Exhibit 99.1

PRECISION DRILLING CORPORATION

Second Quarter Report for the three months ended June 30, 2025 and 2024

This report contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this report. This report contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this report.

Precision Drilling Corporation ("Precision" or the "Company") (TSX:PD; NYSE:PDS) announces 2025 second quarter results and confirms shareholder return targets while increasing its investment in its Super Series rig fleet to meet customer demand and drive drilling revenue growth.

Financial Highlights

Operational Highlights

SELECT FINANCIAL AND OPERATING INFORMATION

Financial Highlights

Operating Highlights

Drilling Activity

Financial Position

Summary for the three months ended June 30, 2025:

Summary for the six months ended June 30, 2025:

STRATEGY

Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. We work toward this vision by defining and measuring our results against strategic priorities that we establish at the beginning of every year.

Precision’s 2025 strategic priorities and the progress made during the second quarter:

OUTLOOK

Near-term expectations for global energy demand growth have been tempered by several geopolitical events including OPEC+ easing of curtailments, trade and tariff uncertainty, and international conflicts. However, we believe the long-term fundamentals for energy is positive, driven by economic growth, increasing demand from emerging economies, and new demand for power.

In Canada, additional takeaway capacity for both oil and natural gas continues to support Canadian activity. LNG Canada made its first shipment at the beginning of July, and we expect demand for our Super Triple drilling rigs could exceed current supply once the facility achieves its run rate capacity. The Trans Mountain pipeline expansion continues to support heavy oil production, driving our Super Single rig utilization near full capacity. While Canadian drilling fundamentals are strong, tariff and commodity price uncertainty have caused some producers to defer some work until later this year. We currently have 63 rigs operating and as these uncertainties resolve, we expect Canadian customer demand for oil targeted drilling to further strengthen.

In the U.S., while the oil rig count continues to decline, we are beginning to see natural gas drilling increase as customers are becoming more constructive on LNG off-take and AI demand. We currently have 36 rigs active in the U.S. and expect to increase our activity for the remainder of the year as we capitalize on emerging opportunities in natural gas basins such as the Haynesville and Marcellus.

Internationally, we have seven active rigs with five in Kuwait and two in the Kingdom of Saudi Arabia and expect this same level of activity for the remainder of the year. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028. We continue to look for opportunities to leverage our international expertise.

As the premier well service provider in Canada, the outlook for this business remains strong, driven by increased takeaway capacity from the Trans Mountain pipeline expansion and LNG Canada, and our High Performance, High Value service offering. We expect activity to improve in the second half of the year as customers move ahead with projects previously deferred.

Contracts

The following chart outlines the average number of drilling rigs under term contract by quarter as at July 29, 2025. For those quarters ending after June 30, 2025, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

Seasonality

In Canada, because of the seasonal nature of well site access, term contracted rigs normally generate 250 utilization days, with some pad drilling rigs trending toward 350 days. Accordingly, our anticipated Canadian rigs under term contract may fluctuate as customers complete their commitments earlier than projected. In most regions in the U.S. and internationally, term contracts normally generate 365 utilization days per year. In accordance with the seasonality of our business and varying levels of rig count, we generally experience builds of working capital in the first and third quarters and releases of working capital in the second and fourth quarters.

Capital Spending and Free Cash Flow Allocation

Capital spending in 2025 is expected to be $240 million, an increase of $40 million from our previously announced plan as we expect to upgrade 22 of our Super Series rigs. Capital spending by spend category is expected to include $154 million for maintenance, infrastructure, and intangibles and $86 million for expansion and upgrades. We expect to spend $218 million in the Contract Drilling Services segment, $19 million in the Completion and Production Services segment and $3 million in the Corporate segment. At June 30, 2025, Precision had capital commitments of $131 million with payments expected through 2027. We remain committed to our debt reduction plans and in 2025 expect to reduce debt by at least $100 million and allocate 35% to 45% of free cash flow before debt repayments for share repurchases, while remaining committed to achieving a sustained Net Debt to Adjusted EBITDA ratio⁽¹⁾ of below 1.0 times.

Commodity Prices

Second quarter average West Texas Intermediate and Western Canadian Select decreased 21% and 19%, respectively, compared with the same period last year, as U.S. tariffs concerns and OPEC+ production increases weighed on oil prices. The average Henry Hub natural gas price and AECO increased 50% and 47%, respectively due to optimism from LNG off-take and AI data centers.

SEGMENTED FINANCIAL RESULTS

Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

Revenue from Contract Drilling Services was $355 million compared to $366 million in the second quarter of 2024, primarily due to U.S. and international drilling activity declining 6% and 7%, respectively. In the U.S., the decrease in activity has been similar to the lower industry activity. Internationally, our active rig count went from eight to seven in the second quarter as one rig was temporarily suspended in Saudi Arabia by the customer. The lower activity in the U.S. and internationally was in part offset by stronger activity in Canada and $7 million in revenue from customer-funded upgrades.

Adjusted EBITDA was $111 million for the quarter and represented 31% of revenue compared to 33% realized in the second quarter of 2024. The percentage decrease was mainly driven by lower day rates in the U.S. and internationally that declined 6% and 4%, respectively, plus higher rig reactivations costs in the U.S.

In Canada, 36% of our utilization days were generated from rigs under term contract in second quarter of 2025 compared to 42% in 2024. In the U.S., 46% of utilization days were generated from rigs under term contract versus 55% in 2024.

SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

Completion and Production Services revenue was $54 million, a decrease of $12 million from 2024 as well service rig operating hours decreased 23% due to customer driven project deferrals, driven by market and commodity price volatility, and the impact of weather, including wet conditions and wildfires. In addition, our U.S. activity was lower as we wound down our U.S.well servicing operations into our Canadian business, selling certain assets and mobilizing others into Canada.

Adjusted EBITDA was $10 million, representing 18% of revenue and comparable to 19% in the second quarter of 2024.

SEGMENT REVIEW OF CORPORATE AND OTHER

Our Corporate and Other segment provides support functions to our operating segments. The Corporate and Other segment had negative Adjusted EBITDA of $13 million for the second quarter as compared with negative Adjusted EBITDA of $17 million in the same period last year. Our improved current quarter Adjusted EBITDA was due to lower share-based compensation expense. The year-to-date improvement is also primarily due to lower share-based compensation expense.

OTHER ITEMS

Share-based Incentive Compensation Plans

We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2024 Annual Report.

A summary of expense amounts under these plans during the reporting periods are as follows:

Cash settled share-based compensation expense for the quarter was $3 million as compared with $9 million in 2024. The lower expense in 2025 was primarily due to our lower share price performance as compared with 2024. The year-to-date decrease is also attributable to our lower share price performance relative to 2024.

During the first quarters of 2024 and 2025, we issued Executive Restricted Share Units (Executive RSUs) to certain senior executives, resulting in an equity-settled share-based compensation expense of $2 million for the quarter and $4 million year to date. These issuances were aligned with our annual compensation framework.

As at June 30, 2025, the majority of our share-based compensation plans were classified as cash-settled and will be impacted by changes in our share price. Although accounted for as cash-settled, Precision retains the ability to settle certain vested units in common shares at its discretion.

LIQUIDITY AND CAPITAL RESOURCES

The oilfield services business is inherently cyclical in nature. To manage this, we focus on maintaining a strong balance sheet in order to have the financial flexibility to manage our growth and cash flow regardless of where we are in the business cycle. We maintain a variable operating cost structure so we can be responsive to changes in demand.

Our maintenance capital expenditures are tightly governed and highly responsive to activity levels with additional cost savings leverage provided through our internal manufacturing and supply divisions. Term contracts on expansion capital provide more certainty of future revenues and return on our capital investments.

Liquidity

In the second quarter of 2025, we reduced long-term debt by $74 million, redeeming $84 million (US$60 million) of our 2026 unsecured senior notes while drawing $10 million from our Senior Credit Facility. As at June 30, 2025, we had a total of $691 million outstanding under our Senior Credit Facility and unsecured senior notes as compared with $822 million at December 31, 2024. The current blended cash interest cost of our debt is approximately 6.9%.

Senior Credit Facility

Our Senior Credit Facility requires that we comply with certain covenants including a leverage ratio of consolidated senior debt to consolidated Covenant EBITDA of less than 2.5:1. For purposes of calculating the leverage ratio, consolidated senior debt only includes secured indebtedness. The Senior Credit Facility limits the redemption and repurchase of junior debt subject to a pro forma senior net leverage covenant test of less than or equal to 1.75:1.

The Senior Credit Facility matures on June 28, 2027. The Senior Credit Facility contains a springing maturity date provision such that if any specified unsecured debt, including our 2026 unsecured senior notes, remains outstanding 90 days prior to their maturity date, then the Senior Credit Facility shall mature. We intend to use available operating cash flows and/or proceeds from the Senior Credit Facility to redeem the 2026 unsecured senior notes prior to the springing maturity date of October 14, 2025.

Unsecured Senior Notes

The unsecured senior notes require that we comply with certain restrictive and financial covenants, including an incurrence based consolidated interest coverage ratio test of consolidated cash flow, as defined in the senior note agreements, to consolidated interest expense of greater than 2.0:1 for the most recent four consecutive fiscal quarters. In the event our consolidated interest coverage ratio is less than 2.0:1 for the most recent four consecutive fiscal quarters, the unsecured senior notes restrict our ability to incur additional indebtedness.

On March 31, 2025, the 2026 unsecured senior notes were reclassified from long-term to current, as they are due on January 15, 2026. For further information, please see the unsecured senior note indentures which are available on SEDAR+ and EDGAR.

Covenants

As at June 30, 2025, we were in compliance with the covenants of our Senior Credit Facility.

Impact of foreign exchange rates

The following table summarizes the average and closing Canada-U.S. foreign exchanges rates.

Hedge of investments in foreign operations

We utilize foreign currency long-term debt to hedge our exposure to changes in the carrying value of our net investment in certain foreign operations as a result of changes in foreign exchange rates.

We have designated our U.S. dollar-denominated long-term debt as a net investment hedge in our U.S. operations and other foreign operations that have a U.S. dollar functional currency. To be accounted for as a hedge, the foreign currency denominated long-term debt must be designated and documented as such and must be effective at inception and on an ongoing basis. We recognize the effective amount of this hedge (net of tax) in other comprehensive income. We recognize ineffective amounts (if any) in net earnings.

QUARTERLY FINANCIAL SUMMARY

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

Because of the nature of our business, we are required to make judgements and estimates in preparing our Condensed Consolidated Interim Financial Statements that could materially affect the amounts recognized. Our judgements and estimates are based on our past experiences and assumptions we believe are reasonable in the circumstances. The critical judgements and estimates used in preparing the Condensed Consolidated Interim Financial Statements are described in our 2024 Annual Report.

EVALUATION OF CONTROLS AND PROCEDURES

Based on their evaluation as at December 31, 2024, Precision’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1934, as amended (the Exchange Act)), were effective to ensure that information required to be disclosed by the Corporation in reports that are filed or submitted to Canadian and U.S. securities authorities is recorded, processed, summarized and reported within the time periods specified in Canadian and U.S. securities laws. In addition, as at June 30, 2025, there were no changes in the internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting. Management will continue to periodically evaluate the Corporation’s disclosure controls and procedures and internal control over financial reporting and will make any modifications from time to time as deemed necessary.

Based on their inherent limitations, disclosure controls and procedures and internal control over financial reporting may not prevent or detect misstatements, and even those controls determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

FINANCIAL MEASURES AND RATIOS

Supplementary Financial Measures

We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Certain statements contained in this report, including statements that contain words such as "could", "should", "can", "anticipate", "estimate", "intend", "plan", "expect", "believe", "will", "may", "continue", "project", "potential" and similar expressions and statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking information and statements").

In particular, forward-looking information and statements include, but are not limited to, the following:

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2024, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this report are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

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