole voting power over 419,170 shares and sole dispositive power over 719,507 shares, with no shared voting or dispositive power. Pandanus Partners, L.P. and Pandanus Associates, Inc., both Delaware entities, each report sole dispositive power over the same 719,507 shares and no voting power. One or more other persons may have rights to dividends or sale proceeds for these shares, but no other individual person holds more than five percent of the common stock through these arrangements.
Precision Drilling reported Q2 2026 revenue of $452.8 million, up 11% from 2025, driven by stronger Canadian and U.S. drilling and well service activity. Adjusted EBITDA declined 10% to $97.1 million as higher U.S. rig reactivation costs, international margin pressure and $3 million of restructuring charges outweighed growth.
Net loss attributable to shareholders was $1.2 million, or a basic loss of $0.09 per share, versus $16.3 million of earnings a year earlier, largely due to $11 million of additional depreciation from shorter drill pipe useful lives. Cash provided by operations was $145.6 million; the company repaid $50 million of long-term debt, repurchased $12 million of shares and ended the quarter with $66 million of cash and over $500 million of liquidity.
Activity and pricing remained strong in Canada and improved in the U.S., though U.S. operating margins per utilization day fell on reactivation spending. Subsequent to quarter-end, the Canada Revenue Agency issued a 2018 Notice of Reassessment on intercompany dividend deductions; if ultimately unsuccessful, Precision estimates a maximum tax liability of about $155 million but has not recorded a liability, citing available tax pools and its view that its filing position is appropriate.
Precision Drilling Corporation reported second quarter 2026 revenue of $452,800 thousand, up 11.4% year over year, driven by robust Canadian heavy oil drilling, stronger U.S. activity and higher well servicing demand. Despite this, Adjusted EBITDA declined 10.2% to $97,055 thousand, and the company recorded a small net loss of $893 thousand (net loss attributable to shareholders of $1,195 thousand), reflecting higher operating costs, international restructuring charges and about $11 million of additional depreciation from shorter drill pipe lives.
Contract Drilling Services revenue rose to $389,844 thousand, but segment Adjusted EBITDA fell 15% and margin compressed to 24.3% as U.S. rig reactivation and Middle East cost pressures offset higher Canadian and U.S. utilization. Completion and Production Services performed more strongly, with revenue of $65,632 thousand, up 21.7%, and Adjusted EBITDA up 38.1% as service rig hours increased nearly 25%. Cash provided by operations was $145,569 thousand, funding capital spending of $76,364 thousand and enabling a $50 million reduction in long-term debt to $626,327 thousand, while working capital remained solid at $146,912 thousand.
Management maintains a 2026 capital program of $265 million and a plan to reduce debt by $100 million while potentially returning up to 50% of free cash flow before debt repayments through share repurchases. The outlook calls for modest improvement in North American drilling and rising U.S. margins into the fourth quarter, supported by firm oil prices and term contracts on seven international rigs. A key risk factor is a Canada Revenue Agency Notice of Reassessment and related proposals on intercompany dividend deductions, with a disclosed maximum potential tax exposure of about $155 million (excluding interest); Precision intends to contest these assessments and has not recorded a liability.
Dimensional Fund Advisors LP, a Delaware limited partnership and registered investment adviser, reports beneficial ownership of 663,560 shares of Precision Drilling Corp common stock, representing 5.1% of the class as of June 30, 2026. Dimensional has sole power to vote 661,473 of these shares and sole power to dispose of 663,560 shares, with no shared voting or dispositive power.
All securities are owned by underlying funds, group trusts and separate accounts for which Dimensional or its subsidiaries provide advisory or management services, and Dimensional disclaims beneficial ownership other than for Section 13(d) reporting. The funds have the right to receive dividends and sale proceeds, and to Dimensional’s knowledge no single fund holds more than 5% of the class.
Precision Drilling Corporation reports a board change, as director Alice Wong has stepped down from the Board of Directors, effective immediately. She had served as a director since 2024 and participated on the Audit Committee, the Human Resources and Compensation Committee, and the Health, Safety, Environment Council.
The company thanks Ms. Wong for her service and highlights her integrity, judgment, and commitment to its long-term success. Precision Drilling continues to position itself as a provider of high-performance, environmentally focused drilling and related energy services.
Precision Drilling Corporation submitted a Form 6-K announcing timing for its 2026 second quarter financial results and related investor events. The company intends to release its Q2 2026 results after the market closes on Tuesday, July 28, 2026.
Management has scheduled a conference call to discuss these results at 11:00 a.m. MT (1:00 p.m. ET) on Wednesday, July 29, 2026, with advance registration required to receive dial-in details and a unique PIN for questions. The call will be webcast, and a replay will be available on Precision’s website for 12 months.
PDS submitted a Form 144 notice reporting a proposed sale of 10,000 shares of Common stock. The filing lists Charles Schwab & Co., Inc. as broker and shows a value of $981,300.00 with an associated date of 05/21/2026.
PDS affiliate filed a Form 144 notice of proposed sale of common stock. The filing lists 7,316 shares under "Securities To Be Sold" and reports 5,000 shares sold during the past three months on 05/18/2026. The securities are described as restricted stock vesting under a registered plan, and the filing lists Morgan Stanley Smith Barney LLC as the broker.
Morgan Stanley Smith Barney LLC Executive Financial Services filed a Form 144 notice for the proposed sale of 5,000 shares of common stock on 05/18/2026. The shares consist of 2,261 shares that vested on 11/14/2005 and 2,739 shares that vested on 02/13/2023 under a registered plan.
Precision Drilling Corporation reports strong shareholder support at its 2026 Annual Meeting of Shareholders held on May 14, 2026. All eight director nominees were elected, with individual support ranging from 90.52% to 99.77% of votes cast. Shareholders also approved the appointment of PricewaterhouseCoopers LLP as auditors, with 99.17% of votes in favour, and backed the Company’s non-binding advisory resolution on executive compensation (“Say on Pay”) with 95.33% support.