President and Chief Executive Officer
2023 ESG Performance Data
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reducing ecological impact
Since 1995, we have been reducing the physical footprint and overall surface impact required to operate our rigs.
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waste
management
All manufacturing, maintenance, and operations waste is segregated, categorized, and handled in compliance with local and federal requirements.
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Analysis shows that the world's demand for hydrocarbon energy and feedstocks will continue growing in the coming years due to current policies and commitments to reduce emissions.
climate
strategy
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RECYCLING
water
Our facilities are equipped with water-saving fixtures to reduce water usage, and we are dedicated to helping our customers improve their water consumption whenever possible.
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eco-Friendly offices, shops & vehicle fleet
We have direct control over reducing waste and energy consumption in our offices, shops, and fleet. Our corporate offices in both Houston and Calgary are LEED Certified facilities with waste segregation and recycling programs.
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Our Corporate Responsibility Council and Board of Directors regularly review material risks to the company, which are categorized and addressed through actions aligned with our climate strategy.
Climate risk
management
The world needs secure, reliable, and affordable energy, and Precision plays a vital role in helping our customers develop energy resources responsibly. We focus on increasing operational efficiency, reducing energy costs, and minimizing environmental impact.
environment
Emission footprint
We gather and track GHG emissions from both direct and indirect sources. Our methodology tracks emissions generated by our facilities and fleet vehicles as well as those produced during drilling and well-servicing operations for our customers.
reducing ecological
impact
Since 1995, we have been reducing the physical footprint and overall surface impact required to operate our rigs. Our current fleet, which we have modified to increase worksite flexibility for our customers, is among the most efficient in the industry. These optimization capabilities significantly reduce the amount of heavy equipment needed, resulting in fewer truckloads and associated emissions for our customers and third-party partners.
All manufacturing, maintenance, and operations waste is segregated, categorized, and handled in compliance with local and federal requirements. We utilize certified third-party companies to assist with our waste and recycling streams and to help repurpose or recycle by-product materials.
waste management
Our focus on spill prevention and control focuses is paramount at our facilities and customer locations. We maintain strict operating standards and keep our equipment in top condition through periodic inspections and preventive maintenance. If a spill occurs, our employees are trained to respond quickly and appropriately according to regulatory requirements and industry best practices.
spill prevention and control
Our facilities are equipped with water-saving fixtures to reduce water usage, and we are dedicated to helping our customers improve their water consumption whenever possible. We reuse or recycle wastewater when it is feasible, including the use of treated wastewater for irrigation purposes at our Wafra, Kuwait location.
RECYCLING WATER
We have direct control over reducing waste and energy consumption in our offices, shops, and fleet. Our corporate offices in both Houston and Calgary are LEED Certified facilities with waste segregation and recycling programs. To reduce electricity consumption, we install high-efficiency LED lighting in key Precision facilities. Our light and medium-duty vehicle fleet is properly maintained to operate as efficiently as possible. We also reduce corporate and field travel by utilizing videoconferencing and state of the art virtual application and equipment troubleshooting methods.
ECO-fRIENDLY oFFICES, sHOPS, & FLEET
“Transitional Risks” require that our services be performed with increasingly reduced GHG emissions.
Potential business impacts and implemented mitigation plans are captured in our Enterprise Risk Management (ERM) program, and specific climate-related risks are detailed in our Annual Information Form (AIF).
“Physical Risks” impact our ability to execute services through extreme weather, flooding, and other physical environmental conditions.
Our Corporate Responsibility Council and Board of Directors regularly review material risks to the company, which are categorized and addressed through actions aligned with our climate strategy.
Climate risk management
Emissions resulting from combustion of fuel sources or purchased electricity used while providing services under the operation control of the customer. This includes most drilling and service rig activities while under the operational control of our customer (customer Scope 1 emissions).
Emissions From Services Provided
Emissions from the generation of purchased electricity or other energy sources (not combusted) utilized at company or controlled facilities and operations.
Scope 2: Indirect GHG Emissions
Sources that are owned or controlled by the company. Examples include emissions from combustion of fuels at operationally controlled facilities and activities, in company operated and controlled vehicles, and from process equipment operationally controlled by the company.
Scope 1: Direct GHG Emissions
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SUITE OF ENVIRONMENTAL SOLUTIONS
![[url=http://www.istockphoto.com/search/lightbox/18181579]
[IMG]http://s1.zrzut.pl/Ag1lkAv.jpg[/IMG]
[/url]](https://media-s3-us-east-1.ceros.com/precision-drilling/images/2023/03/09/08da091be00fb201d2df4d983eb56fe7/img-2585-1.jpg)
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SUITE OF TECHNOLOGIES
In 2023 we successfully piloted and commercialized Hydrogen injection on our power generation units. To maintain the well-established diesel and natural gas infrastructure while lowering its environmental impact, hydrogen is used to displace petroleum-based fuels in existing engines with minimal modifications. Hydrogen supplied to the engines is produced through electrolysis using portable kits attached to the engines. Our pilot project revealed that diesel savings and a CO2e reduction of 4%-7% were achieved with varying engine loads. Further pilot test plans are underway on these units to measure NOx, and carbon monoxide using our Continuous Emissions Monitoring System (CEMS).
HYDROGEN PROJECT
Passionate people are our greatest asset. We believe our work environment brings out the best in each of us and we proudly support the communities where we operate.
social
We are committed to providing a diverse, collaborative culture where employees feel respected, satisfied, appreciated, and empowered to affect change. We regularly conduct engagement surveys and focus groups to identify key focus areas to continue growing Precision’s positive culture and community impact. The results from these efforts improve our policies and activities to ensure Precision is a leader in developing a thriving and inclusive workplace.
OUR CORPORATE CULTURE
Different Ethnicities
39%
Different Nationalities
74
Diversity, Equity, & Inclusion Highlights
The Human Resources department reviews the structure, size, pay equity and composition for our workforce annually and prepares a report for the Chief Administrative Officer and the Chief Executive Officer. Similarly, the executive leadership team meets regularly to assess its optimum composition and annually provides a report to the CGNRC.
ACHIEVING & ACCOUNTABILITY
Overview
Board Diversity
Achieving & Accountability
2023 Recruiting Highlights
When recruiting new directors, the Corporate Governance, Nominating and Risk Committee (CGNRC) considers our vision and business strategy, the skills and competencies of the current directors, gaps in Board skills, and the attributes, knowledge and experience new directors should have to best enhance our business plan and strategies. The CGNRC also considers diversity as part of this process, including the level of female representation on the Board. When assessing Board composition or identifying suitable candidates for appointment to the Board, the CGNRC will include a slate of minority candidates for all Board seats.
BOARD DIVERSITY
Overview
Board Diversity
Achieving & Accountability
2023 Recruiting Highlights
Diversity, Equity, & Inclusion
Overview
Board Diversity
Achieving & Accountability
2023 Recruiting Highlights
As a company with global operations, we focus on fostering a diverse and inclusive team to leverage multiple perspectives and ideas. We celebrate the uniqueness of each employee and treat everyone with respect, fairness, and dignity.
To promote diversity, equity, and inclusion among our employees, management team, and Board, we continue to review and update our policies annually, measuring compliance and progress to develop new initiatives.
Employee Diversity & Policies
The diversity of our workforce makes our teams more innovative and promotes a culture of fairness and equality for all employees. We aim to create a workplace free from discrimination and encourage all individuals who meet the criteria to apply for all positions.
8
1504
2023 RECRUITING HIGHLIGHTS
Overview
Board Diversity
Achieving & Accountability
2023 Recruiting Highlights
41
79
NEW EMPLOYEES ONBOARDED
DIFFERENT NATIONALITIES
FEMALE CORPORATE NEW HIRES
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scholarship
program
We recognize the value of post-secondary education and vocational schools that play a crucial role in supporting the education and professional development of our future leaders.
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student internship program
Our program serves as an essential talent pool for future hires while providing participants with practical experience and an excellent introduction to the energy industry.
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Our dedication to the energy sector is reinforced through our involvement in various professional organizations around the globe.
industry
engagement
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indigenous relationships
We recognize the history and diversity of Indigenous groups along with the relationships, rights and values of Indigenous communities.
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Community Volunteer work
We strive to foster a more purpose-driven and engaged workforce by encouraging employees to participate in company-sponsored volunteer opportunities.
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Our collaboration with a number of organizations across North America highlights our commitment to social responsibility and uplifting the communities where we operate.
community
partnerships
We are proud to invest in causes and efforts important to our employees, customers, and the communities where we operate.
precision in the community
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190
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140
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90
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70
60
50
40
30
20
10
EMPLOYEE VOLUNTEER
HOURS
240
230
220
210
250+
000
$350,000+
$320,000
$240,000
$230,000
$220,000
$210,000
$200,000
$190,000
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$40,000
$30,000
$20,000
$10,000
$00,000
COMMITTED TO NOT FOR PROFITS iN 2023
We recognize the value of post-secondary education and vocational schools. Through partnerships with various institutions and scholarship programs, Precision remains committed to investing in our communities and supporting the development of the oilfield services industry’s future workforce.
scholarship program
Insert related photo
Student internships
For years, we have promoted Canada as a leading economic partner and responsible energy supplier to the world through our support of the Modern Miracle Network, and our partnership with the Fraser Institute continues to influence Canadian social policy and government accountability.
INDUSTRY ENGAGEMENT
Indigenous engagement is a crucial step in the future of our business and continues to expand every day. We continue building strong relationships based on a foundation of trust and we are committed to investing our time and resources to ensure that our partners throughout the respective communities are included in activities that may impact them.
indigenous relationships
Autism Speaks
community volunteer work
Other partnerships include the Heritage Park Society of Calgary’s “Keeping Alberta’s Story Alive” Natural Resources Project and the Heart and Stroke Foundation of Canada’s Jump-Rope-For-Heart program.
For more than 30 years, one of our most cherished partnerships has been with Canada’s STARS Foundation. Our success starts with the resilience of our field employees who navigate the toughest conditions. STARS provides rapid emergency care and transport for critically ill patients, supporting remote field operations for our employees and their families living across Western Canada.
Our relationship with STARS exemplifies our commitment to the highest standards in workforce safety, health, and environmental stewardship.
A "Legacy" Community partnership
Canadian Blood Services
Even Start Children's Foundation
Inn from the Cold
Habitat for Humanity
We strive to foster a more purpose-driven and engaged workforce by encouraging employees to participate in company-sponsored volunteer opportunities with organizations such as:
Alberta Cancer Foundation
Precision believes that continued collaboration with Indigenous partners throughout the communities and lands where we work is essential to our collective success. Our goal is to ensure a lasting positive impact that leads to mutually beneficial ventures.
We recognize the history and diversity of Indigenous groups along with the relationships, rights and values of Indigenous communities. Our engagement throughout Western Canada with First Nations has led to strategic relationships varying from joint equity ownership in oilfield services assets, marketing alliances, employment initiatives, and volunteer opportunities, resulting in significant support for Indigenous communities.
Our President of North American Drilling, Gene Stahl, serves on both the board and executive committee of IADC. Senior Vice President of Global Operations Excellence, Ross Pickering, previously served as Chairman of CAOEC and is currently its longest-standing board member. Mr. Pickering has also sat on the board of Energy Safety Canada.
Our commitment to the energy industry is strengthened by our participation in the Canadian Association of Energy Contractors (CAOEC), the International Association of Drilling Contractors (IADC), the Modern Miracle Network, Energy Safety Canada, and the Fraser Institute.
Our summer internship program serves as an essential talent pool for future hires while providing participants with practical experience and an excellent introduction to the energy industry.
We recognize the paramount importance of investing in our people. Through comprehensive training and ongoing development initiatives, we empower our employees to excel in their roles, driving our collective success forward.
investing in our people
CRISIS & EMERGENCY
PREPAREDNESS
Our Crisis Management Team navigates challenges with minimal impact on our employees and operations. We continue improving our Crisis Management Plan to enhance technical response and broaden communication between teams. Within our operations teams, crews performed over 24,300 emergency response drills in 2023 to ensure readiness to respond quickly and correctly to an emergency.
CYBERSECURITY
Precision recognizes the critical importance of cybersecurity in protecting our stakeholders, employees, and organizational integrity. We prioritize continuous assessment and enhancement of our systems and processes to stay ahead of emerging threats. Our cybersecurity framework aligns with the standards recommended by the National Institute of Standards and Technology (NIST), including ongoing investment in cutting-edge technologies and third-party assessments. Precision recognizes that our people serve as the primary defense in an increasingly digital business landscape, so we actively cultivate a culture of security awareness among our employees across the organization. By prioritizing the protection of our digital assets, we endeavor to create long-term value for our customers and shareholders.
FIELD TRAINING & DEVELOPMENT
At Precision, we deliver a state-of-the-art training program, along with our internal talent development programs. Our world-class crew of Short Service Employees (SSE) is put through 16 hours of orientation followed by six months of formal on-the-job training with an experienced mentor.
Field employees receive annual and job-specific training to provide a continuous assessment of their capabilities and safety performance. Our Field Coaches assess competencies and provide additional expert support to rig crews while recognizing high performers and validating our training efforts. President and CEO, Kevin Neveu, kicks off our annual Code of Business Conduct and Ethics training for all employees and Board members.
HSE MANAGEMENT SYSTEM
Our leading-edge Health, Safety, and Environmental (HSE) Management System assesses risk in our daily operations. The consistent and effective execution of our HSE fundamentals remains the primary focus of our operations employees to prevent and mitigate SIF events. We refined our Safe Operations Verification (SOV) process to incorporate our extensive hazard identification and control measures into the way our employees work.
Our SOV tool provides a consistent field approach to planning, verifying, and reviewing tasks. The review portion allows for learning and executing improvement recommendations to enhance our HSE Management System.
HSE MANAGEMENT SYSTEM
FIELD TRAINING & DEVELOPMENT
CYBERSECURITY
CRISIS & EMERGENCY PREPAREDNESS
To date, we have not experienced a material cybersecurity breach resulting in a successful ransomware attack or information exfiltration, nor incurred any third-party incident response costs.
Exceptional corporate governance is essential to our operational strategy. We are proud of the ethics and integrity instilled in our corporate culture, as well as our independent board structure, transparent communications, and investors’ access to management.
GOVERNANCE
corporate responsibility
EXPLORE
enterprise risk management
supply chain management
Precision employs a comprehensive Enterprise Risk Management (ERM) program that proactively assesses material risks and manages mitigation. The Board actively oversees all risk-related matters, including the Company’s internal Risk Matrix and quarterly updates from its internal Risk Committee. The Board regularly reviews significant ESG-related risks, such as those associated with a transition to lower-carbon energy sources. Precision’s senior management team is primarily responsible for monitoring all macro, organizational, and sustainability-related risks on a frequent basis. The ERM process is led by Chief Legal and Compliance Officer and supported by Precision’s Risk Committee composed of the entire leadership team. The Risk Committee ensures that all material risks and compounding effects are identified using an internally developed Risk Matrix and that proper mitigation strategies are fully implemented. The Board regularly reviews significant ESG-related risks.
enterprise risk management
Our Supply Chain provides essential support to business operations and extends our commitment to sustainability beyond our doorstep. To manage our supply chain and foster valued partnerships, Precision focuses on creating economic opportunities in the communities where we operate and encouraging partners to meet high performance standards.
supply chain management
Corporate Female Employees
2023 ESG Highlights
Kilometers Drilled
13,200+
EQUIPPED SUPER SERIES RIGS
75
LITRES OF DIESEL DISPLACED WITH OUR BATTERY ENERGY STORAGE SYSTEM
3 MILLION+
EMPLOYEES GLOBALLY
TARGET ZERO DAYS
5,500+
340
All days free of reportable spills, serious injuries, and fatalities
esg in all we do
Battery Energy Storage System
Smart battery bank purposed to handle large transient rig loads from generators.
LED Rig Lighting
Designed to reduce industry emissions by displacing conventional standalone diesel-powered light towers.
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We work proactively to ensure our workforce and Board understands their ethical and compliance obligations. Our corporate policies and the Code guide the Precision team in meeting our responsibilities to our shareholders, government and regulatory authorities, business partners, and each other.
internal policies
ETHICS & INTEGRITY
GOVERNANCE APPROACH
ETHICS & INTEGRITY
"Ethical behavior is fundamental to the way we do business."
Our Code of Business Conduct and Ethics (the Code) addresses financial reporting and accountability, confidentiality, data security, bribery, corruption, harassment and discrimination, among other key areas. It sets expectations for our entire organization and ensures every team member and contractor represents Precision’s values. Over 4,500 employees participated in our Code of Business Conduct and Ethics training in 2023.
Precision’s robust, proven corporate governance system ensures a transparent culture. We have a strong body of policies, enforcement procedures, and closed-loop resolution process, enabling ethical issues to be reported, assessed, and resolved in a timely manner. The Board, its Audit Committee, and our external and internal auditors provide oversight and ensure compliance throughout our organization.
GOVERNANCE APPROACH
"We believe that independent oversight is essential to effective governance."
We believe that independent oversight is essential to effective governance. The Board has three stand-alone committees, and our directors meet regularly for scheduled executive sessions without the CEO present. Our Board has full and exclusive power to manage Precision’s business and affairs, subject to the rights of our shareholders.
Directors are elected annually by shareholders for a one-year term or appointed by the Board to hold office until the next annual meeting.
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avoiding conflicts
of interest
Any conflicts are subject to the procedures and remedies outlined under the Business Corporations Act (Alberta).
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privacy policy
We recognize the importance of having effective privacy protections and are committed to complying with privacy laws and regulations in our various jurisdictions, supplemented by our internal policies and standards.
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Our Insider Trading Policy applies to all directors, executive officers, managers and employees and is reviewed annually.
insider trading
policy
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clawback
policy
Our Clawback Policy entitles us, under certain circumstances, to recoup some or all incentive compensation awarded or paid to senior leadership, including our CEO, both past and present
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anti-bribery and
anti-corruption policy
Precision’s Anti-Bribery and Anti-Corruption policy sets standards for detecting and preventing corruption.
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Precision respects the fundamental value of Human Rights and we promote it within our organization and in our interactions with partners all over the world.
human rights within
our organization
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PD EthicsLine
The platform is available for anyone within or outside of Precision to report suspected illegal or unethical conduct or breach of our policies confidentially and anonymously.
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Precision is politically neutral and does not engage in political activities, make political contributions, or use company funds or assets for political purposes.
public policy and lobbying
PD EthicsLine is a third-party, independently operated ethics reporting platform. The platform is available for anyone within or outside of Precision to report suspected illegal or unethical conduct or breach of our policies confidentially and anonymously.
pd ethicsline
Precision is committed to protecting the privacy and security of all collected personal information. We recognize the importance of having effective privacy protections and are committed to complying with privacy laws and regulations in our various jurisdictions, supplemented by our internal policies and standards.
privacy policy
Prohibits “tipping” or the purchase or sale of Precision shares while in possession of undisclosed material information.
Sets out our obligations to stock exchanges, regulators, and investors.
Our Insider Trading Policy applies to all directors, executive officers, managers and employees. Reviewed annually by the CGNRC, the policy:
Insider Trading POLICY
Our financial statements were restated for a fiscal year or quarter when they were with Precision.
In addition to our Clawback Policy, in 2023 we introduced a NYSE-compliant compensation recoupment policy, which provides that in the event of a financial restatement, we must recoup incentive-based compensation received by certain executive officers, subject to limited exceptions.
Clawback policy
We operate in some countries that rank low on Transparency International’s Corruption Perception Index. Precision’s Anti-Bribery and Anti-Corruption policy sets standards for detecting and preventing corruption. Our Compliance Department provides mandatory, comprehensive training annually on bribery and corruption, and also monitors intermediaries through internal review and third-party assistance. Our due diligence procedures generate a risk score, database, and recommendations.
anti-bribery and anti-corruption policy
Precision respects the fundamental value of Human Rights and we promote it within our organization and in our interactions with partners all over the world. Our policies aim to help identify and prevent any threats to Human Rights and ensure fair, impartial remediation in the case of breaches. Our Compliance Department oversees the execution and maintenance of our Human Rights Policy.
human rights
Employees must disclose any potential conflicts of interest, which are reviewed by our Audit and Compliance departments and resolved in accordance with the Code.
From time to time, directors may also face potential conflicts of interest related to our business. Any conflicts are subject to the procedures and remedies outlined under the Business Corporations Act (Alberta). Directors in a conflict of interest must advise the Chairman of the Board and abstain from participating in discussions and voting on the matter..
avoiding conflicts of interest
Precision is politically neutral and does not engage in political activities, make political contributions, or use company funds or assets for political purposes. We are active members of associations that lobby on behalf of the oil and natural gas industry and allow lobbying on behalf of our interests, in accordance with all federal and provincial regulations as approved by the CEO.
public policy and lobbying
"At Precision, our unwavering commitment to delivering High Performance, High Value services for our customers is anchored in our steadfast dedication to Environmental, Social, and Governance (ESG) principles. Our mantra of 'ESG in all we do' underscores our pledge to conduct business with the highest ethical standards, emphasizing sustainability, promoting positive social impact, and adhering to robust governance practices. By seamlessly integrating ESG principles into our operations, we strive to create lasting value, drive positive change, and contribute to a more sustainable and responsible future for our stakeholders and the communities we serve."
Kevin Neveu
2023 accomplishments
EverGreen Lower-Carbon Power Systems and Technologies Deployed
emission reduction technology
We recognize the importance and necessity of a global energy transition, and we are highly motivated to execute our vital role in the energy value chain while mitigating our environmental impact. Click on our interactive wellsite below to learn more about our emission reduction technologies through our EverGreen™ suite of environmental solutions.
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reducing ecological impact
Since 1995, we have been reducing the physical footprint and overall surface impact required to operate our rigs.
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waste
management
All manufacturing, maintenance, and operations waste is segregated, categorized, and handled in compliance with local and federal requirements.
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Our focus on spill prevention and control focuses is paramount at our facilities and customer locations.
spill prevention and control
Through scenario analysis utilizing globally accepted climate modeling , publicly available customer plans and outlook, and current energy projections , it is clear that the world’s need for hydrocarbon energy and feedstocks will continue to increase for years to come based on current policies and emissions reduction commitments. In alignment with many of our customers, our strategy in regard to climate is to minimize the GHG emissions from our business by:
climate strategy
Utilizing and investing in proven technologies to improve the operating efficiency of our drilling rigs, and
Leveraging our expertise and high-spec drilling rig fleet for lower-emission energy opportunities such as geothermal, CO2 storage, and natural gas storage drilling.
We also continue to explore lower GHG energy sources for our drilling rigs, support facilities, offices, and equipment.
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Grid Power
Whether hybrid, partial, or full Grid Power utilization, our solution adapts to power provider limitations, optimizing energy usage and reducing fuel consumption.
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Dynamic Gas Blending
Adjusts to changes in incoming fuel quality and pressure allowing engines to run on a wide variety of fuels, from associated gas to gasified LNG.
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Natural Gas Generators
Natural gas engines with advanced technology that enhance engine efficiency and lower emissions.
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Engine Optimizer
Drilling rig control system that monitors drilling equipment and provides the appropriate level of power in real-time.
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Fuel & Emissions Monitoring
Cloud-based solution that utilizes sensor technology to monitor fuel consumption, power generation, and emissions in real time.
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$310,000
$300,000
$290,000
$280,000
$270,000
$260,000
$250,000
Additionally, we deliver in-person training throughout the organization and schedule as needed. There have been no internal or external investigations regarding laws or our policies. Our internal audit department performs an intensive Anti-Bribery and Anti-Corruption audit to ensure our internal processes, procedures, books and records have no gaps.
The senior leadership team member engaged in misconduct, including fraud, non-compliance with applicable laws, and any act or omission that would entitle an employee to be terminated for cause.
There was an error in calculating executive compensation during their time with Precision.
Establishes a regular black-out calendar.
Prohibits short-term trades, purchases on margin, short sales, trading in derivatives, or hedging the value of Precision shares through specific financial instruments.
Requires insiders to pre-clear trades of Precision shares.
Prohibits insiders from participating in equity monetization transactions involving any unvested equity awards under our long-term incentive plans or Precision shares that constitute part or all our terms for meeting our minimum share ownership guidelines.
Our Privacy Policy details personal information, how we collect, share, use, and protect it, and how employees can exercise their privacy rights. We regularly update our Privacy Policy to ensure compliance with various regulations and provided privacy training to all corporate employees.
Employees must disclose any potential conflicts of interest, which are reviewed by our Audit and Compliance departments and resolved in accordance with the Code.
Our policy requires employees to inform the Chief Compliance Officer of any company communication with government officials, including elected officials and bureaucratic staff. This excludes interactions with regulators in the ordinary course of business with the Alberta Energy Regulator, Occupational Health & Safety officials, and other regulators in Canada, the U.S., or internationally, unless their actions raise questions under our policies.
With oversight of the Audit Committee, HSE and Corporate Responsibility Council, and HRCC Committee, no ethics incidents in 2023 required disclosure and 100% of the issues reported through the PD EthicsLine were reviewed and resolved.
visit pd ethicsline
enterprise risk management link to esg
Board of
Directors
Corporate Governance, Nominating & Risk Committee
CEO and
Executive Team
Internal Audit
Risk Owners
Oversight of
enterprise risk
Oversight of
ERM Process
Management of
enterprise risk
Incorporates ERM risks and mitigation
into annual internal audit plan
Ownership and accountability
of specific ERM risks
We manage supply risk through our comprehensive selection process and predominantly use domestic suppliers bound by U.S. and Canadian laws and regulations. We ensure that suppliers comply with their obligations and the laws before entering contractual arrangements.
All suppliers are required to comply with the Code. We emphasize our expectations of suppliers in areas of legal and ethical compliance, environmental, health, safety and security, conflict minerals, conflict of interest, human rights, diversity, and compliance assurance.
In 2023
1
23
2
High Efficiency LED Lighting Retrofits at Precision Facilities
3
3
EverGreen Emissions Monitoring Systems Deployed
15
*At our Wafra location
2
1
1: IPCC AR6 Climate Change 2023: Synthesis Report
2: IEA World Energy Outlook 2023
resources
Exceptional corporate governance is essential to our operational strategy. We are proud of the ethics and integrity instilled in our corporate culture, as well as our independent board structure, transparent communications, and investors’ access to management.
2022 ESG Performance Data
2021 Corporate Responsibility Report
2020 Corporate Responsibility Report
2019 Corporate Responsibility Report
SAFE OPERATIONS VERIFICATION
PLAN
CHECK
LEARN
START
WORK
25,160
24,000
23,000
22,000
21,000
20,000
19,000
18,000
17,000
16,000
15,000
14,000
13,000
12,000
$110,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0,000
Short service employee
training hours
2023 Highlights
total employee
training hours
16,185
63,616
Short service employee training hours
#,###
Short service employee training hours
#,###
ESG Disclosure Framework Reference Tables
In 2023*
Greenhouse Gas Emissions
Environmental Stewardship
Climate Change
Spill Prevention
Safety and Health
Talent Management
Philanthropy and Community
Diversity, Equity, and Inclusion
Corruption and Ethics
Public Policy and Lobbying
Enterprise Risk Management
Board Oversight
governance
Kilometers Drilled
10,800+
EQUIPPED SUPER SERIES RIGS
70
NATURAL
GAS CAPABLE RIGS
61
social
Environment
Our materiality assessment process and review cycle, initiated in 2017 and last
refreshed in 2020, drives our focus on the areas of ESG that are most important in the work that we do. By incorporating these into our quarterly board reviews and HSE and Corporate Responsibility Council meetings, we ensure that our strategic priorities remain grounded in our material risks and opportunities.
ESG Materiality
High Performance, High
Value
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water
neutrality
Our facilities are equipped with water-saving fixtures to reduce water usage, and we are dedicated to helping our customers improve their water consumption whenever possible.
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Learn More
Learn More
Learn More
Learn More
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The Board is committed to achieving our target of 30% female representation on the Board as set out in our Diversity Policy. Upon shareholders’ approval of our nominated slate of directors at our 2024 Annual and Special Meeting, we will fulfill our commitment and believe that this is an important step to increasing diversity on our Board.
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Precision is politically neutral and does not engage in political activities, make political contributions, or use company funds or assets for political purposes.
public policy and lobbying
READ MORE
avoiding conflicts
of interest
Any conflicts are subject to the procedures and remedies outlined under the Business Corporations Act (Alberta).
READ MORE
privacy policy
We recognize the importance of having effective privacy protections and are committed to complying with privacy laws and regulations in our various jurisdictions, supplemented by our internal policies and standards.
Board of
Directors
Corporate Governance, Nominating & Risk Committee
CEO and
Executive Team
Internal Audit
Risk Owners
Oversight of
enterprise risk
Oversight of
ERM Process
Management of
enterprise risk
Incorporates ERM risks and mitigation
into annual internal audit plan
Ownership and accountability
of specific ERM risks
Board of Directors
Oversight of enterprise risk
Board of Directors
Oversight of enterprise risk
Board of Directors
Oversight of enterprise risk
Corporate Governance, Nominating & Risk Committee
Oversight of ERM Process
Last updated: April 3, 2024
SOLUTIONS WERE RUN ON 58 RIGS
98
Hydrogen Injection
Electrolysis system provides a reliable and adjustable delivery of H2 & O2 concentrations resulting in faster and more complete combustion.
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Over 96% of Precision’s emissions occur while performing services under the operational control of our customers. As a technology leader in the drilling sector, we offer lower GHG emission power systems and equipment to help our customers quantify and reduce their operationally controlled upstream emissions. By understanding their priorities and targets, we are able to provide significant gains through our EverGreen™ suite of environmental solutions and our Alpha™ suite of technologies.
Through our detailed emissions tracking, we identify the most impactful opportunities to reduce emissions associated with our directly controlled operations. Moreover, Precision set technology implementation goals to help our customers achieve additional emissions reductions. Detailed emissions information can be found in our 2023 ESG Performance Data.
2023 ACCOMPLISHMENTS
8,600 +
tonnes of CO2e
3,092,400 +
Litres of diesel displaced by BESS resulting in a reduction of
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HYDROGEN
Completed testing for our first hydrogen solution application on our Super Single with proven diesel savings of over 5%
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65%
of our Super Triple fleet equipped with one or more EverGreenTM suite of environmental solutions
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We hold our senior leadership team accountable for their decisions. Our compensation plan aligns Precision’s best interests with any consequences stemming from our policies, employment agreements and incentive plans. Our Clawback Policy entitles us to recoup some or all incentive compensation awarded or paid to senior leadership, including our CEO, both past and present, if:
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Indigenous relations policy
Precision is actively expanding its involvement in revenue-sharing agreements with Indigenous Groups across Alberta, British Columbia, and Saskatchewan.
Precision is actively expanding its involvement in revenue-sharing agreements with Indigenous Groups across Alberta, British Columbia, and Saskatchewan. It is also proactively seeking partnerships in which Indigenous Groups hold ownership rights in oil service assets. To facilitate this initiative, Precision, along with its subsidiaries and affiliates, adheres to its Indigenous Relations Policy. This policy serves as a guiding framework for the company's commitment to supporting Indigenous communities and fostering collaborative partnerships with Indigenous Groups.
The Indigenous Relations Policy underscores Precision’s dedication to recognizing the legal and constitutional rights of Indigenous peoples, emphasizing the significance of the relationship between Indigenous communities and their traditional lands and resources, especially in regions where we operate.
The policy, coupled with Indigenous training provided to our employees, ensures that they are well-equipped with the knowledge necessary for due diligence and compliance when engaging with or entering agreements with Indigenous Groups.
As part of this commitment, we collaborate closely with an Indigenous training program focused on well-servicing. This program aims to enhance Indigenous participants’ skills to safely and effectively actively participate in the oil and gas industry. We are devoted to creating opportunities for training, education, employment, and community growth for Indigenous communities.
INDIGENOUS RELATIONS POLICY
EXPLORE
EXPLORE
$330,000
$340,000
LEADERSHIP DEVELOPMENT
Investing our resources in the training and development of every employee is critical to our success. Building our global leadership pipeline is a crucial component, and in 2022 we introduced the Leadership Exchange, which created opportunities for leaders to learn and interact with cross-functional groups. Throughout 2023 more than 220 corporate and field managers participated globally. We continue to excel in providing targeted training to new employees, and in 2023 an enhanced New People Leader Orientation program was initiated to support employees transitioning into leadership roles with Precision Drilling.
We continue to drive leadership excellence by focusing on robust assessments of leadership competence and targeted development plans.
2023 LEADERSHIP EXCHANGE
LEADERSHIP DEVELOPMENT
220
210
200
190
180
170
160
150
140
130
120
110
100
90
80
70
60
50
40
30
20
10
00
PARTICIPANTS
2023 Modern Slavery Report
2023 ESG Performance Data
Management
Our Supply Chain provides essential support to business operations and extends our commitment to sustainability beyond our doorstep. To manage our supply chain and foster valued partnerships, Precision focuses on creating economic opportunities in the communities where we operate and encouraging partners to meet high performance standards.
Management
Our Supply Chain provides essential support to business operations and extends our commitment to sustainability beyond our doorstep. To manage our supply chain and foster valued partnerships, Precision focuses on creating economic opportunities in the communities where we operate and encouraging partners to meet high performance standards.
We manage supply risk through our comprehensive selection process and predominantly use domestic suppliers bound by U.S. and Canadian laws and regulations. We ensure that suppliers comply with their obligations and the laws before entering contractual arrangements.
MANAGEMENT
Our Supply Chain provides essential support to business operations and extends our commitment to sustainability beyond our doorstep. To manage our supply chain and foster valued partnerships, Precision focuses on creating economic opportunities in the communities where we operate and encouraging partners to meet high performance standards.
We manage supply risk through our comprehensive selection process and predominantly use domestic suppliers bound by U.S. and Canadian laws and regulations. We ensure that suppliers comply with their obligations and the laws before entering contractual arrangements.
All suppliers are required to comply with the Code. We emphasize our expectations of suppliers in areas of legal and ethical compliance, environmental, health, safety and security, conflict minerals, conflict of interest, human rights, diversity, and compliance assurance.
Internationally, we strictly vet suppliers and follow specific processes to determine the appropriate requirements. Our Anti-Bribery and Anti-Corruption compliance policy requires certain high-risk suppliers to successfully complete an added layer of due diligence, receive anti-bribery training, and undergo frequent audits.
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In addition to our Human Rights Policy, we are committed to supply chain transparency. In adherence to the requirements of the Canadian Fighting Against Forced Labour and Child Labour in Supply Chains Act, we require all our vendors to go through a rigorous accreditation process, crafted to assess possible modern slavery concerns. This process ensures steadfast adherence to Precision’s standards of compliance across our products and services, fostering excellence and integrity. When we partner with our suppliers, we evaluate human trafficking and forced labour risks based on a variety of factors. To read more please see our 2023 Modern Slavery Report.
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SUPPLY CHAIN TRANSPARENCY
2023 EMERGENCY RESPONSE DRILLS
24,300+
24,000
20,000
15,000
10,000
5,000
00
*Greenhouse Gas (GHG) emission reductions are attributed to decreased diesel fuel consumption in rig operations and are calculated in accordance with the GHG Protocol, the United States Environmental Protection Agency’s AP-42, Alberta Quantification Methodologies, Western Climate Initiative’s Quantification Protocols, or other local jurisdiction protocols.