Precision Drilling Announces Release of Annual Corporate Responsibility Report

Rhea-AI Summary

Precision Drilling Corporation has published its annual Corporate Responsibility Report, outlining its progress in Environmental, Social, and Governance (ESG) initiatives. Key highlights include advancements in reducing greenhouse gas emissions, increased transparency in operational emissions, and leadership in certified sustainable offices. The report also emphasizes new partnerships in geothermal energy and enhanced performance metrics in compensation plans. These efforts align with the company's High Performance, High Value strategy and follow guidelines from the Sustainability Accounting Standards Board and Task Force on Climate-Related Financial Disclosures.

Positive

• Significant reduction in greenhouse gas emissions through new technologies.
• Increased transparency in emissions reporting.
• Leadership in certified sustainable offices (LEED).
• Active partnerships in geothermal energy development.
• Enhanced performance-based compensation metrics.

Negative

• None.

CALGARY, Alberta, July 08, 2022 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (“Precision” or the “Company”) is pleased to announce the release of its annual Corporate Responsibility Report, which highlights several key Environmental, Social and Governance (“ESG”) accomplishments aligned with its High Performance, High Value strategy.

The report highlights the Company’s progress in ESG efforts, and provides an outline of Precision’s ESG strategies, focus areas, and performance. We have expanded our reporting to include additional elements from the Sustainability Accounting Standards Board (“SASB”) and Task Force on Climate-Related Financial Disclosures (“TCFD”) guidelines. We have also incorporated a significantly broader base of ESG related metrics – including emissions and energy use – where relevant and reliable information is available.

Key highlights from Precision’s Corporate Responsibility Report include:

• New and existing technologies to reduce wellsite Greenhouse Gas (“GHG”) emissions
• Disclosure of emissions from direct operations and those under customer operational control
• Leadership in Energy and Environmental Design (“LEED”) certified corporate offices
• New and ongoing partnerships in geothermal energy development
• Growing relationships with indigenous groups
• Expanded ESG metrics in performance-based compensation plans
• Scholarship and internship programs
• Robust ethics and compliance culture

The report can be accessed on Precision’s website.

About Precision
Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as “Alpha™” that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

For further information, please contact:

Carey Ford, Senior Vice President & Chief Financial Officer
713.435.6100

Precision Drilling Corporation
800, 525 - 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com

FAQ

What are the key highlights from Precision Drilling's Corporate Responsibility Report?

The report highlights advancements in reducing greenhouse gas emissions, increased transparency in emissions reporting, leadership in LEED certified offices, partnerships in geothermal energy, and enhanced ESG metrics in compensation.

How does Precision Drilling align its ESG efforts with industry standards?

Precision has expanded its reporting to comply with guidelines from the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD).

What is the significance of the partnerships in geothermal energy mentioned in the report?

The partnerships indicate Precision Drilling's commitment to sustainable energy solutions and diversification of its operations in renewable energy.

When was Precision Drilling's Corporate Responsibility Report released?

The report was released on July 8, 2022.

What strategies does Precision Drilling employ for its ESG initiatives?

Precision employs strategies focused on technology for emissions reduction, transparency in operations, and engagement with indigenous groups.