Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Trading Symbol | PDS |
Entity Registrant Name | PRECISION DRILLING CORPORATION |
Entity Central Index Key | 0001013605 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | 13,558,525 |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity Address, Address Line One | 800, 525 - 8 Avenue, S.W |
Entity Address, City or Town | Calgary |
Entity Address, Postal Zip Code | T2P 1G1 |
Entity Address, State or Province | AB |
Entity Address, Country | CA |
Local Phone Number | 716-4500 |
Security Exchange Name | NYSE |
Title of 12(b) Security | Common Shares |
ICFR Auditor Attestation Flag | true |
Document Annual Report | true |
Entity File Number | 001-14534 |
Entity Incorporation, State or Country Code | A0 |
Auditor Name | KPMG LLP |
Auditor Firm ID | 85 |
Auditor Location | Calgary, Alberta, Canada |
Document Registration Statement | false |
City Area Code | 403 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 10350 Richmond Avenue |
Entity Address, Address Line Two | Suite 700 |
Entity Address, City or Town | Houston |
Entity Address, Postal Zip Code | 77042 |
Entity Address, State or Province | TX |
Local Phone Number | 435-6100 |
City Area Code | 713 |
Contact Personnel Name | Precision Drilling (US) Corporation |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash | $ 21,587 | $ 40,588 |
Accounts receivable | 413,925 | 255,740 |
Inventory | 35,158 | 23,429 |
Total current assets | 470,670 | 319,757 |
Non-current assets: | ||
Income taxes recoverable | 1,602 | |
Deferred tax assets | 455 | 867 |
Property, plant and equipment | 2,303,338 | 2,258,391 |
Intangibles | 19,575 | 23,915 |
Right of use assets | 60,032 | 51,440 |
Investments and other assets | 20,451 | 7,382 |
Total non-current assets | 2,405,453 | 2,341,995 |
Total assets | 2,876,123 | 2,661,752 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 392,053 | 224,123 |
Income tax payable | 2,991 | 839 |
Current portion of lease obligation | 12,698 | 10,935 |
Current portion of long-term debt | 2,287 | 2,223 |
Total current liabilities | 410,029 | 238,120 |
Non-current liabilities: | ||
Share based compensation | 60,133 | 26,728 |
Provisions and other | 7,538 | 6,513 |
Lease obligation | 52,978 | 45,823 |
Long-term debt | 1,085,970 | 1,106,794 |
Deferred tax liabilities | 28,946 | 12,219 |
Total non-current liabilities | 1,235,565 | 1,198,077 |
Shareholders' equity: | ||
Shareholders' capital | 2,299,533 | 2,281,444 |
Contributed surplus | 72,555 | 76,311 |
Deficit | (1,301,273) | (1,266,980) |
Accumulated other comprehensive income | 159,714 | 134,780 |
Total shareholders' equity | 1,230,529 | 1,225,555 |
Total liabilities and shareholders' equity | $ 2,876,123 | $ 2,661,752 |
Consolidated Statements of Loss
Consolidated Statements of Loss $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CAD ($) | Dec. 31, 2022 $ / shares | Dec. 31, 2021 CAD ($) $ / shares | |
Profit or loss [abstract] | |||
Revenue | $ 1,617,194 | $ 986,847 | |
Expenses: | |||
Operating | 1,124,601 | 698,144 | |
General and administrative | 180,988 | 95,931 | |
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization | 311,605 | 192,772 | |
Depreciation and amortization | 279,035 | 282,326 | |
Gain on asset disposals | (29,926) | (8,516) | |
Foreign exchange | 1,278 | 393 | |
Finance charges | 87,813 | 91,431 | |
Loss (gain) on investments and other assets | (12,452) | 400 | |
Loss on redemption and repurchase of unsecured senior notes | 0 | 9,520 | |
Loss before income taxes | (14,143) | (182,782) | |
Income taxes: | |||
Current | 4,362 | 3,203 | |
Deferred | 15,788 | (8,599) | |
Income taxes | 20,150 | (5,396) | |
Net loss | $ (34,293) | $ (177,386) | |
Net loss per share: | |||
Basic | (per share) | $ (2.53) | $ (13.32) | |
Diluted | (per share) | $ (2.53) | $ (13.32) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of comprehensive income [abstract] | ||
Net loss | $ (34,293) | $ (177,386) |
Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency | 106,669 | (11,256) |
Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt | (81,735) | 8,455 |
Comprehensive loss | $ (9,359) | $ (180,187) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operations: | ||
Net loss | $ (34,293) | $ (177,386) |
Adjustments for: | ||
Long-term compensation plans | 60,094 | 31,952 |
Depreciation and amortization | 279,035 | 282,326 |
Gain on asset disposals | (29,926) | (8,516) |
Foreign exchange | 638 | 1,733 |
Finance charges | 87,813 | 91,431 |
Other | 542 | (972) |
Loss (gain) on investments and other assets | (12,452) | 400 |
Loss on redemption and repurchase of unsecured senior notes | 0 | 9,520 |
Income taxes paid | (3,263) | (5,999) |
Income taxes recovered | 24 | 48 |
Income taxes | 20,150 | (5,396) |
Interest paid | (85,678) | (67,258) |
Interest received | 310 | 360 |
Funds provided by operations | 282,994 | 152,243 |
Changes in non-cash working capital balances | (45,890) | (13,018) |
Cash provided by operations | 237,104 | 139,225 |
Investments: | ||
Purchase of property, plant and equipment | (184,250) | (75,941) |
Proceeds on sale of property, plant and equipment | 37,198 | 13,086 |
Business acquisitions | (10,200) | 0 |
Purchase of investments and other assets | (617) | (3,500) |
Changes in non-cash working capital balances | 13,454 | 9,742 |
Cash used in investing activities | (144,415) | (56,613) |
Financing: | ||
Issuance of long-term debt | 144,889 | 696,341 |
Repayment of long-term debt | (250,749) | (824,871) |
Repurchase of share capital | (10,010) | (4,294) |
Debt amendment fees | 0 | (913) |
Debt issue costs | 0 | (9,450) |
Lease payments | (7,134) | (6,726) |
Issuance of common shares on the exercise of options | 9,833 | 0 |
Cash used in financing activities | (113,171) | (149,913) |
Effect of exchange rate changes on cash and cash equivalents | 1,481 | (883) |
Decrease in cash | (19,001) | (68,184) |
Cash and cash equivalents, beginning of year | 40,588 | 108,772 |
Cash and cash equivalents, end of year | $ 21,587 | $ 40,588 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands | Total | Shareholders' Capital [Member] | Contributed Surplus [Member] | Accumulated Other Comprehensive Income [Member] | Deficit [Member] |
Balance at Dec. 31, 2020 | $ 1,406,640 | $ 2,285,738 | $ 72,915 | $ 137,581 | $ (1,089,594) |
Net loss | (177,386) | (177,386) | |||
Other comprehensive income | (2,801) | (2,801) | |||
Share-based payment reclassification | (4,757) | (4,757) | |||
Share repurchase | (4,294) | (4,294) | |||
Share-based compensation expense | 8,153 | 8,153 | |||
Balance at Dec. 31, 2021 | 1,225,555 | 2,281,444 | 76,311 | 134,780 | (1,266,980) |
Net loss | (34,293) | (34,293) | |||
Other comprehensive income | 24,934 | 24,934 | |||
Share-based payment reclassification | 13,864 | 14,083 | (219) | ||
Share repurchase | (10,010) | (10,010) | |||
Share options exercised | 9,833 | 14,016 | (4,183) | ||
Share-based compensation expense | 646 | 646 | |||
Balance at Dec. 31, 2022 | $ 1,230,529 | $ 2,299,533 | $ 72,555 | $ 159,714 | $ (1,301,273) |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Description Of Business [Abstract] | |
Description of Business | NOTE 1. Precision Drilling Corporation ( Precision Corporation |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2022 | |
Basis Of Preparation [Abstract] | |
Basis of Preparation | NOTE 2. (a) Statement of Compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS IASB These consolidated financial statements were authorized for issue by the Board of Directors on March 3, 2023. (b) Basis of Measurement The consolidated financial statements have been prepared using the historical cost basis and are presented in thousands of Canadian dollars. (c) Use of Estimates and Judgements The preparation of the 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 the preparation of the consolidated financial statements may change as future events unfold, more experience is acquired, or the Corporation’s operating environment changes. The Corporation reviews its estimates and assumptions on an ongoing basis. Adjustments that result from a change in estimate are recorded in the period in which they become known. Estimates are more difficult to determine, and the range of potential outcomes can be wider, in periods of higher volatility and uncertainty. The impacts of the COVID-19 Climate-related risks and opportunities may have a future impact on the Corporation and its estimates and judgements, including but not limited to the useful life and residual value of its property, plant and equipment and the measurement of projected cash flows when identifying impairment triggers, performing tests for impairment or impairment recoveries, when available, of non-financial The Corporation evaluated the remaining useful lives and residual values of its property, plant and equipment, concluding they remain reasonable given the current estimate of the demand period for oil and natural gas extractive services well exceeds their remaining useful lives. In addition, the Corporation’s property, plant and equipment, including drill rig equipment, adapts to numerous low-carbon In future periods, if indications of impairment of non-financial |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 3. (a) Basis of Consolidation These consolidated financial statements include the accounts of the Corporation and all of its subsidiaries and partnerships, substantially all of which are wholly owned. The consolidated financial statements of the subsidiaries are prepared for the same period as the parent entity, using consistent accounting policies. All significant intercompany balances and transactions and any unrealized gains and losses arising from intercompany transactions, have been eliminated. Subsidiaries are entities controlled by the Corporation. Control exists when Precision has the power to govern the financial and operating policies of an entity to obtain benefits from its activities. In assessing control, potential voting rights that currently are exercisable are considered. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Precision does not hold investments in any companies where it exerts significant influence and does not hold interests in any special-purpose entities. The acquisition method is used to account for acquisitions of subsidiaries and assets that meet the definition of a business under IFRS. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the cost of acquisition over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized immediately in the statement of earnings. Transaction costs, other than those associated with the issuance of debt or equity securities, that the Corporation incurs in connection with a business combination are expensed as incurred. (b) Cash Cash consists of cash and short-term investments with original maturities of three months or less. (c) Inventory Inventory is primarily comprised of operating supplies and carried at the lower of average cost, being the cost to acquire the inventory, and net realizable value. Inventory is charged to operating expenses as items are sold or consumed at the amount of the average cost of the item. (d) Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation and any accumulated impairment losses. Cost includes an expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, and borrowing costs on qualifying assets. The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Corporation, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day Property, plant, and equipment are depreciated as follows: Expected Life Salvage Value Basis of Depreciation Drilling rig equipment: – Power & Tubulars 5 years – straight-line – Dynamic 10 years – straight-line – Structural 20 years 10% straight-line Service rig equipment 20 years 10% straight-line Drilling rig spare equipment up to 15 years – straight-line Service rig spare equipment up to 15 years – straight-line Rental equipment up to 15 years 0 to 25% straight-line Other equipment 3 to 10 years – straight-line Light duty vehicles 4 years – straight-line Heavy duty vehicles 7 to 10 years – straight-line Buildings 10 to 20 years – straight-line Property, plant and equipment are depreciated based on estimates of useful lives and salvage values. These estimates consider data and information from various sources including vendors, industry practice, and Precision’s own historical experience and may change as more experience is gained, market conditions shift, or technological advancements are made. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal to the carrying amount of property, plant and equipment, and are recognized in the consolidated statements of loss. Determination of which parts of the drilling rig equipment represent significant cost relative to the entire rig and identifying the consumption patterns along with the useful lives of these significant parts, are matters of judgement. This determination can be complex and subject to differing interpretations and views, particularly when rig equipment comprises individual components for which different depreciation methods or rates are appropriate. The estimated useful lives, residual values and method and components of depreciation are reviewed annually, and adjusted prospectively, if appropriate. (e) Intangibles Intangible assets that are acquired by the Corporation with finite lives are initially recorded at estimated fair value and subsequently measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits of the specific asset to which they relate. Intangible assets are amortized based on estimates of useful lives. These estimates consider data and information from various sources including vendors and Precision’s own historical experience and may change as more experience is gained or technological advancements are made. Amortization is recognized in net earnings using the straight-line method over the estimated useful lives of the respective assets. Precision’s loan commitment fees are amortized over the term of the respective facility. Software is amortized over its expected useful life of up to 10 years. The estimated useful lives and methods of amortization are reviewed annually and adjusted prospectively if appropriate. (f) Impairment of Non-Financial The carrying amounts of the Corporation’s non-financial CGU If any such indication exists, then the asset or CGU’s recoverable amount is estimated. Judgement is required when evaluating whether a CGU has indications of impairment. The recoverable amount of an asset or a CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using an after-tax An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its estimated recoverable amount. Impairment losses are recognized in net earnings. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior years are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. (g) Borrowing Costs Interest and borrowing costs that are directly attributable to the acquisition, construction or production of assets that take a substantial period of time to prepare for their intended use are capitalized as part of the cost of those assets. Capitalization ceases during any extended period of suspension of construction or when substantially all activities necessary to prepare the asset for its intended use are complete. All other interest and borrowing costs are recognized in net earnings in the period in which they are incurred. (h) Income Taxes Income tax expense is recognized in net earnings except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax is the expected tax payable or receivable on the taxable earnings or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized using the asset and liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in net earnings in the period that includes the date of enactment or substantive enactment. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities that are expected to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The Corporation is subject to taxation in numerous jurisdictions. Uncertainties exist with respect to the interpretation of complex tax regulations and require significant judgement. Differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to taxable income and expense already recorded. The Corporation establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions are based on various factors, such as the experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. (i) Revenue from Contracts with Customers Precision recognizes revenue from a variety of sources. In general, customer invoices are issued upon rendering all performance obligations for an individual well-site job. Under the Corporation’s standard contract terms, customer payments are to be received within 30 days of the customer’s receipt of an invoice. Contract Drilling Services The Corporation contracts individual drilling rig packages, including crews and support equipment, to its customers. Depending on the customer’s drilling program, contracts may be for a single well, multiple wells or a fixed term. Revenue from contract drilling services is recognized over time from spud to rig release on a daily basis. Operating days are measured through industry standard tour sheets that document the daily activity of the rig. Revenue is recognized at the applicable day rate for each well, based on rates specified in the drilling contract. The Corporation provides services under turnkey contracts, whereby Precision is required to drill a well to an agreed upon depth under specified conditions for a fixed price, regardless of the time required or problems encountered in drilling the well. Revenue from turnkey drilling contracts is recognized over time using the input method based on costs incurred to date in relation to estimated total contract costs, as that most accurately depicts the Corporation’s performance. Completion and Production Services The Corporation provides a variety of well completion and production services including well servicing. In general, service rigs do not involve long-term contracts or penalties for termination. Revenue is recognized daily upon completion of services. Operating days are measured through daily tour sheets and field tickets. Revenue is recognized at the applicable daily or hourly rate, as stipulated in the contract. The Corporation offers its customers a variety of oilfield equipment for rental. Rental revenue is recognized daily at the applicable rate stated in the rental contract. Rental days are measured through field tickets. The Corporation provides accommodation and catering services to customers in remote locations. Customers contract these services either as a package or individually for a fixed term. For accommodation services, the Corporation supplies camp equipment and revenue is recognized over time on a daily basis, once the equipment is on-site (j) Employee Benefit Plans Precision sponsors various defined contribution retirement plans for its employees. The Corporation’s contributions to defined contribution plans are expensed as employees earn the entitlement. (k) Provisions Provisions are recognized when the Corporation has a present obligation as a result of a past event, when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and when a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. (l) Share-Based Incentive Compensation Plans The Corporation has established several cash-settled share-based incentive compensation plans for non-management re-measured change to the fair value of the liability recognized in net earnings for the period. When the plans are settled, the cash paid reduces the outstanding liability. The Corporation has an employee share purchase plan that allows eligible employees to purchase common shares through payroll deductions. Prior to January 1, 2012, the Corporation had an equity-settled deferred share unit plan whereby non-management The Corporation has a share option plan for certain eligible employees. Under this plan, the fair value of share purchase options is calculated at the date of grant using the Black-Scholes option pricing model, and that value is recorded as compensation expense over the grant’s vesting period with an offsetting credit to contributed surplus. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of options that vest. Upon exercise of the equity purchase option, the associated amount is reclassified from contributed surplus to shareholders’ capital. Consideration paid by employees upon exercise of the equity purchase options is credited to shareholders’ capital. (m) Foreign Currency Translation Transactions of the Corporation’s individual entities are recorded in the currency of the primary economic environment in which it operates (its functional currency). Transactions in currencies other than the entities’ functional currency are translated at rates in effect at the time of the transaction. At each period end, monetary assets and liabilities are translated at the prevailing period-end Non-monetary For the purpose of preparing the Corporation’s consolidated financial statements, the financial statements of each foreign operation that does not have a Canadian dollar functional currency are translated into Canadian dollars. Assets and liabilities are translated at exchange rates in effect at the period end date. Revenues and expenses are translated using average exchange rates for the month of the respective transaction. Gains or losses resulting from these translation adjustments are recognized initially in other comprehensive income and reclassified from equity to net earnings on disposal or partial disposal of the foreign operation. (n) Per Share Amounts Basic per share amounts are calculated using the weighted average number of shares outstanding during the period. Diluted per share amounts are calculated by using the treasury stock method for equity-based compensation arrangements. The treasury stock method assumes that any proceeds obtained on exercise of equity-based compensation arrangements would be used to purchase common shares at the average market price during the period. The weighted average number of shares outstanding is then adjusted by the difference between the number of shares issued from the exercise of equity-based compensation arrangements and shares repurchased from the related proceeds. (o) Financial Instruments i) Non-Derivative Financial assets and liabilities are classified and measured at amortized cost, fair value through other comprehensive income or fair value through net earnings. The classification of financial assets and liabilities is generally based on the business model in which the asset or liability is managed and its contractual cash flow characteristics. Financial assets held within a business model whose objective is to collect contractual cash flows and whose contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding are measured at amortized cost. After their initial fair value measurement, accounts receivable, accounts payable and accrued liabilities and long-term debt are classified and measured at amortized cost using the effective interest rate method. Upon initial recognition of a non-derivative ECL ii) Derivative Financial Instruments: The Corporation may enter into certain financial derivative contracts in order to manage the exposure to market risks from fluctuations in interest rates or exchange rates. These instruments are not used for trading or speculative purposes. Precision has not designated its financial derivative contracts as effective accounting hedges, and thus has not applied hedge accounting, even though it considers certain financial contracts to be economic hedges. As a result, financial derivative contracts are classified as fair value through net earnings and are recorded on the statement of financial position at estimated fair value. Transaction costs are recognized in net earnings when incurred. Derivatives embedded in financial assets are never separated. Rather, the financial instrument as a whole is assessed for classification. Derivatives embedded in financial liabilities are separated from the host contract and accounted for separately when their economic characteristics and risks are not closely related to the host contract. Embedded derivatives in financial liabilities are recorded on the statement of financial position at estimated fair value and changes in the fair value are recognized in earnings. (p) Hedge Accounting The Corporation utilizes foreign currency long-term debt to hedge its exposure to changes in the carrying values of the Corporation’s net investment in certain foreign operations from fluctuations in foreign exchange rates. To be accounted for as a hedge, the foreign currency long-term debt must be designated and documented as a hedge and must be effective at inception and on an ongoing basis. The documentation defines the relationship between the foreign currency long-term debt and the net investment in the foreign operations, as well as the Corporation’s risk management objective and strategy for undertaking the hedging transaction. The Corporation formally assesses, both at inception and on an ongoing basis, whether the changes in fair value of the foreign currency long-term debt is highly effective in offsetting changes in fair value of the net investment in the foreign operations. The portion of gains or losses on the hedging item determined to be an effective hedge is recognized in other comprehensive income, net of tax, and is limited to the translation gain or loss on the net investment, while ineffective portions are recorded through net earnings. A reduction in the fair value of the net investment in the foreign operations or increase in the foreign currency long-term debt balance may result in a portion of the hedge becoming ineffective. If the hedging relationship ceases to be effective or is terminated, hedge accounting is not applied to subsequent gains or losses. The amounts recognized in other comprehensive income are reclassified to net earnings and the corresponding exchange gains or losses arising from the translation of the foreign operation are recorded through net earnings upon dissolution or substantial dissolution of the foreign operation. (q) Leases At inception, Precision assesses whether its contracts contain a lease. A contract contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The assessment of whether a contract conveys the right to control the use of an identified asset considers whether: ● the contract involves the use of an identified asset and the substantive substitution rights of the supplier. If the supplier has a substantive substitution right, then the asset is not identified; ● the lessee’s right to obtain substantially all of the economic benefits from the use of the asset; and ● the lessee’s right to direct the use of the asset, including decision-making to change how and for what purpose the asset is used. At inception or on reassessment of a contract that contains a lease component, Precision allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. Leases in which Precision is a lessee Precision recognizes a right-of-use right-of-use The right-of-use right-of-use right-of-use right-of-use The lease obligation is initially measured at the present value of the minimum lease payments not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Precision’s incremental borrowing rate. Generally, Precision uses its incremental borrowing rate as the discount rate for those leases in which it is the lessee. Lease payments included in the measurement of the lease obligation comprise the following: ● fixed payments, including in-substance ● variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; ● amounts expected to be payable under a residual value guarantee; and ● the exercise price under a purchase option that Precision is reasonably certain to exercise, lease payments in an optional renewal period if Precision is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless Precision is reasonably certain not to terminate early. The lease obligation is measured at amortized cost using the effective interest method. The measurement of lease obligations requires the use of certain estimates and assumptions including discount rates, exercise of lease term extension options, and escalating lease rates. It is remeasured when there is a change in: ● future lease payments arising from a change in an index or rate; ● the estimated amount expected to be payable under a residual value guarantee; or ● the assessment of whether Precision will exercise a purchase, extension or termination option. When the lease obligation is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use right-of-use Leases in which Precision is a lessor When Precision acts as a lessor, at inception, Precision evaluates the classification as either a finance or operating lease. To classify each lease, Precision makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease, if not, then it is an operating lease. When acting as a sub-lessor, sub-lease sub-lease right-of-use sub-lease If an arrangement contains lease and non-lease (r) Government Assistance and Grants Precision may receive government grants in the form of transfers of resources in return for past or future compliance with certain conditions relating to operating activities. Government grants are recognized once there is reasonable assurance that Precision will comply with the attached conditions and grants will be received. Government grants are recognized in net earnings on a systematic basis over the periods in which Precision recognizes expenses related to costs for which the grants are intended to compensate. (s) Critical Accounting Assumptions and Estimates i) Impairment of Long-Lived Assets At each reporting date, the Corporation reviews the carrying amount of assets in each CGU to determine whether an indicator of impairment exists. The Corporation’s analysis is based on relevant internal and external factors that indicate a CGU may be impaired such as the obsolescence or planned disposal of significant assets, financial performance of the CGU compared to forecasts, with a focus upon earnings before income tax, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization ( Adjusted EBITDA When indications of impairment exist within a CGU, a recoverable amount is determined which requires assumptions to estimate future discounted cash flows. These estimates and assumptions include future drilling activity and margins and the resulting estimated Adjusted EBITDA associated with the CGU and the discount rate used to present value the estimated cash flows. In selecting a discount rate, the Corporation uses observable market data inputs to develop a rate that the Corporation believes approximates the discount rate of market participants. Although the Corporation believes the assumptions and estimates are reasonable and consistent with current conditions, internal planning, and expected future operations, such assumptions and estimations are subject to significant uncertainty and judgement. ii) Income Taxes Significant estimation and assumptions are required in determining the provision for income taxes. The recognition of deferred tax assets in respect of deductible temporary differences and unused tax losses and credits is based on the Corporation’s estimation of future taxable profit against which these differences, losses and credits may be used. The assessment is based upon existing tax laws and estimates of the Corporation’s future taxable income. These estimates may be materially different from the actual final tax return in future periods. (t) Accounting Standards and Amendments not yet Effective The IASB has issued several new standards and amendments to existing standards that will become effective for periods subsequent to December 31, 2022. Accordingly, these new standards and amendments were not applied when preparing these consolidated financial statements. For each standard, Precision has assessed or is in the process of assessing the impact these new standards and amendments will have on its consolidated financial statements. Standards and Amendments Effective for periods beginning on or after Impact to Precision IFRS 17 Insurance Contracts January 1, 2023 Review in-progress Definition of Accounting Estimates (Amendments to IAS 8) January 1, 2023 Review in-progress Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) January 1, 2023 Review in-progress Disclosure of Accounting Policies (Amendments of IAS 1) January 1, 2023 Review in-progress Classification of liabilities as current or non-current January 1, 2024 Review in-progress |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Business Combination | NOTE 4. On July 27, 2022, Precision acquired the well servicing business and associated rental assets of High Arctic Energy Services Inc. for consideration of $38 million. On the date of acquisition, Precision made a $10 million cash payment with the remaining balance of $28 million, included in accounts payable and accrued liabilities at December 31, 2022, and subsequently paid in the first quarter of 2023. Included in the Completion and Production Services operating segment, the acquisition increased the size and scale of Precision’s operations within the Canadian well servicing industry, adding well-service rigs to its fleet along with related rental assets, ancillary support equipment, inventories, spares and operating facilities in key operating basins. The acquisition was accounted for as a business combination, using the acquisition method, whereby the Acquired Assets and Assumed Liabilities ( Acquired Net Assets Precision incurred $1 million of various transaction costs related to the business combination, which were recognized as an expense in the statement of net loss. These costs were primarily related to advisory, legal, consulting and other transaction costs. The following table summarizes the allocation of the purchase price: (Stated in thousands of Canadian dollars) Cash $ 10,200 Accounts payable and accrued liabilities 27,300 Fair value of consideration transferred $ 37,500 Acquired Assets Rig equipment $ 32,796 Vehicles 900 Buildings 1,457 Land 2,347 Right-of-use 6,990 Assumed Liabilities Lease obligations (6,990 ) Fair value of Acquired Net Assets $ 37,500 Since the date of acquisition, depreciation of the acquired property, plant and equipment was recognized in the statement of net loss in accordance with Precision’s existing depreciation policies for similar equipment types. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Revenue Explanatory [Abstract] | |
Revenue | NOTE 5. The following table includes a reconciliation of disaggregated revenue by reportable segment (Note 6). Revenue has been disaggregated by primary geographical market and type of service provided. Year ended December 31, 2022 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total United States $ 727,544 $ 18,129 $ — $ (43 ) $ 745,630 Canada 562,586 169,042 — (6,068 ) 725,560 International 146,004 — — — 146,004 $ 1,436,134 $ 187,171 $ — $ (6,111 ) $ 1,617,194 Day rate/hourly services $ 1,394,394 $ 187,171 $ — $ (748 ) $ 1,580,817 Shortfall payments/idle but contracted 2,153 — — — 2,153 Turnkey drilling services 31,723 — — — 31,723 Other 7,864 — — (5,363 ) 2,501 $ 1,436,134 $ 187,171 $ — $ (6,111 ) $ 1,617,194 Year ended December 31, 2021 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total United States $ 385,330 $ 12,700 $ — $ (6 ) $ 398,024 Canada 347,562 100,788 — (4,578 ) 443,772 International 145,051 — — — 145,051 $ 877,943 $ 113,488 $ — $ (4,584 ) $ 986,847 Day rate/hourly services $ 845,832 $ 113,488 $ — $ (462 ) $ 958,858 Shortfall payments/idle but contracted 543 — — — 543 Turnkey drilling services 17,086 — — — 17,086 Directional services (1) 7,871 — — — 7,871 Other 6,611 — — (4,122 ) 2,489 $ 877,943 $ 113,488 $ — $ (4,584 ) $ 986,847 |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Segmented Information | NOTE 6. The Corporation operates primarily in Canada, the United States and certain international locations, in two industry segments; Contract Drilling Services and Completion and Production Services. Contract Drilling Services includes drilling rigs, procurement and distribution of oilfield supplies, and the manufacture, sale and repair of drilling equipment. Completion and Production Services includes service rigs, oilfield equipment rental, and camp and catering services. Year ended December 31, 2022 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total Revenue $ 1,436,134 $ 187,171 $ — $ (6,111 ) $ 1,617,194 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization 397,753 38,147 (124,295 ) — 311,605 Depreciation and amortization 255,286 14,381 9,368 — 279,035 Gain on asset disposals (25,495 ) (3,233 ) (1,198 ) — (29,926 ) Total assets 2,574,867 179,226 122,030 — 2,876,123 Capital expenditures 177,844 5,325 1,081 — 184,250 Year ended December 31, 2021 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total Revenue $ 877,943 $ 113,488 $ — $ (4,584 ) $ 986,847 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization 231,532 23,807 (62,567 ) — 192,772 Depreciation and amortization 256,072 15,405 10,849 — 282,326 Gain on asset disposals (7,673 ) (525 ) (318 ) — (8,516 ) Total assets 2,392,382 127,233 142,137 — 2,661,752 Capital expenditures 70,998 4,452 491 — 75,941 A reconciliation of earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (g a 2022 2021 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization $ 311,605 $ 192,772 Deduct: Depreciation and amortization 279,035 282,326 Gain on asset disposals (29,926 ) (8,516 ) Foreign exchange 1,278 393 Finance charges 87,813 91,431 Loss (gain) on investments and other assets (12,452 ) 400 Loss on redemption and repurchase of unsecured senior notes — 9,520 Income taxes 20,150 (5,396 ) Net loss $ (34,293 ) $ (177,386 ) The Corporation’s operations are carried on in the following geographic locations: Year ended December 31, 2022 United States Canada International Total Revenue $ 745,630 $ 725,560 $ 146,004 $ 1,617,194 Total assets 1,376,413 1,056,093 443,617 2,876,123 Year ended December 31, 2021 United States Canada International Total Revenue $ 398,024 $ 443,772 $ 145,051 $ 986,847 Total assets 1,247,173 959,163 455,416 2,661,752 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment | NOTE 7. 2022 2021 Cost $ 6,906,771 $ 6,503,721 Accumulated depreciation (4,603,433 ) (4,245,330 ) $ 2,303,338 $ 2,258,391 Rig equipment 2,083,446 2,074,185 Rental equipment 15,977 20,597 Other equipment 11,465 17,088 Vehicles 3,380 3,204 Buildings 38,949 44,009 Assets under construction 117,535 67,884 Land 32,586 31,424 $ 2,303,338 $ 2,258,391 Cost Rig Equipment Rental Equipment Other Equipment Vehicles Buildings Assets Under Construction Land Total Balance, December 31, 2020 $ 6,025,767 $ 105,024 $ 181,004 $ 35,350 $ 122,278 $ 60,572 $ 33,211 $ 6,563,206 Additions 15,288 — 254 — — 60,399 — 75,941 Disposals (100,004 ) (1,822 ) (2,300 ) (543 ) (2,454 ) — (1,674 ) (108,797 ) Reclassifications 47,080 — 188 — — (47,268 ) — — Foreign exchange (19,815 ) (21 ) (429 ) (127 ) (305 ) (5,819 ) (113 ) (26,629 ) Balance, December 31, 2021 5,968,316 103,181 178,717 34,680 119,519 67,884 31,424 6,503,721 Additions 63,058 587 517 — 141 122,271 — 186,574 Acquisitions 32,796 — — 900 1,457 — 2,347 37,500 Disposals (71,912 ) (7,538 ) (8,358 ) (873 ) (9,461 ) 2 (2,187 ) (100,327 ) Reclassifications 74,148 — 188 — — (74,336 ) — — Foreign exchange 268,056 224 4,345 1,295 2,667 1,714 1,002 279,303 Balance, December 31, 2022 $ 6,334,462 $ 96,454 $ 175,409 $ 36,002 $ 114,323 $ 117,535 $ 32,586 $ 6,906,771 Accumulated Depreciation Rig Equipment Rental Equipment Other Equipment Vehicles Buildings Assets Under Construction Land Total Balance, December 31, 2020 $ 3,755,973 $ 77,665 $ 153,686 $ 30,372 $ 72,827 $ — $ — $ 4,090,523 Depreciation expense 248,564 6,741 10,410 1,739 4,582 — — 272,036 Disposals (95,977 ) (1,804 ) (2,194 ) (543 ) (1,769 ) — — (102,287 ) Foreign exchange (14,429 ) (18 ) (273 ) (92 ) (130 ) — — (14,942 ) Balance, December 31, 2021 3,894,131 82,584 161,629 31,476 75,510 — — 4,245,330 Depreciation expense 250,885 5,196 6,894 875 4,252 — — 268,102 Disposals (66,452 ) (7,522 ) (8,357 ) (873 ) (5,793 ) — — (88,997 ) Foreign exchange 172,452 219 3,778 1,144 1,405 — — 178,998 Balance, December 31, 2022 $ 4,251,016 $ 80,477 $ 163,944 $ 32,622 $ 75,374 $ — $ — $ 4,603,433 (a) Impairment Precision reviews the carrying value of its long-lived assets for indications of impairment at the end of each reporting period. At December 31, 2022, Precision reviewed each of its cash-generating units and did not identify indications of impairment and, therefore, did not test its CGUs for impairment. (b) Asset Additions In 2022, Precision purchased $184 million (2021 – $76 million) of property, plant and equipment and completed $2 million (2021 – nil) non-cash (c) Asset Disposals Through the completion of normal course business operations, the Corporation sold used assets incurring gains or losses on disposal resulting in a net gain on asset disposal of $30 million (2021 – $9 million). During 2021, Precision sold its directional drilling business to Cathedral Energy Services Ltd. ( Cathedral two-year |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangibles | NOTE 8. 2022 2021 Cost $ 55,111 $ 55,108 Accumulated amortization (35,536 ) (31,193 ) $ 19,575 $ 23,915 Loan commitment fees related to Senior Credit Facility $ 1,408 $ 2,067 Software 18,167 21,848 $ 19,575 $ 23,915 Cost Loan Commitment Fees Software Total Balance, December 31, 2020 $ 16,168 $ 38,021 $ 54,189 Additions 913 — 913 Foreign exchange — 6 6 Balance, December 31, 2021 17,081 38,027 55,108 Additions — — — Foreign exchange — 3 3 Balance, December 31, 2022 $ 17,081 $ 38,030 $ 55,111 Accumulated Amortization Loan Commitment Fees Software Total Balance, December 31, 2020 $ 14,059 $ 12,464 $ 26,523 Amortization expense 955 3,715 4,670 Balance, December 31, 2021 15,014 16,179 31,193 Amortization expense 659 3,668 4,327 Foreign exchange — 16 16 Balance, December 31, 2022 $ 15,673 $ 19,863 $ 35,536 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Long Term Debt [Abstract] | |
Long-Term Debt | NOTE 9. 2022 2021 2022 2021 U.S. Denominated Facilities Canadian Facilities and Translated Current Portion of Long-Term Debt Canadian Real Estate Credit Facility US$ — US$ — $ 1,333 $ 1,333 U.S. Real Estate Credit Facility 704 704 954 890 US$ 704 US$ 704 $ 2,287 $ 2,223 Long-Term Debt Senior Credit Facility US$ 44,000 US$ 118,000 $ 59,620 $ 149,206 Canadian Real Estate Credit Facility — — 16,334 17,667 U.S. Real Estate Credit Facility 8,389 9,093 11,368 11,498 Unsecured Senior Notes: 7.125% senior notes due 2026 347,765 347,765 471,225 439,735 6.875% senior notes due 2029 400,000 400,000 542,004 505,784 US$ 800,154 US$ 874,858 1,100,551 1,123,890 Less net unamortized debt issue costs (14,581 ) (17,096 ) $ 1,085,970 $ 1,106,794 Senior Credit Facility Unsecured Senior Notes Canadian Real Estate Credit Facility U.S. Real Estate Credit Facility Debt Issue Costs and Original Issue Discount Total Balance December 31, 2020 $ 95,041 $ 1,141,638 $ — $ 13,370 $ (12,943 ) $ 1,237,106 Changes from financing cash flows: Proceeds from unsecured senior notes — 482,064 — — — 482,064 Proceeds from Senior Credit Facility 194,277 — — — — 194,277 Proceeds from Real Estate Credit Facility — — 20,000 — — 20,000 Repayment of unsecured senior notes — (676,058 ) — — — (676,058 ) Repayment of Senior Credit Facility (146,930 ) — — — — (146,930 ) Repayment of Real Estate Credit Facility — — (1,000 ) (883 ) — (1,883 ) Payment of debt issue costs — — — — (9,450 ) (9,450 ) Non-cash Loss on redemption and repurchase of unsecured senior notes — 9,520 — — — 9,520 Amortization of debt issue costs — — — — 8,720 8,720 Original issue discount — 3,628 — — (3,427 ) 201 Foreign exchange 6,818 (15,273 ) — (99 ) 4 (8,550 ) Balance December 31, 2021 $ 149,206 $ 945,519 $ 19,000 $ 12,388 $ (17,096 ) $ 1,109,017 Current — — 1,333 890 — 2,223 Long-term 149,206 945,519 17,667 11,498 (17,096 ) 1,106,794 Balance December 31, 2021 $ 149,206 $ 945,519 $ 19,000 $ 12,388 $ (17,096 ) $ 1,109,017 Changes from financing cash flows: Proceeds from Senior Credit Facility 144,889 — — — — 144,889 Repayment of Senior Credit Facility (248,500 ) — — — — (248,500 ) Repayment of Real Estate Credit Facility — — (1,333 ) (916 ) — (2,249 ) Non-cash Amortization of debt issue costs — — — — 2,528 2,528 Foreign exchange 14,025 67,710 — 850 (13 ) 82,572 Balance December 31, 2022 $ 59,620 $ 1,013,229 $ 17,667 $ 12,322 $ (14,581 ) $ 1,088,257 Current — — 1,333 954 — 2,287 Long-term 59,620 1,013,229 16,334 11,368 (14,581 ) 1,085,970 Balance December 31, 2022 $ 59,620 $ 1,013,229 $ 17,667 $ 12,322 $ (14,581 ) $ 1,088,257 Precision’s c u 2023 $ 2,287 2024 2,287 2025 71,367 2026 484,893 Thereafter 542,004 $ 1,102,838 (a) Senior Credit Facility: The senior secured revolving credit facility ( Senior Credit Facility The Senior Credit Facility requires Precision comply with certain restrictive and financial covenants including a leverage ratio of consolidated senior debt to consolidated Covenant EBITDA (as defined in the debt agreement) of less than 2.5:1. For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness. It also requires the Corporation to maintain a ratio of consolidated Covenant EBITDA to consolidated interest expense for the most recent four consecutive quarters, of greater than 2.5:1, subject to the amendments noted below. Distributions under the Senior Credit Facility are subject to a pro-forma pro-forma On April 9, 2020, Precision agreed Under the Senior Credit Facility, amounts can be drawn in U.S. dollars and/or Canadian dollars. At December 31, 2022, US$44 million was drawn under this facility (2021 – US$118 million). Up to US$200 million of the Senior Credit Facility is available for letters of credit denominated in U.S and/or Canadian dollars and other currencies acceptable to the fronting lender. As at December 31, 2022 outstanding letters of credit amounted to US$56 million (2021 – US$33 million). The interest rate on loans that are denominated in U.S. dollars is, at the option of Precision, either a margin over a U.S. base rate or a margin over LIBOR. The interest rate on loans denominated in Canadian dollars is, at the option of Precision, either a margin over the Canadian prime rate or a margin over the Canadian Dollar Offered Rate ( CDOR (b) Real Estate Credit Facility In November 2020, Precision established a Real Estate Term Credit Facility. The facility matures in November 2025 and is secured by real property located in Houston, Texas. Principal plus interest payments are due monthly, based on 15-year In March 2021, Precision established a Canadian Real Estate Credit Facility. The facility matures in March 2026 and is secured by real properties in Alberta, Canada. Principal plus interest payments are due quarterly, based on 15-year The Real Estate Credit Facilities contain certain affirmative and negative covenants and events of default, customary for these types of transactions. Under the terms of these facilities, Precision must maintain financial covenants in accordance with the Senior Credit Facility, described above, as of the last day of each period of four consecutive fiscal quarters. For the Canadian Real Estate Credit Facility, in the event the Senior Credit Facility expires, is cancelled or is terminated, financial covenants in effect at that time shall remain in place for the remaining duration of the facility. For the U.S. Real Estate Credit Facility, in the event the consolidated Covenant EBITDA to consolidated interest expense coverage ratio is waived or removed from the Senior Credit Facility, a minimum threshold of 1.15:1 is required. (c) Unsecured Senior Notes: Precision has the following unsecured senior notes outstanding: 7.125% US$ senior notes due 2026 These unsecured senior notes bear interest at a fixed rate of 7.125% per annum and mature on January 15, 2026. Interest is payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2018. Precision may redeem these notes in whole or in part at any time on or after November 15, 2020 and before November 15, 2022, at redemption prices ranging between 105.344% and 101.781% of their principal amount plus accrued interest. Any time on or after November 15, 2023, these notes can be redeemed for their principal amount plus accrued interest. Upon specified change of control events, each holder of a note will have the right to sell to Precision all or a portion of its notes at a purchase price in cash equal to 6.875% US$ senior notes due 2029 These unsecured senior notes bear interest at a fixed rate of 6.875% per annum and mature on January 15, 2029. Interest is payable semi-annually on January 15 and July 15 of each year, commencing January 15, 2022. These unsecured senior notes were issued at a price equal to 99.253% of the face value, resulting in a US$3 million original issue discount. The original issue discount will be amortized over the life of the notes using the effective interest rate method. Prior to June 15, 2024, Precision may redeem up to 35% of the 6.875% unsecured senior notes due in 2029 with the net proceeds of certain equity offerings at a redemption price equal to 106.875% of the principal amount plus accrued interest. Prior to January 15, 2025, Precision may redeem these notes in whole or in part at 100% of their principal amount, plus accrued interest and the greater of 1.0% of the principal amount of the note to be redeemed and the excess, if any, of the present value of the January 15, 2025 redemption price plus required interest payments through January 15, 2025 (calculated using the U.S. Treasury rate plus 50 basis points) over the principal amount of the note. As well, Precision may redeem these notes in whole or in part at any time on or after January 15, 2025 and before January 15, 2027, at redemption prices ranging between 103.438% and 101.719% of their principal amount plus accrued interest. Any time on or after January 15, 2027, these notes can be redeemed for their principal amount plus accrued interest. Upon specified change of control events, each holder of a note will have the right to sell to Precision all or a portion of its notes at a purchase price in cash equal to 101% of the principal amount, plus accrued interest to the date of purchase. The unsecured senior notes require Precision to comply with certain restrictive and financial covenants including an incurrence based test of Consolidated Interest Coverage Ratio, as defined in the senior note agreements, of greater than or equal to 2.0:1 for the most recent four consecutive fiscal quarters. In the event the Consolidated Interest Coverage Ratio is less than 2.0:1 for the most recent four consecutive fiscal quarters the senior notes restrict Precision’s ability to incur additional indebtedness. The unsecured senior notes also contain a restricted payments covenant that limits Precision’s ability to make payments in the nature of dividends, distributions and for repurchases from shareholders. These restricted payments baskets grow by, among other things, 50% of cumulative consolidated net earnings, and decrease by 100% of cumulative consolidated net losses as defined in the note agreements, and cumulative payments made to shareholders. At December 31, 2022, the governing net restricted payments basket was negative $363 million (2021 – negative $369 million), therefore limiting us from making any further dividend payments or share repurchases until the governing restricted payments basket once again becomes positive. During 2022, pursuant to the indentures governing the unsecured senior notes, Precision used the available general restricted payments basket to facilitate the repurchase and cancellation of its common shares. Precision’s unsecured senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all U.S. and Canadian subsidiaries that guaranteed the Senior Credit Facility ( Guarantor Subsidiaries non-financial 3-10 S-X. (d) Covenants: At December 31, 2022, Precision was in compliance with the covenants of the Senior Credit Facility, Real Estate Credit Facilities and unsecured senior notes. Covenant At December 31, 2022 Senior Credit Facility Consolidated senior debt to consolidated covenant EBITDA (1) ≤ 0.22 Consolidated covenant EBITDA to consolidated interest expense ≥ 4.80 Real Estate Credit Facility Consolidated covenant EBITDA to consolidated interest expense ≥ 4.80 Unsecured Senior Notes Consolidated interest coverage ratio ≥ 3.62 (1) For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness. |
Wage Subsidies
Wage Subsidies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Wage Subsidies [Abstract] | |
Wage Subsidies | NOTE 10. In response to the economic slowdown caused by COVID-19, |
Finance Charges
Finance Charges | 12 Months Ended |
Dec. 31, 2022 | |
Finance Costs [Abstract] | |
Finance Charges | NOTE 11. 2022 2021 Interest: Long-term debt $ 81,060 $ 78,921 Lease obligations 2,934 2,764 Other 968 80 Income (323 ) (210 ) Amortization of debt issue costs 3,174 9,876 Finance charges $ 87,813 $ 91,431 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Leases [Abstract] | |
Leases | NOTE 12. (a) As a lessee Precision recognizes right-of-use Real Estate Vehicles and Equipment Total Balance, December 31, 2020 $ 43,689 $ 11,479 $ 55,168 Additions 514 3,029 3,543 Derecognition — (480 ) (480 ) Depreciation (3,566 ) (3,009 ) (6,575 ) Effect of foreign currency exchange differences (174 ) (42 ) (216 ) Balance, December 31, 2021 $ 40,463 $ 10,977 $ 51,440 Additions 1,662 5,410 7,072 Acquired 6,990 — 6,990 Depreciation (3,730 ) (3,535 ) (7,265 ) Lease remeasurements (372 ) 189 (183 ) Effect of foreign currency exchange differences 1,483 495 1,978 Balance, December 31, 2022 $ 46,496 $ 13,536 $ 60,032 Precision’s real estate lease contracts often contain renewal options which may impact the determination of the lease term for purposes of calculating the lease obligation. If it is reasonably certain that a renewal option will be exercised, the renewal period is included in the lease term. When entering a lease, Precision assesses whether it is reasonably certain renewal options will be exercised. Reasonable certainty is established if all relevant facts and circumstances indicate an economic incentive to exercise the renewal option. For the majority of its real estate leases, Precision is reasonably certain it will exercise its renewal option. Accordingly, the renewal period has been included in the lease term used to calculate the lease obligation. For the period ended December 31, 2022, Precision had total cash outflows of $10 million (2021 – $9 million) in relation to its lease obligations. The Corporation has commitments under various lease agreements, primarily for real estate and vehicles and equipment. Terms of Precision’s real estate leases run for a period of one three non-cancellable 2022 2021 Less than one year $ 10,985 $ 10,782 One to five years 28,977 29,327 More than five years 8,628 2,391 $ 48,590 $ 42,500 (b) As a lessor Precision leases its rig equipment under long-term drilling contracts with terms ranging from one The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received subsequent to December 31, 2022. Less than one year $ 481,848 One t 746,480 More than five years 37,642 $ 1,265,970 |
Share Based Compensation Plans
Share Based Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share Based Compensation Plans | NOTE 13. Precision’s omnibus equity incentive plan ( Omnibus Plan s Liability Classified Plans Restricted Share Units Performance Share Units Executive Performance Share Units Non- Management Directors’ DSUs Total Balance, December 31, 2020 $ 6,624 $ 4,751 $ 6,833 $ 1,609 $ 19,817 Expensed during the period 17,168 18,634 17,646 3,065 56,513 Reclassification from equity-settled plans — — (3,164 ) — (3,164 ) Payments (5,742 ) (1,861 ) (4,808 ) — (12,411 ) Balance, December 31, 2021 18,050 21,524 16,507 4,674 60,755 Expensed during the period 34,555 87,297 4,172 7,623 133,647 Settlement in shares — — (14,083 ) — (14,083 ) Reclassification from equity-settled plans — — (406 ) — (406 ) Payments (14,372 ) (7,960 ) (6,190 ) — (28,522 ) Foreign exchange (43 ) (3 ) — — (46 ) Balance, December 31, 2022 $ 38,190 $ 100,858 $ — $ 12,297 $ 151,345 Current 26,330 64,882 — — 91,212 Long-term 11,860 35,976 — 12,297 60,133 Balance, December 31, 2022 $ 38,190 $ 100,858 $ — $ 12,297 $ 151,345 (a) Restricted Share Units and Performance Share Units Precision has various cash-settled share-based incentive plans for officers and other eligible employees. Under the Restricted Share Unit ( RSU PSU A summary of the RSUs and PSUs outstanding under these share-based incentive plans is pr e RSUs Outstanding PSUs Outstanding December 31, 2020 484,782 565,379 Granted 356,928 488,510 Redeemed (216,820 ) (40,515 ) Forfeited (26,734 ) (29,640 ) December 31, 2021 598,156 983,734 Granted 180,710 311,579 Redeemed (266,876 ) (143,659 ) Forfeited (16,822 ) (14,983 ) December 31, 2022 495,168 1,136,671 Subsequent to December 31, 2022, Precision elected to settle certain vesting RSUs and PSUs through the issuance of 230,336 common shares. (b) Executive Performance Share Units Precision grants Executive PSUs to certain senior executives. Executive PSUs vest over a three-year period and incorporate performance criteria established at the date of grant that can adjust the number of performance share units available for settlement from zero to two times the amount originally granted. A summary of the activity under this share-based incentive plan is presented below: Executive Performance Share Units Outstanding December 31, 2020 288,707 Redeemed (96,355 ) Forfeited (2,388 ) December 31, 2021 189,964 Redeemed (189,964 ) December 31, 2022 — Included in net loss for the year ended December 31, 2022 was (c) Non-Management Precision has a deferred share unit ( DSU non-management non-management Non-management non-management A summary of the DSUs outstanding under this share-based incentive plan is presented below: Deferred Share Units Outstanding Balance December 31, 2020 77,574 Granted 27,017 Balance December 31, 2021 104,591 Granted 14,183 Balance December 31, 2022 118,774 Equity Settled Plans (d) Option Plan Under this plan, the exercise price of each option equals the fair market value of the option at the date of grant determined by the weighted average trading price for the five days preceding the grant. The options are denominated in either Canadian or U.S. dollars, and vest over a period of three years from the date of grant, as employees render continuous service to the Corporation, and have a term of seven years. A summary of the status of the equity incentive plan is presented below: Canadian Share Options Options Outstanding Range of Exercise Prices Weighted Average Exercise Price Options Exercisable December 31, 2020 148,665 $ 87.00 – 286.20 $ 138.86 141,156 Forfeited (33,060 ) 89.20 – 286.20 193.10 December 31, 2021 115,605 87.00 – 146.40 123.35 115,605 Exercised (26,705 ) 87.00 – 89.20 88.62 Forfeited (65,845 ) 89.20 – 286.20 141.05 December 31, 2022 23,055 $ 87.00 – 145.97 $ 113.01 23,055 U.S. Share Options Options Outstanding Range of Exercise Prices (US$) Weighted Average Exercise Price (US$) Options Exercisable December 31, 2020 283,793 $ 51.20 – 183.60 $ 86.23 239,521 Forfeited (15,950 ) 183.60 – 183.60 183.60 December 31, 2021 267,843 $ 51.20 – 115.80 80.43 257,854 Exercised (93,890 ) 51.20 – 68.80 61.64 Forfeited (32,205 ) 115.80 – 115.80 115.80 December 31, 2022 141,748 $ 51.20 – 111.47 $ 84.84 141,748 Canadian Share Options Total Options Outstanding Options Exercisable Range of Exercise Prices: Number Weighted Average Exercise Price Weighted Remaining Contractual Life (Years) Number Weighted Average Exercise Price $ 12,885 $ 87.00 2.15 12,885 $ 87.00 10,170 145.97 1.13 10,170 145.97 $ 23,055 $ 113.01 1.70 23,055 $ 113.01 U.S. Share Options Total Options Outstanding Options Exercisable Range of Exercise Prices (US$): Number Weighted Average Exercise Price (US$) Weighted Remaining Contractual Life (Years) Number Weighted Average Exercise Price (US$) $ 83,993 $ 66.99 2.03 83,993 $ 66.99 57,755 110.81 1.08 57,755 110.81 $ 141,748 $ 84.84 1.64 141,748 $ 84.84 No options were granted during 2021 and 2022. (e) Non-Management Prior to January 1, 2012, Precision had a deferred share unit plan for non-management non-management As at December 31, 2022, there were 1,470 (2021 – 1,470) deferred share units outstanding. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Net deferred tax assets and liabilities [abstract] | |
Income Taxes | NOTE 14. The provision for income taxes differs from that which would be expected by applying statutory Canadian income tax rates. A reconciliation of the difference for the years ended December 31, is as follows: 2022 2021 Loss before income taxes $ (14,143 ) $ (182,782 ) Federal and provincial statutory rates 24 % 24 % Tax at statutory rates $ (3,394 ) $ (43,868 ) Adjusted for the effect of: Non-deductible 1,146 1,162 Non-taxable (379 ) (257 ) Impact of foreign tax rates (2,559 ) (1,474 ) Withholding taxes 1,026 937 Taxes related to prior years 1,718 (1,467 ) Tax assets not recognized 22,592 37,924 Other — 1,647 Income tax expense (recovery) $ 20,150 $ (5,396 ) The net deferred tax liability is comprised of the tax effect of the following temporary differences: 2022 2021 Deferred tax liability: Property, plant and equipment and intangibles $ 364,278 $ 359,383 Debt issue costs 1,303 1,457 Partnership deferrals 21,768 11,082 Other 6,284 6,221 393,633 378,143 Offsetting of assets and liabilities (364,687 ) (365,924 ) $ 28,946 $ 12,219 Deferred tax assets: Losses (expire from time to time up to 204 2 $ 318,967 $ 340,406 Long-term incentive plan 36,542 14,264 Other 9,633 12,121 365,142 366,791 Offsetting of assets and liabilities (364,687 ) (365,924 ) $ 455 $ 867 The Corporation has loss carry forwards in the U.S. and certain international locations and capital loss carry forwards in Canada and other deductible temporary differences in certain international locations for which it is unlikely that sufficient future taxable income will be available. Accordingly, the Corporation has not recognized a deferred tax asset for the following items: 2022 2021 Tax losses (Capital) $ 29,255 $ 29,363 Tax losses (Income) 134,588 96,671 Deductible temporary differences 5,224 4,153 Total $ 169,067 $ 130,187 The movement in temporary differences is as follows: Property, Partnership Other Losses Debt Issue Long-Term Other Net Balance, December 31, 2020 $ 393,631 $ 2,532 $ 6,322 $ (370,439 ) $ 2,665 $ (4,956 ) $ (9,617 ) $ 20,138 Recognized in net earnings (loss) (32,562 ) 8,550 (99 ) 28,528 (1,208 ) (9,291 ) (2,517 ) (8,599 ) Foreign exchange (1,686 ) — (2 ) 1,505 — (17 ) 13 (187 ) Balance, December 31, 2021 $ 359,383 $ 11,082 $ 6,221 $ (340,406 ) $ 1,457 $ (14,264 ) $ (12,121 ) $ 11,352 Recognized in net earnings (loss) (10,047 ) 10,686 51 33,827 (154 ) (21,583 ) 3,008 15,788 Foreign exchange 14,942 — 12 (12,388 ) — (695 ) (520 ) 1,351 Balance, December 31, 2022 $ 364,278 $ 21,768 $ 6,284 $ (318,967 ) $ 1,303 $ (36,542 ) $ (9,633 ) $ 28,491 |
Bank Indebtedness
Bank Indebtedness | 12 Months Ended |
Dec. 31, 2022 | |
Debt instruments held [abstract] | |
Bank Indebtedness | NOTE 15. At December 31, 2022, Precision had available $40 million (2021 – $40 million) and US$15 million (2021 – US$15 million) under secured operating facilities, and a s e |
Provisions and Other
Provisions and Other | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other provisions [abstract] | |
Provisions and Other | NOTE 16. Workers’ Compensation Balance December 31, 2020 $ 8,308 Expensed during the year 3,296 Payment of deductibles and uninsured claims (2,815 ) Foreign exchange (71 ) Balance December 31, 2021 8,718 Expensed during the year 7,615 Payment of deductibles and uninsured claims (5,229 ) Foreign exchange 643 Balance December 31, 2022 $ 11,747 2022 2021 Current $ 4,209 $ 2,205 Long-term 7,538 6,513 $ 11,747 $ 8,718 Precision maintains a provision for the deductible and uninsured portions of workers’ compensation and general liability claims. The amount accrued for the provision for losses incurred varies depending on the number and nature of the claims outstanding at the statement of financial position dates. In addition, the accrual includes management’s estimate of the future cost to settle each claim such as future changes in the severity of the claim and increases in medical costs. Precision uses third parties to assist in developing the estimate of the ultimate costs to settle each claim, which is based on historical experience associated with the type of each claim and specific information related to each claim. The specific circumstances of each claim may change over time prior to settlement and, as a result, the estimates made as of the reporting dates may change. The current portion of the provision is presented within accounts payables and accrued liabilities. |
Shareholders' Capital
Shareholders' Capital | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Shareholders' Capital | NOTE 17. (a) Authorized – unlimited number of voting common shares – unlimited number of preferred shares, issuable in series, limited to an amount equal to one half of the issued and outstanding common shares (b) Issued Common shares Number Amount Balance, December 31, 2020 13,459,593 $ 2,285,738 Share repurchase (155,168 ) (4,294 ) Balance, December 31, 2021 13,304,425 $ 2,281,444 Share repurchase (130,395 ) (10,010 ) Settlement of Executive PSUs 263,900 14,083 Share options exercised 120,595 14,016 Balance, December 31, 2022 13,558,525 $ 2,299,533 (c) Normal Course Issuer Bid In 2022, the Toronto Stock Exchange ( TSX NCIB million). Subsequent to December 31, 2022, Precision repurchased and cancelled 15,888 common shares for $1 million. |
Per Share Amounts
Per Share Amounts | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Per Share Amounts | NOTE 18. The following tables reconcile the net loss and weighted average shares outstanding used in computing basic and diluted loss per share: 2022 2021 Net loss – basic and diluted $ (34,293 ) $ (177,386 ) (Stated in thousands) 2022 2021 Weighted average shares outstanding – basic and diluted 13,546 13,315 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income [abstract] | |
Accumulated Other Comprehensive Income | NOTE 19. Unrealized Foreign Currency Translation Gains Foreign Exchange Gain (Loss) on Net Investment Hedge Tax Benefit Related to Net Investment Hedge of Long-Term Debt Accumulated Other Comprehensive Income December 31, 2020 $ 483,657 $ (351,474 ) $ 5,398 $ 137,581 Other comprehensive income (loss) (11,256 ) 8,455 — (2,801 ) December 31, 2021 472,401 (343,019 ) 5,398 134,780 Other comprehensive income (loss) 106,669 (81,735 ) — 24,934 December 31, 2022 $ 579,070 $ (424,754 ) $ 5,398 $ 159,714 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Employees Benefit Plans [Abstract] | |
Employee Benefit Plans | NOTE 20. The Corporation has a defined contribution pension plan covering a significant number of its employees. Under this plan, the Corporation matched individual contributions up to 5% (2021 – 3%) of the employee’s eligible compensation. Total expense under the defined contribution plan in 2022 was $11 million (2021 – $6 million). |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Related Party Transactions | NOTE 21. Compensation of Key Management Personnel The remuneration of key management personnel is as follows: 2022 2021 Salaries and other benefits $ 6,132 $ 6,591 Equity-settled share-based compensation 441 5,554 Cash-settled share-based compensation 60,796 18,741 $ 67,369 $ 30,886 Key management personnel are comprised of the directors and executive officers of the Corporation. Certain executive officers have entered into employment agreements with Precision that provide termination benefits of up to 24 months base salary plus up to two times targeted incentive compensation upon dismissal without cause. |
Capital Commitments
Capital Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Commitments [Abstract] | |
Capital Commitments | NOTE 22. At December 31, 2022, the Corporation had commitments to purchase property, plant and equipment totaling $184 million (2021 – $137 million). Payments of $97 million for these commitments are expected to be made in 2023, $36 million in 2024 and $35 million in 2024. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | NOTE 23. Financial Risk Management The Board of Directors is responsible for identifying the principal risks of Precision’s business and for ensuring the implementation of systems to manage these risks. With the assistance of senior management, who report to the Board of Directors on the risks of Precision’s business, the Board of Directors considers such risks and discusses the management of such risks on a regular basis. Precision has exposure to the following risks from its use of financial instruments: (a) Credit Risk Accounts receivable includes balances from customers primarily operating in the oil and natural gas industry. The Corporation manages credit risk by assessing the creditworthiness of its customers before providing services and on an ongoing basis, and by monitoring the amount and age of balances outstanding. In some instances, the Corporation will take additional measures to reduce credit risk including obtaining letters of credit and prepayments from customers. When indicators of credit problems appear, the Corporation takes appropriate steps to reduce its exposure including negotiating with the customer, filing liens and entering into litigation. For the year ended December 31, 2022, Precision did not have any customers with revenue from transactions exceeding of consolidated revenue (2021 – one customer exceeded 10% of consolidated revenue). In addition, Precision’s most significant customer accounted for $ million of the trade receivables balance at December 31, 2022 (2021 – $ million). The movement in the expected credit loss allowance during the year was as follows: 2022 2021 Balance, January 1, $ 585 $ 862 Impairment loss recognized 1,167 29 Amounts written-off (23 ) (70 ) Impairment loss reversed (31 ) (231 ) Effect of movement in exchange rates 34 (5 ) Balance, December 31, $ 1,732 $ 585 The ageing of trade receivables at December 31 w a 2022 2021 Gross Provision for Impairment Gross Provision for Impairment Not past due $ 224,872 $ 2 $ 117,618 $ 1 Past due 0 – 30 days 54,578 16 27,235 5 Past due 31 – 120 days 18,845 1,400 8,524 474 Past due more than 120 days 766 314 105 105 $ 299,061 $ 1,732 $ 153,482 $ 585 (b) Interest Rate Risk Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. Precision had exposure to interest rate fluctuations on amounts drawn on its Senior Credit Facility and Real Estate Credit Facility as they are subject to floating rates of interest. At December 31, 2022, Precision had drawn US$44 million on its Senior Credit Facility (2021 – US$118 million) and $30 million (2021 – $31 million) on its Real Estate Credit Facilities. As at December 31, 2022, a 1% change to the interest rate would have a $1 million impact on net loss (2021 – $2 million). The interest rate on Precision’s unsecured senior notes is fixed and is not subject to interest rate risk. (c) Foreign Currency Risk The Corporation is primarily exposed to foreign currency fluctuations in relation to the working capital of its foreign operations and certain long-term debt facilities of its Canadian operations. The Corporation has no significant exposures to foreign currencies other than the U.S. dollar. The Corporation monitors its foreign currency exposure and attempts to minimize the impact by aligning appropriate levels of U.S. denominated debt with cash flows from U.S. based operations. The following financial instruments were denominated in U.S. dollars: 2022 2021 Canadian Operations Foreign Operations Canadian Operations Foreign Operations Cash US$ 264 US$ 13,421 US$ 2,398 US$ 17,382 Accounts receivable 215 175,543 14 115,614 Accounts payable and accrued liabilities (28,041 ) (101,531 ) (29,427 ) (81,971 ) Long-term liabilities, excluding long-term incentive plans (1) — (14,542 ) — (14,781 ) Net foreign currency exposure US$ (27,562 ) US$ 72,891 US$ (27,015 ) US$ 36,244 Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on net earnings (loss) $ (276 ) $ — $ (270 ) $ — Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on comprehensive loss $ — $ 729 $ — $ 362 (1) Excludes U.S. dollar long-term debt that has been designated as a hedge of the Corporation’s net investment in certain self-sustaining foreign operations. (d) Liquidity Risk Liquidity risk is the exposure of the Corporation to the risk of not being able to meet its financial obligations as they become due. The Corporation manages liquidity risk by monitoring and reviewing actual and forecasted cash flows to ensure there are available cash resources to meet these needs. The following are the contractual maturities of the Corporation’s financial liabilities and other contractual commitments as at December 31, 2022: 2023 2024 2025 2026 2027 Thereafter Total Accounts payable and accrued liabilities $ 392,053 $ — $ — $ — $ — $ — $ 392,053 Share-based compensation 94,403 62,189 31,245 — — — 187,837 Long-term debt 2,287 2,287 71,367 484,893 — 542,004 1,102,838 Interest on long-term debt (1) 77,774 77,774 77,313 54,401 37,263 38,816 363,341 Commitments 108,101 45,541 42,872 22,592 4,835 8,628 232,569 Total $ 674,618 $ 187,791 $ 222,797 $ 561,886 $ 42,098 $ 589,448 $ 2,278,638 (1) Excludes amortization of long-term debt issue costs. Fair Values The carrying value 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. Amounts drawn on the Senior Credit Facility and Real Estate Credit Facilities, measured at amortized cost, approximate fair value as this indebtedness is subject to floating rates of interest. The fair value of the unsecured senior notes at December 31, 2022 was approximately $965 million (2021 – $969 million). Financial assets and liabilities recorded or disclosed at fair value in the consolidated statements of financial position are categorized based on 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 determination and are as follows: 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. |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2022 | |
Capital Management [Abstract] | |
Capital Management | NOTE 24. The Corporation’s strategy is to carry a capital base to maintain investor, creditor and market confidence and to sustain the future development of the business. The Corporation seeks to maintain a balance between the level of long-term debt and shareholders’ equity to ensure access to capital markets to fund growth and working capital given the cyclical nature of the oilfield services sector. The Corporation strives to maintain a conservative ratio of long-term debt to long-term debt plus equity. As at December 31, 2022 and 2021, these ratios were as follows: 2022 2021 Long-term debt $ 1,085,970 $ 1,106,794 Shareholders’ equity 1,230,529 1,225,555 Total capitalization $ 2,316,499 $ 2,332,349 Long-term debt to long-term debt plus equity ratio 0.47 0.47 As at December 31, 2022, liquidity remained sufficient as Precision had $22 million (2021 – $41 million) in cash and access to the US$500 million Senior Credit Facility (2021 – US$500 million) and $115 million (2021 – $97 million) secured operating facilities. As at December 31, 2022, US$44 million (2021 – US$118 million) was drawn on the Senior Credit Facility with available credit further reduced by US$56 million (2021 – US$33 million) in outstanding letters of credit. Availability of the $40 million secured operating facility and US$40 million secured facility for the issuance of letters of credit and performance and bid bonds were reduced by outstanding letters of credit of $28 million (2021 – $7 million) and US$31 million (2021 – US$3 million), respectively. There were no amounts drawn on the US$15 million (2021 – nil |
Supplemental Information
Supplemental Information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Supplemental Information [Abstract] | |
Supplemental Information | NOTE 25. SUPPLEMENTAL INFORMATION Components of changes in non-cash 2022 2021 Accounts receivable $ (143,832 ) $ (50,255 ) Inventory (10,482 ) 1,993 Accounts payable and accrued liabilities 121,878 44,986 $ (32,436 ) $ (3,276 ) Pertaining to: Operations $ (45,890 ) $ (13,018 ) Investments 13,454 9,742 The components of accounts receivable were as follows: 2022 2021 Trade $ 297,329 $ 152,897 Accrued trade 25,446 26,731 Prepaids and other 91,150 76,112 $ 413,925 $ 255,740 The components of accounts payable and accrued liabilities were as follows: 2022 2021 Accounts payable $ 136,360 $ 90,750 Accrued liabilities: Payroll 153,932 68,953 Other 101,761 64,420 $ 392,053 $ 224,123 Precision Drilling Corporation 2022 Annual Report 33 Precision presents expenses in the consolidated statements of loss by function with the exception of depreciation and amortization and gain on asset disposals, which are presented by nature. Operating expense and general and administrative expense would include $241 million (2021 – $263 million) and $8 million (2021 – $11 million), respectively, of depreciation and amortization and gain on asset disposals, if the statements of loss were presented purely by function. The following table presents operating and general and administrative expenses by nature: 2022 2021 Wages, salaries and benefits $ 735,566 $ 482,695 Wage subsidies — (24,108 ) Purchased materials, supplies and services 436,356 278,743 Share-based compensation 133,667 56,745 $ 1,305,589 $ 794,075 Allocated to: Operating expense $ 1,124,601 $ 698,144 General and administrative 180,988 95,931 $ 1,305,589 $ 794,075 |
Contingencies and Guarantees
Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of contingent liabilities [abstract] | |
Contingencies and Guarantees | NOTE 26. The business and operations of the Corporation are complex and the Corporation has executed a number of significant financings, business combinations, acquisitions and dispositions over the course of its history. The computation of income taxes payable as a result of these transactions involves many complex factors as well as the Corporation’s interpretation of relevant tax legislation and regulations. The Corporation’s management believes that the provision for income tax is adequate and in accordance with IFRS and applicable legislation and regulations. However, there are tax filing positions that have been and can still be the subject of review by taxation authorities who may successfully challenge the Corporation’s interpretation of the applicable tax legislation and regulations, with the result that additional taxes could be payable by the Corporation. The Corporation, through the performance of its services, product sales and business arrangements, is sometimes named as a defendant in litigation. The outcome of such claims against the Corporation is not determinable at this time; however, their ultimate resolution is not expected to have a material adverse effect on the Corporation. The Corporation has entered into agreements indemnifying certain parties primarily with respect to tax and specific third-party claims associated with businesses sold by the Corporation. Due to the nature of the indemnifications, the maximum exposure under these agreements cannot be estimated. No amounts have been recorded for the indemnities as the Corporation’s obligations under them are not probable or determinable. |
Long-Term Debt Guarantors
Long-Term Debt Guarantors | 12 Months Ended |
Dec. 31, 2022 | |
Long Term Debt Guarantor Disclosure [Abstract] | |
Long-Term Debt Guarantors | NOTE 27. Precision Drilling Corporation ( Parent Guarantor Subsidiaries Obligor Group As at December 31, 2022, Precision had $1,013 million principal amount of unsecured senior notes outstanding, $471 million due in 2026 and $542 million due in 2029, all of which is guaranteed by the Guarantor Subsidiaries. The Guarantor Subsidiaries jointly and severally, fully, unconditionally, and irrevocably guarantees the payment of the principal and interest on the unsecured senior notes when they become due, whether at maturity or otherwise. The guarantee is unsecured and ranks senior with all of the Guarantor Subsidiaries’ other unsecured obligations. The Guarantor Subsidiaries will be released and relieved of their obligations under the guarantees after the obligations to the holders are satisfied in accordance with the applicable indentures. Summarized Financial Information The following tables include summarized financial information for the Obligor Group on a combined basis after the elimination of (i) intercompany transactions and balances within the Obligor Group; (ii) equity in earnings from investments in the non-guarantor Statements of Loss Parent and Guarantor Subsidiaries 2022 2021 Revenue $ 1,474,824 $ 844,619 Expenses 1,196,168 690,149 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization 278,656 154,470 Net loss (25,780 ) (171,030 ) Statements of Financial Position Parent and Guarantor Subsidiaries 2022 2021 Assets Current assets $ 378,740 $ 219,013 Property, plant and equipment 1,959,329 1,909,951 Other non-current 97,691 79,033 Parent and Guarantor Subsidiaries 2022 2021 Liabilities Current liabilities $ 365,025 $ 200,784 Long-term debt 1,085,970 1,106,794 Other non-current 144,477 87,411 Excluded from the statements of loss and statements of financial position above are the following intercompany transactions and balances that the Obligor Group had with the non-guarantor Parent and Guarantor Subsidiaries 2022 2021 Assets Accounts receivable, intercompany $ 52,649 $ 34,373 Short-term advances to affiliates 11,753 11,686 Parent and Guarantor Subsidiaries 2022 2021 Liabilities Accounts payable and accrued liabilities, intercompany $ 41,202 $ 33,820 Long-term advances from affiliates 183,330 128,606 |
Subsidiaries
Subsidiaries | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Subsidiaries | NOTE 28. Significant Subsidiaries Ownership Interest Country of Incorporation 2022 2021 Precision Limited Partnership Canada 100 % 100 % Precision Drilling Canada Limited Partnership Canada 100 % 100 % Precision Diversified Oilfield Services Corp. Canada 100 % 100 % Precision Drilling (US) Corporation United States 100 % 100 % Precision Drilling Holdings Company United States 100 % 100 % Precision Drilling Company LP United States 100 % 100 % Precision Completion & Production Services Ltd. United States 100 % 100 % Grey Wolf Drilling Limited Barbados 100 % 100 % Grey Wolf Drilling (Barbados) Ltd. Barbados 100 % 100 % |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of Consolidation | (a) Basis of Consolidation These consolidated financial statements include the accounts of the Corporation and all of its subsidiaries and partnerships, substantially all of which are wholly owned. The consolidated financial statements of the subsidiaries are prepared for the same period as the parent entity, using consistent accounting policies. All significant intercompany balances and transactions and any unrealized gains and losses arising from intercompany transactions, have been eliminated. Subsidiaries are entities controlled by the Corporation. Control exists when Precision has the power to govern the financial and operating policies of an entity to obtain benefits from its activities. In assessing control, potential voting rights that currently are exercisable are considered. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Precision does not hold investments in any companies where it exerts significant influence and does not hold interests in any special-purpose entities. The acquisition method is used to account for acquisitions of subsidiaries and assets that meet the definition of a business under IFRS. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the cost of acquisition over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized immediately in the statement of earnings. Transaction costs, other than those associated with the issuance of debt or equity securities, that the Corporation incurs in connection with a business combination are expensed as incurred. |
Cash | (b) Cash Cash consists of cash and short-term investments with original maturities of three months or less. |
Inventory | (c) Inventory Inventory is primarily comprised of operating supplies and carried at the lower of average cost, being the cost to acquire the inventory, and net realizable value. Inventory is charged to operating expenses as items are sold or consumed at the amount of the average cost of the item. |
Property, Plant and Equipment | (d) Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation and any accumulated impairment losses. Cost includes an expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, and borrowing costs on qualifying assets. The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Corporation, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day Property, plant, and equipment are depreciated as follows: Expected Life Salvage Value Basis of Depreciation Drilling rig equipment: – Power & Tubulars 5 years – straight-line – Dynamic 10 years – straight-line – Structural 20 years 10% straight-line Service rig equipment 20 years 10% straight-line Drilling rig spare equipment up to 15 years – straight-line Service rig spare equipment up to 15 years – straight-line Rental equipment up to 15 years 0 to 25% straight-line Other equipment 3 to 10 years – straight-line Light duty vehicles 4 years – straight-line Heavy duty vehicles 7 to 10 years – straight-line Buildings 10 to 20 years – straight-line Property, plant and equipment are depreciated based on estimates of useful lives and salvage values. These estimates consider data and information from various sources including vendors, industry practice, and Precision’s own historical experience and may change as more experience is gained, market conditions shift, or technological advancements are made. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal to the carrying amount of property, plant and equipment, and are recognized in the consolidated statements of loss. Determination of which parts of the drilling rig equipment represent significant cost relative to the entire rig and identifying the consumption patterns along with the useful lives of these significant parts, are matters of judgement. This determination can be complex and subject to differing interpretations and views, particularly when rig equipment comprises individual components for which different depreciation methods or rates are appropriate. The estimated useful lives, residual values and method and components of depreciation are reviewed annually, and adjusted prospectively, if appropriate. |
Intangibles | (e) Intangibles Intangible assets that are acquired by the Corporation with finite lives are initially recorded at estimated fair value and subsequently measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits of the specific asset to which they relate. Intangible assets are amortized based on estimates of useful lives. These estimates consider data and information from various sources including vendors and Precision’s own historical experience and may change as more experience is gained or technological advancements are made. Amortization is recognized in net earnings using the straight-line method over the estimated useful lives of the respective assets. Precision’s loan commitment fees are amortized over the term of the respective facility. Software is amortized over its expected useful life of up to 10 years. The estimated useful lives and methods of amortization are reviewed annually and adjusted prospectively if appropriate. |
Impairment of Non-Financial Assets | (f) Impairment of Non-Financial The carrying amounts of the Corporation’s non-financial CGU If any such indication exists, then the asset or CGU’s recoverable amount is estimated. Judgement is required when evaluating whether a CGU has indications of impairment. The recoverable amount of an asset or a CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using an after-tax An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its estimated recoverable amount. Impairment losses are recognized in net earnings. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior years are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Borrowing Costs | (g) Borrowing Costs Interest and borrowing costs that are directly attributable to the acquisition, construction or production of assets that take a substantial period of time to prepare for their intended use are capitalized as part of the cost of those assets. Capitalization ceases during any extended period of suspension of construction or when substantially all activities necessary to prepare the asset for its intended use are complete. All other interest and borrowing costs are recognized in net earnings in the period in which they are incurred. |
Income Taxes | (h) Income Taxes Income tax expense is recognized in net earnings except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax is the expected tax payable or receivable on the taxable earnings or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized using the asset and liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in net earnings in the period that includes the date of enactment or substantive enactment. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities that are expected to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The Corporation is subject to taxation in numerous jurisdictions. Uncertainties exist with respect to the interpretation of complex tax regulations and require significant judgement. Differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to taxable income and expense already recorded. The Corporation establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions are based on various factors, such as the experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. |
Revenue from Contracts with Customers | (i) Revenue from Contracts with Customers Precision recognizes revenue from a variety of sources. In general, customer invoices are issued upon rendering all performance obligations for an individual well-site job. Under the Corporation’s standard contract terms, customer payments are to be received within 30 days of the customer’s receipt of an invoice. Contract Drilling Services The Corporation contracts individual drilling rig packages, including crews and support equipment, to its customers. Depending on the customer’s drilling program, contracts may be for a single well, multiple wells or a fixed term. Revenue from contract drilling services is recognized over time from spud to rig release on a daily basis. Operating days are measured through industry standard tour sheets that document the daily activity of the rig. Revenue is recognized at the applicable day rate for each well, based on rates specified in the drilling contract. The Corporation provides services under turnkey contracts, whereby Precision is required to drill a well to an agreed upon depth under specified conditions for a fixed price, regardless of the time required or problems encountered in drilling the well. Revenue from turnkey drilling contracts is recognized over time using the input method based on costs incurred to date in relation to estimated total contract costs, as that most accurately depicts the Corporation’s performance. Completion and Production Services The Corporation provides a variety of well completion and production services including well servicing. In general, service rigs do not involve long-term contracts or penalties for termination. Revenue is recognized daily upon completion of services. Operating days are measured through daily tour sheets and field tickets. Revenue is recognized at the applicable daily or hourly rate, as stipulated in the contract. The Corporation offers its customers a variety of oilfield equipment for rental. Rental revenue is recognized daily at the applicable rate stated in the rental contract. Rental days are measured through field tickets. The Corporation provides accommodation and catering services to customers in remote locations. Customers contract these services either as a package or individually for a fixed term. For accommodation services, the Corporation supplies camp equipment and revenue is recognized over time on a daily basis, once the equipment is on-site |
Employee Benefit Plans | (j) Employee Benefit Plans Precision sponsors various defined contribution retirement plans for its employees. The Corporation’s contributions to defined contribution plans are expensed as employees earn the entitlement. |
Provisions | (k) Provisions Provisions are recognized when the Corporation has a present obligation as a result of a past event, when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and when a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. |
Share Based Incentive Compensation Plans | (l) Share-Based Incentive Compensation Plans The Corporation has established several cash-settled share-based incentive compensation plans for non-management re-measured change to the fair value of the liability recognized in net earnings for the period. When the plans are settled, the cash paid reduces the outstanding liability. The Corporation has an employee share purchase plan that allows eligible employees to purchase common shares through payroll deductions. Prior to January 1, 2012, the Corporation had an equity-settled deferred share unit plan whereby non-management The Corporation has a share option plan for certain eligible employees. Under this plan, the fair value of share purchase options is calculated at the date of grant using the Black-Scholes option pricing model, and that value is recorded as compensation expense over the grant’s vesting period with an offsetting credit to contributed surplus. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of options that vest. Upon exercise of the equity purchase option, the associated amount is reclassified from contributed surplus to shareholders’ capital. Consideration paid by employees upon exercise of the equity purchase options is credited to shareholders’ capital. |
Foreign Currency Translation | (m) Foreign Currency Translation Transactions of the Corporation’s individual entities are recorded in the currency of the primary economic environment in which it operates (its functional currency). Transactions in currencies other than the entities’ functional currency are translated at rates in effect at the time of the transaction. At each period end, monetary assets and liabilities are translated at the prevailing period-end Non-monetary For the purpose of preparing the Corporation’s consolidated financial statements, the financial statements of each foreign operation that does not have a Canadian dollar functional currency are translated into Canadian dollars. Assets and liabilities are translated at exchange rates in effect at the period end date. Revenues and expenses are translated using average exchange rates for the month of the respective transaction. Gains or losses resulting from these translation adjustments are recognized initially in other comprehensive income and reclassified from equity to net earnings on disposal or partial disposal of the foreign operation. |
Per Share Amounts | (n) Per Share Amounts Basic per share amounts are calculated using the weighted average number of shares outstanding during the period. Diluted per share amounts are calculated by using the treasury stock method for equity-based compensation arrangements. The treasury stock method assumes that any proceeds obtained on exercise of equity-based compensation arrangements would be used to purchase common shares at the average market price during the period. The weighted average number of shares outstanding is then adjusted by the difference between the number of shares issued from the exercise of equity-based compensation arrangements and shares repurchased from the related proceeds. |
Financial Instruments | (o) Financial Instruments i) Non-Derivative Financial assets and liabilities are classified and measured at amortized cost, fair value through other comprehensive income or fair value through net earnings. The classification of financial assets and liabilities is generally based on the business model in which the asset or liability is managed and its contractual cash flow characteristics. Financial assets held within a business model whose objective is to collect contractual cash flows and whose contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding are measured at amortized cost. After their initial fair value measurement, accounts receivable, accounts payable and accrued liabilities and long-term debt are classified and measured at amortized cost using the effective interest rate method. Upon initial recognition of a non-derivative ECL ii) Derivative Financial Instruments: The Corporation may enter into certain financial derivative contracts in order to manage the exposure to market risks from fluctuations in interest rates or exchange rates. These instruments are not used for trading or speculative purposes. Precision has not designated its financial derivative contracts as effective accounting hedges, and thus has not applied hedge accounting, even though it considers certain financial contracts to be economic hedges. As a result, financial derivative contracts are classified as fair value through net earnings and are recorded on the statement of financial position at estimated fair value. Transaction costs are recognized in net earnings when incurred. Derivatives embedded in financial assets are never separated. Rather, the financial instrument as a whole is assessed for classification. Derivatives embedded in financial liabilities are separated from the host contract and accounted for separately when their economic characteristics and risks are not closely related to the host contract. Embedded derivatives in financial liabilities are recorded on the statement of financial position at estimated fair value and changes in the fair value are recognized in earnings. |
Hedge Accounting | (p) Hedge Accounting The Corporation utilizes foreign currency long-term debt to hedge its exposure to changes in the carrying values of the Corporation’s net investment in certain foreign operations from fluctuations in foreign exchange rates. To be accounted for as a hedge, the foreign currency long-term debt must be designated and documented as a hedge and must be effective at inception and on an ongoing basis. The documentation defines the relationship between the foreign currency long-term debt and the net investment in the foreign operations, as well as the Corporation’s risk management objective and strategy for undertaking the hedging transaction. The Corporation formally assesses, both at inception and on an ongoing basis, whether the changes in fair value of the foreign currency long-term debt is highly effective in offsetting changes in fair value of the net investment in the foreign operations. The portion of gains or losses on the hedging item determined to be an effective hedge is recognized in other comprehensive income, net of tax, and is limited to the translation gain or loss on the net investment, while ineffective portions are recorded through net earnings. A reduction in the fair value of the net investment in the foreign operations or increase in the foreign currency long-term debt balance may result in a portion of the hedge becoming ineffective. If the hedging relationship ceases to be effective or is terminated, hedge accounting is not applied to subsequent gains or losses. The amounts recognized in other comprehensive income are reclassified to net earnings and the corresponding exchange gains or losses arising from the translation of the foreign operation are recorded through net earnings upon dissolution or substantial dissolution of the foreign operation. |
Leases | (q) Leases At inception, Precision assesses whether its contracts contain a lease. A contract contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The assessment of whether a contract conveys the right to control the use of an identified asset considers whether: ● the contract involves the use of an identified asset and the substantive substitution rights of the supplier. If the supplier has a substantive substitution right, then the asset is not identified; ● the lessee’s right to obtain substantially all of the economic benefits from the use of the asset; and ● the lessee’s right to direct the use of the asset, including decision-making to change how and for what purpose the asset is used. At inception or on reassessment of a contract that contains a lease component, Precision allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. Leases in which Precision is a lessee Precision recognizes a right-of-use right-of-use The right-of-use right-of-use right-of-use right-of-use The lease obligation is initially measured at the present value of the minimum lease payments not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Precision’s incremental borrowing rate. Generally, Precision uses its incremental borrowing rate as the discount rate for those leases in which it is the lessee. Lease payments included in the measurement of the lease obligation comprise the following: ● fixed payments, including in-substance ● variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; ● amounts expected to be payable under a residual value guarantee; and ● the exercise price under a purchase option that Precision is reasonably certain to exercise, lease payments in an optional renewal period if Precision is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless Precision is reasonably certain not to terminate early. The lease obligation is measured at amortized cost using the effective interest method. The measurement of lease obligations requires the use of certain estimates and assumptions including discount rates, exercise of lease term extension options, and escalating lease rates. It is remeasured when there is a change in: ● future lease payments arising from a change in an index or rate; ● the estimated amount expected to be payable under a residual value guarantee; or ● the assessment of whether Precision will exercise a purchase, extension or termination option. When the lease obligation is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use right-of-use Leases in which Precision is a lessor When Precision acts as a lessor, at inception, Precision evaluates the classification as either a finance or operating lease. To classify each lease, Precision makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease, if not, then it is an operating lease. When acting as a sub-lessor, sub-lease sub-lease right-of-use sub-lease If an arrangement contains lease and non-lease |
Government Assistance and Grants | (r) Government Assistance and Grants Precision may receive government grants in the form of transfers of resources in return for past or future compliance with certain conditions relating to operating activities. Government grants are recognized once there is reasonable assurance that Precision will comply with the attached conditions and grants will be received. Government grants are recognized in net earnings on a systematic basis over the periods in which Precision recognizes expenses related to costs for which the grants are intended to compensate. |
Critical Accounting Assumptions and Estimates | (s) Critical Accounting Assumptions and Estimates i) Impairment of Long-Lived Assets At each reporting date, the Corporation reviews the carrying amount of assets in each CGU to determine whether an indicator of impairment exists. The Corporation’s analysis is based on relevant internal and external factors that indicate a CGU may be impaired such as the obsolescence or planned disposal of significant assets, financial performance of the CGU compared to forecasts, with a focus upon earnings before income tax, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization ( Adjusted EBITDA When indications of impairment exist within a CGU, a recoverable amount is determined which requires assumptions to estimate future discounted cash flows. These estimates and assumptions include future drilling activity and margins and the resulting estimated Adjusted EBITDA associated with the CGU and the discount rate used to present value the estimated cash flows. In selecting a discount rate, the Corporation uses observable market data inputs to develop a rate that the Corporation believes approximates the discount rate of market participants. Although the Corporation believes the assumptions and estimates are reasonable and consistent with current conditions, internal planning, and expected future operations, such assumptions and estimations are subject to significant uncertainty and judgement. ii) Income Taxes Significant estimation and assumptions are required in determining the provision for income taxes. The recognition of deferred tax assets in respect of deductible temporary differences and unused tax losses and credits is based on the Corporation’s estimation of future taxable profit against which these differences, losses and credits may be used. The assessment is based upon existing tax laws and estimates of the Corporation’s future taxable income. These estimates may be materially different from the actual final tax return in future periods. |
Accounting Standards Implemented in 2021 | (t) Accounting Standards and Amendments not yet Effective The IASB has issued several new standards and amendments to existing standards that will become effective for periods subsequent to December 31, 2022. Accordingly, these new standards and amendments were not applied when preparing these consolidated financial statements. For each standard, Precision has assessed or is in the process of assessing the impact these new standards and amendments will have on its consolidated financial statements. Standards and Amendments Effective for periods beginning on or after Impact to Precision IFRS 17 Insurance Contracts January 1, 2023 Review in-progress Definition of Accounting Estimates (Amendments to IAS 8) January 1, 2023 Review in-progress Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) January 1, 2023 Review in-progress Disclosure of Accounting Policies (Amendments of IAS 1) January 1, 2023 Review in-progress Classification of liabilities as current or non-current January 1, 2024 Review in-progress |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment Depreciation | Property, plant, and equipment are depreciated as follows: Expected Life Salvage Value Basis of Depreciation Drilling rig equipment: – Power & Tubulars 5 years – straight-line – Dynamic 10 years – straight-line – Structural 20 years 10% straight-line Service rig equipment 20 years 10% straight-line Drilling rig spare equipment up to 15 years – straight-line Service rig spare equipment up to 15 years – straight-line Rental equipment up to 15 years 0 to 25% straight-line Other equipment 3 to 10 years – straight-line Light duty vehicles 4 years – straight-line Heavy duty vehicles 7 to 10 years – straight-line Buildings 10 to 20 years – straight-line |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Summary Of The Allocation Of The Purchase Price | The following table summarizes the allocation of the purchase price: (Stated in thousands of Canadian dollars) Cash $ 10,200 Accounts payable and accrued liabilities 27,300 Fair value of consideration transferred $ 37,500 Acquired Assets Rig equipment $ 32,796 Vehicles 900 Buildings 1,457 Land 2,347 Right-of-use 6,990 Assumed Liabilities Lease obligations (6,990 ) Fair value of Acquired Net Assets $ 37,500 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Revenue Explanatory [Abstract] | |
Summary of Reconciliation of Disaggregated Revenue by Reportable Segment | The following table includes a reconciliation of disaggregated revenue by reportable segment (Note 6). Revenue has been disaggregated by primary geographical market and type of service provided. Year ended December 31, 2022 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total United States $ 727,544 $ 18,129 $ — $ (43 ) $ 745,630 Canada 562,586 169,042 — (6,068 ) 725,560 International 146,004 — — — 146,004 $ 1,436,134 $ 187,171 $ — $ (6,111 ) $ 1,617,194 Day rate/hourly services $ 1,394,394 $ 187,171 $ — $ (748 ) $ 1,580,817 Shortfall payments/idle but contracted 2,153 — — — 2,153 Turnkey drilling services 31,723 — — — 31,723 Other 7,864 — — (5,363 ) 2,501 $ 1,436,134 $ 187,171 $ — $ (6,111 ) $ 1,617,194 Year ended December 31, 2021 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total United States $ 385,330 $ 12,700 $ — $ (6 ) $ 398,024 Canada 347,562 100,788 — (4,578 ) 443,772 International 145,051 — — — 145,051 $ 877,943 $ 113,488 $ — $ (4,584 ) $ 986,847 Day rate/hourly services $ 845,832 $ 113,488 $ — $ (462 ) $ 958,858 Shortfall payments/idle but contracted 543 — — — 543 Turnkey drilling services 17,086 — — — 17,086 Directional services (1) 7,871 — — — 7,871 Other 6,611 — — (4,122 ) 2,489 $ 877,943 $ 113,488 $ — $ (4,584 ) $ 986,847 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Summary of Operating Segments | The Corporation operates primarily in Canada, the United States and certain international locations, in two industry segments; Contract Drilling Services and Completion and Production Services. Contract Drilling Services includes drilling rigs, procurement and distribution of oilfield supplies, and the manufacture, sale and repair of drilling equipment. Completion and Production Services includes service rigs, oilfield equipment rental, and camp and catering services. Year ended December 31, 2022 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total Revenue $ 1,436,134 $ 187,171 $ — $ (6,111 ) $ 1,617,194 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization 397,753 38,147 (124,295 ) — 311,605 Depreciation and amortization 255,286 14,381 9,368 — 279,035 Gain on asset disposals (25,495 ) (3,233 ) (1,198 ) — (29,926 ) Total assets 2,574,867 179,226 122,030 — 2,876,123 Capital expenditures 177,844 5,325 1,081 — 184,250 Year ended December 31, 2021 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total Revenue $ 877,943 $ 113,488 $ — $ (4,584 ) $ 986,847 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization 231,532 23,807 (62,567 ) — 192,772 Depreciation and amortization 256,072 15,405 10,849 — 282,326 Gain on asset disposals (7,673 ) (525 ) (318 ) — (8,516 ) Total assets 2,392,382 127,233 142,137 — 2,661,752 Capital expenditures 70,998 4,452 491 — 75,941 |
Summary of Detailed Information About Reconciliation of Operating Loss to Net Loss Explanatory | A reconciliation of earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (g a 2022 2021 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization $ 311,605 $ 192,772 Deduct: Depreciation and amortization 279,035 282,326 Gain on asset disposals (29,926 ) (8,516 ) Foreign exchange 1,278 393 Finance charges 87,813 91,431 Loss (gain) on investments and other assets (12,452 ) 400 Loss on redemption and repurchase of unsecured senior notes — 9,520 Income taxes 20,150 (5,396 ) Net loss $ (34,293 ) $ (177,386 ) |
Summary of Operating Segments by Geographic Locations | The Corporation’s operations are carried on in the following geographic locations: Year ended December 31, 2022 United States Canada International Total Revenue $ 745,630 $ 725,560 $ 146,004 $ 1,617,194 Total assets 1,376,413 1,056,093 443,617 2,876,123 Year ended December 31, 2021 United States Canada International Total Revenue $ 398,024 $ 443,772 $ 145,051 $ 986,847 Total assets 1,247,173 959,163 455,416 2,661,752 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | 2022 2021 Cost $ 6,906,771 $ 6,503,721 Accumulated depreciation (4,603,433 ) (4,245,330 ) $ 2,303,338 $ 2,258,391 Rig equipment 2,083,446 2,074,185 Rental equipment 15,977 20,597 Other equipment 11,465 17,088 Vehicles 3,380 3,204 Buildings 38,949 44,009 Assets under construction 117,535 67,884 Land 32,586 31,424 $ 2,303,338 $ 2,258,391 Cost Rig Equipment Rental Equipment Other Equipment Vehicles Buildings Assets Under Construction Land Total Balance, December 31, 2020 $ 6,025,767 $ 105,024 $ 181,004 $ 35,350 $ 122,278 $ 60,572 $ 33,211 $ 6,563,206 Additions 15,288 — 254 — — 60,399 — 75,941 Disposals (100,004 ) (1,822 ) (2,300 ) (543 ) (2,454 ) — (1,674 ) (108,797 ) Reclassifications 47,080 — 188 — — (47,268 ) — — Foreign exchange (19,815 ) (21 ) (429 ) (127 ) (305 ) (5,819 ) (113 ) (26,629 ) Balance, December 31, 2021 5,968,316 103,181 178,717 34,680 119,519 67,884 31,424 6,503,721 Additions 63,058 587 517 — 141 122,271 — 186,574 Acquisitions 32,796 — — 900 1,457 — 2,347 37,500 Disposals (71,912 ) (7,538 ) (8,358 ) (873 ) (9,461 ) 2 (2,187 ) (100,327 ) Reclassifications 74,148 — 188 — — (74,336 ) — — Foreign exchange 268,056 224 4,345 1,295 2,667 1,714 1,002 279,303 Balance, December 31, 2022 $ 6,334,462 $ 96,454 $ 175,409 $ 36,002 $ 114,323 $ 117,535 $ 32,586 $ 6,906,771 Accumulated Depreciation Rig Equipment Rental Equipment Other Equipment Vehicles Buildings Assets Under Construction Land Total Balance, December 31, 2020 $ 3,755,973 $ 77,665 $ 153,686 $ 30,372 $ 72,827 $ — $ — $ 4,090,523 Depreciation expense 248,564 6,741 10,410 1,739 4,582 — — 272,036 Disposals (95,977 ) (1,804 ) (2,194 ) (543 ) (1,769 ) — — (102,287 ) Foreign exchange (14,429 ) (18 ) (273 ) (92 ) (130 ) — — (14,942 ) Balance, December 31, 2021 3,894,131 82,584 161,629 31,476 75,510 — — 4,245,330 Depreciation expense 250,885 5,196 6,894 875 4,252 — — 268,102 Disposals (66,452 ) (7,522 ) (8,357 ) (873 ) (5,793 ) — — (88,997 ) Foreign exchange 172,452 219 3,778 1,144 1,405 — — 178,998 Balance, December 31, 2022 $ 4,251,016 $ 80,477 $ 163,944 $ 32,622 $ 75,374 $ — $ — $ 4,603,433 |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of Intangibles | 2022 2021 Cost $ 55,111 $ 55,108 Accumulated amortization (35,536 ) (31,193 ) $ 19,575 $ 23,915 Loan commitment fees related to Senior Credit Facility $ 1,408 $ 2,067 Software 18,167 21,848 $ 19,575 $ 23,915 Cost Loan Commitment Fees Software Total Balance, December 31, 2020 $ 16,168 $ 38,021 $ 54,189 Additions 913 — 913 Foreign exchange — 6 6 Balance, December 31, 2021 17,081 38,027 55,108 Additions — — — Foreign exchange — 3 3 Balance, December 31, 2022 $ 17,081 $ 38,030 $ 55,111 Accumulated Amortization Loan Commitment Fees Software Total Balance, December 31, 2020 $ 14,059 $ 12,464 $ 26,523 Amortization expense 955 3,715 4,670 Balance, December 31, 2021 15,014 16,179 31,193 Amortization expense 659 3,668 4,327 Foreign exchange — 16 16 Balance, December 31, 2022 $ 15,673 $ 19,863 $ 35,536 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Long Term Debt [Abstract] | |
Long-Term Debt | 2022 2021 2022 2021 U.S. Denominated Facilities Canadian Facilities and Translated Current Portion of Long-Term Debt Canadian Real Estate Credit Facility US$ — US$ — $ 1,333 $ 1,333 U.S. Real Estate Credit Facility 704 704 954 890 US$ 704 US$ 704 $ 2,287 $ 2,223 Long-Term Debt Senior Credit Facility US$ 44,000 US$ 118,000 $ 59,620 $ 149,206 Canadian Real Estate Credit Facility — — 16,334 17,667 U.S. Real Estate Credit Facility 8,389 9,093 11,368 11,498 Unsecured Senior Notes: 7.125% senior notes due 2026 347,765 347,765 471,225 439,735 6.875% senior notes due 2029 400,000 400,000 542,004 505,784 US$ 800,154 US$ 874,858 1,100,551 1,123,890 Less net unamortized debt issue costs (14,581 ) (17,096 ) $ 1,085,970 $ 1,106,794 Senior Credit Facility Unsecured Senior Notes Canadian Real Estate Credit Facility U.S. Real Estate Credit Facility Debt Issue Costs and Original Issue Discount Total Balance December 31, 2020 $ 95,041 $ 1,141,638 $ — $ 13,370 $ (12,943 ) $ 1,237,106 Changes from financing cash flows: Proceeds from unsecured senior notes — 482,064 — — — 482,064 Proceeds from Senior Credit Facility 194,277 — — — — 194,277 Proceeds from Real Estate Credit Facility — — 20,000 — — 20,000 Repayment of unsecured senior notes — (676,058 ) — — — (676,058 ) Repayment of Senior Credit Facility (146,930 ) — — — — (146,930 ) Repayment of Real Estate Credit Facility — — (1,000 ) (883 ) — (1,883 ) Payment of debt issue costs — — — — (9,450 ) (9,450 ) Non-cash Loss on redemption and repurchase of unsecured senior notes — 9,520 — — — 9,520 Amortization of debt issue costs — — — — 8,720 8,720 Original issue discount — 3,628 — — (3,427 ) 201 Foreign exchange 6,818 (15,273 ) — (99 ) 4 (8,550 ) Balance December 31, 2021 $ 149,206 $ 945,519 $ 19,000 $ 12,388 $ (17,096 ) $ 1,109,017 Current — — 1,333 890 — 2,223 Long-term 149,206 945,519 17,667 11,498 (17,096 ) 1,106,794 Balance December 31, 2021 $ 149,206 $ 945,519 $ 19,000 $ 12,388 $ (17,096 ) $ 1,109,017 Changes from financing cash flows: Proceeds from Senior Credit Facility 144,889 — — — — 144,889 Repayment of Senior Credit Facility (248,500 ) — — — — (248,500 ) Repayment of Real Estate Credit Facility — — (1,333 ) (916 ) — (2,249 ) Non-cash Amortization of debt issue costs — — — — 2,528 2,528 Foreign exchange 14,025 67,710 — 850 (13 ) 82,572 Balance December 31, 2022 $ 59,620 $ 1,013,229 $ 17,667 $ 12,322 $ (14,581 ) $ 1,088,257 Current — — 1,333 954 — 2,287 Long-term 59,620 1,013,229 16,334 11,368 (14,581 ) 1,085,970 Balance December 31, 2022 $ 59,620 $ 1,013,229 $ 17,667 $ 12,322 $ (14,581 ) $ 1,088,257 |
Long-Term Debt Obligations | Precision’s c u 2023 $ 2,287 2024 2,287 2025 71,367 2026 484,893 Thereafter 542,004 $ 1,102,838 |
Schedule of Listing of Currently Applicable Restrictive and Financial Covenants | At December 31, 2022, Precision was in compliance with the covenants of the Senior Credit Facility, Real Estate Credit Facilities and unsecured senior notes. Covenant At December 31, 2022 Senior Credit Facility Consolidated senior debt to consolidated covenant EBITDA (1) ≤ 0.22 Consolidated covenant EBITDA to consolidated interest expense ≥ 4.80 Real Estate Credit Facility Consolidated covenant EBITDA to consolidated interest expense ≥ 4.80 Unsecured Senior Notes Consolidated interest coverage ratio ≥ 3.62 (1) For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness. |
Finance Charges (Tables)
Finance Charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance Costs [Abstract] | |
Summary of Finance Charges | 2022 2021 Interest: Long-term debt $ 81,060 $ 78,921 Lease obligations 2,934 2,764 Other 968 80 Income (323 ) (210 ) Amortization of debt issue costs 3,174 9,876 Finance charges $ 87,813 $ 91,431 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Leases [Abstract] | |
Summary of Right-of-Use-Assets | Precision recognizes right-of-use Real Estate Vehicles and Equipment Total Balance, December 31, 2020 $ 43,689 $ 11,479 $ 55,168 Additions 514 3,029 3,543 Derecognition — (480 ) (480 ) Depreciation (3,566 ) (3,009 ) (6,575 ) Effect of foreign currency exchange differences (174 ) (42 ) (216 ) Balance, December 31, 2021 $ 40,463 $ 10,977 $ 51,440 Additions 1,662 5,410 7,072 Acquired 6,990 — 6,990 Depreciation (3,730 ) (3,535 ) (7,265 ) Lease remeasurements (372 ) 189 (183 ) Effect of foreign currency exchange differences 1,483 495 1,978 Balance, December 31, 2022 $ 46,496 $ 13,536 $ 60,032 |
Expected Non-cancellable Undiscounted Operating Lease Payments | Expected non-cancellable 2022 2021 Less than one year $ 10,985 $ 10,782 One to five years 28,977 29,327 More than five years 8,628 2,391 $ 48,590 $ 42,500 |
Summary of Maturity Analysis of Lease Payments | The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received subsequent to December 31, 2022. Less than one year $ 481,848 One t 746,480 More than five years 37,642 $ 1,265,970 |
Share Based Compensation Plans
Share Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Disclosure of Liability Classified Plans | Liability Classified Plans Restricted Share Units Performance Share Units Executive Performance Share Units Non- Management Directors’ DSUs Total Balance, December 31, 2020 $ 6,624 $ 4,751 $ 6,833 $ 1,609 $ 19,817 Expensed during the period 17,168 18,634 17,646 3,065 56,513 Reclassification from equity-settled plans — — (3,164 ) — (3,164 ) Payments (5,742 ) (1,861 ) (4,808 ) — (12,411 ) Balance, December 31, 2021 18,050 21,524 16,507 4,674 60,755 Expensed during the period 34,555 87,297 4,172 7,623 133,647 Settlement in shares — — (14,083 ) — (14,083 ) Reclassification from equity-settled plans — — (406 ) — (406 ) Payments (14,372 ) (7,960 ) (6,190 ) — (28,522 ) Foreign exchange (43 ) (3 ) — — (46 ) Balance, December 31, 2022 $ 38,190 $ 100,858 $ — $ 12,297 $ 151,345 Current 26,330 64,882 — — 91,212 Long-term 11,860 35,976 — 12,297 60,133 Balance, December 31, 2022 $ 38,190 $ 100,858 $ — $ 12,297 $ 151,345 |
Summary of Shares Outstanding Under Share Based Incentive Plans | A summary of the RSUs and PSUs outstanding under these share-based incentive plans is pr e RSUs Outstanding PSUs Outstanding December 31, 2020 484,782 565,379 Granted 356,928 488,510 Redeemed (216,820 ) (40,515 ) Forfeited (26,734 ) (29,640 ) December 31, 2021 598,156 983,734 Granted 180,710 311,579 Redeemed (266,876 ) (143,659 ) Forfeited (16,822 ) (14,983 ) December 31, 2022 495,168 1,136,671 |
Summary of Status of Equity Incentive Plan | A summary of the status of the equity incentive plan is presented below: Canadian Share Options Options Outstanding Range of Exercise Prices Weighted Average Exercise Price Options Exercisable December 31, 2020 148,665 $ 87.00 – 286.20 $ 138.86 141,156 Forfeited (33,060 ) 89.20 – 286.20 193.10 December 31, 2021 115,605 87.00 – 146.40 123.35 115,605 Exercised (26,705 ) 87.00 – 89.20 88.62 Forfeited (65,845 ) 89.20 – 286.20 141.05 December 31, 2022 23,055 $ 87.00 – 145.97 $ 113.01 23,055 U.S. Share Options Options Outstanding Range of Exercise Prices (US$) Weighted Average Exercise Price (US$) Options Exercisable December 31, 2020 283,793 $ 51.20 – 183.60 $ 86.23 239,521 Forfeited (15,950 ) 183.60 – 183.60 183.60 December 31, 2021 267,843 $ 51.20 – 115.80 80.43 257,854 Exercised (93,890 ) 51.20 – 68.80 61.64 Forfeited (32,205 ) 115.80 – 115.80 115.80 December 31, 2022 141,748 $ 51.20 – 111.47 $ 84.84 141,748 |
Range of Exercise Prices for Options Outstanding | Canadian Share Options Total Options Outstanding Options Exercisable Range of Exercise Prices: Number Weighted Average Exercise Price Weighted Remaining Contractual Life (Years) Number Weighted Average Exercise Price $ 12,885 $ 87.00 2.15 12,885 $ 87.00 10,170 145.97 1.13 10,170 145.97 $ 23,055 $ 113.01 1.70 23,055 $ 113.01 U.S. Share Options Total Options Outstanding Options Exercisable Range of Exercise Prices (US$): Number Weighted Average Exercise Price (US$) Weighted Remaining Contractual Life (Years) Number Weighted Average Exercise Price (US$) $ 83,993 $ 66.99 2.03 83,993 $ 66.99 57,755 110.81 1.08 57,755 110.81 $ 141,748 $ 84.84 1.64 141,748 $ 84.84 |
Deferred Share Units (DSUs) [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Summary of Shares Outstanding Under Share Based Incentive Plans | A summary of the DSUs outstanding under this share-based incentive plan is presented below: Deferred Share Units Outstanding Balance December 31, 2020 77,574 Granted 27,017 Balance December 31, 2021 104,591 Granted 14,183 Balance December 31, 2022 118,774 Equity Settled Plans |
Executive Performance Share Units [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Summary of Shares Outstanding Under Share Based Incentive Plans | A summary of the activity under this share-based incentive plan is presented below: Executive Performance Share Units Outstanding December 31, 2020 288,707 Redeemed (96,355 ) Forfeited (2,388 ) December 31, 2021 189,964 Redeemed (189,964 ) December 31, 2022 — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net deferred tax assets and liabilities [abstract] | |
Schedule of Provision for Income Taxes | The provision for income taxes differs from that which would be expected by applying statutory Canadian income tax rates. A reconciliation of the difference for the years ended December 31, is as follows: 2022 2021 Loss before income taxes $ (14,143 ) $ (182,782 ) Federal and provincial statutory rates 24 % 24 % Tax at statutory rates $ (3,394 ) $ (43,868 ) Adjusted for the effect of: Non-deductible 1,146 1,162 Non-taxable (379 ) (257 ) Impact of foreign tax rates (2,559 ) (1,474 ) Withholding taxes 1,026 937 Taxes related to prior years 1,718 (1,467 ) Tax assets not recognized 22,592 37,924 Other — 1,647 Income tax expense (recovery) $ 20,150 $ (5,396 ) |
Summary of Net Deferred Tax Liability | The net deferred tax liability is comprised of the tax effect of the following temporary differences: 2022 2021 Deferred tax liability: Property, plant and equipment and intangibles $ 364,278 $ 359,383 Debt issue costs 1,303 1,457 Partnership deferrals 21,768 11,082 Other 6,284 6,221 393,633 378,143 Offsetting of assets and liabilities (364,687 ) (365,924 ) $ 28,946 $ 12,219 Deferred tax assets: Losses (expire from time to time up to 204 2 $ 318,967 $ 340,406 Long-term incentive plan 36,542 14,264 Other 9,633 12,121 365,142 366,791 Offsetting of assets and liabilities (364,687 ) (365,924 ) $ 455 $ 867 |
Summary of Movement in Temporary Differences of Deferred Tax Liabilities | Property, Partnership Other Losses Debt Issue Long-Term Other Net Balance, December 31, 2020 $ 393,631 $ 2,532 $ 6,322 $ (370,439 ) $ 2,665 $ (4,956 ) $ (9,617 ) $ 20,138 Recognized in net earnings (loss) (32,562 ) 8,550 (99 ) 28,528 (1,208 ) (9,291 ) (2,517 ) (8,599 ) Foreign exchange (1,686 ) — (2 ) 1,505 — (17 ) 13 (187 ) Balance, December 31, 2021 $ 359,383 $ 11,082 $ 6,221 $ (340,406 ) $ 1,457 $ (14,264 ) $ (12,121 ) $ 11,352 Recognized in net earnings (loss) (10,047 ) 10,686 51 33,827 (154 ) (21,583 ) 3,008 15,788 Foreign exchange 14,942 — 12 (12,388 ) — (695 ) (520 ) 1,351 Balance, December 31, 2022 $ 364,278 $ 21,768 $ 6,284 $ (318,967 ) $ 1,303 $ (36,542 ) $ (9,633 ) $ 28,491 |
Summary of Deferred Tax Asset Not Recognized | Accordingly, the Corporation has not recognized a deferred tax asset for the following items: 2022 2021 Tax losses (Capital) $ 29,255 $ 29,363 Tax losses (Income) 134,588 96,671 Deductible temporary differences 5,224 4,153 Total $ 169,067 $ 130,187 |
Provisions and Other (Tables)
Provisions and Other (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other provisions [abstract] | |
Disclosure of Provisions and Other | Workers’ Compensation Balance December 31, 2020 $ 8,308 Expensed during the year 3,296 Payment of deductibles and uninsured claims (2,815 ) Foreign exchange (71 ) Balance December 31, 2021 8,718 Expensed during the year 7,615 Payment of deductibles and uninsured claims (5,229 ) Foreign exchange 643 Balance December 31, 2022 $ 11,747 2022 2021 Current $ 4,209 $ 2,205 Long-term 7,538 6,513 $ 11,747 $ 8,718 |
Shareholders' Capital (Tables)
Shareholders' Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Issued Capital | (a) Authorized – unlimited number of voting common shares – unlimited number of preferred shares, issuable in series, limited to an amount equal to one half of the issued and outstanding common shares (b) Issued Common shares Number Amount Balance, December 31, 2020 13,459,593 $ 2,285,738 Share repurchase (155,168 ) (4,294 ) Balance, December 31, 2021 13,304,425 $ 2,281,444 Share repurchase (130,395 ) (10,010 ) Settlement of Executive PSUs 263,900 14,083 Share options exercised 120,595 14,016 Balance, December 31, 2022 13,558,525 $ 2,299,533 |
Per Share Amounts (Tables)
Per Share Amounts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Per Share Amounts | The following tables reconcile the net loss and weighted average shares outstanding used in computing basic and diluted loss per share: 2022 2021 Net loss – basic and diluted $ (34,293 ) $ (177,386 ) (Stated in thousands) 2022 2021 Weighted average shares outstanding – basic and diluted 13,546 13,315 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block1 [Abstract] | |
Summary of Accumulated Other Comprehensive Income | Unrealized Foreign Currency Translation Gains Foreign Exchange Gain (Loss) on Net Investment Hedge Tax Benefit Related to Net Investment Hedge of Long-Term Debt Accumulated Other Comprehensive Income December 31, 2020 $ 483,657 $ (351,474 ) $ 5,398 $ 137,581 Other comprehensive income (loss) (11,256 ) 8,455 — (2,801 ) December 31, 2021 472,401 (343,019 ) 5,398 134,780 Other comprehensive income (loss) 106,669 (81,735 ) — 24,934 December 31, 2022 $ 579,070 $ (424,754 ) $ 5,398 $ 159,714 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Compensation of Key Management Personnel | The remuneration of key management personnel is as follows: 2022 2021 Salaries and other benefits $ 6,132 $ 6,591 Equity-settled share-based compensation 441 5,554 Cash-settled share-based compensation 60,796 18,741 $ 67,369 $ 30,886 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Expected Credit Loss Allowance | The movement in the expected credit loss allowance during the year was as follows: 2022 2021 Balance, January 1, $ 585 $ 862 Impairment loss recognized 1,167 29 Amounts written-off (23 ) (70 ) Impairment loss reversed (31 ) (231 ) Effect of movement in exchange rates 34 (5 ) Balance, December 31, $ 1,732 $ 585 |
Summary of Ageing of Trade Receivables | The ageing of trade receivables at December 31 w a 2022 2021 Gross Provision for Impairment Gross Provision for Impairment Not past due $ 224,872 $ 2 $ 117,618 $ 1 Past due 0 – 30 days 54,578 16 27,235 5 Past due 31 – 120 days 18,845 1,400 8,524 474 Past due more than 120 days 766 314 105 105 $ 299,061 $ 1,732 $ 153,482 $ 585 |
Summary of Financial Instruments were Denominated in U S Dollars | The following financial instruments were denominated in U.S. dollars: 2022 2021 Canadian Operations Foreign Operations Canadian Operations Foreign Operations Cash US$ 264 US$ 13,421 US$ 2,398 US$ 17,382 Accounts receivable 215 175,543 14 115,614 Accounts payable and accrued liabilities (28,041 ) (101,531 ) (29,427 ) (81,971 ) Long-term liabilities, excluding long-term incentive plans (1) — (14,542 ) — (14,781 ) Net foreign currency exposure US$ (27,562 ) US$ 72,891 US$ (27,015 ) US$ 36,244 Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on net earnings (loss) $ (276 ) $ — $ (270 ) $ — Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on comprehensive loss $ — $ 729 $ — $ 362 (1) Excludes U.S. dollar long-term debt that has been designated as a hedge of the Corporation’s net investment in certain self-sustaining foreign operations. |
Summary of Contractual Maturities of Financial Liabilities and Other Contractual Commitments | The following are the contractual maturities of the Corporation’s financial liabilities and other contractual commitments as at December 31, 2022: 2023 2024 2025 2026 2027 Thereafter Total Accounts payable and accrued liabilities $ 392,053 $ — $ — $ — $ — $ — $ 392,053 Share-based compensation 94,403 62,189 31,245 — — — 187,837 Long-term debt 2,287 2,287 71,367 484,893 — 542,004 1,102,838 Interest on long-term debt (1) 77,774 77,774 77,313 54,401 37,263 38,816 363,341 Commitments 108,101 45,541 42,872 22,592 4,835 8,628 232,569 Total $ 674,618 $ 187,791 $ 222,797 $ 561,886 $ 42,098 $ 589,448 $ 2,278,638 (1) Excludes amortization of long-term debt issue costs. |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Capital Management [Abstract] | |
Summary of Capitalisation and Ratio | As at December 31, 2022 and 2021, these ratios were as follows: 2022 2021 Long-term debt $ 1,085,970 $ 1,106,794 Shareholders’ equity 1,230,529 1,225,555 Total capitalization $ 2,316,499 $ 2,332,349 Long-term debt to long-term debt plus equity ratio 0.47 0.47 |
Supplemental Information (Table
Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Supplemental Information [Abstract] | |
Components of Changes in Non-cash Working Capital Balances | Components of changes in non-cash 2022 2021 Accounts receivable $ (143,832 ) $ (50,255 ) Inventory (10,482 ) 1,993 Accounts payable and accrued liabilities 121,878 44,986 $ (32,436 ) $ (3,276 ) Pertaining to: Operations $ (45,890 ) $ (13,018 ) Investments 13,454 9,742 |
Components of Accounts Receivable | The components of accounts receivable were as follows: 2022 2021 Trade $ 297,329 $ 152,897 Accrued trade 25,446 26,731 Prepaids and other 91,150 76,112 $ 413,925 $ 255,740 |
Components of Accounts Payable and Accrued Liabilities | The components of accounts payable and accrued liabilities were as follows: 2022 2021 Accounts payable $ 136,360 $ 90,750 Accrued liabilities: Payroll 153,932 68,953 Other 101,761 64,420 $ 392,053 $ 224,123 |
Summary of Operating and General and Administrative Expenses | The following table presents operating and general and administrative expenses by nature: 2022 2021 Wages, salaries and benefits $ 735,566 $ 482,695 Wage subsidies — (24,108 ) Purchased materials, supplies and services 436,356 278,743 Share-based compensation 133,667 56,745 $ 1,305,589 $ 794,075 Allocated to: Operating expense $ 1,124,601 $ 698,144 General and administrative 180,988 95,931 $ 1,305,589 $ 794,075 |
Long-Term Debt Guarantors (Tabl
Long-Term Debt Guarantors (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Long Term Debt Guarantor Disclosure [Abstract] | |
Condensed Consolidated Statement of Financial Position | Statements of Financial Position Parent and Guarantor Subsidiaries 2022 2021 Assets Current assets $ 378,740 $ 219,013 Property, plant and equipment 1,959,329 1,909,951 Other non-current 97,691 79,033 Parent and Guarantor Subsidiaries 2022 2021 Liabilities Current liabilities $ 365,025 $ 200,784 Long-term debt 1,085,970 1,106,794 Other non-current 144,477 87,411 Excluded from the statements of loss and statements of financial position above are the following intercompany transactions and balances that the Obligor Group had with the non-guarantor Parent and Guarantor Subsidiaries 2022 2021 Assets Accounts receivable, intercompany $ 52,649 $ 34,373 Short-term advances to affiliates 11,753 11,686 Parent and Guarantor Subsidiaries 2022 2021 Liabilities Accounts payable and accrued liabilities, intercompany $ 41,202 $ 33,820 Long-term advances from affiliates 183,330 128,606 |
Condensed Consolidated Statement of Net Earnings (Loss) | Statements of Loss Parent and Guarantor Subsidiaries 2022 2021 Revenue $ 1,474,824 $ 844,619 Expenses 1,196,168 690,149 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization 278,656 154,470 Net loss (25,780 ) (171,030 ) |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Summary of Subsidiaries | Ownership Interest Country of Incorporation 2022 2021 Precision Limited Partnership Canada 100 % 100 % Precision Drilling Canada Limited Partnership Canada 100 % 100 % Precision Diversified Oilfield Services Corp. Canada 100 % 100 % Precision Drilling (US) Corporation United States 100 % 100 % Precision Drilling Holdings Company United States 100 % 100 % Precision Drilling Company LP United States 100 % 100 % Precision Completion & Production Services Ltd. United States 100 % 100 % Grey Wolf Drilling Limited Barbados 100 % 100 % Grey Wolf Drilling (Barbados) Ltd. Barbados 100 % 100 % |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Cash original maturity | three months or less |
Top of Range [Member] | Software [Member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Expected useful life of intangible asset | 10 years |
Summary of Property, Plant, and
Summary of Property, Plant, and Equipment Expected Life Salvage Value and Basis of Depreciation (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Drilling Rig Power and Tubulars Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Expected Life | 5 years |
Basis of Depreciation | straight-line |
Drilling Rig Dynamic Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Expected Life | 10 years |
Basis of Depreciation | straight-line |
Drilling Rig Structural Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Expected Life | 20 years |
Salvage Value | 10% |
Basis of Depreciation | straight-line |
Service Rig Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Expected Life | 20 years |
Salvage Value | 10% |
Basis of Depreciation | straight-line |
Drilling Rig Spare Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Expected Life | up to 15 years |
Basis of Depreciation | straight-line |
Service Rig Spare Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Expected Life | up to 15 years |
Basis of Depreciation | straight-line |
Rental Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Expected Life | up to 15 years |
Basis of Depreciation | straight-line |
Rental Equipment [Member] | Top of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Salvage Value | 25% |
Rental Equipment [Member] | Bottom Of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Salvage Value | 0% |
Other Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Expected Life | 3 to 10 years |
Basis of Depreciation | straight-line |
Light Duty Vehicles [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Expected Life | 4 years |
Basis of Depreciation | straight-line |
Heavy Duty Vehicles [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Expected Life | 7 to 10 years |
Basis of Depreciation | straight-line |
Buildings [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Expected Life | 10 to 20 years |
Basis of Depreciation | straight-line |
Business Combination - Summary
Business Combination - Summary Of The Allocation Of The Purchase Price (Detail) - CAD ($) $ in Thousands | Dec. 31, 2022 | Jul. 27, 2022 |
Disclosure of detailed information about business combination [line items] | ||
Cash | $ 10,000 | |
Accounts payable and accrued liabilities | $ 28,000 | |
High Arctic Energy Services Inc [Member] | ||
Disclosure of detailed information about business combination [line items] | ||
Cash | 10,200 | |
Accounts payable and accrued liabilities | 27,300 | |
Fair value of consideration transferred | 37,500 | $ 38,000 |
Acquired Assets | ||
Right-of-use assets | 6,990 | |
Assumed Liabilities | ||
Lease obligations | (6,990) | |
Fair value of Acquired Net Assets | 37,500 | |
High Arctic Energy Services Inc [Member] | Rig Equipment [Member] | ||
Acquired Assets | ||
Property, plant and equipment recognised as of acquisition date | 32,796 | |
High Arctic Energy Services Inc [Member] | Vehicles [member] | ||
Acquired Assets | ||
Property, plant and equipment recognised as of acquisition date | 900 | |
High Arctic Energy Services Inc [Member] | Buildings [member] | ||
Acquired Assets | ||
Property, plant and equipment recognised as of acquisition date | 1,457 | |
High Arctic Energy Services Inc [Member] | Land [member] | ||
Acquired Assets | ||
Property, plant and equipment recognised as of acquisition date | $ 2,347 |
Business Combination - Addition
Business Combination - Additional Information (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jul. 27, 2022 | |
Disclosure of detailed information about business combination [line items] | ||
Cash Payment | $ 10,000 | |
Accounts payable and accrued liabilities | $ 28,000 | |
High Arctic Energy Services Inc [Member] | ||
Disclosure of detailed information about business combination [line items] | ||
Consideration transferred, acquisition-date fair value | 37,500 | $ 38,000 |
Cash Payment | 10,200 | |
Accounts payable and accrued liabilities | 27,300 | |
Acquisition-related costs | $ 1,000 |
Summary of Reconciliation of Di
Summary of Reconciliation of Disaggregated Revenue by Primary Geographical Market (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Revenue | $ 1,617,194 | $ 986,847 |
Contract Drilling Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Revenue | 1,436,134 | 877,943 |
Completion and Production Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Revenue | 187,171 | 113,488 |
Inter-Segment Eliminations [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Revenue | (6,111) | (4,584) |
Canada [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Revenue | 725,560 | 443,772 |
Canada [Member] | Contract Drilling Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Revenue | 562,586 | 347,562 |
Canada [Member] | Completion and Production Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Revenue | 169,042 | 100,788 |
Canada [Member] | Inter-Segment Eliminations [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Revenue | (6,068) | (4,578) |
United States [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Revenue | 745,630 | 398,024 |
United States [Member] | Contract Drilling Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Revenue | 727,544 | 385,330 |
United States [Member] | Completion and Production Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Revenue | 18,129 | 12,700 |
United States [Member] | Inter-Segment Eliminations [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Revenue | (43) | (6) |
International [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Revenue | 146,004 | 145,051 |
International [Member] | Contract Drilling Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Revenue | $ 146,004 | $ 145,051 |
Summary of Reconciliation of _2
Summary of Reconciliation of Disaggregated Revenue by Type of Service Provided (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | $ 1,617,194 | $ 986,847 | |
Contract Drilling Services [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 1,436,134 | 877,943 | |
Completion and Production Services [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 187,171 | 113,488 | |
Inter-Segment Eliminations [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | (6,111) | (4,584) | |
Day Rate Or Hourly Services [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 1,580,817 | 958,858 | |
Day Rate Or Hourly Services [Member] | Contract Drilling Services [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 1,394,394 | 845,832 | |
Day Rate Or Hourly Services [Member] | Completion and Production Services [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 187,171 | 113,488 | |
Day Rate Or Hourly Services [Member] | Inter-Segment Eliminations [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | (748) | (462) | |
Shortfall Payments Or Idle But Contracted [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 2,153 | 543 | |
Shortfall Payments Or Idle But Contracted [Member] | Contract Drilling Services [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 2,153 | 543 | |
Turnkey Drilling Services [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 31,723 | 17,086 | |
Turnkey Drilling Services [Member] | Contract Drilling Services [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 31,723 | 17,086 | |
Directional Services [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | [1] | 7,871 | |
Directional Services [Member] | Contract Drilling Services [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | [1] | 7,871 | |
Other [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 2,501 | 2,489 | |
Other [Member] | Contract Drilling Services [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 7,864 | 6,611 | |
Other [Member] | Inter-Segment Eliminations [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | $ (5,363) | $ (4,122) | |
[1]Directional drilling disposed in the third quarter of 2021 |
Summary of Operating Segments (
Summary of Operating Segments (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [Line Items] | ||
Revenue | $ 1,617,194 | $ 986,847 |
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization | (14,143) | (182,782) |
Depreciation and amortization | 279,035 | 282,326 |
Gain on asset disposals | (29,926) | (8,516) |
Total assets | 2,876,123 | 2,661,752 |
All Other Segments [Member] | ||
Disclosure of operating segments [Line Items] | ||
Revenue | 1,617,194 | 986,847 |
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization | 311,605 | 192,772 |
Depreciation and amortization | 279,035 | 282,326 |
Gain on asset disposals | (29,926) | (8,516) |
Total assets | 2,876,123 | 2,661,752 |
Capital expenditures | 184,250 | 75,941 |
Contract Drilling Services [Member] | ||
Disclosure of operating segments [Line Items] | ||
Revenue | 1,436,134 | 877,943 |
Contract Drilling Services [Member] | All Other Segments [Member] | ||
Disclosure of operating segments [Line Items] | ||
Revenue | 1,436,134 | 877,943 |
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization | 397,753 | 231,532 |
Depreciation and amortization | 255,286 | 256,072 |
Gain on asset disposals | (25,495) | (7,673) |
Total assets | 2,574,867 | 2,392,382 |
Capital expenditures | 177,844 | 70,998 |
Completion and Production Services [Member] | ||
Disclosure of operating segments [Line Items] | ||
Revenue | 187,171 | 113,488 |
Completion and Production Services [Member] | All Other Segments [Member] | ||
Disclosure of operating segments [Line Items] | ||
Revenue | 187,171 | 113,488 |
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization | 38,147 | 23,807 |
Depreciation and amortization | 14,381 | 15,405 |
Gain on asset disposals | (3,233) | (525) |
Total assets | 179,226 | 127,233 |
Capital expenditures | 5,325 | 4,452 |
Corporate and Other [Member] | All Other Segments [Member] | ||
Disclosure of operating segments [Line Items] | ||
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization | (124,295) | (62,567) |
Depreciation and amortization | 9,368 | 10,849 |
Gain on asset disposals | (1,198) | (318) |
Total assets | 122,030 | 142,137 |
Capital expenditures | 1,081 | 491 |
Inter-Segment Eliminations [Member] | ||
Disclosure of operating segments [Line Items] | ||
Revenue | (6,111) | (4,584) |
Inter-Segment Eliminations [Member] | All Other Segments [Member] | ||
Disclosure of operating segments [Line Items] | ||
Revenue | $ (6,111) | $ (4,584) |
Summary of Detailed Information
Summary of Detailed Information About Reconciliation of Operating Loss to Net Loss Explanatory (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | ||
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization | $ 311,605 | $ 192,772 |
Depreciation and amortization | 279,035 | 282,326 |
Gains (losses) on disposals of non-current assets | (29,926) | (8,516) |
Foreign exchange | 1,278 | 393 |
Finance charges | 87,813 | 91,431 |
Loss on investments and other assets | (12,452) | 400 |
Loss on redemption and repurchase of unsecured senior notes | 0 | 9,520 |
Income taxes | 20,150 | (5,396) |
Net loss | $ (34,293) | $ (177,386) |
Summary of Operating Segments b
Summary of Operating Segments by Geographic Locations (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [Line Items] | ||
Revenue | $ 1,617,194 | $ 986,847 |
Total assets | 2,876,123 | 2,661,752 |
United States [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Revenue | 745,630 | 398,024 |
Total assets | 1,376,413 | 1,247,173 |
Canada [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Revenue | 725,560 | 443,772 |
Total assets | 1,056,093 | 959,163 |
International [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Revenue | 146,004 | 145,051 |
Total assets | $ 443,617 | $ 455,416 |
Schedule of Property, Plant and
Schedule of Property, Plant and Equipment (Detail) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | $ 2,303,338 | $ 2,258,391 | |
Rig Equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 2,083,446 | 2,074,185 | |
Rental Equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 15,977 | 20,597 | |
Other Equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 11,465 | 17,088 | |
Vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 3,380 | 3,204 | |
Buildings [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 38,949 | 44,009 | |
Assets Under Construction [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 117,535 | 67,884 | |
Land [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 32,586 | 31,424 | |
Gross [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 6,906,771 | 6,503,721 | $ 6,563,206 |
Gross [Member] | Rig Equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 6,334,462 | 5,968,316 | 6,025,767 |
Gross [Member] | Rental Equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 96,454 | 103,181 | 105,024 |
Gross [Member] | Other Equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 175,409 | 178,717 | 181,004 |
Gross [Member] | Vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 36,002 | 34,680 | 35,350 |
Gross [Member] | Buildings [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 114,323 | 119,519 | 122,278 |
Gross [Member] | Assets Under Construction [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 117,535 | 67,884 | 60,572 |
Gross [Member] | Land [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | 32,586 | 31,424 | 33,211 |
Accumulated Depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | (4,603,433) | (4,245,330) | (4,090,523) |
Accumulated Depreciation [Member] | Rig Equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | (4,251,016) | (3,894,131) | (3,755,973) |
Accumulated Depreciation [Member] | Rental Equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | (80,477) | (82,584) | (77,665) |
Accumulated Depreciation [Member] | Other Equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | (163,944) | (161,629) | (153,686) |
Accumulated Depreciation [Member] | Vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | (32,622) | (31,476) | (30,372) |
Accumulated Depreciation [Member] | Buildings [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment | $ (75,374) | $ (75,510) | $ (72,827) |
Change in Property, Plant and E
Change in Property, Plant and Equipment (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | $ 2,258,391 | |
Additions | 187,000 | $ 76,000 |
Ending Balance | 2,303,338 | 2,258,391 |
Gross [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 6,503,721 | 6,563,206 |
Additions | 186,574 | 75,941 |
Disposals | (100,327) | (108,797) |
Acquisitions | 37,500 | |
Foreign exchange | 279,303 | (26,629) |
Ending Balance | 6,906,771 | 6,503,721 |
Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | (4,245,330) | (4,090,523) |
Depreciation expense | 268,102 | 272,036 |
Disposals | 88,997 | 102,287 |
Foreign exchange | (178,998) | 14,942 |
Ending Balance | (4,603,433) | (4,245,330) |
Rig Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 2,074,185 | |
Ending Balance | 2,083,446 | 2,074,185 |
Rig Equipment [Member] | Gross [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 5,968,316 | 6,025,767 |
Additions | 63,058 | 15,288 |
Disposals | (71,912) | (100,004) |
Reclassifications | 74,148 | 47,080 |
Acquisitions | 32,796 | |
Foreign exchange | 268,056 | (19,815) |
Ending Balance | 6,334,462 | 5,968,316 |
Rig Equipment [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | (3,894,131) | (3,755,973) |
Depreciation expense | 250,885 | 248,564 |
Disposals | 66,452 | 95,977 |
Foreign exchange | (172,452) | 14,429 |
Ending Balance | (4,251,016) | (3,894,131) |
Rental Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 20,597 | |
Ending Balance | 15,977 | 20,597 |
Rental Equipment [Member] | Gross [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 103,181 | 105,024 |
Additions | 587 | |
Disposals | (7,538) | (1,822) |
Foreign exchange | 224 | (21) |
Ending Balance | 96,454 | 103,181 |
Rental Equipment [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | (82,584) | (77,665) |
Depreciation expense | 5,196 | 6,741 |
Disposals | 7,522 | 1,804 |
Foreign exchange | (219) | 18 |
Ending Balance | (80,477) | (82,584) |
Other Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 17,088 | |
Ending Balance | 11,465 | 17,088 |
Other Equipment [Member] | Gross [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 178,717 | 181,004 |
Additions | 517 | 254 |
Disposals | (8,358) | (2,300) |
Reclassifications | 188 | 188 |
Foreign exchange | 4,345 | (429) |
Ending Balance | 175,409 | 178,717 |
Other Equipment [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | (161,629) | (153,686) |
Depreciation expense | 6,894 | 10,410 |
Disposals | 8,357 | 2,194 |
Foreign exchange | (3,778) | 273 |
Ending Balance | (163,944) | (161,629) |
Vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 3,204 | |
Ending Balance | 3,380 | 3,204 |
Vehicles [member] | Gross [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 34,680 | 35,350 |
Disposals | (873) | (543) |
Acquisitions | 900 | |
Foreign exchange | 1,295 | (127) |
Ending Balance | 36,002 | 34,680 |
Vehicles [member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | (31,476) | (30,372) |
Depreciation expense | 875 | 1,739 |
Disposals | 873 | 543 |
Foreign exchange | (1,144) | 92 |
Ending Balance | (32,622) | (31,476) |
Buildings [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 44,009 | |
Ending Balance | 38,949 | 44,009 |
Buildings [Member] | Gross [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 119,519 | 122,278 |
Additions | 141 | |
Disposals | (9,461) | (2,454) |
Acquisitions | 1,457 | |
Foreign exchange | 2,667 | (305) |
Ending Balance | 114,323 | 119,519 |
Buildings [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | (75,510) | (72,827) |
Depreciation expense | 4,252 | 4,582 |
Disposals | 5,793 | 1,769 |
Foreign exchange | (1,405) | 130 |
Ending Balance | (75,374) | (75,510) |
Assets Under Construction [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 67,884 | |
Ending Balance | 117,535 | 67,884 |
Assets Under Construction [Member] | Gross [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 67,884 | 60,572 |
Additions | 122,271 | 60,399 |
Disposals | 2 | |
Reclassifications | (74,336) | (47,268) |
Foreign exchange | 1,714 | (5,819) |
Ending Balance | 117,535 | 67,884 |
Land [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 31,424 | |
Ending Balance | 32,586 | 31,424 |
Land [Member] | Gross [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning Balance | 31,424 | 33,211 |
Disposals | (2,187) | (1,674) |
Acquisitions | 2,347 | |
Foreign exchange | 1,002 | (113) |
Ending Balance | $ 32,586 | $ 31,424 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) shares $ / shares | Jul. 27, 2022 CAD ($) | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Gains on disposals of assets | $ 30,000 | $ 9,000 | |
Purchase price | $ 10,000 | ||
Purchase of property, plant and equipment | 184,250 | 75,941 | |
Increase in property plant and equipment due to non cash equipment swaps | 2,000 | 0 | |
Additions other than through business combinations, property, plant and equipment | 187,000 | 76,000 | |
Gain loss on investments and other assets | $ 12,000 | (400) | |
Cathedral Energy Services Ltd [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Gains on disposals of assets | 1,000 | ||
Purchase price | 6,000 | ||
Cash Assistance For Growth And Expansion | $ 3,000 | ||
Issuance of common shares | shares | 13,400,000 | ||
Number of share warrant issued | shares | 2,000,000 | ||
Number of share warrant issued, per share | $ / shares | $ 0.6 |
Schedule of Intangibles (Detail
Schedule of Intangibles (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [Line Items] | ||
Balance | $ 23,915 | |
Loan commitment fees related to Senior Credit Facility | 1,408 | $ 2,067 |
Software | 18,167 | 21,848 |
Balance | 19,575 | 23,915 |
Gross [Member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Balance | 55,108 | 54,189 |
Balance | 55,111 | 55,108 |
Additions | 0 | 913 |
Foreign exchange | 3 | 6 |
Gross [Member] | Loan Commitment Fees [Member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Balance | 17,081 | 16,168 |
Balance | 17,081 | 17,081 |
Additions | 0 | 913 |
Gross [Member] | Software [Member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Balance | 38,027 | 38,021 |
Balance | 38,030 | 38,027 |
Foreign exchange | 3 | 6 |
Accumulated Amortization [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Balance | (31,193) | (26,523) |
Balance | (35,536) | (31,193) |
Foreign exchange | (16) | |
Amortization expense | (4,327) | (4,670) |
Accumulated Amortization [member] | Loan Commitment Fees [Member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Balance | (15,014) | (14,059) |
Balance | (15,673) | (15,014) |
Amortization expense | (659) | (955) |
Accumulated Amortization [member] | Software [Member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Balance | (16,179) | (12,464) |
Balance | (19,863) | (16,179) |
Foreign exchange | (16) | |
Amortization expense | $ (3,668) | $ (3,715) |
Schedule of Long Term Borrowing
Schedule of Long Term Borrowings (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) |
Disclosure of long term debt [Line Items] | ||||
Current portion of long-term debt, gross | $ 2,287 | $ 704 | $ 2,223 | $ 704 |
Long-term debt, gross | 1,100,551 | 800,154 | 1,123,890 | 874,858 |
Less net unamortized debt issue costs | (14,581) | (17,096) | ||
Long-term debt | 1,085,970 | 1,106,794 | ||
Senior Credit Facility [Member] | ||||
Disclosure of long term debt [Line Items] | ||||
Long-term debt, gross | 59,620 | 44,000 | 149,206 | 118,000 |
Canadian Real Estate Credit Facility [Member] | ||||
Disclosure of long term debt [Line Items] | ||||
Current portion of long-term debt, gross | 1,333 | 1,333 | ||
Long-term debt, gross | 16,334 | 17,667 | ||
U.S. Real Estate Credit Facility [Member] | ||||
Disclosure of long term debt [Line Items] | ||||
Current portion of long-term debt, gross | 954 | 704 | 890 | 704 |
Long-term debt, gross | 11,368 | 8,389 | 11,498 | 9,093 |
7.125% Senior Notes Due 2026 [Member] | ||||
Disclosure of long term debt [Line Items] | ||||
Long-term debt, gross | 471,225 | 347,765 | 439,735 | 347,765 |
6.875% senior notes due 2029 [Member] | ||||
Disclosure of long term debt [Line Items] | ||||
Long-term debt, gross | $ 542,004 | $ 400,000 | $ 505,784 | $ 400,000 |
Schedule of Long Term Borrowi_2
Schedule of Long Term Borrowings (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
7.125% Senior Notes Due 2026 [Member] | |
Disclosure of long term debt [Line Items] | |
Long term debt interest rate | 7.125% |
Long term debt maturity year | January 15, 2026 |
6.875% senior notes due 2029 [Member] | |
Disclosure of long term debt [Line Items] | |
Long term debt interest rate | 6.875% |
Long term debt maturity year | January 15, 2029 |
Summary of Changes in Long Term
Summary of Changes in Long Term Borrowings (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of long term debt [Line Items] | ||
Beginning balance | $ 1,109,017 | $ 1,237,106 |
Changes from financing cash flows: | ||
Proceeds from unsecured senior notes | 482,064 | |
Proceeds From Senior Credit Facility | 144,889 | 194,277 |
Proceeds from Real Estate Credit Facility | (2,249) | 20,000 |
Redemption and repurchase of unsecured senior notes | (676,058) | |
Repayment of Senior Credit Facility | (248,500) | (146,930) |
Repayment of Real Estate Credit Facility | (1,883) | |
Debt issue costs | 0 | (9,450) |
Loss on redemption and repurchase of unsecured senior notes | 0 | 9,520 |
Amortization of debt issue costs | 2,528 | 8,720 |
Original issue discount | 201 | |
Foreign exchange | 82,572 | (8,550) |
Current | 2,287 | 2,223 |
Long-term | 1,085,970 | 1,106,794 |
Ending balance | 1,088,257 | 1,109,017 |
Senior Credit Facility [Member] | ||
Disclosure of long term debt [Line Items] | ||
Beginning balance | 149,206 | 95,041 |
Changes from financing cash flows: | ||
Proceeds From Senior Credit Facility | 144,889 | 194,277 |
Repayment of Senior Credit Facility | (248,500) | (146,930) |
Foreign exchange | 14,025 | 6,818 |
Long-term | 59,620 | 149,206 |
Ending balance | 59,620 | 149,206 |
Unsecured Senior Notes [Member] | ||
Disclosure of long term debt [Line Items] | ||
Beginning balance | 945,519 | 1,141,638 |
Changes from financing cash flows: | ||
Proceeds from unsecured senior notes | 482,064 | |
Redemption and repurchase of unsecured senior notes | (676,058) | |
Loss on redemption and repurchase of unsecured senior notes | 9,520 | |
Original issue discount | 3,000 | 3,628 |
Foreign exchange | 67,710 | (15,273) |
Long-term | 1,013,229 | 945,519 |
Ending balance | 1,013,229 | 945,519 |
Canadian Real Estate Credit Facility [Member] | ||
Disclosure of long term debt [Line Items] | ||
Beginning balance | 19,000 | |
Changes from financing cash flows: | ||
Proceeds from Real Estate Credit Facility | (1,333) | 20,000 |
Repayment of Real Estate Credit Facility | (1,000) | |
Current | 1,333 | 1,333 |
Long-term | 16,334 | 17,667 |
Ending balance | 17,667 | 19,000 |
U.S. Real Estate Credit Facility [Member] | ||
Disclosure of long term debt [Line Items] | ||
Beginning balance | 12,388 | 13,370 |
Changes from financing cash flows: | ||
Proceeds from Real Estate Credit Facility | (916) | |
Repayment of Real Estate Credit Facility | (883) | |
Foreign exchange | 850 | (99) |
Current | 954 | 890 |
Long-term | 11,368 | 11,498 |
Ending balance | 12,322 | 12,388 |
Debt Issue Costs and Original Issue Discount [Member] | ||
Disclosure of long term debt [Line Items] | ||
Beginning balance | (17,096) | (12,943) |
Changes from financing cash flows: | ||
Debt issue costs | (9,450) | |
Amortization of debt issue costs | 2,528 | 8,720 |
Original issue discount | (3,427) | |
Foreign exchange | (13) | 4 |
Long-term | (14,581) | (17,096) |
Ending balance | $ (14,581) | $ (17,096) |
Long-Term Debt Maturities (Deta
Long-Term Debt Maturities (Detail) $ in Thousands | Dec. 31, 2022 CAD ($) |
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items] | |
Long-term debt, gross | $ 1,102,838 |
2023 [Member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items] | |
Long-term debt, gross | 2,287 |
2024 [Member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items] | |
Long-term debt, gross | 2,287 |
2025 [Member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items] | |
Long-term debt, gross | 71,367 |
2026 [Member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items] | |
Long-term debt, gross | 484,893 |
Thereafter [Member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items] | |
Long-term debt, gross | $ 542,004 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2021 | Nov. 30, 2020 | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of long term debt [Line Items] | ||||||||
Facility maturity period | 2025-11 | 2025-11 | ||||||
Borrowings | $ 1,102,838 | |||||||
Description of compliance with covenants | The unsecured senior notes also contain a restricted payments covenant that limits Precision’s ability to make payments in the nature of dividends, distributions and for repurchases from shareholders. These restricted payments baskets grow by, among other things, 50% of cumulative consolidated net earnings, and decrease by 100% of cumulative consolidated net losses as defined in the note agreements, and cumulative payments made to shareholders. At December 31, 2022, the governing net restricted payments basket was negative $363 million (2021 – negative $369 million), therefore limiting us from making any further dividend payments or share repurchases until the governing restricted payments basket once again becomes positive. During 2022, pursuant to the indentures governing the unsecured senior notes, Precision used the available general restricted payments basket to facilitate the repurchase and cancellation of its common shares. | The unsecured senior notes also contain a restricted payments covenant that limits Precision’s ability to make payments in the nature of dividends, distributions and for repurchases from shareholders. These restricted payments baskets grow by, among other things, 50% of cumulative consolidated net earnings, and decrease by 100% of cumulative consolidated net losses as defined in the note agreements, and cumulative payments made to shareholders. At December 31, 2022, the governing net restricted payments basket was negative $363 million (2021 – negative $369 million), therefore limiting us from making any further dividend payments or share repurchases until the governing restricted payments basket once again becomes positive. During 2022, pursuant to the indentures governing the unsecured senior notes, Precision used the available general restricted payments basket to facilitate the repurchase and cancellation of its common shares. | ||||||
Maximum Consolidated Interest Coverage Ratio to incur additional indebtedness | 2% | 2% | ||||||
Description of compliance with covenants | The unsecured senior notes require Precision to comply with certain restrictive and financial covenants including an incurrence based test of Consolidated Interest Coverage Ratio, as defined in the senior note agreements, of greater than or equal to 2.0:1 for the most recent four consecutive fiscal quarters. In the event the Consolidated Interest Coverage Ratio is less than 2.0:1 for the most recent four consecutive fiscal quarters the senior notes restrict Precision’s ability to incur additional indebtedness. | The unsecured senior notes require Precision to comply with certain restrictive and financial covenants including an incurrence based test of Consolidated Interest Coverage Ratio, as defined in the senior note agreements, of greater than or equal to 2.0:1 for the most recent four consecutive fiscal quarters. In the event the Consolidated Interest Coverage Ratio is less than 2.0:1 for the most recent four consecutive fiscal quarters the senior notes restrict Precision’s ability to incur additional indebtedness. | ||||||
Net restricted payments basket | $ (363,000) | $ (369,000) | ||||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||||||
Original issue discount | 201 | |||||||
Senior Credit Facility [Member] | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Borrowings maximum borrowing capacity | $ 500 | |||||||
Borrowings | 53 | |||||||
Credit facility amount withdrawn | 44 | $ 118 | ||||||
Borrowings maximum available letters of credit | 200 | |||||||
Outstanding letters of credit | $ 56 | $ 33 | ||||||
Senior Credit Facility [Member] | Future Assets [Member] | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Borrowings additional borrowing capacity | $ 300 | |||||||
7.125% Senior Notes Due 2026 [Member] | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Minimum threshold to consolidated interest coverage ratio | 7.125% | 7.125% | ||||||
Interest rate | 7.125% | 7.125% | ||||||
Maturity date | January 15, 2026 | January 15, 2026 | ||||||
Borrowings frequency of payments | Interest is payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2018. | Interest is payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2018. | ||||||
7.125% Senior Notes Due 2026 [Member] | Any time on or after December 15, 2021 [Member] | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Redemption price percentage | 101% | 101% | ||||||
7.125% Senior Notes Due 2026 [Member] | Prior to November 15, 2020, Precision may redeem these notes in whole or in part [Member] | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Redemption price percentage | 100% | 100% | ||||||
7.125% Senior Notes Due 2026 [Member] | Bottom Of Range [Member] | Precision may redeem these notes in whole or in part at any time on or after November 15, 2020 and before November 15, 2022 [Member] | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Redemption price percentage | 101.781% | 101.781% | ||||||
7.125% Senior Notes Due 2026 [Member] | Top of Range [Member] | Precision may redeem these notes in whole or in part at any time on or after November 15, 2020 and before November 15, 2022 [Member] | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Redemption price percentage | 105.344% | 105.344% | ||||||
6.875% senior notes due 2029 [Member] | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 6.875% | 6.875% | ||||||
Maturity date | January 15, 2029 | January 15, 2029 | ||||||
Borrowings frequency of payments | Interest is payable semi-annually on January 15 and July 15 of each year, commencing January 15, 2022. | Interest is payable semi-annually on January 15 and July 15 of each year, commencing January 15, 2022. | ||||||
6.875% senior notes due 2029 [Member] | Prior to June 15, 2024, Precision may redeem up to 35% of the 6.875% unsecured senior notes due 2029 [Member] | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Redemption price percentage | 35% | 35% | ||||||
Borrowings maximum percentage of principal amount redeemed | 106.875% | 106.875% | ||||||
Real Estate Credit Facility [Member] | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Amortization period of principal and interest payments | 15 years | 15 years | ||||||
Minimum threshold to consolidated interest coverage ratio | 1.15% | |||||||
Credit facility amount withdrawn | $ 30,000 | 31,000 | ||||||
Unsecured Senior Notes [Member] | ||||||||
Disclosure of long term debt [Line Items] | ||||||||
Interest rate | 6.875% | 6.875% | ||||||
Percentage of face value | 99.253% | 99.253% | ||||||
Original issue discount | $ 3,000 | $ 3,628 |
Schedule of Listing of Currentl
Schedule of Listing of Currently Applicable Restrictive and Financial Covenants (Detail) | 12 Months Ended | |
Dec. 31, 2022 | ||
Senior Credit Facility [Member] | ||
Disclosure of long term debt [Line Items] | ||
Consolidated senior debt to consolidated covenant EBITDA(1) | 0.22% | [1] |
Consolidated covenant EBITDA to consolidated interest expense | 4.80% | |
Senior Credit Facility [Member] | Top of Range [Member] | ||
Disclosure of long term debt [Line Items] | ||
Consolidated senior debt to consolidated covenant EBITDA(1) | 2.50% | [1] |
Senior Credit Facility [Member] | Bottom Of Range [Member] | ||
Disclosure of long term debt [Line Items] | ||
Consolidated covenant EBITDA to consolidated interest expense | 2.50% | |
Unsecured Senior Notes [Member] | ||
Disclosure of long term debt [Line Items] | ||
Consolidated interest coverage ratio | 3.62% | |
Unsecured Senior Notes [Member] | Bottom Of Range [Member] | ||
Disclosure of long term debt [Line Items] | ||
Consolidated interest coverage ratio | 2% | |
Real Estate Credit Facility [Member] | ||
Disclosure of long term debt [Line Items] | ||
Consolidated covenant EBITDA to consolidated interest expense | 4.80% | |
Real Estate Credit Facility [Member] | Bottom Of Range [Member] | ||
Disclosure of long term debt [Line Items] | ||
Consolidated covenant EBITDA to consolidated interest expense | 2.50% | |
[1]For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness. |
Wage Subsidies - Additional Inf
Wage Subsidies - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Wage Subsidies [Line Items] | ||
Salary And Wage Subsidies Recognized | $ 0 | |
Canadian Emergency Wage Subsidy Program [Member] | ||
Disclosure of Wage Subsidies [Line Items] | ||
Salary And Wage Subsidies Recognized | $ 24 | |
Operating Expense Reduction Due To Wage Subsidies | 21 | |
General And Administrative Expense Reduction Due To Wage Subsidies | $ 3 |
Summary of Finance Charges (Det
Summary of Finance Charges (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest: | ||
Long-term debt | $ 81,060 | $ 78,921 |
Lease obligations | 2,934 | 2,764 |
Other | 968 | 80 |
Income | (323) | (210) |
Amortization of debt issue costs | 3,174 | 9,876 |
Finance charges | $ 87,813 | $ 91,431 |
Summary of Right-of-Use-Assets
Summary of Right-of-Use-Assets (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning Balance | $ 51,440 | $ 55,168 |
Additions | 7,072 | 3,543 |
Acquired | 6,990 | |
Derecognition | (480) | |
Depreciation | (7,265) | (6,575) |
Lease reclassification | (183) | |
Effect of foreign currency exchange differences | 1,978 | (216) |
Ending Balance | 60,032 | 51,440 |
Real Estate [member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning Balance | 40,463 | 43,689 |
Additions | 1,662 | 514 |
Acquired | 6,990 | |
Depreciation | (3,730) | (3,566) |
Lease reclassification | (372) | |
Effect of foreign currency exchange differences | 1,483 | (174) |
Ending Balance | 46,496 | 40,463 |
Vehicles and Equipment [Member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning Balance | 10,977 | 11,479 |
Additions | 5,410 | 3,029 |
Derecognition | (480) | |
Depreciation | (3,535) | (3,009) |
Lease reclassification | 189 | |
Effect of foreign currency exchange differences | 495 | (42) |
Ending Balance | $ 13,536 | $ 10,977 |
Leases - Additional Information
Leases - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases Disclosure [Line Items] | ||
Cash outflow in relation to lease obligation | $ 10 | $ 9 |
Real Estate [member] | Bottom Of Range [Member] | ||
Leases Disclosure [Line Items] | ||
Terms of operating lease commitments | 1 year | |
Real Estate [member] | Top of Range [Member] | ||
Leases Disclosure [Line Items] | ||
Terms of operating lease commitments | 10 years | |
Vehicles [member] | Bottom Of Range [Member] | ||
Leases Disclosure [Line Items] | ||
Terms of operating lease commitments | 3 years | |
Vehicles [member] | Top of Range [Member] | ||
Leases Disclosure [Line Items] | ||
Terms of operating lease commitments | 4 years | |
Rig Equipment [Member] | ||
Leases Disclosure [Line Items] | ||
Long-term drilling contracts | $ 774 | $ 503 |
Rig Equipment [Member] | Bottom Of Range [Member] | ||
Leases Disclosure [Line Items] | ||
Term of operating leases under long term drilling contracts | 1 year | |
Rig Equipment [Member] | Top of Range [Member] | ||
Leases Disclosure [Line Items] | ||
Term of operating leases under long term drilling contracts | 5 years |
Expected Non-cancellable Undisc
Expected Non-cancellable Undiscounted Operating Lease Payments (Detail) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Non-cancellable undiscounted operating lease | $ 48,590 | $ 42,500 |
Less than one year [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Non-cancellable undiscounted operating lease | 10,985 | 10,782 |
One to five years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Non-cancellable undiscounted operating lease | 28,977 | 29,327 |
More than five years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Non-cancellable undiscounted operating lease | $ 8,628 | $ 2,391 |
Summary of Maturity Analysis of
Summary of Maturity Analysis of Lease Payments (Detail) $ in Thousands | Dec. 31, 2022 CAD ($) |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Undiscounted lease payments | $ 1,265,970 |
Less than one year [member] | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Undiscounted lease payments | 481,848 |
One to five years [member] | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Undiscounted lease payments | 746,480 |
More than five years [member] | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Undiscounted lease payments | $ 37,642 |
Disclosure of Liability Classif
Disclosure of Liability Classified Plans (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Beginning balance | $ 60,755 | $ 19,817 |
Expensed during the period | $ 133,647 | 56,513 |
Settlement in shares | (14,083) | |
Reclassification from equity-settled plans | $ (406) | (3,164) |
Payments | (28,522) | (12,411) |
Foreign exchange | (46) | |
Ending balance | 151,345 | 60,755 |
Current | 91,212 | |
Long-term | 60,133 | 26,728 |
Restricted Share Units (RSUs) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Beginning balance | 18,050 | 6,624 |
Expensed during the period | 34,555 | 17,168 |
Payments | (14,372) | (5,742) |
Foreign exchange | (43) | |
Ending balance | 38,190 | 18,050 |
Current | 26,330 | |
Long-term | 11,860 | |
Performance Share Units (PSUs) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Beginning balance | 21,524 | 4,751 |
Expensed during the period | $ 87,297 | 18,634 |
Settlement in shares | 263,900 | |
Payments | $ (7,960) | (1,861) |
Foreign exchange | (3) | |
Ending balance | 100,858 | 21,524 |
Current | 64,882 | |
Long-term | 35,976 | |
Executive Performance Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Beginning balance | 16,507 | 6,833 |
Expensed during the period | $ 4,172 | 17,646 |
Settlement in shares | (14,083) | |
Reclassification from equity-settled plans | $ (406) | (3,164) |
Payments | (6,190) | (4,808) |
Ending balance | 0 | 16,507 |
Current | 0 | |
Deferred Share Units (DSUs) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Beginning balance | 4,674 | 1,609 |
Expensed during the period | 7,623 | 3,065 |
Payments | 0 | |
Ending balance | 12,297 | $ 4,674 |
Long-term | $ 12,297 |
Share Based Compensation Plan_2
Share Based Compensation Plans - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2023 shares | Dec. 31, 2022 CAD ($) shares | Dec. 31, 2021 CAD ($) shares | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Option vesting period | 3 years | ||
Option expiration term | 7 years | ||
Net earnings (loss) | $ | $ (34,293) | $ (177,386) | |
Number of other equity instruments exercised or vested in share-based payment arrangement | 189,964 | ||
Number Of Deferred Share Units Outstanding | 1,470 | 1,470 | |
Restricted Share Units (RSUs) [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Shares granted to eligible employees vest term | 3 years | ||
Number of other equity instruments exercised or vested in share-based payment arrangement | 266,876 | 216,820 | |
Performance Share Units (PSUs) [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Shares granted to eligible employees vest term | 3 years | ||
Number of other equity instruments exercised or vested in share-based payment arrangement | 143,659 | 40,515 | |
Executive Performance Share Units [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Share unit vesting period | 3 years | ||
Net earnings (loss) | $ | $ 4,000 | $ 18,000 | |
Number of other equity instruments exercised or vested in share-based payment arrangement | 189,964 | 96,355 | |
Share based compensation number of shares vested | 263,900 | ||
Restricted Share Units and Performance Share Units [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Share based compensation number of shares vested | 230,336 |
Summary of Shares Outstanding U
Summary of Shares Outstanding Under Share Based Incentive Plans (Detail) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Redeemed | (189,964) | |
Restricted Share Units (RSUs) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Beginning balance | 598,156 | 484,782 |
Granted | 180,710 | 356,928 |
Redeemed | (266,876) | (216,820) |
Forfeited | (16,822) | (26,734) |
Ending balance | 495,168 | 598,156 |
Performance Share Units (PSUs) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Beginning balance | 983,734 | 565,379 |
Granted | 311,579 | 488,510 |
Redeemed | (143,659) | (40,515) |
Forfeited | (14,983) | (29,640) |
Ending balance | 1,136,671 | 983,734 |
Deferred Share Units (DSUs) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Beginning balance | 104,591 | 77,574 |
Granted | 14,183 | 27,017 |
Ending balance | 118,774 | 104,591 |
Executive Performance Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Beginning balance | 189,964 | 288,707 |
Redeemed | (189,964) | (96,355) |
Forfeited | (2,388) | |
Ending balance | 0 | 189,964 |
Summary of Status of Equity Inc
Summary of Status of Equity Incentive Plan (Detail) | 12 Months Ended | ||||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares | |
Canadian Share Options [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||
Options Outstanding, Beginning balance | shares | 115,605 | 115,605 | 148,665 | 148,665 | |
Options Outstanding, Exercised | shares | (26,705) | (26,705) | |||
Options Outstanding, Forfeited | shares | (65,845) | (65,845) | (33,060) | (33,060) | |
Options Outstanding, Ending balance | shares | 23,055 | 23,055 | 115,605 | 115,605 | |
Weighted Average Exercise Price, Beginning balance | $ 123.35 | $ 138.86 | |||
Weighted Average Exercise Price, Exercised | 88.62 | ||||
Weighted Average Exercise Price, Forfeitures | 141.05 | 193.1 | |||
Weighted Average Exercise Price, Ending balance | $ 113.01 | $ 123.35 | |||
Options exercisable | shares | 23,055 | 23,055 | 115,605 | 115,605 | 141,156 |
Canadian Share Options [Member] | Top of Range [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||
Range of Exercise Prices, Beginning balance | $ 146.4 | $ 286.2 | |||
Range of Exercise Prices, Exercised | 89.2 | ||||
Range of Exercise Prices, Forfeitures | 286.2 | 286.2 | |||
Range of Exercise Prices, Ending balance | 145.97 | 146.4 | |||
Canadian Share Options [Member] | Bottom Of Range [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||
Range of Exercise Prices, Beginning balance | 87 | 87 | |||
Range of Exercise Prices, Exercised | 87 | ||||
Range of Exercise Prices, Forfeitures | 89.2 | 89.2 | |||
Range of Exercise Prices, Ending balance | $ 87 | $ 87 | |||
U.S. Share Options [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||
Options Outstanding, Beginning balance | shares | 267,843 | 267,843 | 283,793 | 283,793 | |
Options Outstanding, Granted | shares | 0 | 0 | 0 | 0 | |
Options Outstanding, Exercised | shares | (93,890) | (93,890) | |||
Options Outstanding, Forfeited | shares | (32,205) | (32,205) | (15,950) | (15,950) | |
Options Outstanding, Ending balance | shares | 141,748 | 141,748 | 267,843 | 267,843 | |
Weighted Average Exercise Price, Beginning balance | $ 80.43 | $ 86.23 | |||
Weighted Average Exercise Price, Exercised | 61.64 | ||||
Weighted Average Exercise Price, Forfeitures | 115.8 | 183.6 | |||
Weighted Average Exercise Price, Ending balance | $ 84.84 | $ 80.43 | |||
Options exercisable | shares | 141,748 | 141,748 | 257,854 | 257,854 | 239,521 |
U.S. Share Options [Member] | Top of Range [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||
Range of Exercise Prices, Beginning balance | $ 115.8 | $ 183.6 | |||
Range of Exercise Prices, Exercised | 68.8 | ||||
Range of Exercise Prices, Forfeitures | 115.8 | 183.6 | |||
Range of Exercise Prices, Ending balance | 111.47 | 115.8 | |||
U.S. Share Options [Member] | Bottom Of Range [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||
Range of Exercise Prices, Beginning balance | 51.2 | 51.2 | |||
Range of Exercise Prices, Exercised | 51.2 | ||||
Range of Exercise Prices, Forfeitures | 115.8 | 183.6 | |||
Range of Exercise Prices, Ending balance | $ 51.2 | $ 51.2 |
Range of Exercise Prices for Op
Range of Exercise Prices for Options Outstanding (Detail) | 12 Months Ended | ||||||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2022 shares $ / shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
Canadian Share Options [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Number | shares | 23,055 | 23,055 | 23,055 | 115,605 | 115,605 | 148,665 | 148,665 |
Total options outstanding, Weighted average exercise price | $ 113.01 | $ 113.01 | $ 123.35 | $ 138.86 | |||
Options exercisable, Number | shares | 23,055 | 23,055 | 23,055 | 115,605 | 115,605 | 141,156 | 141,156 |
Canadian Share Options [Member] | Top of Range [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Range of exercise prices | $ 89.2 | ||||||
Canadian Share Options [Member] | Bottom Of Range [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Range of exercise prices | 87 | ||||||
Canadian Share Options [Member] | 87.00 Range of Exercise Prices [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Range of exercise prices | $ 87 | ||||||
Total options outstanding, Number | shares | 12,885 | 12,885 | 12,885 | ||||
Total options outstanding, Weighted average exercise price | $ 87 | $ 87 | |||||
Total options outstanding, Weighted average remaining contractual life (years) | 2 years 1 month 24 days | 2 years 1 month 24 days | |||||
Options exercisable, Number | shares | 12,885 | 12,885 | 12,885 | ||||
Options exercisable, Weighted average exercise price | $ 87 | $ 87 | |||||
Canadian Share Options [Member] | 145.97 Range of Exercise Prices [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Range of exercise prices | $ 145.97 | ||||||
Total options outstanding, Number | shares | 10,170 | 10,170 | 10,170 | ||||
Total options outstanding, Weighted average exercise price | $ 145.97 | $ 145.97 | |||||
Total options outstanding, Weighted average remaining contractual life (years) | 1 year 1 month 17 days | 1 year 1 month 17 days | |||||
Options exercisable, Number | shares | 10,170 | 10,170 | 10,170 | ||||
Options exercisable, Weighted average exercise price | $ 145.97 | $ 145.97 | |||||
Canadian Share Options [Member] | 87.00 – 145.97 Range of Exercise Prices [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Number | shares | 23,055 | 23,055 | 23,055 | ||||
Total options outstanding, Weighted average exercise price | $ 113.01 | $ 113.01 | |||||
Total options outstanding, Weighted average remaining contractual life (years) | 1 year 8 months 12 days | 1 year 8 months 12 days | |||||
Options exercisable, Number | shares | 23,055 | 23,055 | 23,055 | ||||
Options exercisable, Weighted average exercise price | $ 113.01 | $ 113.01 | |||||
Canadian Share Options [Member] | 87.00 – 145.97 Range of Exercise Prices [Member] | Top of Range [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Range of exercise prices | 145.97 | ||||||
Canadian Share Options [Member] | 87.00 – 145.97 Range of Exercise Prices [Member] | Bottom Of Range [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Range of exercise prices | $ 87 | ||||||
U.S. Share Options [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Number | shares | 141,748 | 141,748 | 141,748 | 267,843 | 267,843 | 283,793 | 283,793 |
Total options outstanding, Weighted average exercise price | $ 84.84 | $ 80.43 | $ 86.23 | ||||
Options exercisable, Number | shares | 141,748 | 141,748 | 141,748 | 257,854 | 257,854 | 239,521 | 239,521 |
U.S. Share Options [Member] | Top of Range [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Range of exercise prices | $ 68.8 | ||||||
U.S. Share Options [Member] | Bottom Of Range [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Range of exercise prices | $ 51.2 | ||||||
U.S. Share Options [Member] | 51.20 – 85.40 Range of Exercise Prices [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Number | shares | 83,993 | 83,993 | 83,993 | ||||
Total options outstanding, Weighted average exercise price | $ 66.99 | ||||||
Total options outstanding, Weighted average remaining contractual life (years) | 2 years 10 days | 2 years 10 days | |||||
Options exercisable, Number | shares | 83,993 | 83,993 | 83,993 | ||||
Options exercisable, Weighted average exercise price | $ 66.99 | ||||||
U.S. Share Options [Member] | 51.20 – 85.40 Range of Exercise Prices [Member] | Top of Range [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Range of exercise prices | $ 85.4 | ||||||
U.S. Share Options [Member] | 51.20 – 85.40 Range of Exercise Prices [Member] | Bottom Of Range [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Range of exercise prices | $ 51.2 | ||||||
U.S. Share Options [Member] | 100.40 – 111.47 Range of Exercise Prices [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Number | shares | 57,755 | 57,755 | 57,755 | ||||
Total options outstanding, Weighted average exercise price | $ 110.81 | ||||||
Total options outstanding, Weighted average remaining contractual life (years) | 1 year 29 days | 1 year 29 days | |||||
Options exercisable, Number | shares | 57,755 | 57,755 | 57,755 | ||||
Options exercisable, Weighted average exercise price | $ 110.81 | ||||||
U.S. Share Options [Member] | 100.40 – 111.47 Range of Exercise Prices [Member] | Top of Range [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Range of exercise prices | $ 111.47 | ||||||
U.S. Share Options [Member] | 100.40 – 111.47 Range of Exercise Prices [Member] | Bottom Of Range [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Range of exercise prices | $ 100.4 | ||||||
U.S. Share Options [Member] | 51.20 – 111.47 Range of Exercise Prices [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Number | shares | 141,748 | 141,748 | 141,748 | ||||
Total options outstanding, Weighted average exercise price | $ 84.84 | ||||||
Total options outstanding, Weighted average remaining contractual life (years) | 1 year 7 months 20 days | 1 year 7 months 20 days | |||||
Options exercisable, Number | shares | 141,748 | 141,748 | 141,748 | ||||
Options exercisable, Weighted average exercise price | $ 84.84 | ||||||
U.S. Share Options [Member] | 51.20 – 111.47 Range of Exercise Prices [Member] | Top of Range [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Range of exercise prices | $ 111.47 | ||||||
U.S. Share Options [Member] | 51.20 – 111.47 Range of Exercise Prices [Member] | Bottom Of Range [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||||||
Total options outstanding, Range of exercise prices | $ 51.2 |
Schedule of Provision for Incom
Schedule of Provision for Income Taxes (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Loss before income taxes | $ (14,143) | $ (182,782) |
Federal and provincial statutory rates | 24% | 24% |
Tax at statutory rates | $ (3,394) | $ (43,868) |
Adjusted for the effect of: | ||
Non-deductible expenses | 1,146 | 1,162 |
Non-taxable capital gains | (379) | (257) |
Impact of foreign tax rates | (2,559) | (1,474) |
Withholding taxes | 1,026 | 937 |
Taxes related to prior years | 1,718 | (1,467) |
Tax assets not recognized | 22,592 | 37,924 |
Other | 1,647 | |
Income taxes | $ 20,150 | $ (5,396) |
Summary of Net Deferred Tax Lia
Summary of Net Deferred Tax Liability (Detail) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax liability: | ||
Property, plant and equipment and intangibles | $ 364,278 | $ 359,383 |
Debt issue costs | 1,303 | 1,457 |
Partnership deferrals | 21,768 | 11,082 |
Other | 6,284 | 6,221 |
Deferred income tax liability | 393,633 | 378,143 |
Offsetting of assets and liabilities | (364,687) | (365,924) |
Deferred tax liabilities | 28,946 | 12,219 |
Deferred tax assets: | ||
Losses (expire from time to time up to 2042) | 318,967 | 340,406 |
Long-term incentive plan | 36,542 | 14,264 |
Other | 9,633 | 12,121 |
Deferred income tax asset | 365,142 | 366,791 |
Offsetting of assets and liabilities | (364,687) | (365,924) |
Deferred tax assets | $ 455 | $ 867 |
Summary of Deferred Tax Asset N
Summary of Deferred Tax Asset Not Recognized (Detail) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | ||
Tax losses (Capital) | $ 29,255 | $ 29,363 |
Tax losses (Income) | 134,588 | 96,671 |
Deductible temporary differences | 5,224 | 4,153 |
Total | $ 169,067 | $ 130,187 |
Summary of Movement in Temporar
Summary of Movement in Temporary Differences of Deferred Tax Liabilities (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | $ 11,352 | $ 20,138 |
Recognized in net earnings (loss) | 15,788 | (8,599) |
Foreign exchange | 1,351 | (187) |
Ending Balance | 28,491 | 11,352 |
Property, Plant and Equipment and Intangibles [member] | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | 359,383 | 393,631 |
Recognized in net earnings (loss) | (10,047) | (32,562) |
Foreign exchange | 14,942 | (1,686) |
Ending Balance | 364,278 | 359,383 |
Partnership Deferrals [member] | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | 11,082 | 2,532 |
Recognized in net earnings (loss) | 10,686 | 8,550 |
Ending Balance | 21,768 | 11,082 |
Other Deferred Tax Liabilities [Member] | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | 6,221 | 6,322 |
Recognized in net earnings (loss) | 51 | (99) |
Foreign exchange | 12 | (2) |
Ending Balance | 6,284 | 6,221 |
Losses [member] | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | (340,406) | (370,439) |
Recognized in net earnings (loss) | 33,827 | 28,528 |
Foreign exchange | (12,388) | 1,505 |
Ending Balance | (318,967) | (340,406) |
Debt Issue Costs [Member] | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | 1,457 | 2,665 |
Recognized in net earnings (loss) | (154) | (1,208) |
Ending Balance | 1,303 | 1,457 |
Long-Term Incentive Plan [member] | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | (14,264) | (4,956) |
Recognized in net earnings (loss) | (21,583) | (9,291) |
Foreign exchange | (695) | (17) |
Ending Balance | (36,542) | (14,264) |
Other Deferred Tax Assets [Member] | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | (12,121) | (9,617) |
Recognized in net earnings (loss) | 3,008 | (2,517) |
Foreign exchange | (520) | 13 |
Ending Balance | $ (9,633) | $ (12,121) |
Bank Indebtedness - Additional
Bank Indebtedness - Additional Information (Detail) $ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about financial instruments [Line Items] | ||||
Description of interest rate | Advances under the $40 million facility are available at the bank’s prime lending rate, U.S. base rate, U.S. LIBOR rate plus applicable margin, or applicable margin for Banker’s Acceptances, or in combination, and under the US$15 million facility at the bank’s prime lending rate. | |||
Top of range [member] | Secured Demand Letter of Credit [Member] | ||||
Disclosure of detailed information about financial instruments [Line Items] | ||||
Amount of increase (decrease) of the credit facility. | $ 40 | |||
Bottom of range [member] | Secured Demand Letter of Credit [Member] | ||||
Disclosure of detailed information about financial instruments [Line Items] | ||||
Amount of increase (decrease) of the credit facility. | 30 | |||
40.0 Million Secured Operating Facilities [Member] | ||||
Disclosure of detailed information about financial instruments [Line Items] | ||||
Line of credit borrowing capacity | $ 40,000 | $ 40,000 | ||
Line of credit outstanding | 0 | 0 | ||
Letters of credit outstanding | 28,000 | 7,000 | ||
15.0 Million Secured Operating Facilities [Member] | ||||
Disclosure of detailed information about financial instruments [Line Items] | ||||
Line of credit borrowing capacity | 15 | $ 15 | ||
Line of credit outstanding | 0 | 0 | ||
40.0 Million Operating Facilities [member] | ||||
Disclosure of detailed information about financial instruments [Line Items] | ||||
Line of credit borrowing capacity | 40 | 30 | ||
Line of credit outstanding | $ 0 | $ 0 | ||
Letters of credit outstanding | $ 31 | $ 3 |
Change in Provisions and Other
Change in Provisions and Other (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of other provisions [abstract] | ||
Beginning balance | $ 8,718 | $ 8,308 |
Expensed during the year | 7,615 | 3,296 |
Payment of deductibles and uninsured claims | (5,229) | (2,815) |
Foreign exchange | 643 | (71) |
Ending balance | $ 11,747 | $ 8,718 |
Balance Sheet Classification of
Balance Sheet Classification of Provisions and Other (Detail) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of other provisions [abstract] | |||
Current | $ 4,209 | $ 2,205 | |
Long-term | 7,538 | 6,513 | |
Other provisions | $ 11,747 | $ 8,718 | $ 8,308 |
Schedule of Issued Capital (Det
Schedule of Issued Capital (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [line items] | ||
Beginning balance, shares | 13,304,425 | 13,459,593 |
Share repurchase | (130,395) | (155,168) |
Settlement of Executive PSUs, shares | (14,083) | |
Share options exercised, shares | 120,595 | |
Ending balance, shares | 13,558,525 | 13,304,425 |
Beginning balance | $ 2,281,444 | $ 2,285,738 |
Share repurchase | (10,010) | (4,294) |
Share options exercised | 14,016 | |
Ending balance | $ 2,299,533 | $ 2,281,444 |
Performance Share Units (PSUs) [Member] | ||
Disclosure of classes of share capital [line items] | ||
Settlement of Executive PSUs, shares | 263,900 | |
Settlement of Executive PSUs | $ 14,083 |
Shareholders Capital - Addition
Shareholders Capital - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Classes Of Share Capital [Line Items] | |||
Number of share purchase and cancel | 130,395 | ||
Percentage of share purchase and cancel | 10% | ||
Purchase and cancel of shares | $ | $ 10 | ||
Events After Reporting Period [Member] | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Number of share purchase and cancel | 155,168 | ||
Purchase and cancel of shares | $ | $ 4 | ||
Major ordinary share transactions [member] | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Number of share purchase and cancel | 15,888 | ||
Purchase and cancel of shares | $ | $ 1 | ||
Top of Range [Member] | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Number of share purchase and cancel | 1,148,771 |
Summary of Per Share Amounts (D
Summary of Per Share Amounts (Detail) - CAD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average ordinary shares used in calculating basic and diluted earnings per share [abstract] | ||
Net loss – basic and diluted | $ (34,293) | $ (177,386) |
Weighted average shares outstanding – basic | 13,546 | 13,315 |
Weighted average shares outstanding – diluted | 13,546 | 13,315 |
Summary of Accumulated Other Co
Summary of Accumulated Other Comprehensive Income (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | $ 134,780 | |
Ending Balance | 159,714 | $ 134,780 |
Unrealized Foreign Currency Translation Gains (Losses) [member] | ||
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 472,401 | 483,657 |
Other comprehensive income (loss) | 106,669 | (11,256) |
Ending Balance | 579,070 | 472,401 |
Foreign Exchange Gain (Loss) on Net Investment Hedge [member] | ||
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (343,019) | (351,474) |
Other comprehensive income (loss) | (81,735) | 8,455 |
Ending Balance | (424,754) | (343,019) |
Tax Benefit Related To Net Investment Hedge Of Long Term Debt [Member] | ||
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 5,398 | 5,398 |
Ending Balance | 5,398 | 5,398 |
Accumulated Other Comprehensive Income [Member] | ||
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 134,780 | 137,581 |
Other comprehensive income (loss) | 24,934 | (2,801) |
Ending Balance | $ 159,714 | $ 134,780 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Employees Benefit [Abstract] | ||
Individual contributions under defined contribution pension plan | 5% | 3% |
Total expense under the defined contribution plan | $ 11 | $ 6 |
Compensation of Key Management
Compensation of Key Management Personnel (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | ||
Salaries and other benefits | $ 6,132 | $ 6,591 |
Equity-settled share-based compensation | 441 | 5,554 |
Cash-settled share-based compensation | 60,796 | 18,741 |
Key management personnel compensation | $ 67,369 | $ 30,886 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions, description | Certain executive officers have entered into employment agreements with Precision that provide termination benefits of up to 24 months base salary plus up to two times targeted incentive compensation upon dismissal without cause. |
Capital Commitments - Additiona
Capital Commitments - Additional Information (Detail) - CAD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of capital commitments [Line Items] | ||
Commitments to purchase property, plant and equipment | $ 184 | $ 137 |
2022 [Member] | ||
Disclosure of capital commitments [Line Items] | ||
Commitments to purchase property, plant and equipment | 97 | |
2023 [Member] | ||
Disclosure of capital commitments [Line Items] | ||
Commitments to purchase property, plant and equipment | 36 | |
2024 [Member] | ||
Disclosure of capital commitments [Line Items] | ||
Commitments to purchase property, plant and equipment | $ 35 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2022 USD ($) Customer | Dec. 31, 2022 CAD ($) Customer | Dec. 31, 2021 USD ($) Customer | Dec. 31, 2021 CAD ($) Customer | |
Disclosure of detailed information about financial instruments [Line Items] | ||||||
Number of customers | Customer | 0 | 0 | ||||
Percentage concentration risk rate | 10% | |||||
Percentage of change in interest rates | 1% | |||||
Impact on net income due to changes in interest rate | $ 1 | $ 2 | ||||
Fair value of unsecured senior notes | $ 965 | $ 969 | ||||
One Customer [Member] | ||||||
Disclosure of detailed information about financial instruments [Line Items] | ||||||
Number of customers | Customer | 1 | 1 | ||||
Percentage concentration risk rate | 10% | |||||
Senior Credit Facility [Member] | ||||||
Disclosure of detailed information about financial instruments [Line Items] | ||||||
Credit facility amount withdrawn | $ 44 | $ 118 | ||||
Real Estate Credit Facility [Member] | ||||||
Disclosure of detailed information about financial instruments [Line Items] | ||||||
Credit facility amount withdrawn | 30 | $ 31 | ||||
Credit Risk [Member] | ||||||
Disclosure of detailed information about financial instruments [Line Items] | ||||||
Trade receivables | $ 24 | $ 16 |
Summary of Expected Credit Loss
Summary of Expected Credit Loss Allowance (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Allowance For Doubtful Accounts [Abstract] | ||
Beginning balance | $ 585 | $ 862 |
Impairment loss recognized | 1,167 | 29 |
Amounts written-off as uncollectible | (23) | (70) |
Impairment loss reversed | (31) | (231) |
Effect of movement in exchange rates | 34 | (5) |
Ending balance | $ 1,732 | $ 585 |
Summary of Ageing of Trade Rece
Summary of Ageing of Trade Receivables (Detail) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of provision matrix [Line Items] | ||
Total Trade Receivables | $ 297,329 | $ 152,897 |
Gross [Member] | ||
Disclosure of provision matrix [Line Items] | ||
Total Trade Receivables | 299,061 | 153,482 |
Gross [Member] | Not Past Due [Member] | ||
Disclosure of provision matrix [Line Items] | ||
Total Trade Receivables | 224,872 | 117,618 |
Gross [Member] | Past Due 0 - 30 Days [Member] | ||
Disclosure of provision matrix [Line Items] | ||
Total Trade Receivables | 54,578 | 27,235 |
Gross [Member] | Past Due 31 - 120 Days [Member] | ||
Disclosure of provision matrix [Line Items] | ||
Total Trade Receivables | 18,845 | 8,524 |
Gross [Member] | Past Due More than 120 Days [Member] | ||
Disclosure of provision matrix [Line Items] | ||
Total Trade Receivables | 766 | 105 |
Provision for Impairment [Member] | ||
Disclosure of provision matrix [Line Items] | ||
Total Trade Receivables | 1,732 | 585 |
Provision for Impairment [Member] | Not Past Due [Member] | ||
Disclosure of provision matrix [Line Items] | ||
Total Trade Receivables | 2 | 1 |
Provision for Impairment [Member] | Past Due 0 - 30 Days [Member] | ||
Disclosure of provision matrix [Line Items] | ||
Total Trade Receivables | 16 | 5 |
Provision for Impairment [Member] | Past Due 31 - 120 Days [Member] | ||
Disclosure of provision matrix [Line Items] | ||
Total Trade Receivables | 1,400 | 474 |
Provision for Impairment [Member] | Past Due More than 120 Days [Member] | ||
Disclosure of provision matrix [Line Items] | ||
Total Trade Receivables | $ 314 | $ 105 |
Summary of Financial Instrument
Summary of Financial Instruments were Denominated in U S Dollars (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of detailed information about financial instruments [Line Items] | |||
Cash | $ 21,587 | $ 40,588 | |
Accounts receivable | 413,925 | 255,740 | |
Accounts payable and accrued liabilities | (392,053) | (224,123) | |
Canadian Operations [Member] | Currency Risk [Member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Cash | 264 | 2,398 | |
Accounts receivable | 215 | 14 | |
Accounts payable and accrued liabilities | (28,041) | (29,427) | |
Long-term liabilities, excluding long-term incentive plans | 0 | 0 | |
Net foreign currency exposure | (27,562) | (27,015) | |
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on net earnings (loss) | (276) | (270) | |
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on comprehensive loss | 0 | 0 | |
Foreign Operations [Member] | Currency Risk [Member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Cash | 13,421 | 17,382 | |
Accounts receivable | 175,543 | 115,614 | |
Accounts payable and accrued liabilities | (101,531) | (81,971) | |
Long-term liabilities, excluding long-term incentive plans | [1] | (14,542) | (14,781) |
Net foreign currency exposure | 72,891 | 36,244 | |
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on net earnings (loss) | 0 | 0 | |
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on comprehensive loss | $ 729 | $ 362 | |
[1]Excludes U.S. dollar long-term debt that has been designated as a hedge of the Corporation’s net investment in certain self-sustaining foreign operations. |
Summary of Contractual Maturiti
Summary of Contractual Maturities of Financial Liabilities and Other Contractual Commitments (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CAD ($) | |
Disclosure of Nonderivative Financial Instruments [Line Items] | |||||
Long-term debt, gross | $ 800,154 | $ 1,100,551 | $ 874,858 | $ 1,123,890 | |
Liquidity risk [Member] | |||||
Disclosure of Nonderivative Financial Instruments [Line Items] | |||||
Accounts payable and accrued liabilities | 392,053 | ||||
Share based compensation | $ 187,837 | ||||
Long-term debt, gross | 1,102,838 | ||||
Interest on long-term debt | 363,341 | ||||
Commitments | 232,569 | ||||
Total | 2,278,638 | ||||
Liquidity risk [Member] | 2023 [Member] | |||||
Disclosure of Nonderivative Financial Instruments [Line Items] | |||||
Accounts payable and accrued liabilities | 392,053 | ||||
Share based compensation | 94,403 | ||||
Long-term debt, gross | 2,287 | ||||
Interest on long-term debt | 77,774 | ||||
Commitments | 108,101 | ||||
Total | 674,618 | ||||
Liquidity risk [Member] | 2024 [Member] | |||||
Disclosure of Nonderivative Financial Instruments [Line Items] | |||||
Accounts payable and accrued liabilities | 0 | ||||
Share based compensation | 62,189 | ||||
Long-term debt, gross | 2,287 | ||||
Interest on long-term debt | 77,774 | ||||
Commitments | 45,541 | ||||
Total | 187,791 | ||||
Liquidity risk [Member] | 2025 [Member] | |||||
Disclosure of Nonderivative Financial Instruments [Line Items] | |||||
Accounts payable and accrued liabilities | 0 | ||||
Share based compensation | 31,245 | ||||
Long-term debt, gross | 71,367 | ||||
Interest on long-term debt | 77,313 | ||||
Commitments | 42,872 | ||||
Total | 222,797 | ||||
Liquidity risk [Member] | 2026 [Member] | |||||
Disclosure of Nonderivative Financial Instruments [Line Items] | |||||
Accounts payable and accrued liabilities | 0 | ||||
Share based compensation | 0 | ||||
Long-term debt, gross | 484,893 | ||||
Interest on long-term debt | 54,401 | ||||
Commitments | 22,592 | ||||
Total | 561,886 | ||||
Liquidity risk [Member] | 2027 [Member] | |||||
Disclosure of Nonderivative Financial Instruments [Line Items] | |||||
Accounts payable and accrued liabilities | 0 | ||||
Share based compensation | 0 | ||||
Long-term debt, gross | 0 | ||||
Interest on long-term debt | 37,263 | ||||
Commitments | 4,835 | ||||
Total | 42,098 | ||||
Liquidity risk [Member] | Thereafter [Member] | |||||
Disclosure of Nonderivative Financial Instruments [Line Items] | |||||
Accounts payable and accrued liabilities | 0 | ||||
Share based compensation | 0 | ||||
Long-term debt, gross | 542,004 | ||||
Interest on long-term debt | $ 38,816 | ||||
Commitments | 8,628 | ||||
Total | $ 589,448 |
Capital Management - Summary of
Capital Management - Summary of Capitalization and Ratio (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Capitalisation [Abstract] | ||
Long-term debt | $ 1,085,970 | $ 1,106,794 |
Shareholders' equity | 1,230,529 | 1,225,555 |
Total capitalization | $ 2,316,499 | $ 2,332,349 |
Long-term debt to long-term debt plus equity ratio | 0.47% | 0.47% |
Capital Management - Additional
Capital Management - Additional Information (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) |
Disclosure Of Capitalisation [Line Items] | ||||
Cash | $ 21,587 | $ 40,588 | ||
Senior Credit Facility [Member] | ||||
Disclosure Of Capitalisation [Line Items] | ||||
Line of credit borrowing capacity | $ 500,000 | $ 500,000 | ||
Line of credit outstanding | 44,000 | 118,000 | ||
Letters of credit outstanding | 56,000 | 33,000 | ||
Secured Operating Facility [Member] | ||||
Disclosure Of Capitalisation [Line Items] | ||||
Line of credit borrowing capacity | 115,000 | 97,000 | ||
40.0 Million Secured Operating Facilities [Member] | ||||
Disclosure Of Capitalisation [Line Items] | ||||
Line of credit borrowing capacity | 40,000 | 40,000 | ||
Letters of credit outstanding | $ 28,000 | $ 7,000 | ||
30.0 Million Operating Facilities [member] | ||||
Disclosure Of Capitalisation [Line Items] | ||||
Line of credit borrowing capacity | 40,000 | 40,000 | ||
Letters of credit outstanding | 31,000 | 3,000 | ||
15.0 Million Secured Operating Facilities [Member] | ||||
Disclosure Of Capitalisation [Line Items] | ||||
Line of credit borrowing capacity | 15,000 | 15,000 | ||
Line of credit outstanding | $ 0 | $ 0 |
Components of Changes in Non-ca
Components of Changes in Non-cash Working Capital Balances (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Change In Noncash Working Capital Balances [Abstract] | ||
Accounts receivable | $ (143,832) | $ (50,255) |
Inventory | (10,482) | 1,993 |
Accounts payable and accrued liabilities | 121,878 | 44,986 |
Non cash working capital | (32,436) | (3,276) |
Operations | (45,890) | (13,018) |
Investments | $ 13,454 | $ 9,742 |
Components of Accounts Receivab
Components of Accounts Receivable (Detail) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable [Abstract] | ||
Trade | $ 297,329 | $ 152,897 |
Accrued trade | 25,446 | 26,731 |
Prepaids and other | 91,150 | 76,112 |
Trade and other current receivables | $ 413,925 | $ 255,740 |
Components of Accounts Payable
Components of Accounts Payable and Accrued Liabilities (Detail) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Payable And Accrued Liabilities1 [Abstract] | ||
Accounts payable | $ 136,360 | $ 90,750 |
Accrued liabilities: | ||
Payroll | 153,932 | 68,953 |
Other | 101,761 | 64,420 |
Accounts payable and accrued liabilities | $ 392,053 | $ 224,123 |
Supplemental Information - Addi
Supplemental Information - Additional Information (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Information [Line Items] | ||
Operating expense | $ 1,124,601 | $ 698,144 |
General and administrative expense | 180,988 | 95,931 |
Depreciation and amortization gain on asset disposal loss on asset decommissioning and reversal of impairment of property plant and equipment [Member] | ||
Supplemental Information [Line Items] | ||
Operating expense | 241,000 | 263,000 |
General and administrative expense | $ 8,000 | $ 11,000 |
Summary of Operating and Genera
Summary of Operating and General and Administrative Expenses (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Expenses by nature [abstract] | ||
Wages, salaries and benefits | $ 735,566 | $ 482,695 |
Wage subsidies | (24,108) | |
Purchased materials, supplies and services | 436,356 | 278,743 |
Share-based compensation | 133,667 | 56,745 |
Operating and general and administrative expenses | 1,305,589 | 794,075 |
Allocated to: | ||
Operating expense | 1,124,601 | 698,144 |
General and administrative | 180,988 | 95,931 |
Operating and general and administrative expenses | $ 1,305,589 | $ 794,075 |
Contingencies and Guarantees -
Contingencies and Guarantees - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 CAD ($) | |
Tax contingent liability [Member] | |
Disclosure of contingent liabilities [Line Items] | |
Disclosure of uncertainties of contingent liabilities | The business and operations of the Corporation are complex and the Corporation has executed a number of significant financings, business combinations, acquisitions and dispositions over the course of its history. The computation of income taxes payable as a result of these transactions involves many complex factors as well as the Corporation’s interpretation of relevant tax legislation and regulations. The Corporation’s management believes that the provision for income tax is adequate and in accordance with IFRS and applicable legislation and regulations. However, there are tax filing positions that have been and can still be the subject of review by taxation authorities who may successfully challenge the Corporation’s interpretation of the applicable tax legislation and regulations, with the result that additional taxes could be payable by the Corporation. |
Legal proceedings contingent liability [Member] | |
Disclosure of contingent liabilities [Line Items] | |
Disclosure of uncertainties of contingent liabilities | The Corporation, through the performance of its services, product sales and business arrangements, is sometimes named as a defendant in litigation. The outcome of such claims against the Corporation is not determinable at this time; however, their ultimate resolution is not expected to have a material adverse effect on the Corporation. |
Other contingent liabilities [Member] | |
Disclosure of contingent liabilities [Line Items] | |
Disclosure not practicable | The Corporation has entered into agreements indemnifying certain parties primarily with respect to tax and specific third-party claims associated with businesses sold by the Corporation. Due to the nature of the indemnifications, the maximum exposure under these agreements cannot be estimated. No amounts have been recorded for the indemnities as the Corporation’s obligations under them are not probable or determinable. |
Obligation amount | $ 0 |
Long-Term Debt Guarantors - Add
Long-Term Debt Guarantors - Additional Information (Details) $ in Thousands | Dec. 31, 2022 CAD ($) |
Disclosure of subsidiaries [line items] | |
Borrowings | $ 1,102,838 |
Unsecured Senior Notes [Member] | Guarantor Subsidiaries [Member] | |
Disclosure of subsidiaries [line items] | |
Borrowings | 1,013,000 |
Unsecured Senior Notes Outstanding Due in 2026 [Member] | Guarantor Subsidiaries [Member] | |
Disclosure of subsidiaries [line items] | |
Borrowings | 471,000 |
Unsecured Senior Notes Outstanding Due in 2029 [Member] | Guarantor Subsidiaries [Member] | |
Disclosure of subsidiaries [line items] | |
Borrowings | $ 542,000 |
Statements of Financial Positio
Statements of Financial Position (Detail) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Current assets | $ 470,670 | $ 319,757 |
Property, plant and equipment | 2,303,338 | 2,258,391 |
Accounts receivable, intercompany | 413,925 | 255,740 |
Liabilities and shareholders' equity | ||
Current liabilities | 410,029 | 238,120 |
Long-term debt | 1,085,970 | 1,106,794 |
Accounts payable and accrued liabilities, intercompany | 392,053 | 224,123 |
Parent And Guarantor Subsidiaries [Member] | ||
Assets | ||
Current assets | 378,740 | 219,013 |
Property, plant and equipment | 1,959,329 | 1,909,951 |
Other non-current assets | 97,691 | 79,033 |
Accounts receivable, intercompany | 52,649 | 34,373 |
Short-term advances to affiliates | 11,753 | 11,686 |
Liabilities and shareholders' equity | ||
Current liabilities | 365,025 | 200,784 |
Long-term debt | 1,085,970 | 1,106,794 |
Other non-current liabilities | 144,477 | 87,411 |
Accounts payable and accrued liabilities, intercompany | 41,202 | 33,820 |
Long-term advances from affiliates | $ 183,330 | $ 128,606 |
Statements of Loss (Detail)
Statements of Loss (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of subsidiaries [Line Items] | ||
Revenue | $ 1,617,194 | $ 986,847 |
Expenses | 1,124,601 | 698,144 |
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization | 311,605 | 192,772 |
Net loss | (34,293) | (177,386) |
Parent And Guarantor Subsidiaries [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Revenue | 1,474,824 | 844,619 |
Expenses | 1,196,168 | 690,149 |
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization | 278,656 | 154,470 |
Net loss | $ (25,780) | $ (171,030) |
Summary of Subsidiaries (Detail
Summary of Subsidiaries (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Precision Limited Partnership [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Country of incorporation | Canada | |
Ownership Interest | 100% | 100% |
Precision Drilling Canada Limited Partnership [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Country of incorporation | Canada | |
Ownership Interest | 100% | 100% |
Precision Diversified Oilfield Services Corp [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Country of incorporation | Canada | |
Ownership Interest | 100% | 100% |
Precision Drilling (US) Corporation [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Country of incorporation | United States | |
Ownership Interest | 100% | 100% |
Precision Drilling Holdings Company [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Country of incorporation | United States | |
Ownership Interest | 100% | 100% |
Precision Drilling Company LP [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Country of incorporation | United States | |
Ownership Interest | 100% | 100% |
Precision Completion and Production Services Ltd [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Country of incorporation | United States | |
Ownership Interest | 100% | 100% |
Grey Wolf Drilling Limited [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Country of incorporation | Barbados | |
Ownership Interest | 100% | 100% |
Grey Wolf Drilling Barbados Ltd [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Country of incorporation | Barbados | |
Ownership Interest | 100% | 100% |